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.