Reading VA Loan Rates, Closing Costs & Stats

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 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.

    Reading's 56 lenders originated 217 VA loans during 2023. The total origination value was $66,845,000, with an average VA loan value of $308,041.

    Reading VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Reading averaged 6.75% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Reading's average VA mortgage closing costs are $6,947.

    The average rate for the prior week (2024-07-12) was 6.6% and one month ago for the week of 2024-06-14, the average rate was 6.66%.

    The average rate one year ago was 6.74%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.91%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Reading level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 38 6.72% $8,128
    UNITED WHOLESALE MORTGAGE, LLC 16 6.26% $11,744
    QUICKEN LOANS, LLC 14 6.03% $12,343
    Mortgage America, Inc. 12 6.25% $10,592
    FREEDOM MORTGAGE CORPORATION 10 6.70% $16,939
    CROSSCOUNTRY MORTGAGE, LLC 10 6.79% $10,798
    GUARANTEED RATE, INC. 7 6.48% $8,367
    USAA Federal Savings Bank 6 6.06% $9,625
    The Federal Savings Bank 6 6.52% $16,372
    NAVY FEDERAL CREDIT UNION 5 6.18% $2,651
    Northpointe Bank 5 6.53% $8,661
    LOANDEPOT.COM, LLC 5 7.05% $9,414
    PENNYMAC LOAN SERVICES, LLC 4 6.09% $12,925
    Univest Bank and Trust Co. 3 6.29% $7,099
    NEW DAY FINANCIAL, LLC 3 7.49% $11,199
    MOVEMENT MORTGAGE, LLC 2 6.00% $21,542
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $16,254
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.88% $10,938
    BROKER SOLUTIONS, INC. 2 6.56% $10,482
    NEWREZ LLC 2 6.44% $9,139
    NFM, INC. 2 5.88% $19,861
    Fulton Bank 2 6.19% $10,985
    Citizens Bank 2 6.75% $8,412
    Barrington Bank & Trust Company, N.A. 2 6.00% $11,335
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.69% $11,871
    CONTOUR MORTGAGE CORPORATION 2 7.13% $13,862
    VILLAGE CAPITAL MORTGAGE 2 6.51% $9,603
    Meridian Bank Corporation 2 7.44% $15,354
    Mr. Cooper ( Nationstar Mortgage ) 2 5.69% $17,554
    York Traditions Bank 1 6.75% $4,707
    AmeriHome Mortgage Company, LLC 1 6.13% $12,927
    ARC HOME LLC 1 6.63% $11,864
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $16,704
    BNC National Bank 1 5.75% $7,713
    CMG MORTGAGE, INC. 1 6.75% $8,664
    Credence Funding Corporation 1 6.00% $3,756
    DHI MORTGAGE COMPANY, LTD. 1 6.00% $11,807
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.63% $11,625
    EMBRACE HOME LOANS, INC. 1 6.75% $6,062
    First National Bank of Pennsylvania 1 7.13% $3,847
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.50% $23,854
    GSF Mortgage Corporation 1 7.25% $135
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $8,564
    Magnolia Bank 1 6.25% $17,909
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $8,273
    Nations Lending Corporation 1 6.75% $12,259
    NBKC BANK 1 5.38% $1,258
    Paramount Residential Mortgage Group, Inc. 1 7.63% $8,808
    Princeton Mortgage Corporation 1 6.75% $6,990
    Renasant Bank 1 6.25% $6,308
    Residential Mortgage Solutions, Inc. 1 7.75% $10,973
    SOUTHERN TRUST MORTGAGE, LLC 1 7.13% $8,101
    SUN WEST MORTGAGE COMPANY, INC. 1 6.13% $8,885
    UNION HOME MORTGAGE CORP. 1 6.13% $4,895
    Wells Fargo Bank 1 7.25% $9,629
    American Mortgage & Equity Consultants, Inc. 1 5.88% $5,794

    The top Reading VA lender as defined by loan originations is Mortgage Research Center, LLC, with 38 VA loans originated. Their average total fees are $8,128, which is $3,617 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Reading VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($8,128), Mortgage America, Inc. ($10,592), CROSSCOUNTRY MORTGAGE, LLC ($10,798), UNITED WHOLESALE MORTGAGE, LLC ($11,744) and QUICKEN LOANS, LLC ($12,343).

    The lowest rate Reading VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.03%), Mortgage America, Inc. (6.25%), UNITED WHOLESALE MORTGAGE, LLC (6.26%), FREEDOM MORTGAGE CORPORATION (6.70%) and Mortgage Research Center, LLC (6.72%).

    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.