Reading VA Loans

READING, PA

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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 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.

    Reading's 106 lenders originated 813 VA loans during 2021. The total origination value was $201,035,000, with an average VA loan value of $247,276.

    Reading VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Reading averaged 5.74% for the week of 2022-05-20, compared to the national average (all VA variants) of 5.143% for the same period.

    The average rate for the prior week (2022-05-13) was 5.55% and one month ago for the week of 2022-04-15, the average rate was 5.41%.

    The average rate one year ago was 3.1%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.43%.

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

    Reading VA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Reading level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Mortgage Research Center, LLC 87 2.90% $7,058
    QUICKEN LOANS, LLC 73 2.46% $5,159
    FREEDOM MORTGAGE CORPORATION 53 2.44% $2,732
    PENNYMAC LOAN SERVICES, LLC 35 2.45% $6,253
    NAVY FEDERAL CREDIT UNION 24 2.46% $4,891
    Northpointe Bank 23 2.60% $8,875
    NEW DAY FINANCIAL, LLC 21 3.08% $9,737
    CROSSCOUNTRY MORTGAGE, LLC 17 2.86% $6,882
    VILLAGE CAPITAL & INVESTMENT LLC 17 2.32% $4,879
    UNITED WHOLESALE MORTGAGE, LLC 16 2.65% $8,852
    Mortgage America, Inc. 16 2.70% $6,438
    LAKEVIEW LOAN SERVICING, LLC 15 2.53% $3,938
    CLEARPATH LENDING 15 2.28% $4,651
    Mr. Cooper ( Nationstar Mortgage ) 14 2.68% $4,183
    LOANDEPOT.COM, LLC 13 2.66% $6,303
    CALIBER HOME LOANS, INC. 13 2.66% $4,184
    Wells Fargo Bank 13 2.60% $7,530
    RESIDENTIAL MORTGAGE SERVICES, INC. 12 2.94% $8,923
    The Federal Savings Bank 11 2.51% $8,899
    Citizens Bank 11 2.75% $12,050
    USAA Federal Savings Bank 11 2.80% $6,277
    NEWREZ LLC 10 2.70% $6,912
    Carrington Mortgage Services, LLC 8 3.72% $8,793
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 7 2.75% $6,518
    GUARANTEED RATE, INC. 7 2.66% $4,472
    MOVEMENT MORTGAGE, LLC 7 2.93% $6,619
    HOME POINT FINANCIAL CORPORATION 7 2.86% $5,011
    InterContinental Capital Group, Inc 7 2.52% $6,871
    SUCCESS MORTGAGE PARTNERS, INC. 7 3.43% $9,560
    Barrington Bank & Trust Company, N.A. 7 2.79% $8,316
    First Federal Bank 4 3.72% $6,468
    AMERISAVE MORTGAGE CORPORATION 4 3.19% $6,032
    Prosperity Home Mortgage, LLC 3 2.83% $9,645
    EMM LOANS LLC 3 2.67% $11,189
    AMERICAN FINANCIAL NETWORK, INC. 3 3.04% $12,130
    ALLIED MORTGAGE GROUP, INC. 3 3.25% $14,476
    Philadelphia Mortgage Advisors, Inc. 3 2.79% $6,996
    FINANCE OF AMERICA MORTGAGE LLC 2 3.00% $11,122
    AmeriHome Mortgage Company, LLC 2 2.81% $3,762
    BAYSHORE MORTGAGE FUNDING, LLC 2 2.44% $4,080
    BROKER SOLUTIONS, INC. 2 2.69% $18,934
    CONTOUR MORTGAGE CORPORATION 2 2.44% $9,469
    ENVOY MORTGAGE, LTD 2 2.75% $8,755
    ACCELERATE MORTGAGE, LLC 2 2.37% $3,953
    First National Bank of Pennsylvania 2 2.94% $7,793
    Fulton Bank 2 2.88% $7,669
    Gateway First Bank 2 3.00% $3,503
    GUARANTY HOME MORTGAGE CORPORATION 2 2.56% $4,094
    Homesale Mortgage, LLC 2 2.56% $5,521
    KS StateBank 2 3.19% $9,589
    LENDUS, LLC 2 2.44% $4,854
    Low VA Rates, LLC 2 2.00% $6,677
    Meridian Bank Corporation 2 2.25% $5,507
    Mid-Continent Funding, Inc. 2 3.13% $7,550
    NBKC BANK 2 2.50% $2,833
    PENTAGON FEDERAL CREDIT UNION 2 2.44% $18,274
    PLANET HOME LENDING, LLC 2 2.50% $2,858
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.25% $9,486
    Quaint Oak Mortgage, LLC 2 2.94% $14,142
    Sierra Pacific Mortgage Company, Inc. 2 2.56% $9,528
    SUN WEST MORTGAGE COMPANY, INC. 2 2.81% $3,421
    Univest Bank and Trust Co. 2 2.69% $6,397
    GUILD MORTGAGE COMPANY 1 3.00% $8,234
    GUARANTEED RATE AFFINITY, LLC 1 2.75% $11,685
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $3,040
    GSF Mortgage Corporation 1 3.88% $19,222
    Citibank 1 3.63% $2,873
    NETWORK CAPITAL FUNDING CORPORATION 1 2.25% $4,382
    Flanagan State Bank 1 3.13% $9,886
    Flagstar Bank, FSB 1 2.83% $6,529
    NFM, INC. 1 2.88% $8,845
    First Home Bank 1 3.00% $8,247
    OCMBC, INC. 1 2.75% $12,651
    Paramount Bank 1 2.63% $4,403
    Paramount Residential Mortgage Group, Inc. 1 3.25% $9,136
    FIRST HERITAGE FINANCIAL, LLC 1 3.25% $7,950
    ZILLOW HOME LOANS, LLC 1 2.88% $7,346
    First Guaranty Mortgage Corporation 1 4.13% $16,260
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.25% $20,777
    POLARIS HOME FUNDING CORP. 1 4.38% $15,143
    Presidential Bank, FSB 1 3.25% $10,579
    U.S. Bank 1 2.88% $3,209
    Princeton Mortgage Corporation 1 2.75% $4,807
    FAMILY FIRST FUNDING LLC 1 3.25% $4,859
    VAN DYK MORTGAGE CORPORATION 1 2.63% $5,872
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.38% $8,149
    RELIANCE FIRST CAPITAL, LLC 1 2.50% $13,654
    RESIDENTIAL BANCORP. 1 2.25% $7,446
    EVERETT FINANCIAL, INC. 1 3.25% $2,495
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.75% $3,596
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.75% $5,899
    DEVELOPER'S MORTGAGE COMPANY 1 3.00% $8,394
    Advisors Mortgage Group, L.L.C. 1 2.75% $10,499
    Colonial Savings, F.A. 1 2.75% $2,975
    Lakeview Community Capital, LLC 1 2.75% $2,657
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 3.00% $3,273
    The Huntington National Bank 1 3.25% $3,123
    HOMESTEAD FUNDING CORP. 1 2.25% $3,326
    LOANPAL, LLC 1 2.75% $6,638
    TIDEWATER MORTGAGE SERVICES, INC. 1 2.50% $13,141
    MEMBERS 1ST FEDERAL CREDIT UNION 1 2.50% $11,174
    TOTAL MORTGAGE SERVICES, LLC 1 3.25% $7,797
    UNION HOME MORTGAGE CORP. 1 4.25% $4,200
    Mid Penn Bank 1 3.00% $10,007
    HOMESIDE FINANCIAL, LLC 1 2.88% $3,917
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.38% $11,208

    The top Reading VA lender as defined by loan originations is Mortgage Research Center, LLC, with 87 VA loans originated. Their average total fees are $7,058, which is $1,898 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Reading VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,732), LAKEVIEW LOAN SERVICING, LLC ($3,938), Mr. Cooper ( Nationstar Mortgage ) ($4,183), CALIBER HOME LOANS, INC. ($4,184) and CLEARPATH LENDING ($4,651).

    The lowest rate Reading VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.28%), VILLAGE CAPITAL & INVESTMENT LLC (2.32%), FREEDOM MORTGAGE CORPORATION (2.44%), PENNYMAC LOAN SERVICES, LLC (2.45%) and NAVY FEDERAL CREDIT UNION (2.46%).

    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.