Portsmouth VA Loan Rates, Closing Costs & Stats

Portsmouth, OH

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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.

    Portsmouth's 25 lenders originated 52 VA loans during 2023. The total origination value was $10,900,000, with an average VA loan value of $209,615.

    Portsmouth VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Portsmouth averaged 6.76% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Portsmouth's average VA mortgage closing costs are $4,540.

    The average rate for the prior week (2024-11-01) was 6.41% and one month ago for the week of 2024-10-04, the average rate was 5.84%.

    The average rate one year ago was 7.5%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.34%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Portsmouth 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 Portsmouth level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 15 6.81% $3,763
    U.S. Bank 4 6.75% $5,530
    NAVY FEDERAL CREDIT UNION 3 5.58% $4,487
    USAA Federal Savings Bank 2 6.00% $24,342
    MOVEMENT MORTGAGE, LLC 2 7.75% $6,472
    QUICKEN LOANS, LLC 2 5.99% $16,016
    DESCO 2 6.63% $7,123
    POLARIS HOME FUNDING CORP. 2 7.25% $6,677
    LOANDEPOT.COM, LLC 1 7.13% $8,140
    NEW DAY FINANCIAL, LLC 1 8.25% $8,532
    PENNYMAC LOAN SERVICES, LLC 1 4.75% $5,662
    RAPID MORTGAGE COMPANY 1 7.25% $15,967
    ROYAL UNITED MORTGAGE LLC 1 6.25% $24,703
    RUOFF MORTGAGE COMPANY, INC. 1 7.25% $6,082
    Strong Home Mortgage, LLC 1 5.25% $8,769
    UNION HOME MORTGAGE CORP. 1 6.50% $15,663
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $9,682
    VILLAGE CAPITAL MORTGAGE 1 4.75% $8,594
    Barrington Bank & Trust Company, N.A. 1 5.75% $10,311
    Citizens Bank 1 6.63% $1,994
    CMG MORTGAGE, INC. 1 6.75% $7,733
    CROSSCOUNTRY MORTGAGE, LLC 1 5.75% $6,550
    DAS Acquisition Company, LLC 1 6.38% $413
    EQUITY RESOURCES, INC. 1 6.99% $5,035
    GUARANTEED RATE, INC. 1 7.25% $0

    The top Portsmouth VA lender as defined by loan originations is Mortgage Research Center, LLC, with 15 VA loans originated. Their average total fees are $3,763, which is $1,767 lower than the next largest lender, U.S. Bank.

    The lowest fee Portsmouth VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,763), .

    The lowest rate Portsmouth VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.81%), .

    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.