Seneca VA Loan Rates, Closing Costs & Stats

Seneca, SC

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.

Seneca's 37 lenders originated 93 VA loans during 2023. The total origination value was $32,285,000, with an average VA loan value of $347,151.

Seneca VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Seneca averaged 6.23% for the week of 2024-10-11, compared to the national average (all VA variants) of 5.854% for the same period.

Seneca's average VA mortgage closing costs are $5,667.

The average rate for the prior week (2024-10-04) was 5.6% and one month ago for the week of 2024-09-06, the average rate was 5.89%.

The average rate one year ago was 7.16%.

For refis of the same type during the week of 2024-10-11, the average rate was 5.95%.

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

Seneca 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 Seneca level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 14 6.67% $9,784
NAVY FEDERAL CREDIT UNION 6 5.69% $3,508
FBC MORTGAGE, LLC 5 6.38% $5,177
QUICKEN LOANS, LLC 5 6.04% $11,292
NVR Mortgage Finance, Inc. 5 5.50% $6,806
USAA Federal Savings Bank 4 6.41% $9,849
NEW DAY FINANCIAL, LLC 3 7.41% $11,727
UNITED WHOLESALE MORTGAGE, LLC 3 7.18% $4,690
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.21% $4,983
BANKSOUTH MORTGAGE COMPANY, LLC 3 5.96% $12,748
ON Q FINANCIAL, INC. 3 6.50% $7,848
FREEDOM MORTGAGE CORPORATION 3 6.46% $5,349
MOVEMENT MORTGAGE, LLC 2 6.75% $3,221
DHI MORTGAGE COMPANY, LTD. 2 5.19% $4,968
INSPIRE HOME LOANS INC. 2 5.88% $4,575
LOANDEPOT.COM, LLC 2 4.81% $6,724
PENNYMAC LOAN SERVICES, LLC 2 6.00% $16,480
The Federal Savings Bank 2 6.25% $6,797
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $15,200
Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $7,130
GUARANTEED RATE, INC. 1 6.25% $5,877
NBKC BANK 1 6.13% $20,149
GSF Mortgage Corporation 1 7.13% $11,528
NEWREZ LLC 1 6.75% $165
NTFN, INC. 1 7.25% $9,033
FIRST COMMUNITY MORTGAGE, INC. 1 5.63% $13,530
First Community Bank 1 7.50% $4,982
BM Real Estate Services, Inc. 1 6.75% $165
PENTAGON FEDERAL CREDIT UNION 1 5.50% $3,913
PLANET HOME LENDING, LLC 1 5.50% $4,326
CROSSCOUNTRY MORTGAGE, LLC 1 6.19% $0
Century Mortgage Company DBA Century Lending Company 1 7.63% $12,342
Southern First Bank 1 7.38% $4,805
HOMESTEAD FUNDING CORP. 1 5.75% $1,583
Barrington Bank & Trust Company, N.A. 1 6.25% $2,967
UNION HOME MORTGAGE CORP. 1 7.25% $16,007
HOMESTAR FINANCIAL CORPORATION 1 6.63% $12,934

The top Seneca VA lender as defined by loan originations is Mortgage Research Center, LLC, with 14 VA loans originated. Their average total fees are $9,784, which is $6,276 higher than the next largest lender, NAVY FEDERAL CREDIT UNION.

The lowest fee Seneca VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($9,784), .

The lowest rate Seneca VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.67%), .

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.