Portland VA Loans
PORTLAND-SOUTH PORTLAND, ME
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.
Portland's 103 lenders originated 1,730 VA
loans during 2021. The total origination value was $516,680,000, with an average VA loan value of
$298,659.
Portland VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Portland
averaged
5.4%
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
5.73% and
one month ago for the week of 2022-04-08, the
average rate was 4.85%.
The average rate one year ago was 3.26%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.31%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Portland 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 Portland level.
Name |
# of Loans |
2021 Avg. 30yFix Rate |
2021 Avg. Total Fees |
QUICKEN LOANS, LLC
|
144
|
2.47%
|
$5,910
|
Mortgage Research Center, LLC
|
124
|
2.75%
|
$5,526
|
UNITED WHOLESALE MORTGAGE, LLC
|
123
|
2.60%
|
$6,526
|
FREEDOM MORTGAGE CORPORATION
|
85
|
2.40%
|
$2,584
|
PENNYMAC LOAN SERVICES, LLC
|
68
|
2.36%
|
$6,541
|
NAVY FEDERAL CREDIT UNION
|
67
|
2.47%
|
$5,983
|
CALIBER HOME LOANS, INC.
|
64
|
2.44%
|
$6,930
|
CMG MORTGAGE, INC.
|
58
|
2.68%
|
$8,588
|
RESIDENTIAL MORTGAGE SERVICES, INC.
|
55
|
2.69%
|
$6,649
|
NEW DAY FINANCIAL, LLC
|
51
|
2.63%
|
$6,953
|
Mr. Cooper ( Nationstar Mortgage )
|
51
|
2.80%
|
$4,351
|
LOANDEPOT.COM, LLC
|
49
|
2.57%
|
$4,400
|
LAKEVIEW LOAN SERVICING, LLC
|
47
|
2.48%
|
$2,668
|
The Federal Savings Bank
|
31
|
2.46%
|
$6,862
|
USAA Federal Savings Bank
|
28
|
2.91%
|
$2,610
|
HARBORONE MORTGAGE, LLC
|
27
|
2.62%
|
$6,560
|
Low VA Rates, LLC
|
19
|
2.32%
|
$5,043
|
Mortgage Network, Inc.
|
18
|
2.84%
|
$6,957
|
Citizens Bank
|
16
|
2.66%
|
$4,693
|
NEWREZ LLC
|
15
|
2.68%
|
$3,161
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
14
|
2.83%
|
$6,699
|
Bangor Savings Bank
|
13
|
2.81%
|
$6,761
|
PENTAGON FEDERAL CREDIT UNION
|
12
|
2.41%
|
$3,012
|
Barrington Bank & Trust Company, N.A.
|
12
|
2.59%
|
$7,603
|
ENVOY MORTGAGE, LTD
|
12
|
3.14%
|
$4,710
|
VILLAGE CAPITAL & INVESTMENT LLC
|
11
|
2.64%
|
$3,284
|
NORWICH COMMERCIAL GROUP, INC.
|
11
|
3.05%
|
$7,358
|
ACADEMY MORTGAGE CORPORATION
|
10
|
2.96%
|
$6,021
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
10
|
2.95%
|
$7,046
|
Wells Fargo Bank
|
9
|
2.47%
|
$3,337
|
North American Savings Bank, F.S.B.
|
9
|
2.35%
|
$7,348
|
NORTHPOINT MORTGAGE, INC.
|
8
|
2.94%
|
$8,975
|
AMERISAVE MORTGAGE CORPORATION
|
8
|
2.42%
|
$4,574
|
LEADERONE FINANCIAL CORPORATION
|
8
|
3.00%
|
$6,258
|
HOME POINT FINANCIAL CORPORATION
|
8
|
2.54%
|
$5,350
|
EMBRACE HOME LOANS, INC.
|
8
|
2.48%
|
$6,606
|
AMERICAN FINANCIAL NETWORK, INC.
|
7
|
2.36%
|
$6,423
|
TOTAL MORTGAGE SERVICES, LLC
|
7
|
3.02%
|
$5,762
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
6
|
2.58%
|
$7,103
|
GUARANTEED RATE, INC.
|
6
|
2.56%
|
$6,292
|
ACCELERATE MORTGAGE, LLC
|
6
|
2.21%
|
$4,603
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
6
|
3.10%
|
$5,124
|
Carrington Mortgage Services, LLC
|
5
|
2.40%
|
$5,428
|
GUILD MORTGAGE COMPANY
|
5
|
2.98%
|
$4,379
|
Flagstar Bank, FSB
|
5
|
2.72%
|
$4,303
|
The Camden National Bank
|
5
|
2.58%
|
$5,830
|
Wyndham Capital Mortgage, Inc.
|
5
|
2.65%
|
$1,894
|
CROSSCOUNTRY MORTGAGE, LLC
|
5
|
2.58%
|
$5,113
|
First Federal Bank
|
5
|
3.77%
|
$7,640
|
KS StateBank
|
4
|
2.28%
|
$1,925
|
NP, Inc.
|
4
|
2.31%
|
$6,165
|
BROKER SOLUTIONS, INC.
|
4
|
2.72%
|
$7,074
|
CONTOUR MORTGAGE CORPORATION
|
4
|
2.44%
|
$7,752
|
DAS Acquisition Company, LLC
|
4
|
3.16%
|
$6,406
|
First Guaranty Mortgage Corporation
|
3
|
2.33%
|
$5,717
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
3
|
2.71%
|
$19,157
|
BNC National Bank
|
3
|
2.33%
|
$7,708
|
RELIANCE FIRST CAPITAL, LLC
|
3
|
2.79%
|
$10,021
|
Magnolia Bank
|
3
|
2.25%
|
$5,430
|
NBKC BANK
|
3
|
2.29%
|
$2,953
|
SOVEREIGN LENDING GROUP INCORPORATED
|
3
|
2.58%
|
$14,660
|
MEGASTAR FINANCIAL CORP.
|
3
|
3.38%
|
$6,854
|
EMM LOANS LLC
|
3
|
2.88%
|
$7,577
|
AmeriHome Mortgage Company, LLC
|
3
|
2.96%
|
$3,387
|
INTEGRITY MORTGAGE LLC
|
2
|
3.00%
|
$4,296
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
2
|
3.25%
|
$11,799
|
Service Federal Credit Union
|
2
|
2.69%
|
$10,870
|
Shamrock Home Loans, Inc.
|
2
|
3.31%
|
$10,929
|
SUN WEST MORTGAGE COMPANY, INC.
|
2
|
2.63%
|
$3,323
|
First Home Bank
|
2
|
2.50%
|
$21,272
|
Truist Bank
|
2
|
2.69%
|
$1,199
|
MID AMERICA MORTGAGE, INC.
|
2
|
2.38%
|
$946
|
CUSO MORTGAGE CORPORATION
|
2
|
2.69%
|
$7,649
|
GUARANTEED RATE AFFINITY, LLC
|
2
|
2.31%
|
$1,400
|
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
|
2
|
2.38%
|
$9,038
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
2.50%
|
$12,242
|
First National Bank
|
1
|
3.25%
|
$15,644
|
First Savings Bank
|
1
|
3.25%
|
$7,461
|
GUARANTY HOME MORTGAGE CORPORATION
|
1
|
2.75%
|
$2,026
|
HANSCOM
|
1
|
3.25%
|
$2,174
|
HOMESTEAD FUNDING CORP.
|
1
|
2.25%
|
$1,755
|
INTERCAP LENDING INC.
|
1
|
2.50%
|
$3,216
|
Ixonia Bank
|
1
|
2.75%
|
$9,889
|
JPMorgan Chase Bank
|
1
|
3.38%
|
$8,117
|
Luxury Mortgage Corp.
|
1
|
2.75%
|
$8,396
|
Mid-Continent Funding, Inc.
|
1
|
2.50%
|
$2,879
|
MOVEMENT MORTGAGE, LLC
|
1
|
2.25%
|
$3,885
|
Nations Lending Corporation
|
1
|
3.25%
|
$3,057
|
NBH Bank
|
1
|
2.62%
|
$1,174
|
NORTHERN MORTGAGE SERVICES, LLC
|
1
|
2.50%
|
$6,450
|
Northpointe Bank
|
1
|
2.63%
|
$4,326
|
Paramount Bank
|
1
|
2.50%
|
$7,584
|
PLANET HOME LENDING, LLC
|
1
|
2.38%
|
$915
|
Prime Choice Funding Inc.
|
1
|
2.25%
|
$4,179
|
RADIUS FINANCIAL GROUP INC.
|
1
|
3.00%
|
$13,795
|
AMERICAN FINANCING CORPORATION
|
1
|
2.63%
|
$4,190
|
SOUTHWEST STAGE FUNDING, LLC
|
1
|
2.75%
|
$1,941
|
T2 FINANCIAL LLC
|
1
|
3.25%
|
$3,336
|
TD Bank
|
1
|
3.13%
|
$9,926
|
First Internet Bank of Indiana
|
1
|
2.25%
|
$1,144
|
Advisors Mortgage Group, L.L.C.
|
1
|
2.63%
|
$3,346
|
U.S. Bank
|
1
|
2.99%
|
$4,540
|
Waterstone Mortgage Corporation
|
1
|
2.75%
|
$2,758
|
The top Portland VA lender as defined by loan originations is QUICKEN LOANS, LLC, with
144 VA loans originated. Their average total fees are
$5,910, which is $384
higher than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Portland VA lenders (with over 10 loans originated) are
FREEDOM MORTGAGE CORPORATION ($2,584), USAA Federal Savings Bank ($2,610), LAKEVIEW LOAN SERVICING, LLC ($2,668), PENTAGON FEDERAL CREDIT UNION ($3,012) and NEWREZ LLC ($3,161).
The lowest rate Portland VA lenders (with over 10 loans originated) are
Low VA Rates, LLC (2.32%), PENNYMAC LOAN SERVICES, LLC (2.36%), FREEDOM MORTGAGE CORPORATION (2.40%), PENTAGON FEDERAL CREDIT UNION (2.41%) and CALIBER HOME LOANS, INC. (2.44%).
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.