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 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 6.73% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

    Portland's average VA mortgage closing costs are $5,647.

    The average rate for the prior week (2022-11-25) was 6.77% and one month ago for the week of 2022-10-28, the average rate was 6.86%.

    The average rate one year ago was 3.33%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.35%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 MORTGAGE 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 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%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Portland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $342,500 (5.4%) $485,060 (7.9%) 1.27 1,968
    2018-02-01 $349,800 (5.9%) $486,831 (5.7%) 1.27 1,829
    2018-03-01 $350,000 (3.0%) $495,079 (4.6%) 1.23 1,831
    2018-04-01 $359,925 (3.8%) $511,348 (4.5%) 1.22 1,945
    2018-05-01 $364,850 (4.3%) $505,992 (3.9%) 1.22 2,246
    2018-06-01 $366,500 (4.8%) $505,380 (3.8%) 1.22 2,602
    2018-07-01 $366,900 (4.9%) $507,395 (2.5%) 1.22 2,799
    2018-08-01 $359,000 (3.2%) $502,038 (1.8%) 1.20 2,965
    2018-09-01 $355,000 (3.2%) $493,260 (0.2%) 1.19 3,048
    2018-10-01 $351,875 (3.5%) $490,332 (0.0%) 1.19 2,945
    2018-11-01 $354,999 (4.6%) $492,641 (1.3%) 1.20 2,759
    2018-12-01 $349,000 (2.7%) $484,897 (-0.7%) 1.20 2,440
    2019-01-01 $349,450 (2.0%) $480,071 (-1.0%) 1.21 2,069
    2019-02-01 $357,425 (2.2%) $494,899 (1.7%) 1.21 1,983
    2019-03-01 $366,429 (4.7%) $506,276 (2.3%) 1.20 1,946
    2019-04-01 $377,250 (4.8%) $518,572 (1.4%) 1.20 1,934
    2019-05-01 $382,950 (5.0%) $525,934 (3.9%) 1.20 2,127
    2019-06-01 $386,425 (5.4%) $530,684 (5.0%) 1.21 2,439
    2019-07-01 $388,950 (6.0%) $539,890 (6.4%) 1.22 2,579
    2019-08-01 $387,155 (7.8%) $538,945 (7.4%) 1.23 2,610
    2019-09-01 $385,886 (8.7%) $537,419 (9.0%) 1.23 2,561
    2019-10-01 $384,950 (9.4%) $537,595 (9.6%) 1.24 2,497
    2019-11-01 $385,000 (8.5%) $545,715 (10.8%) 1.26 2,219
    2019-12-01 $385,000 (10.3%) $548,573 (13.1%) 1.28 1,761
    2020-01-01 $395,000 (13.0%) $547,307 (14.0%) 1.32 1,520
    2020-02-01 $398,000 (11.4%) $556,997 (12.6%) 1.30 1,410
    2020-03-01 $399,425 (9.0%) $570,685 (12.7%) 1.25 1,464
    2020-04-01 $401,500 (6.4%) $566,203 (9.2%) 1.26 1,521
    2020-05-01 $415,000 (8.4%) $584,344 (11.1%) 1.26 1,535
    2020-06-01 $414,800 (7.3%) $594,315 (12.0%) 1.22 1,620
    2020-07-01 $427,450 (9.9%) $607,967 (12.6%) 1.24 1,570
    2020-08-01 $424,900 (9.8%) $605,054 (12.3%) 1.22 1,423
    2020-09-01 $422,500 (9.5%) $606,673 (12.9%) 1.21 1,373
    2020-10-01 $415,000 (7.8%) $589,681 (9.7%) 1.19 1,349
    2020-11-01 $425,000 (10.4%) $589,576 (8.0%) 1.24 1,201
    2020-12-01 $439,450 (14.1%) $596,227 (8.7%) 1.31 988
    2021-01-01 $434,954 (10.1%) $610,585 (11.6%) 1.30 761
    2021-02-01 $436,954 (9.8%) $621,715 (11.6%) 1.27 639
    2021-03-01 $434,500 (8.8%) $606,630 (6.3%) 1.23 624
    2021-04-01 $447,450 (11.4%) $649,168 (14.7%) 1.21 659
    2021-05-01 $456,500 (10.0%) $659,067 (12.8%) 1.21 743
    2021-06-01 $469,950 (13.3%) $683,476 (15.0%) 1.24 912
    2021-07-01 $479,000 (12.1%) $666,004 (9.6%) 1.26 1,102
    2021-08-01 $461,450 (8.6%) $648,035 (7.1%) 1.23 1,122
    2021-09-01 $449,975 (6.5%) $648,181 (6.8%) 1.20 1,073
    2021-10-01 $460,000 (10.8%) $685,414 (16.2%) 1.23 953
    2021-11-01 $478,500 (12.6%) $719,425 (22.0%) 1.28 780
    2021-12-01 $489,700 (11.4%) $741,815 (24.4%) 1.33 607
    2022-01-01 $498,000 (14.5%) $737,693 (20.8%) 1.35 505
    2022-02-01 $526,400 (20.5%) $724,058 (16.5%) 1.37 447
    2022-03-01 $513,750 (18.2%) $710,620 (17.1%) 1.29 479
    2022-04-01 $525,000 (17.3%) $720,238 (11.0%) 1.25 575
    2022-05-01 $527,450 (15.5%) $717,785 (8.9%) 1.21 726
    2022-06-01 $542,000 (15.3%) $728,281 (6.6%) 1.21 897
    2022-07-01 $549,450 (14.7%) $730,683 (9.7%) 1.24 1,097
    2022-08-01 $549,900 (19.2%) $727,397 (12.3%) 1.27 1,099
    2022-09-01 $540,125 (20.0%) $741,155 (14.3%) 1.26 1,048
    2022-10-01 $545,000 (18.5%) $734,832 (7.2%) 1.28 1,017
    2022-11-01 $537,450 (12.3%) $733,895 (2.0%) 1.29 957
    Portland's median listing price for 2022-11-01 was $537,450, a difference of $58,950 (12.3%) versus the prior year and $-7,550 versus the prior month.

    Portland's median listing price comes in at 129% of the national average.

    Portland's average listing price for 2022-11-01 was $733,895, a difference of $14,470 (2.0%) versus the prior year and $-937 versus the prior month.

    For the 2022-11-01 period, Portland had 957 MLS listings, a difference of -60 listings (-6%) versus the prior month and 177 listings (23%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Portland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 111 days 1,800 sqft
    2018-02-01 120 days 1,792 sqft
    2018-03-01 103 days 1,791 sqft
    2018-04-01 58 days 1,800 sqft
    2018-05-01 49 days 1,796 sqft
    2018-06-01 47 days 1,800 sqft
    2018-07-01 56 days 1,817 sqft
    2018-08-01 65 days 1,815 sqft
    2018-09-01 71 days 1,800 sqft
    2018-10-01 77 days 1,800 sqft
    2018-11-01 82 days 1,800 sqft
    2018-12-01 94 days 1,764 sqft
    2019-01-01 109 days 1,736 sqft
    2019-02-01 113 days 1,741 sqft
    2019-03-01 90 days 1,752 sqft
    2019-04-01 59 days 1,763 sqft
    2019-05-01 46 days 1,780 sqft
    2019-06-01 44 days 1,800 sqft
    2019-07-01 51 days 1,790 sqft
    2019-08-01 57 days 1,780 sqft
    2019-09-01 65 days 1,787 sqft
    2019-10-01 72 days 1,791 sqft
    2019-11-01 78 days 1,789 sqft
    2019-12-01 90 days 1,762 sqft
    2020-01-01 96 days 1,737 sqft
    2020-02-01 94 days 1,695 sqft
    2020-03-01 63 days 1,704 sqft
    2020-04-01 61 days 1,741 sqft
    2020-05-01 63 days 1,765 sqft
    2020-06-01 46 days 1,764 sqft
    2020-07-01 45 days 1,755 sqft
    2020-08-01 47 days 1,742 sqft
    2020-09-01 37 days 1,707 sqft
    2020-10-01 37 days 1,718 sqft
    2020-11-01 48 days 1,720 sqft
    2020-12-01 64 days 1,714 sqft
    2021-01-01 73 days 1,709 sqft
    2021-02-01 52 days 1,663 sqft
    2021-03-01 28 days 1,664 sqft
    2021-04-01 18 days 1,683 sqft
    2021-05-01 16 days 1,708 sqft
    2021-06-01 16 days 1,736 sqft
    2021-07-01 23 days 1,767 sqft
    2021-08-01 28 days 1,747 sqft
    2021-09-01 32 days 1,716 sqft
    2021-10-01 36 days 1,732 sqft
    2021-11-01 44 days 1,744 sqft
    2021-12-01 60 days 1,702 sqft
    2022-01-01 53 days 1,612 sqft
    2022-02-01 33 days 1,640 sqft
    2022-03-01 23 days 1,637 sqft
    2022-04-01 15 days 1,664 sqft
    2022-05-01 15 days 1,707 sqft
    2022-06-01 18 days 1,777 sqft
    2022-07-01 24 days 1,774 sqft
    2022-08-01 33 days 1,771 sqft
    2022-09-01 39 days 1,756 sqft
    2022-10-01 44 days 1,776 sqft
    2022-11-01 49 days 1,697 sqft
    Portland's median listing age (time on market) for 2022-11-01 was 49 days. This is 10% longer than the same period one year ago.

    Portland's median square footage for active listings during the 2022-11-01 period was 1,697 sqft. One year prior, the average listing was 1,744 sqft.

    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.