Lima VA Loan Rates, Closing Costs & Stats

LIMA, OH

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    • 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 not 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.

    Lima's 30 lenders originated 91 VA loans during 2023. The total origination value was $20,775,000, with an average VA loan value of $228,297.

    Lima VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lima averaged 6.46% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Lima's average VA mortgage closing costs are $4,911.

    The average rate for the prior week (2024-11-01) was 6.42% and one month ago for the week of 2024-10-04, the average rate was 5.84%.

    The average rate one year ago was 7.6%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.24%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Lima VA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Lima level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 25 6.83% $4,496
    LOANDEPOT.COM, LLC 12 6.71% $7,812
    GUARANTEED RATE, INC. 4 7.13% $1,786
    Servion, Inc. 4 6.84% $6,837
    QUICKEN LOANS, LLC 4 6.56% $8,236
    NAVY FEDERAL CREDIT UNION 3 6.75% $5,812
    UNITED WHOLESALE MORTGAGE, LLC 3 6.42% $4,763
    CRESCENT MORTGAGE COMPANY 2 6.81% $6,306
    FREEDOM MORTGAGE CORPORATION 2 7.25% $6,214
    CROSSCOUNTRY MORTGAGE, LLC 2 6.81% $5,064
    The Citizens National Bank of Bluffton 2 6.81% $6,306
    The Federal Savings Bank 2 7.13% $5,318
    USAA Federal Savings Bank 2 6.81% $3,447
    RUOFF MORTGAGE COMPANY, INC. 1 7.25% $16,642
    SIWELL, INC. 1 7.00% $11,243
    UNION HOME MORTGAGE CORP. 1 6.63% $6,358
    VILLAGE CAPITAL MORTGAGE 1 6.00% $8,723
    Western Ohio Mortgage Corporation 1 7.25% $9,494
    Flagstar Bank, FSB 1 6.13% $230
    Florida Capital Bank 1 6.75% $7,410
    GENEVA FINANCIAL, LLC 1 6.63% $2,510
    INTERCAP LENDING INC. 1 5.50% $10,142
    JPMorgan Chase Bank 1 6.99% $3,848
    NEW DAY FINANCIAL, LLC 1 7.25% $7,171
    NEWREZ LLC 1 5.75% $7,219
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $14,520
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $9,902
    PLANET HOME LENDING, LLC 1 7.00% $4,721
    RELIANCE FIRST CAPITAL, LLC 1 5.75% $9,833
    Residential Mortgage Solutions, Inc. 1 7.38% $8,497

    The top Lima VA lender as defined by loan originations is Mortgage Research Center, LLC, with 25 VA loans originated. Their average total fees are $4,496, which is $3,316 lower than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Lima VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,496), LOANDEPOT.COM, LLC ($7,812), .

    The lowest rate Lima VA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (6.71%), Mortgage Research Center, LLC (6.83%), .

    VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.