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 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 -0.39% for the week of 2023-11-24, 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 (2023-11-17) was 6.96% and one month ago for the week of 2023-10-20, the average rate was 7.09%.

    The average rate one year ago was 6.1%.

    For refis of the same type during the week of 2023-11-24, 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
    2023-06-01 $625,625 (15.0%) $876,887 (20.0%) 1.41 781
    2023-07-01 $624,900 (13.6%) $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 (18.6%) 1.41 1,104
    Portland's median listing price for 2023-10-01 was $599,950, a difference of $50,950 (9.3%) versus the prior year and $50 versus the prior month.

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

    Portland's average listing price for 2023-10-01 was $874,809, a difference of $137,418 (18.6%) versus the prior year and $4,389 versus the prior month.

    For the 2023-10-01 period, Portland had 1,104 MLS listings, a difference of -3 listings (0%) versus the prior month and 97 listings (10%) 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
    2023-06-01 23 days 1,762 sqft
    2023-07-01 28 days 1,788 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
    Portland's median listing age (time on market) for 2023-10-01 was 37 days. This is -12% shorter than the same period one year ago.

    Portland's median square footage for active listings during the 2023-10-01 period was 1,758 sqft. One year prior, the average listing was 1,776 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.