Newark VA Loans

NEWARK, NJ-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.

Newark's 146 lenders originated 2,339 VA loans during 2021. The total origination value was $885,445,000, with an average VA loan value of $378,557.

Newark VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Newark averaged 4.75% for the week of 2022-03-25, compared to the national average (all VA variants) of 4.399% for the same period.

The average rate for the prior week (2022-03-18) was 4.23% and one month ago for the week of 2022-02-18, the average rate was 3.94%.

The average rate one year ago was 3.02%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.73%.

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

Newark 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 Newark level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 280 2.81% $8,252
QUICKEN LOANS, LLC 196 2.43% $6,406
FREEDOM MORTGAGE CORPORATION 141 2.46% $3,802
NAVY FEDERAL CREDIT UNION 82 2.54% $8,773
USAA Federal Savings Bank 79 2.90% $7,199
PENNYMAC LOAN SERVICES, LLC 68 2.39% $7,856
NEW DAY FINANCIAL, LLC 61 2.69% $9,326
LOANDEPOT.COM, LLC 60 2.50% $8,540
GUARANTEED RATE, INC. 55 2.61% $9,007
The Federal Savings Bank 49 2.63% $8,898
CALIBER HOME LOANS, INC. 42 2.54% $7,217
UNITED WHOLESALE MORTGAGE, LLC 41 2.50% $6,407
LAKEVIEW LOAN SERVICING, LLC 38 2.49% $3,368
NJ LENDERS CORP. 34 2.56% $8,046
HOME POINT FINANCIAL CORPORATION 31 2.52% $5,874
FAMILY FIRST FUNDING LLC 29 2.62% $12,243
CROSSCOUNTRY MORTGAGE, LLC 28 2.91% $14,088
HOMEBRIDGE FINANCIAL SERVICES, INC. 27 2.69% $8,890
NEWREZ LLC 27 2.75% $6,297
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 25 2.94% $11,885
CLEARPATH LENDING 24 2.30% $5,241
Mr. Cooper ( Nationstar Mortgage ) 23 2.66% $4,133
Barrington Bank & Trust Company, N.A. 20 2.96% $9,339
Carrington Mortgage Services, LLC 20 2.84% $3,705
MORTGAGE ACCESS CORP. 19 2.78% $13,150
Wells Fargo Bank 19 2.51% $6,596
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 18 2.96% $11,929
PENTAGON FEDERAL CREDIT UNION 18 2.33% $3,887
ABSOLUTE HOME MORTGAGE CORPORATION 17 2.93% $11,954
VILLAGE CAPITAL & INVESTMENT LLC 17 2.31% $5,223
GUARANTEED RATE AFFINITY, LLC 14 2.56% $6,538
AMERISAVE MORTGAGE CORPORATION 13 2.66% $10,751
AMERICAN FINANCIAL NETWORK, INC. 13 2.80% $14,448
North American Savings Bank, F.S.B. 13 2.42% $7,271
ACCELERATE MORTGAGE, LLC 13 2.13% $6,333
InterContinental Capital Group, Inc 13 2.47% $6,479
Low VA Rates, LLC 12 2.47% $6,773
FINANCE OF AMERICA MORTGAGE LLC 11 2.57% $7,708
NP, Inc. 11 2.27% $5,571
First Guaranty Mortgage Corporation 10 2.76% $5,799
PANORAMA MORTGAGE GROUP, LLC 10 2.97% $14,946
CONTOUR MORTGAGE CORPORATION 9 2.64% $7,311
Paramount Residential Mortgage Group, Inc. 9 2.93% $10,056
PLANET HOME LENDING, LLC 9 2.60% $4,259
MOVEMENT MORTGAGE, LLC 9 2.86% $8,141
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 2.89% $13,354
Citizens Bank 8 2.47% $9,496
NBKC BANK 8 2.45% $1,738
Plains Commerce Bank 8 2.69% $7,692
SUCCESS MORTGAGE PARTNERS, INC. 8 2.86% $11,881
Nations Lending Corporation 7 2.84% $8,245
Summit Mortgage Corporation 7 2.80% $8,704
BROKER SOLUTIONS, INC. 7 2.48% $10,026
FIRST ALLIANCE HOME MORTGAGE, LLC 7 2.91% $14,333
Gateway First Bank 7 2.91% $8,494
Advisors Mortgage Group, L.L.C. 6 2.75% $7,541
Manufacturers and Traders Trust Company 6 2.73% $9,349
Lakeview Community Capital, LLC 6 2.60% $3,452
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 6 2.96% $15,408
BOND STREET MORTGAGE, LLC 6 2.58% $6,905
MUTUAL OF OMAHA MORTGAGE, INC. 6 2.52% $6,926
Northpointe Bank 6 2.65% $4,561
UNITED MORTGAGE CORP. 6 2.96% $14,020
MLB RESIDENTIAL LENDING, LLC 6 3.42% $17,004
EMBRACE HOME LOANS, INC. 5 2.43% $9,765
Atlantic Home Loans, Inc. 5 2.60% $7,374
Equity Prime Mortgage LLC 5 2.70% $3,044
SUN WEST MORTGAGE COMPANY, INC. 5 2.85% $5,915
CMG MORTGAGE, INC. 4 2.66% $12,661
Mid-Continent Funding, Inc. 4 2.75% $8,851
NETWORK CAPITAL FUNDING CORPORATION 4 2.59% $7,412
NVR Mortgage Finance, Inc. 4 2.87% $13,255
KS StateBank 4 2.41% $10,786
NATIONWIDE MORTGAGE BANKERS, INC. 4 2.84% $11,206
UNITED NORTHERN MORTGAGE BANKERS LIMITED 3 2.83% $12,631
PNC Bank 3 2.92% $9,061
RESIDENTIAL HOME FUNDING CORP. 3 2.79% $13,034
Flagstar Bank, FSB 3 2.52% $6,633
BNC National Bank 3 2.25% $3,128
Magnolia Bank 3 2.50% $7,960
First Home Bank 3 2.79% $9,146
ALLIED MORTGAGE GROUP, INC. 3 2.92% $6,331
First Savings Bank 3 2.58% $14,172
STEARNS LENDING, LLC 2 2.69% $8,545
HOMESIDE FINANCIAL, LLC 2 2.75% $12,758
JPMorgan Chase Bank 2 3.56% $17,603
LADERA LENDING, INC. 2 2.81% $4,341
Meridian Bank Corporation 2 2.31% $4,227
MID AMERICA MORTGAGE, INC. 2 2.25% $2,251
MORIA DEVELOPMENT, INC. 2 3.44% $7,396
EMM LOANS LLC 2 3.00% $20,478
CHURCHILL MORTGAGE CORPORATION 2 3.00% $4,668
Capital Bank 2 2.31% $11,288
Paramount Bank 2 2.25% $7,463
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.63% $7,152
Prosperity Home Mortgage, LLC 2 2.63% $22,648
AmeriHome Mortgage Company, LLC 2 2.56% $8,005
RELIANCE FIRST CAPITAL, LLC 2 2.31% $9,083
SOVEREIGN LENDING GROUP INCORPORATED 2 2.38% $1,554
Strong Home Mortgage, LLC 2 2.38% $1,311
Wyndham Capital Mortgage, Inc. 2 2.31% $2,439
SWBC MORTGAGE CORPORATION 2 3.19% $5,196
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.00% $12,522
TIDEWATER MORTGAGE SERVICES, INC. 2 2.69% $11,947
UNION HOME MORTGAGE CORP. 2 2.50% $9,974
First Mortgage Solutions, LLC 2 2.25% $2,445
Keystone Funding, Inc. 1 2.25% $1,872
Ameris Bank 1 2.50% $4,422
PLAZA HOME MORTGAGE, INC. 1 2.75% $5,565
KELLER MORTGAGE, LLC 1 2.75% $5,325
Prime Choice Funding Inc. 1 2.25% $7,085
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.50% $16,586
Princeton Mortgage Corporation 1 2.25% $12,169
TOTAL MORTGAGE SERVICES, LLC 1 2.63% $8,425
PULTE MORTGAGE LLC 1 2.63% $9,994
GREENWAY MORTGAGE FUNDING CORP. 1 3.00% $11,810
First Federal Bank 1 2.75% $30,266
Financial Freedom Mortgage, LLC 1 3.13% $19,557
RESIDENTIAL HOME MORTGAGE CORPORATION 1 2.38% $4,172
Santander Bank, N.A. 1 2.50% $3,535
First Federal Bank of Kansas City 1 2.25% $3,908
Florida Capital Bank 1 2.63% $8,411
Stifel Bank and Trust 1 2.63% $2,477
Stride Bank 1 3.00% $5,681
American National Bank 1 2.88% $24,156
AMERICAN FINANCING CORPORATION 1 2.25% $4,580
Hometown Lenders, Inc. 1 2.88% $2,942
FirstBank 1 2.75% $11,597
U.S. Bank 1 2.75% $15,428
TBI MORTGAGE COMPANY 1 2.25% $1,955
TD Bank 1 3.13% $4,421
NBH Bank 1 3.25% $2,202
Community First National Bank 1 2.25% $13,596
NATION ONE MORTGAGE CORPORATION 1 2.75% $12,962
The Central Trust Bank 1 2.25% $14,333
Valley National Bank 1 2.63% $3,965
Credence Funding Corporation 1 2.25% $5,148
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 2.75% $8,068
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 2.75% $11,921
ENVOY MORTGAGE, LTD 1 2.75% $6,290
LIBERTY HOME MORTGAGE CORPORATION 1 2.75% $5,077
The Huntington National Bank 1 2.75% $3,768
BAYSHORE MORTGAGE FUNDING, LLC 1 2.75% $11,241
FIDELITY DIRECT MORTGAGE, LLC 1 2.88% $5,769
Goldwater Bank, N.A. 1 2.88% $12,593
PHH Mortgage Corporation 1 2.63% $4,202

The top Newark VA lender as defined by loan originations is Mortgage Research Center, LLC, with 280 VA loans originated. Their average total fees are $8,252, which is $1,846 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Newark VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($3,368), Carrington Mortgage Services, LLC ($3,705), FREEDOM MORTGAGE CORPORATION ($3,802), PENTAGON FEDERAL CREDIT UNION ($3,887) and Mr. Cooper ( Nationstar Mortgage ) ($4,133).

The lowest rate Newark VA lenders (with over 10 loans originated) are ACCELERATE MORTGAGE, LLC (2.13%), NP, Inc. (2.27%), CLEARPATH LENDING (2.30%), VILLAGE CAPITAL & INVESTMENT LLC (2.31%) and PENTAGON FEDERAL CREDIT UNION (2.33%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Newark (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $479,990 (11.9%) $1,120,433 (11.2%) 1.77 57,187
2018-02-01 $499,950 (11.9%) $1,143,135 (8.6%) 1.80 60,843
2018-03-01 $520,000 (13.3%) $1,127,161 (6.0%) 1.80 64,252
2018-04-01 $534,450 (12.5%) $1,117,910 (-0.1%) 1.79 69,662
2018-05-01 $549,000 (11.1%) $1,125,466 (1.1%) 1.83 76,071
2018-06-01 $549,000 (10.9%) $1,100,381 (0.9%) 1.83 79,722
2018-07-01 $549,000 (12.3%) $1,089,758 (2.1%) 1.83 80,369
2018-08-01 $532,450 (11.0%) $1,037,144 (-2.0%) 1.78 79,480
2018-09-01 $535,000 (10.3%) $1,040,837 (-2.6%) 1.79 80,337
2018-10-01 $538,312 (10.2%) $1,047,397 (-1.4%) 1.80 80,917
2018-11-01 $535,000 (10.3%) $1,059,739 (0.1%) 1.79 78,103
2018-12-01 $525,000 (9.4%) $1,060,260 (-0.8%) 1.80 70,729
2019-01-01 $520,000 (8.3%) $1,060,952 (-5.3%) 1.79 65,203
2019-02-01 $528,500 (5.7%) $1,068,687 (-6.5%) 1.77 67,311
2019-03-01 $540,714 (4.0%) $1,081,156 (-4.1%) 1.76 71,501
2019-04-01 $556,500 (4.1%) $1,091,209 (-2.4%) 1.75 76,385
2019-05-01 $569,500 (3.7%) $1,091,152 (-3.1%) 1.76 82,849
2019-06-01 $569,000 (3.6%) $1,083,706 (-1.5%) 1.75 85,761
2019-07-01 $559,500 (1.9%) $1,066,914 (-2.1%) 1.74 84,579
2019-08-01 $553,989 (4.1%) $1,045,028 (0.8%) 1.74 82,599
2019-09-01 $550,461 (2.9%) $1,041,042 (0.0%) 1.75 80,488
2019-10-01 $558,028 (3.7%) $1,070,885 (2.2%) 1.78 80,248
2019-11-01 $550,000 (2.8%) $1,081,547 (2.1%) 1.77 75,510
2019-12-01 $553,528 (5.4%) $1,114,237 (5.1%) 1.85 65,625
2020-01-01 $549,000 (5.6%) $1,113,984 (5.0%) 1.83 59,940
2020-02-01 $559,900 (5.9%) $1,115,474 (4.4%) 1.81 61,312
2020-03-01 $569,450 (5.3%) $1,116,442 (3.3%) 1.78 63,346
2020-04-01 $580,000 (4.2%) $1,187,911 (8.9%) 1.81 61,178
2020-05-01 $579,000 (1.7%) $1,135,762 (4.1%) 1.75 58,452
2020-06-01 $589,500 (3.6%) $1,136,559 (4.9%) 1.72 61,210
2020-07-01 $599,500 (7.2%) $1,149,009 (7.7%) 1.72 64,394
2020-08-01 $635,000 (14.6%) $1,227,096 (17.4%) 1.81 66,679
2020-09-01 $644,450 (17.1%) $1,236,828 (18.8%) 1.84 67,133
2020-10-01 $655,360 (17.4%) $1,300,695 (21.5%) 1.87 68,637
2020-11-01 $649,000 (18.0%) $1,284,039 (18.7%) 1.86 65,676
2020-12-01 $649,450 (17.3%) $1,317,463 (18.2%) 1.90 57,196
2021-01-01 $649,000 (18.2%) $1,356,030 (21.7%) 1.91 49,631
2021-02-01 $649,108 (15.9%) $1,370,351 (22.9%) 1.87 46,629
2021-03-01 $648,500 (13.9%) $1,361,646 (22.0%) 1.82 46,573
2021-04-01 $649,694 (12.0%) $1,374,697 (15.7%) 1.75 48,615
2021-05-01 $649,000 (12.1%) $1,356,538 (19.4%) 1.71 51,469
2021-06-01 $640,060 (8.6%) $1,320,359 (16.2%) 1.66 54,695
2021-07-01 $622,500 (3.8%) $1,276,979 (11.1%) 1.62 55,033
2021-08-01 $627,000 (-1.3%) $1,376,032 (12.1%) 1.65 57,049
2021-09-01 $631,868 (-2.0%) $1,410,300 (14.0%) 1.66 56,921
2021-10-01 $639,000 (-2.5%) $1,439,479 (10.7%) 1.68 57,262
2021-11-01 $655,000 (0.9%) $1,557,436 (21.3%) 1.73 54,263
2021-12-01 $664,000 (2.2%) $1,631,077 (23.8%) 1.77 46,763
2022-01-01 $675,000 (4.0%) $1,713,536 (26.4%) 1.80 40,031
Newark's median listing price for 2022-01-01 was $675,000, a difference of $26,000 (4.0%) versus the prior year and $11,000 versus the prior month.

Newark's median listing price comes in at 180% of the national average.

Newark's average listing price for 2022-01-01 was $1,713,536, a difference of $357,506 (26.4%) versus the prior year and $82,459 versus the prior month.

For the 2022-01-01 period, Newark had 40,031 MLS listings, a difference of -6,732 listings (-14%) versus the prior month and -9,600 listings (-19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Newark (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 90 days 1,926 sqft
2018-02-01 82 days 1,910 sqft
2018-03-01 58 days 1,900 sqft
2018-04-01 56 days 1,918 sqft
2018-05-01 52 days 1,923 sqft
2018-06-01 53 days 1,944 sqft
2018-07-01 63 days 1,959 sqft
2018-08-01 67 days 1,950 sqft
2018-09-01 71 days 1,932 sqft
2018-10-01 69 days 1,912 sqft
2018-11-01 70 days 1,888 sqft
2018-12-01 82 days 1,872 sqft
2019-01-01 88 days 1,847 sqft
2019-02-01 82 days 1,850 sqft
2019-03-01 57 days 1,887 sqft
2019-04-01 52 days 1,931 sqft
2019-05-01 52 days 1,935 sqft
2019-06-01 57 days 1,964 sqft
2019-07-01 64 days 1,960 sqft
2019-08-01 72 days 1,952 sqft
2019-09-01 71 days 1,932 sqft
2019-10-01 67 days 1,924 sqft
2019-11-01 66 days 1,872 sqft
2019-12-01 84 days 1,854 sqft
2020-01-01 92 days 1,845 sqft
2020-02-01 77 days 1,860 sqft
2020-03-01 56 days 1,881 sqft
2020-04-01 56 days 1,872 sqft
2020-05-01 74 days 1,860 sqft
2020-06-01 77 days 1,888 sqft
2020-07-01 49 days 1,812 sqft
2020-08-01 45 days 1,734 sqft
2020-09-01 50 days 1,690 sqft
2020-10-01 49 days 1,645 sqft
2020-11-01 63 days 1,635 sqft
2020-12-01 75 days 1,588 sqft
2021-01-01 85 days 1,536 sqft
2021-02-01 84 days 1,515 sqft
2021-03-01 60 days 1,510 sqft
2021-04-01 49 days 1,514 sqft
2021-05-01 44 days 1,532 sqft
2021-06-01 45 days 1,550 sqft
2021-07-01 50 days 1,568 sqft
2021-08-01 49 days 1,547 sqft
2021-09-01 49 days 1,528 sqft
2021-10-01 53 days 1,504 sqft
2021-11-01 57 days 1,494 sqft
2021-12-01 68 days 1,449 sqft
2022-01-01 79 days 1,410 sqft
Newark's median listing age (time on market) for 2022-01-01 was 79 days. This is -7% shorter than the same period one year ago.

Newark's median square footage for active listings during the 2022-01-01 period was 1,410 sqft. One year prior, the average listing was 1,536 sqft.

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.