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 88 lenders originated 696 VA loans during 2022. The total origination value was $261,610,000, with an average VA loan value of $375,876.

Portland VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Portland averaged -0.29% for the week of 2023-06-02, compared to the national average (all VA variants) of 0% for the same period.

Portland's average VA mortgage closing costs are $6,156.

The average rate for the prior week (2023-05-26) was 6.15% and one month ago for the week of 2023-04-28, the average rate was 6.1%.

The average rate one year ago was 4.96%.

For refis of the same type during the week of 2023-06-02, the average rate was -1.37%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 91 5.02% $7,854
UNITED WHOLESALE MORTGAGE, LLC 68 4.58% $10,139
QUICKEN LOANS, LLC 52 4.00% $12,454
NAVY FEDERAL CREDIT UNION 34 3.48% $5,987
FREEDOM MORTGAGE CORPORATION 32 4.07% $12,237
CALIBER HOME LOANS, INC. 30 4.60% $8,181
CMG MORTGAGE, INC. 24 4.69% $11,004
USAA Federal Savings Bank 24 4.55% $10,186
GUILD MORTGAGE COMPANY 21 5.04% $9,993
LOANDEPOT.COM, LLC 20 4.11% $11,593
PENNYMAC LOAN SERVICES, LLC 20 3.27% $8,865
The Federal Savings Bank 15 4.10% $14,852
NEW DAY FINANCIAL, LLC 15 5.09% $10,967
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 12 4.67% $5,920
Citizens Bank 10 3.59% $8,910
Mr. Cooper ( Nationstar Mortgage ) 9 4.49% $12,299
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 4.22% $11,754
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 4.61% $4,380
NEWREZ LLC 7 3.52% $9,746
CROSSCOUNTRY MORTGAGE, LLC 7 5.23% $17,868
BROKER SOLUTIONS, INC. 6 4.66% $9,827
VILLAGE CAPITAL MORTGAGE 6 4.10% $16,794
TOTAL MORTGAGE SERVICES, LLC 6 5.15% $9,804
Service Federal Credit Union 5 4.70% $9,935
NORTHPOINT MORTGAGE, INC. 5 4.78% $14,989
DAS Acquisition Company, LLC 5 3.72% $4,010
Bangor Savings Bank 5 4.18% $5,303
NORWICH COMMERCIAL GROUP, INC. 4 5.13% $15,384
NBKC BANK 4 3.69% $13,893
CARDINAL FINANCIAL 4 4.56% $19,340
HOME POINT FINANCIAL CORPORATION 4 4.00% $10,766
LAKEVIEW LOAN SERVICING, LLC 4 3.47% $10,157
Mortgage Network, Inc. 4 3.13% $6,340
First Federal Bank 3 5.21% $16,815
MEGASTAR FINANCIAL CORP. 3 3.33% $8,437
Barrington Bank & Trust Company, N.A. 3 4.92% $14,085
T2 FINANCIAL LLC 3 4.33% $9,237
EVERETT FINANCIAL, INC. 3 4.04% $10,485
MOVEMENT MORTGAGE, LLC 3 5.88% $1,988
ACADEMY MORTGAGE CORPORATION 3 5.92% $2,406
PENTAGON FEDERAL CREDIT UNION 3 4.08% $11,742
CONTOUR MORTGAGE CORPORATION 3 4.21% $13,241
MUTUAL OF OMAHA MORTGAGE, INC. 3 4.21% $7,191
Magnolia Bank 3 4.79% $20,626
AMERISAVE MORTGAGE CORPORATION 3 3.75% $15,453
Flagstar Bank, FSB 3 4.88% $7,542
Texana Bank 3 3.75% $10,202
ENVOY MORTGAGE, LTD 2 5.38% $3,585
AMERICAN FINANCING CORPORATION 2 4.00% $17,521
Androscoggin Savings Bank 2 4.81% $14,584
Bank of England 2 4.50% $7,065
BNC National Bank 2 3.94% $4,328
Century Mortgage Company DBA Century Lending Company 2 2.81% $11,955
EMM LOANS LLC 2 4.88% $6,974
GUARANTEED RATE, INC. 2 4.11% $12,001
INTEGRITY MORTGAGE LLC 2 5.75% $9,307
Low VA Rates, LLC 2 3.56% $29,048
NORTHEAST HOME LOAN, LLC 2 6.00% $9,948
NETWORK CAPITAL FUNDING CORPORATION 1 4.50% $7,188
Nations Lending Corporation 1 5.25% $19,957
M&T Bank 1 6.25% $15,648
North American Savings Bank, F.S.B. 1 2.50% $23,103
ZILLOW HOME LOANS, LLC 1 6.13% $11,559
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.50% $9,030
Mid-Continent Funding, Inc. 1 5.63% $3,926
NP, Inc. 1 2.25% $6,092
Paramount Residential Mortgage Group, Inc. 1 5.75% $14,822
MICHIGAN MUTUAL, INC. 1 4.38% $2,500
LEADERONE FINANCIAL CORPORATION 1 7.13% $9,892
PLANET HOME LENDING, LLC 1 3.25% $2,133
Prime Choice Funding Inc. 1 2.25% $5,955
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.50% $3,043
Leader Bank 1 2.50% $3,950
RELIANCE FIRST CAPITAL, LLC 1 4.88% $29,518
KeyBank 1 4.88% $2,052
Servion, Inc. 1 3.75% $18,853
SUN WEST MORTGAGE COMPANY, INC. 1 3.99% $34,576
Ixonia Bank 1 5.25% $15,082
HARBORONE MORTGAGE, LLC 1 5.25% $14,190
The Camden National Bank 1 5.25% $3,933
The Central Trust Bank 1 4.37% $14,568
First Savings Bank 1 3.63% $3,952
Evolve Bank & Trust 1 5.13% $12,571
BAY EQUITY LLC 1 5.13% $6,253
Bath Savings Institution 1 5.88% $17,685
Austin Capital Bank SSB 1 5.63% $9,613
Wells Fargo Bank 1 3.38% $9,327
NBH Bank 1 5.13% $3,735

The top Portland VA lender as defined by loan originations is Mortgage Research Center, LLC, with 91 VA loans originated. Their average total fees are $7,854, which is $2,286 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Portland VA lenders (with over 10 loans originated) are AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC ($5,920), NAVY FEDERAL CREDIT UNION ($5,987), Mortgage Research Center, LLC ($7,854), CALIBER HOME LOANS, INC. ($8,181) and PENNYMAC LOAN SERVICES, LLC ($8,865).

The lowest rate Portland VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.27%), NAVY FEDERAL CREDIT UNION (3.48%), Citizens Bank (3.59%), QUICKEN LOANS, LLC (4.00%) and FREEDOM MORTGAGE CORPORATION (4.07%).


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%) 1.23 2,799
2018-08-01 $359,000 (3.2%) $502,038 (1.8%) 1.20 2,965
2018-09-01 $355,000 (3.2%) $493,262 (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%) $484,897 (-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%) $506,274 (2.3%) 1.20 1,945
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 $388,000 (5.9%) $531,085 (5.1%) 1.21 2,434
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%) $546,135 (10.9%) 1.26 2,209
2019-12-01 $385,713 (10.5%) $549,103 (13.2%) 1.29 1,751
2020-01-01 $395,000 (13.0%) $547,937 (14.1%) 1.32 1,510
2020-02-01 $399,000 (11.6%) $557,727 (12.7%) 1.31 1,400
2020-03-01 $399,450 (9.0%) $571,487 (12.9%) 1.25 1,454
2020-04-01 $405,000 (7.4%) $566,967 (9.3%) 1.27 1,511
2020-05-01 $415,000 (8.2%) $585,193 (11.2%) 1.26 1,525
2020-06-01 $414,950 (7.0%) $595,159 (12.1%) 1.22 1,610
2020-07-01 $427,450 (9.8%) $608,917 (12.7%) 1.24 1,560
2020-08-01 $425,000 (9.6%) $606,061 (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 (6.5%) 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%) $729,631 (12.3%) 1.27 1,090
2022-09-01 $542,000 (20.4%) $743,616 (14.4%) 1.27 1,039
2022-10-01 $549,000 (18.1%) $737,391 (7.2%) 1.29 1,007
2022-11-01 $542,000 (12.4%) $736,634 (2.0%) 1.30 947
2022-12-01 $553,500 (12.2%) $752,688 (0.9%) 1.37 808
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%) 1.43 589
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 $622,500 (16.9%) $848,574 (17.7%) 1.41 726
Portland's median listing price for 2023-05-01 was $622,500, a difference of $90,000 (16.9%) versus the prior year and $-6,200 versus the prior month.

Portland's median listing price comes in at 141% of the national average.

Portland's average listing price for 2023-05-01 was $848,574, a difference of $127,801 (17.7%) versus the prior year and $754 versus the prior month.

For the 2023-05-01 period, Portland had 726 MLS listings, a difference of 96 listings (15%) versus the prior month and 8 listings (1%) 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 1,789 sqft
2019-12-01 84 days 1,762 sqft
2020-01-01 89 days 1,735 sqft
2020-02-01 86 days 1,693 sqft
2020-03-01 59 days 1,703 sqft
2020-04-01 55 days 1,738 sqft
2020-05-01 59 days 1,765 sqft
2020-06-01 40 days 1,764 sqft
2020-07-01 43 days 1,753 sqft
2020-08-01 40 days 1,741 sqft
2020-09-01 34 days 1,706 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 1,694 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 1,671 sqft
Portland's median listing age (time on market) for 2023-05-01 was 24 days. This is 68% longer than the same period one year ago.

Portland's median square footage for active listings during the 2023-05-01 period was 1,671 sqft. One year prior, the average listing was 1,707 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.