Seneca VA Loan Rates, Closing Costs & Stats

Seneca, SC

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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.

    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 6.62% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.27% and one month ago for the week of 2024-10-04, the average rate was 5.6%.

    The average rate one year ago was 7.26%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

    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.