State College VA Loan Rates, Closing Costs & Stats

STATE COLLEGE, PA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.59% for the week of 2024-06-14, compared to the national average (all VA variants) of 6.423% for the same period.

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

    The average rate for the prior week (2024-06-07) was 6.26% and one month ago for the week of 2024-05-10, the average rate was 6.88%.

    The average rate one year ago was 6.42%.

    For refis of the same type during the week of 2024-06-14, the average rate was 6.32%.

    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
    2024-05-01 $404,525 (-12.4%) $513,745 (-11.0%) 0.91 162
    State College's median listing price for 2024-05-01 was $404,525, a difference of $-57,300 (-12.4%) versus the prior year and $6,327 versus the prior month.

    State College's median listing price comes in at 91% of the national average.

    State College's average listing price for 2024-05-01 was $513,745, a difference of $-63,623 (-11.0%) versus the prior year and $-5,471 versus the prior month.

    For the 2024-05-01 period, State College had 162 MLS listings, a difference of -8 listings (-5%) versus the prior month and 37 listings (30%) 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
    2024-05-01 43 days 2,100 sqft
    State College's median listing age (time on market) for 2024-05-01 was 43 days. This is -6% shorter than the same period one year ago.

    State College's median square footage for active listings during the 2024-05-01 period was 2,100 sqft. One year prior, the average listing was 2,257 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.