Lancaster VA Loans
LANCASTER, PA
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
Lancaster's 103 lenders originated 998 VA loans during 2021. The total origination value was $248,960,000, with an average VA loan value of $249,459.
Lancaster VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Lancaster
averaged
5.39%
for the week of 2022-05-13, compared to the national average (all VA variants) of
5.158% for the same period.
The average rate for the prior week (2022-05-06) was
5.52% and
one month ago for the week of 2022-04-08, the
average rate was 5.14%.
The average rate one year ago was 3.26%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.42%.
Lancaster VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Lancaster level.
The top Lancaster VA lender as defined by loan originations is Mortgage Research Center, LLC, with
105 VA loans originated. Their average total fees are
$6,852, which is $802
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Lancaster VA lenders (with over 10 loans originated) are
FREEDOM MORTGAGE CORPORATION ($3,101), LAKEVIEW LOAN SERVICING, LLC ($3,339), VILLAGE CAPITAL & INVESTMENT LLC ($4,294), CLEARPATH LENDING ($4,481) and Wells Fargo Bank ($5,105).
The lowest rate Lancaster VA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC (2.31%), CLEARPATH LENDING (2.35%), PENNYMAC LOAN SERVICES, LLC (2.39%), The Federal Savings Bank (2.46%) and QUICKEN LOANS, LLC (2.48%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Lancaster (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $259,900 (5.2%) | $296,472 (3.3%) | 0.96 | 1,222 |
2018-02-01 | $269,700 (10.1%) | $307,268 (6.2%) | 0.97 | 1,169 |
2018-03-01 | $274,900 (11.3%) | $315,738 (7.9%) | 0.95 | 1,155 |
2018-04-01 | $269,995 (8.9%) | $310,733 (4.8%) | 0.91 | 1,214 |
2018-05-01 | $275,000 (10.0%) | $316,735 (4.6%) | 0.92 | 1,207 |
2018-06-01 | $275,000 (10.0%) | $317,224 (4.9%) | 0.92 | 1,284 |
2018-07-01 | $275,000 (10.6%) | $320,266 (6.7%) | 0.92 | 1,332 |
2018-08-01 | $274,900 (11.2%) | $321,069 (8.1%) | 0.92 | 1,321 |
2018-09-01 | $274,900 (10.0%) | $321,473 (9.1%) | 0.92 | 1,302 |
2018-10-01 | $272,250 (8.9%) | $322,768 (8.9%) | 0.91 | 1,305 |
2018-11-01 | $269,900 (8.0%) | $320,442 (10.4%) | 0.90 | 1,313 |
2018-12-01 | $274,900 (8.1%) | $323,370 (12.1%) | 0.94 | 1,248 |
2019-01-01 | $276,945 (6.6%) | $325,366 (9.8%) | 0.96 | 1,190 |
2019-02-01 | $279,450 (3.6%) | $327,927 (6.7%) | 0.94 | 1,121 |
2019-03-01 | $287,709 (4.7%) | $335,781 (6.4%) | 0.94 | 1,079 |
2019-04-01 | $295,214 (9.3%) | $343,095 (10.4%) | 0.93 | 1,071 |
2019-05-01 | $292,450 (6.4%) | $341,949 (8.0%) | 0.90 | 1,115 |
2019-06-01 | $289,900 (5.4%) | $346,400 (9.2%) | 0.89 | 1,133 |
2019-07-01 | $288,700 (5.0%) | $347,206 (8.4%) | 0.90 | 1,107 |
2019-08-01 | $288,386 (4.9%) | $349,334 (8.8%) | 0.91 | 1,077 |
2019-09-01 | $293,400 (6.7%) | $353,782 (10.1%) | 0.93 | 1,034 |
2019-10-01 | $291,880 (7.2%) | $349,641 (8.3%) | 0.93 | 1,074 |
2019-11-01 | $294,900 (9.3%) | $347,591 (8.5%) | 0.95 | 1,039 |
2019-12-01 | $299,900 (9.1%) | $354,777 (9.7%) | 1.00 | 898 |
2020-01-01 | $306,682 (10.7%) | $360,352 (10.8%) | 1.02 | 801 |
2020-02-01 | $319,900 (14.5%) | $366,627 (11.8%) | 1.03 | 738 |
2020-03-01 | $320,950 (11.6%) | $374,090 (11.4%) | 1.00 | 716 |
2020-04-01 | $326,250 (10.5%) | $387,280 (12.9%) | 1.02 | 695 |
2020-05-01 | $319,900 (9.4%) | $380,892 (11.4%) | 0.97 | 724 |
2020-06-01 | $319,450 (10.2%) | $377,611 (9.0%) | 0.93 | 743 |
2020-07-01 | $324,400 (12.4%) | $386,333 (11.3%) | 0.93 | 660 |
2020-08-01 | $334,900 (16.1%) | $400,827 (14.7%) | 0.96 | 604 |
2020-09-01 | $328,050 (11.8%) | $395,341 (11.8%) | 0.94 | 570 |
2020-10-01 | $329,900 (13.0%) | $397,666 (13.7%) | 0.94 | 539 |
2020-11-01 | $329,900 (11.9%) | $396,479 (14.1%) | 0.94 | 515 |
2020-12-01 | $332,248 (10.8%) | $389,292 (9.7%) | 0.97 | 482 |
2021-01-01 | $341,900 (11.5%) | $405,680 (12.6%) | 1.01 | 411 |
2021-02-01 | $354,900 (10.9%) | $417,694 (13.9%) | 1.02 | 353 |
2021-03-01 | $350,200 (9.1%) | $412,191 (10.2%) | 0.98 | 356 |
2021-04-01 | $349,450 (7.1%) | $410,653 (6.0%) | 0.94 | 386 |
2021-05-01 | $349,900 (9.4%) | $405,014 (6.3%) | 0.92 | 396 |
2021-06-01 | $322,425 (0.9%) | $386,291 (2.3%) | 0.84 | 464 |
2021-07-01 | $316,200 (-2.5%) | $381,896 (-1.2%) | 0.82 | 453 |
2021-08-01 | $327,700 (-2.2%) | $410,176 (2.3%) | 0.86 | 478 |
2021-09-01 | $320,775 (-2.2%) | $415,484 (5.1%) | 0.84 | 470 |
2021-10-01 | $320,000 (-3.0%) | $412,193 (3.7%) | 0.84 | 467 |
2021-11-01 | $333,370 (1.1%) | $421,756 (6.4%) | 0.88 | 422 |
2021-12-01 | $349,950 (5.3%) | $436,522 (12.1%) | 0.93 | 342 |
2022-01-01 | $369,900 (8.2%) | $484,855 (19.5%) | 0.99 | 250 |
2022-02-01 | $354,950 (0.0%) | $462,765 (10.8%) | 0.90 | 260 |
2022-03-01 | $368,450 (5.2%) | $438,264 (6.3%) | 0.91 | 318 |
2022-04-01 | $374,900 (7.3%) | $452,988 (10.3%) | 0.88 | 328 |
Lancaster's median listing price comes in at 88% of the national average.
Lancaster's average listing price for 2022-04-01 was $452,988, a difference of $42,335 (10.3%) versus the prior year and $14,724 versus the prior month.
For the 2022-04-01 period, Lancaster had 328 MLS listings, a difference of 10 listings (3%) versus the prior month and -58 listings (-15%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Lancaster (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 94 days | 1,870 sqft |
2018-02-01 | 96 days | 1,897 sqft |
2018-03-01 | 78 days | 1,918 sqft |
2018-04-01 | 65 days | 1,898 sqft |
2018-05-01 | 65 days | 1,899 sqft |
2018-06-01 | 53 days | 2,056 sqft |
2018-07-01 | 54 days | 2,046 sqft |
2018-08-01 | 62 days | 2,032 sqft |
2018-09-01 | 68 days | 2,054 sqft |
2018-10-01 | 66 days | 2,002 sqft |
2018-11-01 | 65 days | 1,993 sqft |
2018-12-01 | 78 days | 1,975 sqft |
2019-01-01 | 80 days | 1,953 sqft |
2019-02-01 | 80 days | 1,965 sqft |
2019-03-01 | 72 days | 2,018 sqft |
2019-04-01 | 51 days | 2,084 sqft |
2019-05-01 | 46 days | 2,081 sqft |
2019-06-01 | 51 days | 2,057 sqft |
2019-07-01 | 53 days | 2,035 sqft |
2019-08-01 | 53 days | 2,033 sqft |
2019-09-01 | 52 days | 2,059 sqft |
2019-10-01 | 51 days | 2,062 sqft |
2019-11-01 | 60 days | 2,042 sqft |
2019-12-01 | 77 days | 2,050 sqft |
2020-01-01 | 85 days | 2,118 sqft |
2020-02-01 | 85 days | 2,183 sqft |
2020-03-01 | 60 days | 2,140 sqft |
2020-04-01 | 77 days | 2,160 sqft |
2020-05-01 | 78 days | 2,125 sqft |
2020-06-01 | 47 days | 2,150 sqft |
2020-07-01 | 42 days | 2,172 sqft |
2020-08-01 | 46 days | 2,210 sqft |
2020-09-01 | 49 days | 2,122 sqft |
2020-10-01 | 52 days | 2,100 sqft |
2020-11-01 | 51 days | 2,100 sqft |
2020-12-01 | 59 days | 2,018 sqft |
2021-01-01 | 67 days | 2,060 sqft |
2021-02-01 | 68 days | 2,096 sqft |
2021-03-01 | 52 days | 2,100 sqft |
2021-04-01 | 35 days | 2,076 sqft |
2021-05-01 | 35 days | 2,046 sqft |
2021-06-01 | 39 days | 1,904 sqft |
2021-07-01 | 45 days | 1,930 sqft |
2021-08-01 | 41 days | 1,974 sqft |
2021-09-01 | 45 days | 1,922 sqft |
2021-10-01 | 46 days | 1,948 sqft |
2021-11-01 | 47 days | 1,908 sqft |
2021-12-01 | 58 days | 1,908 sqft |
2022-01-01 | 61 days | 1,971 sqft |
2022-02-01 | 43 days | 1,952 sqft |
2022-03-01 | 34 days | 1,912 sqft |
2022-04-01 | 37 days | 1,955 sqft |
Lancaster's median square footage for active listings during the 2022-04-01 period was 1,955 sqft. One year prior, the average listing was 2,076 sqft.