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 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.