Portland VA Loan Rates, Closing Costs & Stats

PORTLAND-SOUTH PORTLAND, ME

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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.

    Portland's 65 lenders originated 387 VA loans during 2023. The total origination value was $162,445,000, with an average VA loan value of $419,755.

    Portland VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Portland averaged 6.38% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Portland's average VA mortgage closing costs are $6,482.

    The average rate for the prior week (2024-07-12) was 6.52% and one month ago for the week of 2024-06-14, the average rate was 6.48%.

    The average rate one year ago was 6.76%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.06%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Portland level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 45 6.41% $10,909
    Mortgage Research Center, LLC 42 6.76% $8,447
    CMG MORTGAGE, INC. 41 6.65% $13,666
    QUICKEN LOANS, LLC 38 5.99% $13,090
    NAVY FEDERAL CREDIT UNION 20 5.82% $8,081
    GUILD MORTGAGE COMPANY 15 6.62% $8,610
    FREEDOM MORTGAGE CORPORATION 10 6.59% $19,453
    NORWICH COMMERCIAL GROUP, INC. 10 6.43% $4,189
    USAA Federal Savings Bank 9 6.15% $9,819
    LOANDEPOT.COM, LLC 8 6.09% $16,720
    The Federal Savings Bank 8 6.27% $24,956
    NEWREZ LLC 8 6.19% $13,029
    ENVOY MORTGAGE, LTD 8 6.88% $10,638
    CALIBER HOME LOANS, INC. 7 6.16% $9,193
    PENNYMAC LOAN SERVICES, LLC 6 5.56% $15,526
    NORTHPOINT MORTGAGE, INC. 6 6.69% $15,444
    NEW DAY FINANCIAL, LLC 5 7.22% $15,799
    MOVEMENT MORTGAGE, LLC 5 6.48% $6,621
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.44% $5,001
    DAS Acquisition Company, LLC 4 6.53% $8,451
    HARBORONE MORTGAGE, LLC 3 6.42% $10,224
    Bangor Savings Bank 3 5.46% $8,342
    GUARANTEED RATE, INC. 3 6.38% $13,033
    ACADEMY MORTGAGE CORPORATION 3 6.29% $4,842
    INTEGRITY MORTGAGE LLC 3 6.13% $9,420
    Mr. Cooper ( Nationstar Mortgage ) 3 6.08% $14,929
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.17% $13,818
    PENTAGON FEDERAL CREDIT UNION 3 5.29% $13,517
    T2 FINANCIAL LLC 2 7.00% $16,318
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $5,643
    CROSSCOUNTRY MORTGAGE, LLC 2 6.75% $5,672
    Citizens Bank 2 5.75% $18,595
    EMM LOANS LLC 2 6.44% $25,202
    Servion, Inc. 2 6.63% $10,305
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.25% $9,081
    VILLAGE CAPITAL MORTGAGE 2 6.00% $19,318
    NBKC BANK 2 5.81% $7,044
    LAKEVIEW LOAN SERVICING, LLC 2 5.25% $30,480
    Paramount Residential Mortgage Group, Inc. 1 6.63% $15,383
    Armed Forces Bank 1 5.25% $30,053
    Wells Fargo Bank 1 5.88% $3,609
    PREMIA MORTGAGE, LLC 1 6.25% $5,069
    Presidential Bank, FSB 1 7.13% $7,746
    Androscoggin Savings Bank 1 5.25% $4,083
    RADIUS FINANCIAL GROUP INC. 1 6.63% $24,478
    RELIANCE FIRST CAPITAL, LLC 1 5.63% $23,621
    Shamrock Home Loans, Inc. 1 6.63% $14,572
    SUN WEST MORTGAGE COMPANY, INC. 1 6.00% $5,929
    The Camden National Bank 1 6.00% $17,312
    The Central Trust Bank 1 5.25% $15,453
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $15,124
    TOTAL MORTGAGE SERVICES, LLC 1 7.75% $6,770
    GUARANTEED RATE AFFINITY, LLC 1 7.58% $2,512
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.13% $3,847
    American Mortgage & Equity Consultants, Inc. 1 7.25% $4,053
    KeyBank 1 6.88% $4,234
    Flagstar Bank, FSB 1 7.25% $5,721
    First Bank 1 6.63% $13,278
    Waterstone Mortgage Corporation 1 6.13% $9,888
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $7,786
    CUSO MORTGAGE CORPORATION 1 7.13% $13,750
    NBH Bank 1 6.25% $5,043
    North American Savings Bank, F.S.B. 1 5.75% $2,703
    Century Mortgage Company DBA Century Lending Company 1 6.25% $6,128
    BNC National Bank 1 5.63% $20,620

    The top Portland VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 45 VA loans originated. Their average total fees are $10,909, which is $2,463 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Portland VA lenders (with over 10 loans originated) are NORWICH COMMERCIAL GROUP, INC. ($4,189), NAVY FEDERAL CREDIT UNION ($8,081), Mortgage Research Center, LLC ($8,447), GUILD MORTGAGE COMPANY ($8,610) and UNITED WHOLESALE MORTGAGE, LLC ($10,909).

    The lowest rate Portland VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.82%), QUICKEN LOANS, LLC (5.99%), UNITED WHOLESALE MORTGAGE, LLC (6.41%), NORWICH COMMERCIAL GROUP, INC. (6.43%) and FREEDOM MORTGAGE CORPORATION (6.59%).

    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.