Reading VA Loans
READING, PA
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.