State College VA Loan Rates, Closing Costs & Stats

STATE COLLEGE, PA

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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.

    State College's 32 lenders originated 124 VA loans during 2022. The total origination value was $41,210,000, with an average VA loan value of $332,339.

    State College VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in State College averaged -0.46% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    State College's average VA mortgage closing costs are $6,911.

    The average rate for the prior week (2023-11-17) was 6.89% and one month ago for the week of 2023-10-20, the average rate was 7.22%.

    The average rate one year ago was 6.03%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.59%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 29 4.83% $7,782
    UNITED WHOLESALE MORTGAGE, LLC 11 3.98% $8,248
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 5.19% $11,060
    QUICKEN LOANS, LLC 7 4.93% $10,518
    Citizens Bank 7 4.04% $9,386
    USAA Federal Savings Bank 7 4.64% $7,946
    FREEDOM MORTGAGE CORPORATION 6 3.00% $11,177
    NAVY FEDERAL CREDIT UNION 5 3.55% $7,617
    NEW DAY FINANCIAL, LLC 4 5.06% $14,057
    Flagstar Bank, FSB 4 4.49% $7,232
    Century Mortgage Company DBA Century Lending Company 4 4.38% $14,832
    LOANDEPOT.COM, LLC 3 4.17% $13,530
    BROKER SOLUTIONS, INC. 2 4.88% $8,820
    CALIBER HOME LOANS, INC. 2 5.06% $11,790
    M&T Bank 2 3.50% $25,298
    PENNYMAC LOAN SERVICES, LLC 2 2.50% $10,443
    LOANPAL, LLC 1 2.50% $11,917
    MEMBER FIRST MORTGAGE, LLC 1 4.38% $7,696
    HOME POINT FINANCIAL CORPORATION 1 2.25% $6,710
    Mr. Cooper ( Nationstar Mortgage ) 1 4.75% $9,455
    CLEARPATH LENDING 1 4.75% $14,100
    GUARANTEED RATE, INC. 1 5.88% $15,328
    NBKC BANK 1 3.63% $4,277
    First National Bank of Pennsylvania 1 5.13% $4,768
    Carrington Mortgage Services, LLC 1 3.25% $13,636
    PENTAGON FEDERAL CREDIT UNION 1 3.25% $10,023
    Princeton Mortgage Corporation 1 2.63% $5,394
    FINANCE OF AMERICA MORTGAGE LLC 1 3.50% $12,222
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.38% $14,516
    SUN WEST MORTGAGE COMPANY, INC. 1 3.25% $4,877
    LAKEVIEW LOAN SERVICING, LLC 1 3.50% $5,209
    HORIZON Federal Credit Union 1 5.13% $8,337

    The top State College VA lender as defined by loan originations is Mortgage Research Center, LLC, with 29 VA loans originated. Their average total fees are $7,782, which is $465 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 ($7,782), UNITED WHOLESALE MORTGAGE, LLC ($8,248), .

    The lowest rate State College VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (3.98%), Mortgage Research Center, LLC (4.83%), .

    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 $246,175 (11.9%) $325,621 (9.9%) 0.91 214
    2018-02-01 $262,700 (6.4%) $347,418 (11.8%) 0.95 228
    2018-03-01 $293,450 (4.4%) $362,319 (9.1%) 1.03 255
    2018-04-01 $293,175 (4.7%) $369,634 (12.0%) 0.99 264
    2018-05-01 $284,950 (4.7%) $361,919 (12.8%) 0.95 295
    2018-06-01 $295,412 (9.6%) $372,985 (15.9%) 0.99 314
    2018-07-01 $284,700 (9.8%) $364,588 (19.6%) 0.95 306
    2018-08-01 $276,200 (9.5%) $363,625 (19.2%) 0.93 288
    2018-09-01 $269,700 (4.8%) $347,213 (9.0%) 0.91 303
    2018-10-01 $264,423 (3.8%) $339,977 (6.7%) 0.90 299
    2018-11-01 $249,975 (-1.2%) $334,671 (2.4%) 0.85 292
    2018-12-01 $239,500 (-0.2%) $316,634 (-2.7%) 0.83 252
    2019-01-01 $239,900 (-2.6%) $308,713 (-5.2%) 0.83 209
    2019-02-01 $273,225 (4.0%) $321,743 (-7.4%) 0.92 229
    2019-03-01 $305,900 (4.2%) $354,222 (-2.2%) 1.00 270
    2019-04-01 $328,175 (11.9%) $382,391 (3.5%) 1.04 300
    2019-05-01 $321,900 (13.0%) $388,051 (7.2%) 1.01 307
    2019-06-01 $319,000 (8.0%) $376,332 (0.9%) 1.00 340
    2019-07-01 $304,175 (6.8%) $363,018 (-0.4%) 0.95 353
    2019-08-01 $297,950 (7.9%) $357,500 (-1.7%) 0.94 348
    2019-09-01 $282,200 (4.6%) $346,590 (-0.2%) 0.90 336
    2019-10-01 $269,925 (2.1%) $334,978 (-1.5%) 0.87 328
    2019-11-01 $270,990 (8.4%) $331,566 (-0.9%) 0.89 294
    2019-12-01 $252,500 (5.4%) $317,204 (0.2%) 0.84 247
    2020-01-01 $261,000 (8.8%) $324,727 (5.2%) 0.87 209
    2020-02-01 $282,000 (3.2%) $354,411 (10.2%) 0.92 213
    2020-03-01 $304,511 (-0.5%) $372,195 (5.1%) 0.95 255
    2020-04-01 $314,475 (-4.2%) $376,248 (-1.6%) 0.99 261
    2020-05-01 $305,000 (-5.3%) $372,614 (-4.0%) 0.93 295
    2020-06-01 $329,900 (3.4%) $382,590 (1.7%) 0.97 285
    2020-07-01 $328,850 (8.1%) $380,299 (4.8%) 0.95 276
    2020-08-01 $319,900 (7.4%) $374,887 (4.9%) 0.92 267
    2020-09-01 $307,475 (9.0%) $371,215 (7.1%) 0.88 253
    2020-10-01 $313,750 (16.2%) $377,325 (12.6%) 0.90 224
    2020-11-01 $325,000 (19.9%) $387,602 (16.9%) 0.95 182
    2020-12-01 $314,950 (24.7%) $370,539 (16.8%) 0.94 161
    2021-01-01 $299,500 (14.8%) $363,498 (11.9%) 0.89 146
    2021-02-01 $317,500 (12.6%) $368,812 (4.1%) 0.92 121
    2021-03-01 $322,500 (5.9%) $388,086 (4.3%) 0.92 110
    2021-04-01 $287,400 (-8.6%) $381,878 (1.5%) 0.78 118
    2021-05-01 $307,000 (0.7%) $385,245 (3.4%) 0.82 139
    2021-06-01 $314,975 (-4.5%) $390,788 (2.1%) 0.83 148
    2021-07-01 $320,200 (-2.6%) $391,561 (3.0%) 0.84 161
    2021-08-01 $302,400 (-5.5%) $379,001 (1.1%) 0.81 168
    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 $290,625 (-10.6%) $400,593 (3.4%) 0.78 137
    2021-12-01 $299,950 (-4.8%) $398,653 (7.6%) 0.81 106
    2022-01-01 $291,990 (-2.5%) $429,453 (18.1%) 0.79 90
    2022-02-01 $354,950 (11.8%) $491,366 (33.2%) 0.92 80
    2022-03-01 $347,325 (7.7%) $469,861 (21.1%) 0.87 99
    2022-04-01 $375,000 (30.5%) $468,763 (22.8%) 0.89 113
    2022-05-01 $384,500 (25.2%) $447,414 (16.1%) 0.88 133
    2022-06-01 $392,225 (24.5%) $435,244 (11.4%) 0.87 144
    2022-07-01 $387,000 (20.9%) $439,519 (12.3%) 0.87 164
    2022-08-01 $384,900 (27.3%) $447,428 (18.1%) 0.89 166
    2022-09-01 $386,900 (31.5%) $444,819 (15.0%) 0.90 165
    2022-10-01 $384,700 (37.4%) $449,380 (19.9%) 0.91 159
    2022-11-01 $368,225 (26.7%) $432,285 (7.9%) 0.89 150
    2022-12-01 $349,900 (16.7%) $425,210 (6.7%) 0.86 116
    2023-01-01 $341,975 (17.1%) $415,009 (-3.4%) 0.85 101
    2023-02-01 $383,675 (8.1%) $456,847 (-7.0%) 0.93 102
    2023-03-01 $413,675 (19.1%) $573,962 (22.2%) 0.98 114
    2023-04-01 $429,000 (14.4%) $572,502 (22.1%) 1.00 133
    2023-05-01 $461,825 (20.1%) $577,368 (29.1%) 1.05 125
    2023-06-01 $450,000 (14.7%) $606,327 (39.3%) 1.01 136
    2023-07-01 $450,000 (16.3%) $612,849 (39.4%) 1.02 140
    2023-08-01 $433,500 (12.6%) $569,060 (27.2%) 1.00 135
    2023-09-01 $450,000 (16.3%) $544,574 (22.4%) 1.05 148
    2023-10-01 $421,950 (9.7%) $495,781 (10.3%) 0.99 164
    State College's median listing price for 2023-10-01 was $421,950, a difference of $37,250 (9.7%) versus the prior year and $-28,050 versus the prior month.

    State College's median listing price comes in at 99% of the national average.

    State College's average listing price for 2023-10-01 was $495,781, a difference of $46,401 (10.3%) versus the prior year and $-48,793 versus the prior month.

    For the 2023-10-01 period, State College had 164 MLS listings, a difference of 16 listings (11%) versus the prior month and 5 listings (3%) 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 81 days 1,850 sqft
    2018-03-01 52 days 2,060 sqft
    2018-04-01 46 days 2,038 sqft
    2018-05-01 45 days 2,039 sqft
    2018-06-01 53 days 2,140 sqft
    2018-07-01 65 days 2,063 sqft
    2018-08-01 69 days 2,130 sqft
    2018-09-01 70 days 2,084 sqft
    2018-10-01 78 days 2,020 sqft
    2018-11-01 79 days 2,003 sqft
    2018-12-01 79 days 1,900 sqft
    2019-01-01 78 days 1,913 sqft
    2019-02-01 77 days 2,019 sqft
    2019-03-01 52 days 2,115 sqft
    2019-04-01 39 days 2,212 sqft
    2019-05-01 44 days 2,227 sqft
    2019-06-01 51 days 2,150 sqft
    2019-07-01 54 days 2,103 sqft
    2019-08-01 59 days 2,080 sqft
    2019-09-01 67 days 2,022 sqft
    2019-10-01 72 days 1,966 sqft
    2019-11-01 73 days 1,872 sqft
    2019-12-01 85 days 1,775 sqft
    2020-01-01 81 days 1,784 sqft
    2020-02-01 56 days 1,849 sqft
    2020-03-01 40 days 1,932 sqft
    2020-04-01 59 days 1,944 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 1,715 sqft
    2021-05-01 37 days 1,847 sqft
    2021-06-01 42 days 1,891 sqft
    2021-07-01 41 days 1,847 sqft
    2021-08-01 43 days 1,882 sqft
    2021-09-01 50 days 1,788 sqft
    2021-10-01 51 days 1,801 sqft
    2021-11-01 59 days 1,802 sqft
    2021-12-01 68 days 1,855 sqft
    2022-01-01 74 days 1,925 sqft
    2022-02-01 52 days 1,990 sqft
    2022-03-01 32 days 1,953 sqft
    2022-04-01 33 days 1,925 sqft
    2022-05-01 33 days 1,950 sqft
    2022-06-01 35 days 1,947 sqft
    2022-07-01 36 days 1,925 sqft
    2022-08-01 44 days 1,971 sqft
    2022-09-01 49 days 1,959 sqft
    2022-10-01 52 days 1,971 sqft
    2022-11-01 57 days 1,907 sqft
    2022-12-01 68 days 1,923 sqft
    2023-01-01 74 days 1,856 sqft
    2023-02-01 59 days 1,996 sqft
    2023-03-01 33 days 2,191 sqft
    2023-04-01 31 days 2,250 sqft
    2023-05-01 46 days 2,257 sqft
    2023-06-01 41 days 2,385 sqft
    2023-07-01 37 days 2,264 sqft
    2023-08-01 46 days 2,263 sqft
    2023-09-01 38 days 2,335 sqft
    2023-10-01 40 days 2,171 sqft
    State College's median listing age (time on market) for 2023-10-01 was 40 days. This is -23% shorter than the same period one year ago.

    State College's median square footage for active listings during the 2023-10-01 period was 2,171 sqft. One year prior, the average listing was 1,971 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.