Philadelphia VA Loan Rates, Closing Costs & Stats

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

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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.

    Philadelphia's 183 lenders originated 3,314 VA loans during 2023. The total origination value was $1,194,750,000, with an average VA loan value of $360,516.

    Philadelphia VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Philadelphia averaged 6.39% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Philadelphia's average VA mortgage closing costs are $7,270.

    The average rate for the prior week (2024-07-12) was 6.73% and one month ago for the week of 2024-06-14, the average rate was 6.39%.

    The average rate one year ago was 6.98%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.65%.

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

    Philadelphia 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 Philadelphia level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 542 6.79% $8,467
    QUICKEN LOANS, LLC 224 6.19% $12,628
    NAVY FEDERAL CREDIT UNION 175 5.87% $8,187
    UNITED WHOLESALE MORTGAGE, LLC 159 6.35% $12,426
    CROSSCOUNTRY MORTGAGE, LLC 109 6.58% $11,869
    FREEDOM MORTGAGE CORPORATION 103 6.49% $20,631
    GUARANTEED RATE, INC. 96 6.11% $9,445
    LOANDEPOT.COM, LLC 79 6.09% $13,102
    NEW DAY FINANCIAL, LLC 75 7.34% $15,456
    Prosperity Home Mortgage, LLC 74 6.30% $9,404
    NVR Mortgage Finance, Inc. 66 5.54% $9,812
    MOVEMENT MORTGAGE, LLC 63 6.56% $10,349
    NFM, INC. 61 6.38% $10,926
    GREENTREE MORTGAGE COMPANY, L.P. 61 6.35% $9,991
    The Federal Savings Bank 58 6.49% $18,533
    USAA Federal Savings Bank 51 6.29% $11,378
    PENNYMAC LOAN SERVICES, LLC 51 5.66% $10,868
    Mr. Cooper ( Nationstar Mortgage ) 42 5.93% $16,404
    CMG MORTGAGE, INC. 35 6.64% $11,894
    NEWREZ LLC 35 6.64% $11,311
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 34 6.76% $11,606
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 30 6.64% $11,751
    PENTAGON FEDERAL CREDIT UNION 26 5.73% $9,287
    VILLAGE CAPITAL MORTGAGE 24 6.21% $12,351
    EMM LOANS LLC 24 6.42% $12,569
    Keystone Funding, Inc. 24 6.34% $11,695
    NATION ONE MORTGAGE CORPORATION 24 6.64% $9,804
    DHI MORTGAGE COMPANY, LTD. 22 6.37% $10,281
    GUARANTEED RATE AFFINITY, LLC 22 6.15% $7,700
    PIKE CREEK MORTGAGE SERVICES, INC. 20 6.53% $14,558
    Citizens Bank 20 6.29% $9,815
    BROKER SOLUTIONS, INC. 20 6.64% $15,582
    CARDINAL FINANCIAL 19 6.64% $14,541
    MORTGAGE ACCESS CORP. 19 6.39% $12,428
    Meridian Bank Corporation 19 6.61% $13,404
    Magnolia Bank 19 6.42% $22,086
    ABSOLUTE HOME MORTGAGE CORPORATION 18 6.67% $14,490
    Paramount Residential Mortgage Group, Inc. 18 6.65% $13,147
    NBKC BANK 17 6.04% $8,740
    Barrington Bank & Trust Company, N.A. 17 6.32% $10,153
    GUILD MORTGAGE COMPANY 17 6.35% $10,866
    EAGLE HOME MORTGAGE, LLC 15 5.92% $4,266
    Wells Fargo Bank 15 5.85% $9,422
    ALLIED MORTGAGE GROUP, INC. 15 6.70% $10,636
    NJ LENDERS CORP. 13 6.35% $13,711
    MUTUAL OF OMAHA MORTGAGE, INC. 13 6.41% $19,618
    AMERISAVE MORTGAGE CORPORATION 13 5.89% $21,076
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 6.49% $8,808
    SUCCESS MORTGAGE PARTNERS, INC. 13 6.54% $11,668
    Nations Lending Corporation 11 6.08% $15,860
    Advisors Mortgage Group, L.L.C. 11 6.25% $11,052
    Acre Mortgage and Financial Inc 10 6.86% $14,975
    UNION HOME MORTGAGE CORP. 10 6.46% $10,847
    AMERICAN FINANCIAL NETWORK, INC. 10 6.80% $10,158
    PLAZA HOME MORTGAGE, INC. 9 6.55% $10,351
    Univest Bank and Trust Co. 8 6.36% $8,222
    JPMorgan Chase Bank 8 5.81% $10,042
    Mid-Continent Funding, Inc. 8 6.14% $16,169
    DRAPER AND KRAMER MORTGAGE CORP. 8 6.73% $7,767
    U.S. Bank 8 6.08% $12,182
    Equity Prime Mortgage LLC 8 6.92% $8,927
    SUN WEST MORTGAGE COMPANY, INC. 7 6.57% $11,357
    GSF Mortgage Corporation 7 6.96% $11,990
    Mortgage America, Inc. 7 6.52% $10,489
    PLANET HOME LENDING, LLC 7 6.41% $14,167
    RELIANCE FIRST CAPITAL, LLC 6 5.98% $31,122
    CALIBER HOME LOANS, INC. 6 5.92% $9,969
    Fulton Bank 6 6.58% $6,805
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 6 6.15% $12,381
    BNC National Bank 6 5.56% $9,954
    Northpointe Bank 6 6.15% $9,401
    1st Colonial Community Bank 5 7.05% $13,188
    Gateway First Bank 5 6.53% $9,143
    First Federal Bank 5 6.53% $6,813
    PANORAMA MORTGAGE GROUP, LLC 5 7.18% $12,303
    Quaint Oak Mortgage, LLC 5 6.35% $13,484
    Princeton Mortgage Corporation 5 6.30% $6,557
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.93% $10,507
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 6.40% $15,697
    Huntingdon Valley Bank 5 6.25% $9,390
    Wilmington Savings Fund Society, FSB 5 6.80% $9,141
    BAY EQUITY LLC 5 6.57% $9,573
    ENVOY MORTGAGE, LTD 4 6.22% $8,126
    GoPrime Mortgage, Inc. 4 6.63% $6,991
    Flagstar Bank, FSB 4 5.98% $7,467
    Presidential Bank, FSB 4 6.06% $14,200
    Ixonia Bank 4 6.34% $12,597
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.84% $5,018
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 7.28% $13,474
    Evolve Bank & Trust 4 6.75% $7,880
    Philadelphia Mortgage Advisors, Inc. 4 6.72% $11,133
    LOANPAL, LLC 4 6.50% $18,357
    LAKEVIEW LOAN SERVICING, LLC 3 6.04% $14,273
    CONTOUR MORTGAGE CORPORATION 3 5.88% $14,281
    DEVELOPER'S MORTGAGE COMPANY 3 7.29% $14,514
    Farmers Bank & Trust 3 5.21% $14,339
    FIRST HOME MORTGAGE CORPORATION 3 7.29% $9,496
    HOMESIDE FINANCIAL, LLC 3 6.88% $13,108
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.42% $3,223
    NATIONS DIRECT MORTGAGE, LLC 3 6.38% $12,312
    NATIONWIDE MORTGAGE BANKERS, INC. 3 7.21% $29,538
    Plains Commerce Bank 3 6.63% $13,083
    PULTE MORTGAGE LLC 3 6.79% $12,617
    TBI MORTGAGE COMPANY 3 6.00% $12,993
    TIDEWATER MORTGAGE SERVICES, INC. 3 7.04% $16,005
    TOWNE MORTGAGE COMPANY 3 5.88% $12,485
    Florida Capital Bank 2 6.63% $13,970
    Atlantic Coast Mortgage, LLC 2 5.50% $15,908
    Century Mortgage Company DBA Century Lending Company 2 7.13% $6,262
    NEW FED MORTGAGE, CORP. 2 6.00% $19,515
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.00% $11,148
    The Central Trust Bank 2 5.13% $17,961
    US MORTGAGE CORPORATION 2 5.69% $11,731
    EMBRACE HOME LOANS, INC. 2 6.37% $9,581
    Towne Bank 2 6.81% $9,443
    VAN DYK MORTGAGE CORPORATION 2 6.13% $10,529
    Credence Funding Corporation 2 6.38% $3,582
    NETWORK CAPITAL FUNDING CORPORATION 2 5.19% $11,878
    AmeriHome Mortgage Company, LLC 2 6.31% $25,151
    PNC Bank 2 6.44% $13,255
    OCMBC, INC. 2 7.44% $5,594
    Sierra Pacific Mortgage Company, Inc. 2 6.38% $13,574
    FIRST COMMUNITY MORTGAGE, INC. 2 6.81% $19,517
    MCLEAN MORTGAGE CORPORATION 2 5.63% $5,826
    PARAGON HOME LOANS INC. 2 7.69% $11,982
    MILEND, INC. 2 6.94% $22,291
    SUMMIT FUNDING, INC. 2 6.75% $21,933
    Summit Mortgage Corporation 2 6.94% $10,927
    EVERETT FINANCIAL, INC. 1 5.88% $5,216
    Cornerstone First Mortgage, Inc 1 6.88% $19,923
    PREMIA MORTGAGE, LLC 1 5.75% $3,279
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.50% $0
    City Bank 1 6.75% $10,123
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $20,933
    Carrington Mortgage Services, LLC 1 6.25% $12,564
    Alcova Mortgage LLC 1 6.75% $12,386
    Capital Bank 1 5.75% $10,732
    BAY-VALLEY MORTGAGE GROUP 1 6.75% $8,651
    Bank of America 1 6.25% $20,931
    Republic Bank 1 7.13% $11,808
    RESIDENTIAL BANCORP 1 5.25% $17,796
    RESIDENTIAL HOME MORTGAGE CORPORATION 1 6.75% $15,525
    Residential Mortgage Solutions, Inc. 1 6.25% $11,693
    Strong Home Mortgage, LLC 1 6.50% $22,381
    ATLANTIS MORTGAGE CO., INC. 1 5.75% $17,522
    Sunflower Bank 1 5.13% $10,758
    SWBC MORTGAGE CORPORATION 1 6.38% $11,419
    Academy Bank 1 5.50% $6,726
    TD Bank 1 5.75% $5,257
    Armed Forces Bank 1 5.50% $13,099
    ABERDEEN PROVING GROUND FEDERAL CREDIT UNION 1 7.50% $11,654
    ZILLOW HOME LOANS, LLC 1 6.75% $3,814
    ARC HOME LLC 1 7.13% $8,270
    AmRes Corporation 1 8.00% $4,971
    AMERICAN HERITAGE FCU 1 5.75% $8,241
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.75% $18,125
    MDE Home Loans, LLC 1 6.13% $8,290
    MICHIGAN MUTUAL, INC. 1 5.13% $9,575
    Mid Penn Bank 1 5.63% $4,272
    MLB RESIDENTIAL LENDING, LLC 1 6.50% $11,540
    LEADERONE FINANCIAL CORPORATION 1 7.49% $14,482
    MORIA DEVELOPMENT, INC. 1 6.63% $16,081
    JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 5.88% $21,089
    INTERCOASTAL MORTGAGE COMPANY 1 6.13% $17,126
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.13% $21,111
    HOMEAMERICAN MORTGAGE CORPORATION 1 4.88% $300
    HARTFORD FUNDING, LTD. 1 6.75% $10,774
    GUARANTY HOME MORTGAGE CORPORATION 1 6.00% $3,435
    GREENWAY MORTGAGE FUNDING CORP. 1 5.25% $10,891
    Valley National Bank 1 6.49% $11,798
    GLENDENNING MORTGAGE CORPORATION 1 7.50% $18,470
    GENEVA FINANCIAL, LLC 1 6.13% $38,506
    First Savings Bank 1 5.75% $9,229
    Firstrust Savings Bank 1 6.50% $6,143
    First National Bank of Pennsylvania 1 5.75% $15,269
    North American Savings Bank, F.S.B. 1 5.63% $12,539
    Northeast Equitable Mortgage, LLC 1 6.50% $5,826
    First National Bank of Omaha 1 6.63% $8,118
    Northwest Federal Credit Union 1 7.50% $4,152
    FIRST HERITAGE FINANCIAL, LLC 1 7.38% $5,774
    FIRST COLONY MORTGAGE CORPORATION 1 6.63% $4,798
    First Citizens Community Bank 1 6.75% $12,214
    Financial Freedom Mortgage, LLC 1 5.75% $15,433

    The top Philadelphia VA lender as defined by loan originations is Mortgage Research Center, LLC, with 542 VA loans originated. Their average total fees are $8,467, which is $4,161 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Philadelphia VA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC ($4,266), GUARANTEED RATE AFFINITY, LLC ($7,700), NAVY FEDERAL CREDIT UNION ($8,187), Mortgage Research Center, LLC ($8,467) and NBKC BANK ($8,740).

    The lowest rate Philadelphia VA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.54%), PENNYMAC LOAN SERVICES, LLC (5.66%), PENTAGON FEDERAL CREDIT UNION (5.73%), Wells Fargo Bank (5.85%) and NAVY FEDERAL CREDIT UNION (5.87%).

    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.