Portland VA Loan Rates, Closing Costs & Stats

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 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 7.04% for the week of 2024-05-24, compared to the national average (all VA variants) of 6.567% for the same period.

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

The average rate for the prior week (2024-05-17) was 6.77% and one month ago for the week of 2024-04-19, the average rate was 6.84%.

The average rate one year ago was 6.41%.

For refis of the same type during the week of 2024-05-24, the average rate was 7.12%.

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%).


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 (4.1%) $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%) 1.23 2,799
2018-08-01 $359,000 (3.3%) $502,038 (1.8%) 1.20 2,965
2018-09-01 $355,000 (3.2%) $493,262 (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%) $484,836 (-0.7%) 1.20 2,441
2019-01-01 $349,450 (2.0%) $480,011 (-1.0%) 1.21 2,070
2019-02-01 $357,425 (2.2%) $494,834 (1.6%) 1.21 1,984
2019-03-01 $366,429 (4.7%) $506,236 (2.3%) 1.20 1,946
2019-04-01 $377,250 (4.8%) $518,611 (1.4%) 1.20 1,932
2019-05-01 $383,450 (5.1%) $526,172 (4.0%) 1.20 2,122
2019-06-01 $388,250 (5.9%) $531,085 (5.1%) 1.21 2,433
2019-07-01 $389,450 (6.2%) $540,263 (6.5%) 1.22 2,571
2019-08-01 $387,882 (8.1%) $539,163 (7.4%) 1.23 2,601
2019-09-01 $386,205 (8.8%) $537,710 (9.0%) 1.24 2,551
2019-10-01 $384,950 (9.4%) $537,947 (9.7%) 1.24 2,487
2019-11-01 $385,000 (8.5%) $546,055 (10.8%) 1.26 2,210
2019-12-01 $385,713 (10.5%) $549,183 (13.3%) 1.29 1,751
2020-01-01 $395,000 (13.0%) $548,034 (14.2%) 1.32 1,510
2020-02-01 $399,000 (11.6%) $557,594 (12.7%) 1.31 1,401
2020-03-01 $399,450 (9.0%) $571,349 (12.9%) 1.25 1,455
2020-04-01 $405,000 (7.4%) $566,833 (9.3%) 1.27 1,512
2020-05-01 $415,000 (8.2%) $585,052 (11.2%) 1.26 1,526
2020-06-01 $414,950 (6.9%) $595,023 (12.0%) 1.22 1,611
2020-07-01 $427,450 (9.8%) $608,768 (12.7%) 1.24 1,561
2020-08-01 $424,950 (9.6%) $605,902 (12.4%) 1.22 1,413
2020-09-01 $424,250 (9.9%) $607,735 (13.0%) 1.22 1,363
2020-10-01 $417,500 (8.5%) $590,632 (9.8%) 1.20 1,339
2020-11-01 $425,000 (10.4%) $590,677 (8.2%) 1.24 1,191
2020-12-01 $441,400 (14.4%) $597,642 (8.8%) 1.31 978
2021-01-01 $438,500 (11.0%) $612,446 (11.8%) 1.31 751
2021-02-01 $437,500 (9.7%) $624,166 (11.9%) 1.27 629
2021-03-01 $438,152 (9.7%) $608,812 (6.6%) 1.24 614
2021-04-01 $448,898 (10.8%) $651,749 (15.0%) 1.22 649
2021-05-01 $459,900 (10.8%) $661,625 (13.1%) 1.22 733
2021-06-01 $474,713 (14.4%) $685,899 (15.3%) 1.25 902
2021-07-01 $479,450 (12.2%) $667,944 (9.7%) 1.27 1,093
2021-08-01 $465,225 (9.5%) $649,746 (7.2%) 1.24 1,113
2021-09-01 $450,000 (6.1%) $649,998 (7.0%) 1.20 1,064
2021-10-01 $465,000 (11.4%) $687,644 (16.4%) 1.24 943
2021-11-01 $482,100 (13.4%) $722,467 (22.3%) 1.29 770
2021-12-01 $493,250 (11.8%) $746,101 (24.8%) 1.34 597
2022-01-01 $498,950 (13.8%) $742,811 (21.3%) 1.35 495
2022-02-01 $532,000 (21.6%) $729,384 (16.9%) 1.38 437
2022-03-01 $521,225 (19.0%) $715,114 (17.5%) 1.30 469
2022-04-01 $525,000 (17.0%) $724,748 (11.2%) 1.25 567
2022-05-01 $532,500 (15.8%) $720,773 (8.9%) 1.22 718
2022-06-01 $544,000 (14.6%) $730,869 (6.6%) 1.21 888
2022-07-01 $549,900 (14.7%) $732,893 (9.7%) 1.24 1,088
2022-08-01 $549,950 (18.2%) $729,522 (12.3%) 1.27 1,090
2022-09-01 $542,000 (20.4%) $743,449 (14.4%) 1.27 1,037
2022-10-01 $549,000 (18.1%) $737,174 (7.2%) 1.29 1,006
2022-11-01 $542,000 (12.4%) $736,401 (1.9%) 1.30 946
2022-12-01 $551,750 (11.9%) $752,445 (0.9%) 1.36 808
2023-01-01 $584,775 (17.2%) $735,776 (-1.0%) 1.45 656
2023-02-01 $590,000 (10.9%) $769,548 (5.5%) 1.42 589
2023-03-01 $619,000 (18.8%) $829,590 (16.0%) 1.46 574
2023-04-01 $628,700 (19.8%) $847,820 (17.0%) 1.46 630
2023-05-01 $623,175 (17.0%) $848,468 (17.7%) 1.41 728
2023-06-01 $625,000 (14.9%) $875,841 (19.8%) 1.40 783
2023-07-01 $623,800 (13.4%) $882,708 (20.4%) 1.42 883
2023-08-01 $611,350 (11.2%) $858,625 (17.7%) 1.40 982
2023-09-01 $599,900 (10.7%) $870,420 (17.1%) 1.40 1,107
2023-10-01 $599,950 (9.3%) $874,809 (18.7%) 1.41 1,104
2023-11-01 $599,975 (10.7%) $882,028 (19.8%) 1.43 1,064
2023-12-01 $599,900 (8.7%) $878,491 (16.8%) 1.46 859
2024-01-01 $615,000 (5.2%) $875,680 (19.0%) 1.50 666
2024-02-01 $604,900 (2.5%) $854,749 (11.1%) 1.46 657
2024-03-01 $622,700 (0.6%) $912,739 (10.0%) 1.47 673
2024-04-01 $649,948 (3.4%) $901,309 (6.3%) 1.51 750
Portland's median listing price for 2024-04-01 was $649,948, a difference of $21,248 (3.4%) versus the prior year and $27,248 versus the prior month.

Portland's median listing price comes in at 151% of the national average.

Portland's average listing price for 2024-04-01 was $901,309, a difference of $53,489 (6.3%) versus the prior year and $-11,430 versus the prior month.

For the 2024-04-01 period, Portland had 750 MLS listings, a difference of 77 listings (11%) versus the prior month and 120 listings (19%) 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
2018-01-01 101 days 1,800 sqft
2018-02-01 107 days 1,792 sqft
2018-03-01 75 days 1,791 sqft
2018-04-01 50 days 1,800 sqft
2018-05-01 43 days 1,796 sqft
2018-06-01 44 days 1,800 sqft
2018-07-01 51 days 1,817 sqft
2018-08-01 59 days 1,815 sqft
2018-09-01 64 days 1,800 sqft
2018-10-01 71 days 1,800 sqft
2018-11-01 76 days 1,800 sqft
2018-12-01 88 days 1,764 sqft
2019-01-01 103 days 1,736 sqft
2019-02-01 106 days 1,741 sqft
2019-03-01 83 days 1,753 sqft
2019-04-01 52 days 1,764 sqft
2019-05-01 42 days 1,780 sqft
2019-06-01 40 days 1,800 sqft
2019-07-01 47 days 1,789 sqft
2019-08-01 54 days 1,780 sqft
2019-09-01 61 days 1,787 sqft
2019-10-01 67 days 1,791 sqft
2019-11-01 72 days 1,790 sqft
2019-12-01 84 days 1,762 sqft
2020-01-01 89 days 1,737 sqft
2020-02-01 86 days 1,694 sqft
2020-03-01 59 days 1,704 sqft
2020-04-01 55 days 1,739 sqft
2020-05-01 59 days 1,765 sqft
2020-06-01 40 days 1,764 sqft
2020-07-01 43 days 1,754 sqft
2020-08-01 40 days 1,742 sqft
2020-09-01 34 days 1,707 sqft
2020-10-01 34 days 1,715 sqft
2020-11-01 45 days 1,720 sqft
2020-12-01 62 days 1,711 sqft
2021-01-01 70 days 1,707 sqft
2021-02-01 43 days 1,662 sqft
2021-03-01 24 days 1,664 sqft
2021-04-01 17 days 1,678 sqft
2021-05-01 15 days 1,707 sqft
2021-06-01 16 days 1,736 sqft
2021-07-01 22 days 1,766 sqft
2021-08-01 27 days 1,747 sqft
2021-09-01 31 days 1,715 sqft
2021-10-01 34 days 1,730 sqft
2021-11-01 43 days 1,743 sqft
2021-12-01 58 days 1,698 sqft
2022-01-01 46 days 1,612 sqft
2022-02-01 29 days 1,636 sqft
2022-03-01 21 days 1,633 sqft
2022-04-01 12 days 1,657 sqft
2022-05-01 14 days 1,707 sqft
2022-06-01 17 days 1,777 sqft
2022-07-01 23 days 1,773 sqft
2022-08-01 32 days 1,769 sqft
2022-09-01 38 days 1,756 sqft
2022-10-01 42 days 1,776 sqft
2022-11-01 46 days 1,691 sqft
2022-12-01 57 days 1,680 sqft
2023-01-01 67 days 1,684 sqft
2023-02-01 61 days 1,674 sqft
2023-03-01 53 days 1,663 sqft
2023-04-01 27 days 1,664 sqft
2023-05-01 24 days 1,670 sqft
2023-06-01 23 days 1,762 sqft
2023-07-01 28 days 1,786 sqft
2023-08-01 29 days 1,740 sqft
2023-09-01 31 days 1,736 sqft
2023-10-01 37 days 1,758 sqft
2023-11-01 44 days 1,780 sqft
2023-12-01 59 days 1,748 sqft
2024-01-01 75 days 1,743 sqft
2024-02-01 54 days 1,681 sqft
2024-03-01 46 days 1,682 sqft
2024-04-01 42 days 1,686 sqft
Portland's median listing age (time on market) for 2024-04-01 was 42 days. This is 54% longer than the same period one year ago.

Portland's median square footage for active listings during the 2024-04-01 period was 1,686 sqft. One year prior, the average listing was 1,664 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.