State College VA Loan Rates, Closing Costs & Stats

STATE COLLEGE, PA

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.

State College's 25 lenders originated 75 VA loans during 2023. The total origination value was $24,125,000, with an average VA loan value of $321,667.

State College VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in State College averaged 6.37% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

State College's average VA mortgage closing costs are $7,057.

The average rate for the prior week (2024-05-10) was 6.58% and one month ago for the week of 2024-04-12, the average rate was 6.66%.

The average rate one year ago was 6.07%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.7%.

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

State College 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 State College level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 15 6.56% $4,767
UNITED WHOLESALE MORTGAGE, LLC 13 6.29% $4,794
Citizens Bank 6 6.02% $13,614
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.10% $10,819
NAVY FEDERAL CREDIT UNION 4 5.94% $8,206
NEW DAY FINANCIAL, LLC 4 6.87% $15,382
QUICKEN LOANS, LLC 3 6.16% $10,832
CMG MORTGAGE, INC. 2 5.94% $10,363
PENNYMAC LOAN SERVICES, LLC 2 5.69% $13,531
PENTAGON FEDERAL CREDIT UNION 2 5.69% $4,681
NEWREZ LLC 2 6.50% $16,010
NORWICH COMMERCIAL GROUP, INC. 1 6.25% $18,160
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $4,972
RELIANCE FIRST CAPITAL, LLC 1 6.13% $8,486
The Federal Savings Bank 1 5.75% $13,361
Carrington Mortgage Services, LLC 1 6.25% $13,738
AMERISAVE MORTGAGE CORPORATION 1 7.25% $21,140
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $16,218
EMM LOANS LLC 1 6.00% $10,049
Ixonia Bank 1 6.99% $9,779
LAKEVIEW LOAN SERVICING, LLC 1 6.75% $12,358
LOANDEPOT.COM, LLC 1 5.50% $7,086
MICHIGAN MUTUAL, INC. 1 5.13% $2,968
Armed Forces Bank 1 7.00% $4,159
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $13,574

The top State College VA lender as defined by loan originations is Mortgage Research Center, LLC, with 15 VA loans originated. Their average total fees are $4,767, which is $27 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee State College VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,767), UNITED WHOLESALE MORTGAGE, LLC ($4,794), .

The lowest rate State College VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.29%), Mortgage Research Center, LLC (6.56%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - State College (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $245,950 (11.9%) $326,723 (10.2%) 0.91 212
2018-02-01 $264,200 (8.7%) $348,603 (12.3%) 0.96 227
2018-03-01 $297,000 (5.6%) $363,380 (9.4%) 1.04 254
2018-04-01 $293,725 (4.9%) $370,731 (12.3%) 1.00 263
2018-05-01 $286,175 (5.8%) $362,863 (13.2%) 0.96 294
2018-06-01 $295,824 (10.3%) $373,913 (16.2%) 0.99 313
2018-07-01 $284,950 (10.6%) $365,469 (20.0%) 0.95 305
2018-08-01 $276,200 (9.5%) $363,625 (19.1%) 0.93 288
2018-09-01 $269,900 (5.5%) $348,033 (9.0%) 0.91 302
2018-10-01 $264,423 (3.8%) $340,813 (6.7%) 0.90 297
2018-11-01 $249,950 (-0.5%) $335,066 (2.3%) 0.85 291
2018-12-01 $239,307 (-0.1%) $316,597 (-3.0%) 0.83 251
2019-01-01 $239,900 (-2.5%) $308,634 (-5.5%) 0.83 208
2019-02-01 $272,050 (3.0%) $321,722 (-7.7%) 0.92 228
2019-03-01 $305,900 (3.0%) $355,037 (-2.3%) 1.00 269
2019-04-01 $328,625 (11.9%) $382,936 (3.3%) 1.04 300
2019-05-01 $321,900 (12.5%) $387,824 (6.9%) 1.01 305
2019-06-01 $318,000 (7.5%) $375,898 (0.5%) 0.99 339
2019-07-01 $303,900 (6.7%) $362,563 (-0.8%) 0.95 352
2019-08-01 $297,536 (7.7%) $357,027 (-1.8%) 0.94 347
2019-09-01 $281,991 (4.5%) $346,079 (-0.6%) 0.90 335
2019-10-01 $269,675 (2.0%) $334,424 (-1.9%) 0.87 327
2019-11-01 $270,495 (8.2%) $330,331 (-1.4%) 0.89 293
2019-12-01 $252,450 (5.5%) $315,755 (-0.3%) 0.84 247
2020-01-01 $259,925 (8.4%) $323,023 (4.7%) 0.87 209
2020-02-01 $281,450 (3.5%) $352,741 (9.6%) 0.92 213
2020-03-01 $301,087 (-1.6%) $370,826 (4.5%) 0.94 255
2020-04-01 $313,450 (-4.6%) $375,417 (-2.0%) 0.98 262
2020-05-01 $305,000 (-5.3%) $372,614 (-3.9%) 0.93 295
2020-06-01 $329,900 (3.7%) $382,590 (1.8%) 0.97 285
2020-07-01 $328,850 (8.2%) $380,299 (4.9%) 0.95 276
2020-08-01 $319,900 (7.5%) $374,887 (5.0%) 0.92 267
2020-09-01 $307,475 (9.0%) $371,215 (7.3%) 0.88 253
2020-10-01 $313,750 (16.3%) $377,325 (12.8%) 0.90 224
2020-11-01 $325,000 (20.2%) $387,602 (17.3%) 0.95 182
2020-12-01 $314,950 (24.8%) $370,539 (17.4%) 0.94 161
2021-01-01 $299,500 (15.2%) $363,498 (12.5%) 0.89 146
2021-02-01 $317,500 (12.8%) $368,812 (4.6%) 0.92 121
2021-03-01 $322,500 (7.1%) $388,086 (4.7%) 0.92 110
2021-04-01 $287,400 (-8.3%) $381,183 (1.5%) 0.78 118
2021-05-01 $302,000 (-1.0%) $380,810 (2.2%) 0.80 137
2021-06-01 $312,450 (-5.3%) $387,465 (1.3%) 0.82 147
2021-07-01 $319,900 (-2.7%) $389,878 (2.5%) 0.84 160
2021-08-01 $299,675 (-6.3%) $378,124 (0.9%) 0.80 167
2021-09-01 $294,218 (-4.3%) $386,670 (4.2%) 0.78 160
2021-10-01 $279,900 (-10.8%) $374,701 (-0.7%) 0.75 161
2021-11-01 $289,000 (-11.1%) $400,407 (3.3%) 0.77 135
2021-12-01 $299,950 (-4.8%) $398,933 (7.7%) 0.81 104
2022-01-01 $291,990 (-2.5%) $428,551 (17.9%) 0.79 87
2022-02-01 $341,250 (7.5%) $486,142 (31.8%) 0.89 77
2022-03-01 $338,250 (4.9%) $462,960 (19.3%) 0.85 93
2022-04-01 $354,900 (23.5%) $455,313 (19.5%) 0.85 106
2022-05-01 $364,725 (20.8%) $431,328 (13.3%) 0.83 121
2022-06-01 $371,875 (19.0%) $417,298 (7.7%) 0.83 134
2022-07-01 $370,000 (15.7%) $427,806 (9.7%) 0.83 156
2022-08-01 $374,975 (25.1%) $435,777 (15.3%) 0.87 156
2022-09-01 $374,500 (27.3%) $433,753 (12.2%) 0.88 155
2022-10-01 $375,000 (34.0%) $435,118 (16.1%) 0.88 151
2022-11-01 $351,945 (21.8%) $421,422 (5.3%) 0.85 143
2022-12-01 $339,900 (13.3%) $417,084 (4.6%) 0.84 113
2023-01-01 $318,000 (8.9%) $405,006 (-5.5%) 0.79 97
2023-02-01 $379,950 (11.3%) $454,929 (-6.4%) 0.92 100
2023-03-01 $417,450 (23.4%) $577,425 (24.7%) 0.98 113
2023-04-01 $429,000 (20.9%) $572,502 (25.7%) 1.00 133
2023-05-01 $461,825 (26.6%) $577,368 (33.9%) 1.05 125
2023-06-01 $447,500 (20.3%) $605,428 (45.1%) 1.01 136
2023-07-01 $450,000 (21.6%) $612,849 (43.3%) 1.02 140
2023-08-01 $433,500 (15.6%) $569,060 (30.6%) 1.00 135
2023-09-01 $450,000 (20.2%) $544,574 (25.6%) 1.05 148
2023-10-01 $421,950 (12.5%) $495,781 (13.9%) 0.99 164
2023-11-01 $399,900 (13.6%) $470,377 (11.6%) 0.95 164
2023-12-01 $369,990 (8.9%) $466,997 (12.0%) 0.90 147
2024-01-01 $368,500 (15.9%) $464,429 (14.7%) 0.90 137
2024-02-01 $373,495 (-1.7%) $470,057 (3.3%) 0.90 132
2024-03-01 $399,500 (-4.3%) $513,740 (-11.0%) 0.94 159
2024-04-01 $398,198 (-7.2%) $519,216 (-9.3%) 0.93 170
State College's median listing price for 2024-04-01 was $398,198, a difference of $-30,802 (-7.2%) versus the prior year and $-1,302 versus the prior month.

State College's median listing price comes in at 93% of the national average.

State College's average listing price for 2024-04-01 was $519,216, a difference of $-53,286 (-9.3%) versus the prior year and $5,476 versus the prior month.

For the 2024-04-01 period, State College had 170 MLS listings, a difference of 11 listings (7%) versus the prior month and 37 listings (28%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - State College (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 80 days 1,800 sqft
2018-02-01 80 days 1,850 sqft
2018-03-01 51 days 2,060 sqft
2018-04-01 46 days 2,046 sqft
2018-05-01 45 days 2,047 sqft
2018-06-01 53 days 2,147 sqft
2018-07-01 65 days 2,067 sqft
2018-08-01 70 days 2,130 sqft
2018-09-01 70 days 2,090 sqft
2018-10-01 78 days 2,029 sqft
2018-11-01 79 days 2,012 sqft
2018-12-01 80 days 1,909 sqft
2019-01-01 78 days 1,926 sqft
2019-02-01 75 days 2,028 sqft
2019-03-01 51 days 2,118 sqft
2019-04-01 38 days 2,213 sqft
2019-05-01 44 days 2,229 sqft
2019-06-01 51 days 2,149 sqft
2019-07-01 54 days 2,102 sqft
2019-08-01 59 days 2,079 sqft
2019-09-01 67 days 2,021 sqft
2019-10-01 72 days 1,957 sqft
2019-11-01 72 days 1,872 sqft
2019-12-01 85 days 1,770 sqft
2020-01-01 80 days 1,776 sqft
2020-02-01 56 days 1,842 sqft
2020-03-01 40 days 1,928 sqft
2020-04-01 60 days 1,941 sqft
2020-05-01 72 days 1,923 sqft
2020-06-01 74 days 2,006 sqft
2020-07-01 61 days 1,966 sqft
2020-08-01 57 days 1,963 sqft
2020-09-01 60 days 2,046 sqft
2020-10-01 68 days 2,084 sqft
2020-11-01 83 days 2,102 sqft
2020-12-01 92 days 2,041 sqft
2021-01-01 64 days 1,953 sqft
2021-02-01 45 days 1,876 sqft
2021-03-01 50 days 1,849 sqft
2021-04-01 38 days 1,705 sqft
2021-05-01 37 days 1,847 sqft
2021-06-01 42 days 1,878 sqft
2021-07-01 42 days 1,837 sqft
2021-08-01 43 days 1,877 sqft
2021-09-01 50 days 1,788 sqft
2021-10-01 51 days 1,795 sqft
2021-11-01 60 days 1,808 sqft
2021-12-01 69 days 1,849 sqft
2022-01-01 75 days 1,927 sqft
2022-02-01 53 days 2,008 sqft
2022-03-01 32 days 1,954 sqft
2022-04-01 31 days 1,956 sqft
2022-05-01 32 days 1,969 sqft
2022-06-01 32 days 1,959 sqft
2022-07-01 33 days 1,938 sqft
2022-08-01 43 days 1,986 sqft
2022-09-01 49 days 1,969 sqft
2022-10-01 51 days 1,971 sqft
2022-11-01 57 days 1,853 sqft
2022-12-01 68 days 1,912 sqft
2023-01-01 75 days 1,820 sqft
2023-02-01 59 days 2,030 sqft
2023-03-01 33 days 2,196 sqft
2023-04-01 31 days 2,250 sqft
2023-05-01 46 days 2,257 sqft
2023-06-01 40 days 2,385 sqft
2023-07-01 37 days 2,260 sqft
2023-08-01 46 days 2,263 sqft
2023-09-01 38 days 2,335 sqft
2023-10-01 40 days 2,163 sqft
2023-11-01 43 days 2,085 sqft
2023-12-01 57 days 2,000 sqft
2024-01-01 72 days 2,000 sqft
2024-02-01 49 days 1,969 sqft
2024-03-01 36 days 2,016 sqft
2024-04-01 38 days 2,043 sqft
State College's median listing age (time on market) for 2024-04-01 was 38 days. This is 25% longer than the same period one year ago.

State College's median square footage for active listings during the 2024-04-01 period was 2,043 sqft. One year prior, the average listing was 2,250 sqft.

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.