Salem VA Loan Rates, Closing Costs & Stats

Salem, 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.

    Salem's 24 lenders originated 73 VA loans during 2023. The total origination value was $15,905,000, with an average VA loan value of $217,877.

    Salem VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Salem averaged 6.69% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Salem's average VA mortgage closing costs are $4,930.

    The average rate for the prior week (2024-11-01) was 6.65% and one month ago for the week of 2024-10-04, the average rate was 6.17%.

    The average rate one year ago was 7.63%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.49%.

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

    Salem 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 Salem level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 19 6.85% $4,181
    QUICKEN LOANS, LLC 12 6.54% $11,077
    UNITED WHOLESALE MORTGAGE, LLC 5 6.35% $6,294
    CROSSCOUNTRY MORTGAGE, LLC 4 7.00% $5,242
    NEW DAY FINANCIAL, LLC 4 7.18% $14,407
    AMERISAVE MORTGAGE CORPORATION 3 6.42% $11,677
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.44% $8,231
    FREEDOM MORTGAGE CORPORATION 2 6.56% $9,249
    Ixonia Bank 2 7.38% $8,677
    PENNYMAC LOAN SERVICES, LLC 2 5.06% $3,188
    The Farmers National Bank of Canfield 2 5.88% $4,412
    WEST PENN FINANCIAL SERVICE CENTER, INC. 2 6.19% $13,677
    CMG MORTGAGE, INC. 1 8.13% $11,319
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $7,119
    NAVY FEDERAL CREDIT UNION 1 5.88% $6,259
    Citizens Bank 1 5.38% $5,505
    Paramount Residential Mortgage Group, Inc. 1 7.25% $5,365
    BAY EQUITY LLC 1 6.25% $18,935
    CALIBER HOME LOANS, INC. 1 5.63% $16,956
    First Commonwealth Bank 1 7.38% $3,375
    USAA Federal Savings Bank 1 7.38% $4,870
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.50% $3,695
    The Huntington National Bank 1 7.00% $1,332
    LOANDEPOT.COM, LLC 1 5.63% $10,743

    The top Salem VA lender as defined by loan originations is Mortgage Research Center, LLC, with 19 VA loans originated. Their average total fees are $4,181, which is $6,897 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Salem VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,181), QUICKEN LOANS, LLC ($11,077), .

    The lowest rate Salem VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.54%), Mortgage Research Center, LLC (6.85%), .

    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.