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 6.41% for the week of 2024-10-25, compared to the national average (all VA variants) of 6.14% for the same period.

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

The average rate for the prior week (2024-10-18) was 6.02% and one month ago for the week of 2024-09-20, the average rate was 5.32%.

The average rate one year ago was 7.64%.

For refis of the same type during the week of 2024-10-25, the average rate was 6.04%.

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%), .

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.