Salem VA Loan Rates, Closing Costs & Stats

SALEM, OR

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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 80 lenders originated 388 VA loans during 2023. The total origination value was $163,410,000, with an average VA loan value of $421,160.

    Salem VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Salem averaged 6.68% 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 $7,533.

    The average rate for the prior week (2024-11-01) was 6.63% and one month ago for the week of 2024-10-04, the average rate was 5.86%.

    The average rate one year ago was 7.52%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.77%.

    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 39 6.58% $8,639
    UNITED WHOLESALE MORTGAGE, LLC 35 6.08% $10,634
    QUICKEN LOANS, LLC 21 6.07% $13,187
    GUILD MORTGAGE COMPANY 20 6.23% $18,203
    NAVY FEDERAL CREDIT UNION 17 5.52% $8,196
    NATIONS DIRECT MORTGAGE, LLC 17 6.34% $11,210
    S1L, Inc. 13 6.36% $12,553
    DHI MORTGAGE COMPANY, LTD. 12 5.56% $10,746
    NEWREZ LLC 10 6.31% $10,060
    The Federal Savings Bank 9 6.39% $24,088
    FREEDOM MORTGAGE CORPORATION 8 6.31% $20,908
    PENNYMAC LOAN SERVICES, LLC 6 5.08% $13,850
    MANN FINANCIAL INC. 6 6.33% $15,429
    Century Mortgage Company DBA Century Lending Company 6 6.08% $12,080
    PACIFIC RESIDENTIAL MORTGAGE, LLC 6 6.79% $11,245
    Willamette Valley Bank 6 6.42% $13,823
    LOANDEPOT.COM, LLC 6 6.00% $9,588
    LPMC, LLC 6 6.35% $13,517
    CROSSCOUNTRY MORTGAGE, LLC 5 6.60% $13,072
    MOVEMENT MORTGAGE, LLC 4 6.47% $10,682
    SUCCESS MORTGAGE PARTNERS, INC. 4 7.00% $14,587
    VILLAGE CAPITAL MORTGAGE 4 5.88% $18,551
    USAA Federal Savings Bank 4 6.13% $17,432
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 5.91% $18,913
    Mr. Cooper ( Nationstar Mortgage ) 4 5.88% $22,617
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.56% $6,316
    DIRECTORS MORTGAGE, INC. 4 6.94% $13,904
    CMG MORTGAGE, INC. 3 6.25% $16,964
    SUMMIT FUNDING, INC. 3 6.54% $14,514
    Flagstar Bank, FSB 3 5.79% $15,307
    ACADEMY MORTGAGE CORPORATION 3 7.00% $14,141
    GUARANTEED RATE, INC. 3 6.38% $10,209
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.00% $9,149
    Prosperity Home Mortgage, LLC 3 7.00% $10,618
    Wells Fargo Bank 3 5.75% $10,058
    BAY EQUITY LLC 3 6.29% $9,330
    North American Savings Bank, F.S.B. 2 5.56% $15,644
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $19,499
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.63% $7,890
    Barrington Bank & Trust Company, N.A. 2 6.50% $4,232
    BROKER SOLUTIONS, INC. 2 7.37% $16,192
    CALIBER HOME LOANS, INC. 2 6.25% $15,674
    DAS Acquisition Company, LLC 2 5.94% $17,238
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 5.88% $14,276
    LAKEVIEW LOAN SERVICING, LLC 2 5.69% $10,449
    LOANPAL, LLC 2 5.38% $19,641
    MORTGAGE EXPRESS, LLC 2 6.75% $6,102
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $635
    NEW DAY FINANCIAL, LLC 2 8.62% $19,906
    Paramount Residential Mortgage Group, Inc. 2 6.25% $13,340
    PLANET HOME LENDING, LLC 2 5.81% $12,046
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.56% $18,094
    Sierra Pacific Mortgage Company, Inc. 2 6.50% $23,479
    SUMMIT MORTGAGE CORPORATION 2 6.50% $6,943
    Umpqua Bank 2 5.69% $14,606
    VERITAS FUNDING, LLC 2 5.75% $16,581
    Waterstone Mortgage Corporation 2 5.88% $17,341
    PLAZA HOME MORTGAGE, INC. 1 6.25% $4,771
    U.S. Bank 1 5.75% $10,847
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $7,090
    LADERA LENDING, INC. 1 5.75% $7,177
    JPMorgan Chase Bank 1 5.75% $6,128
    RANLIFE, INC. 1 6.63% $5,780
    Franklin Loan Corporation 1 6.13% $12,281
    SECURITY HOME MORTGAGE, LLC. 1 7.25% $551
    CANOPY MORTGAGE, LLC 1 6.13% $12,890
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.75% $29,255
    ENVOY MORTGAGE, LTD 1 6.25% $7,429
    CARDINAL FINANCIAL 1 6.25% $11,261
    EAGLE HOME MORTGAGE, LLC 1 6.25% $2,158
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.00% $9,097
    UNION HOME MORTGAGE CORP. 1 7.25% $11,806
    NBKC BANK 1 5.13% $469
    NBH Bank 1 5.63% $8,040
    OnPoint Community Credit Union 1 6.00% $4,947
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $20,342
    Commerce Home Mortgage, Inc. 1 6.50% $2,491
    Magnolia Bank 1 6.25% $19,976
    Plains Commerce Bank 1 4.99% $27,463
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $25,432

    The top Salem VA lender as defined by loan originations is Mortgage Research Center, LLC, with 39 VA loans originated. Their average total fees are $8,639, which is $1,995 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Salem VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($8,196), Mortgage Research Center, LLC ($8,639), NEWREZ LLC ($10,060), UNITED WHOLESALE MORTGAGE, LLC ($10,634) and DHI MORTGAGE COMPANY, LTD. ($10,746).

    The lowest rate Salem VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.52%), DHI MORTGAGE COMPANY, LTD. (5.56%), QUICKEN LOANS, LLC (6.07%), UNITED WHOLESALE MORTGAGE, LLC (6.08%) and GUILD MORTGAGE COMPANY (6.23%).

    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.