Pittsfield VA Loans

PITTSFIELD, MA

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.

Pittsfield's 36 lenders originated 202 VA loans during 2021. The total origination value was $49,570,000, with an average VA loan value of $245,396.

Pittsfield VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Pittsfield averaged 5.44% 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 5.57% and one month ago for the week of 2022-04-08, the average rate was 5.2%.

The average rate one year ago was 3.31%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.26%.

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

Pittsfield 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 Pittsfield level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 32 2.50% $4,823
Mortgage Research Center, LLC 19 2.88% $5,048
ACADEMY MORTGAGE CORPORATION 17 3.11% $8,105
PENNYMAC LOAN SERVICES, LLC 16 2.38% $4,895
FREEDOM MORTGAGE CORPORATION 9 2.50% $1,845
USAA Federal Savings Bank 8 2.78% $2,200
NAVY FEDERAL CREDIT UNION 8 2.36% $6,743
Adams Community Bank 6 3.29% $3,298
NEWREZ LLC 5 2.73% $1,818
The Federal Savings Bank 5 2.35% $5,920
CALIBER HOME LOANS, INC. 4 2.58% $1,663
LOANDEPOT.COM, LLC 4 2.53% $3,457
LAKEVIEW LOAN SERVICING, LLC 3 2.67% $1,703
Berkshire Bank 3 2.71% $4,653
Wells Fargo Bank 2 2.63% $2,506
HOME POINT FINANCIAL CORPORATION 2 2.50% $3,143
Mr. Cooper ( Nationstar Mortgage ) 2 2.63% $2,823
EMBRACE HOME LOANS, INC. 2 2.75% $5,931
North American Savings Bank, F.S.B. 2 2.25% $1,752
BAY EQUITY LLC 2 2.93% $6,959
PENTAGON FEDERAL CREDIT UNION 2 2.31% $1,479
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 2.81% $4,649
Barrington Bank & Trust Company, N.A. 2 2.63% $3,639
RESIDENTIAL MORTGAGE SERVICES, INC. 2 2.31% $9,795
VILLAGE CAPITAL & INVESTMENT LLC 2 2.38% $1,845
AMERISAVE MORTGAGE CORPORATION 1 2.75% $5,132
HANSCOM 1 3.00% $10,112
HOMESPIRE MORTGAGE CORPORATION 1 2.25% $2,954
HOMESTEAD FUNDING CORP. 1 3.00% $2,860
GUARANTEED RATE AFFINITY, LLC 1 2.25% $3,305
First Federal Bank 1 3.50% $9,512
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.13% $5,028
Bangor Savings Bank 1 2.38% $3,574
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $5,751
TOTAL MORTGAGE SERVICES, LLC 1 3.13% $3,894
DRAPER AND KRAMER MORTGAGE CORP. 1 2.75% $21,464

The top Pittsfield VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 32 VA loans originated. Their average total fees are $4,823, which is $225 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Pittsfield VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($4,823), PENNYMAC LOAN SERVICES, LLC ($4,895), Mortgage Research Center, LLC ($5,048), ACADEMY MORTGAGE CORPORATION ($8,105) and .

The lowest rate Pittsfield VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.38%), QUICKEN LOANS, LLC (2.50%), Mortgage Research Center, LLC (2.88%), ACADEMY MORTGAGE CORPORATION (3.11%) and .

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.