Ocean City VA Loan Rates, Closing Costs & Stats

OCEAN CITY, NJ

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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.

    Ocean City's 38 lenders originated 89 VA loans during 2024. The total origination value was $43,065,000, with an average VA loan value of $483,876.

    Ocean City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Ocean City averaged 0.73% for the week of 2025-07-04, compared to the national average (all VA variants) of 0% for the same period.

    Ocean City's average VA mortgage closing costs are $8,105.

    The average rate for the prior week (2025-06-27) was 7.06% and one month ago for the week of 2025-05-30, the average rate was 6.99%.

    The average rate one year ago was 6.8%.

    For refis of the same type during the week of 2025-07-04, the average rate was 0.37%.

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

    Ocean City 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 Ocean City level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 12 6.01% $9,367
    QUICKEN LOANS, LLC 6 5.89% $23,137
    UNITED WHOLESALE MORTGAGE, LLC 5 5.97% $7,879
    NAVY FEDERAL CREDIT UNION 5 5.93% $6,968
    Citizens Bank 4 6.59% $7,345
    FREEDOM MORTGAGE CORPORATION 4 6.13% $10,259
    The Federal Savings Bank 3 6.25% $18,320
    ALLIED MORTGAGE GROUP, INC. 3 6.38% $25,803
    NEWREZ LLC 3 6.71% $10,572
    CMG MORTGAGE, INC. 2 6.69% $6,403
    Wells Fargo Bank 2 6.44% $16,429
    NEW DAY FINANCIAL, LLC 2 7.56% $17,085
    NFM, INC. 2 6.31% $11,066
    PLANET HOME LENDING, LLC 2 6.12% $4,239
    DHI MORTGAGE COMPANY, LTD. 2 6.19% $10,416
    The Loan Store, Inc. 2 6.00% $6,315
    BROKER SOLUTIONS, INC. 2 6.44% $8,316
    USAA Federal Savings Bank 2 6.31% $9,030
    U.S. Bank 2 6.44% $16,775
    LOANDEPOT.COM, LLC 1 5.25% $18,005
    AMERISAVE MORTGAGE CORPORATION 1 5.63% $28,004
    Barrington Bank & Trust Company, N.A. 1 6.75% $3,688
    Carrington Mortgage Services, LLC 1 6.63% $14,138
    CLEARPATH LENDING 1 5.75% $6,025
    CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $14,377
    EMM LOANS LLC 1 5.75% $6,683
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.75% $24,515
    First Federal Bank 1 5.75% $4,247
    Flagstar Bank, FSB 1 5.88% $25,999
    Gateway First Bank 1 6.50% $13,125
    GUARANTEED RATE, INC. 1 7.10% $7,249
    LAKEVIEW LOAN SERVICING, LLC 1 5.25% $6,278
    Advisors Mortgage Group, L.L.C. 1 6.63% $4,654
    NBKC BANK 1 7.13% $3,572
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $7,774
    Prosperity Home Mortgage, LLC 1 6.12% $3,711
    SUN WEST MORTGAGE COMPANY, INC. 1 6.49% $11,112
    UNION HOME MORTGAGE CORP. 1 6.38% $6,110

    The top Ocean City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 12 VA loans originated. Their average total fees are $9,367, which is $13,770 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Ocean City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($9,367), .

    The lowest rate Ocean City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.01%), .

    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.