Portland VA Loan Rates, Closing Costs & Stats
PORTLAND-VANCOUVER-HILLSBORO, OR-WA
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 133 lenders originated 1,606 VA
loans during 2023. The total origination value was $786,790,000, with an average VA loan value of
$489,907.
Portland VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Portland
averaged
5.98%
for the week of 2024-10-11, compared to the national average (all VA variants) of
5.854% for the same period.
Portland's average VA mortgage closing costs are $8,171.
The average rate for the prior week (2024-10-04) was
5.85% and
one month ago for the week of 2024-09-06, the
average rate was 5.94%.
The average rate one year ago was 7.21%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.34%.
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 |
Mortgage Research Center, LLC
|
182
|
6.56%
|
$8,219
|
UNITED WHOLESALE MORTGAGE, LLC
|
155
|
6.13%
|
$9,214
|
QUICKEN LOANS, LLC
|
98
|
6.00%
|
$16,330
|
NATIONS DIRECT MORTGAGE, LLC
|
73
|
6.25%
|
$11,984
|
NAVY FEDERAL CREDIT UNION
|
64
|
5.72%
|
$7,523
|
GUILD MORTGAGE COMPANY
|
49
|
6.37%
|
$15,211
|
CMG MORTGAGE, INC.
|
48
|
6.25%
|
$14,747
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
48
|
6.39%
|
$9,733
|
USAA Federal Savings Bank
|
36
|
6.14%
|
$11,583
|
MORTGAGE EXPRESS, LLC
|
29
|
6.28%
|
$12,869
|
DHI MORTGAGE COMPANY, LTD.
|
28
|
5.56%
|
$6,960
|
CROSSCOUNTRY MORTGAGE, LLC
|
27
|
6.56%
|
$11,972
|
FREEDOM MORTGAGE CORPORATION
|
27
|
6.38%
|
$20,448
|
LOANDEPOT.COM, LLC
|
26
|
5.47%
|
$14,291
|
PENNYMAC LOAN SERVICES, LLC
|
25
|
5.62%
|
$11,748
|
GUARANTEED RATE, INC.
|
24
|
6.24%
|
$8,493
|
NEWREZ LLC
|
23
|
6.36%
|
$11,668
|
EAGLE HOME MORTGAGE, LLC
|
22
|
5.86%
|
$7,174
|
The Federal Savings Bank
|
21
|
6.26%
|
$20,200
|
Paramount Residential Mortgage Group, Inc.
|
20
|
6.40%
|
$11,110
|
BROKER SOLUTIONS, INC.
|
19
|
6.45%
|
$12,786
|
SUMMIT MORTGAGE CORPORATION
|
17
|
6.07%
|
$19,566
|
CALIBER HOME LOANS, INC.
|
16
|
5.93%
|
$10,943
|
CARDINAL FINANCIAL
|
16
|
6.54%
|
$22,159
|
ACADEMY MORTGAGE CORPORATION
|
16
|
6.52%
|
$11,695
|
EVERGREEN MONEYSOURCE MORTGAGE COMPANY
|
14
|
6.50%
|
$15,693
|
VILLAGE CAPITAL MORTGAGE
|
14
|
6.54%
|
$12,387
|
PENTAGON FEDERAL CREDIT UNION
|
14
|
5.53%
|
$9,218
|
NEW DAY FINANCIAL, LLC
|
12
|
7.53%
|
$21,116
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
12
|
6.47%
|
$15,778
|
Flagstar Bank, FSB
|
12
|
6.38%
|
$14,257
|
S1L, Inc.
|
11
|
6.49%
|
$13,654
|
Mr. Cooper ( Nationstar Mortgage )
|
11
|
5.89%
|
$22,482
|
Wells Fargo Bank
|
11
|
5.86%
|
$6,390
|
HOMEAMERICAN MORTGAGE CORPORATION
|
10
|
5.05%
|
$6,221
|
HomeStreet Bank
|
10
|
6.20%
|
$17,382
|
MOVEMENT MORTGAGE, LLC
|
10
|
6.50%
|
$11,078
|
CORNERSTONE HOME LENDING, INC.
|
9
|
6.53%
|
$10,038
|
Plains Commerce Bank
|
9
|
5.99%
|
$12,578
|
AMERISAVE MORTGAGE CORPORATION
|
9
|
5.88%
|
$15,819
|
PACIFIC RESIDENTIAL MORTGAGE, LLC
|
8
|
6.64%
|
$15,507
|
American Mortgage & Equity Consultants, Inc.
|
8
|
6.45%
|
$13,781
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
8
|
6.00%
|
$14,150
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
8
|
5.89%
|
$10,588
|
BAY EQUITY LLC
|
8
|
6.31%
|
$13,313
|
Century Mortgage Company DBA Century Lending Company
|
7
|
5.87%
|
$8,095
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
7
|
6.55%
|
$11,985
|
MANN FINANCIAL INC.
|
6
|
6.29%
|
$11,676
|
Equity Prime Mortgage LLC
|
6
|
5.83%
|
$15,473
|
Prosperity Home Mortgage, LLC
|
6
|
6.27%
|
$15,181
|
NBKC BANK
|
6
|
5.77%
|
$9,348
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
6
|
6.48%
|
$12,612
|
PLAZA HOME MORTGAGE, INC.
|
6
|
5.94%
|
$14,253
|
JPMorgan Chase Bank
|
5
|
6.35%
|
$6,317
|
U.S. Bank
|
5
|
5.70%
|
$2,986
|
Sierra Pacific Mortgage Company, Inc.
|
5
|
5.90%
|
$12,491
|
Magnolia Bank
|
5
|
5.88%
|
$25,486
|
DIRECTORS MORTGAGE, INC.
|
5
|
6.60%
|
$14,179
|
Barrington Bank & Trust Company, N.A.
|
5
|
5.75%
|
$10,591
|
CANOPY MORTGAGE, LLC
|
5
|
6.42%
|
$14,341
|
Willamette Valley Bank
|
5
|
5.93%
|
$12,953
|
PANORAMA MORTGAGE GROUP, LLC
|
5
|
6.63%
|
$15,864
|
NFM, INC.
|
4
|
6.66%
|
$14,581
|
PREMIER MORTGAGE RESOURCES, L.L.C.
|
4
|
6.75%
|
$21,535
|
South Pacific Financial Corporation
|
4
|
5.47%
|
$10,001
|
Armed Forces Bank
|
4
|
6.16%
|
$9,553
|
SOVEREIGN LENDING GROUP INCORPORATED
|
4
|
5.40%
|
$25,118
|
MASON MCDUFFIE MORTGAGE CORPORATION
|
4
|
6.37%
|
$15,514
|
OnPoint Community Credit Union
|
4
|
6.22%
|
$7,439
|
AMERICAN FINANCIAL NETWORK, INC.
|
3
|
5.92%
|
$3,082
|
Hometown Equity Mortgage, LLC
|
3
|
6.17%
|
$18,130
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
3
|
6.00%
|
$18,184
|
GUARANTEED RATE AFFINITY, LLC
|
3
|
6.33%
|
$4,526
|
PENRITH HOME LOANS LLC
|
3
|
6.67%
|
$23,546
|
PLANET HOME LENDING, LLC
|
3
|
5.50%
|
$15,310
|
Neighborhood Loans, Inc.
|
2
|
6.56%
|
$11,005
|
AMERICAN FINANCIAL RESOURCES, INC.
|
2
|
7.13%
|
$15,050
|
Ameris Bank
|
2
|
6.69%
|
$16,509
|
Bank of England
|
2
|
6.25%
|
$3,543
|
BNC National Bank
|
2
|
5.25%
|
$5,551
|
CHURCHILL MORTGAGE CORPORATION
|
2
|
6.50%
|
$22,329
|
Citizens Bank
|
2
|
6.00%
|
$16,803
|
Farmers Bank & Trust
|
2
|
5.50%
|
$19,246
|
GENEVA FINANCIAL, LLC
|
2
|
6.31%
|
$11,801
|
HOMESIDE FINANCIAL, LLC
|
2
|
6.19%
|
$8,726
|
KeyBank
|
2
|
6.38%
|
$6,754
|
LEADERONE FINANCIAL CORPORATION
|
2
|
6.81%
|
$9,256
|
LPMC, LLC
|
2
|
6.19%
|
$23,396
|
MLD MORTGAGE INC.
|
2
|
6.06%
|
$7,479
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
2
|
7.00%
|
$0
|
1st Security Bank of Washington
|
2
|
5.88%
|
$28,200
|
Northpointe Bank
|
2
|
5.00%
|
$19,211
|
NOVA FINANCIAL & INVESTMENT CORPORATION
|
2
|
6.94%
|
$25,371
|
RESIDENTIAL MORTGAGE, LLC
|
2
|
5.87%
|
$12,967
|
SAMMAMISH MORTGAGE COMPANY
|
2
|
5.19%
|
$11,487
|
SIRVA MORTGAGE, INC.
|
2
|
6.69%
|
$4,938
|
SUMMIT FUNDING, INC.
|
2
|
6.50%
|
$14,772
|
The Central Trust Bank
|
2
|
5.25%
|
$15,919
|
Umpqua Bank
|
2
|
4.44%
|
$21,377
|
UNION HOME MORTGAGE CORP.
|
2
|
7.13%
|
$9,869
|
INTERCAP LENDING INC.
|
1
|
5.75%
|
$42,123
|
INROADS
|
1
|
7.63%
|
$8,651
|
HOMEXPRESS MORTGAGE CORP.
|
1
|
7.38%
|
$17,216
|
HomePromise Corporation
|
1
|
7.50%
|
$26,874
|
Golden Empire Mortgage, Inc.
|
1
|
6.75%
|
$6,419
|
Franklin Loan Corporation
|
1
|
5.75%
|
$19,191
|
Florida Capital Bank
|
1
|
5.63%
|
$6,753
|
RANLIFE, INC.
|
1
|
6.13%
|
$12,059
|
RELIANCE FIRST CAPITAL, LLC
|
1
|
5.25%
|
$37,568
|
RESIDENTIAL BANCORP
|
1
|
6.63%
|
$27,252
|
CHERRY CREEK MORTGAGE, LLC
|
1
|
5.63%
|
$0
|
First Federal Bank
|
1
|
5.75%
|
$11,499
|
Carrington Mortgage Services, LLC
|
1
|
5.13%
|
$14,688
|
SECURITYNATIONAL MORTGAGE COMPANY
|
1
|
6.25%
|
$15,804
|
FIRST CENTENNIAL MORTGAGE CORPORATION
|
1
|
7.13%
|
$3,194
|
Bell Bank
|
1
|
6.75%
|
$11,136
|
First Bank
|
1
|
7.00%
|
$5,638
|
ENVOY MORTGAGE, LTD
|
1
|
6.75%
|
$17,031
|
Bank of America
|
1
|
5.00%
|
$25,186
|
Cornerstone First Mortgage, Inc
|
1
|
6.88%
|
$15,802
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
6.12%
|
$11,447
|
Waterstone Mortgage Corporation
|
1
|
5.25%
|
$23,150
|
Commerce Home Mortgage, Inc.
|
1
|
7.13%
|
$6,763
|
The Loan Store, Inc.
|
1
|
5.63%
|
$12,445
|
AmeriHome Mortgage Company, LLC
|
1
|
6.50%
|
$7,667
|
AMERICAN FINANCING CORPORATION
|
1
|
6.13%
|
$4,167
|
Paramount Bank
|
1
|
6.50%
|
$18,596
|
OCMBC, INC.
|
1
|
7.13%
|
$41,077
|
North American Savings Bank, F.S.B.
|
1
|
5.13%
|
$9,662
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
1
|
7.13%
|
$15,606
|
M&T Bank
|
1
|
6.75%
|
$14,924
|
PHH Mortgage Corporation
|
1
|
5.63%
|
$8,337
|
Ixonia Bank
|
1
|
6.75%
|
$13,345
|
The top Portland VA lender as defined by loan originations is Mortgage Research Center, LLC, with
182 VA loans originated. Their average total fees are
$8,219, which is $995
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Portland VA lenders (with over 10 loans originated) are
HOMEAMERICAN MORTGAGE CORPORATION ($6,221), Wells Fargo Bank ($6,390), DHI MORTGAGE COMPANY, LTD. ($6,960), EAGLE HOME MORTGAGE, LLC ($7,174) and NAVY FEDERAL CREDIT UNION ($7,523).
The lowest rate Portland VA lenders (with over 10 loans originated) are
HOMEAMERICAN MORTGAGE CORPORATION (5.05%), LOANDEPOT.COM, LLC (5.47%), PENTAGON FEDERAL CREDIT UNION (5.53%), DHI MORTGAGE COMPANY, LTD. (5.56%) and PENNYMAC LOAN SERVICES, LLC (5.62%).
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.