State College VA Loans

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 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 47 lenders originated 253 VA loans during 2021. The total origination value was $74,105,000, with an average VA loan value of $292,905.

State College VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in State College averaged 5.34% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.27% and one month ago for the week of 2022-04-08, the average rate was 5.1%.

The average rate one year ago was 2.91%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.01%.

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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the State College level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 27 2.86% $5,437
QUICKEN LOANS, LLC 19 2.48% $6,697
UNITED WHOLESALE MORTGAGE, LLC 11 2.46% $7,235
NAVY FEDERAL CREDIT UNION 11 2.47% $5,235
PENNYMAC LOAN SERVICES, LLC 11 2.32% $5,328
FREEDOM MORTGAGE CORPORATION 11 2.55% $3,471
USAA Federal Savings Bank 11 2.83% $4,706
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 2.85% $11,692
CALIBER HOME LOANS, INC. 9 2.63% $6,263
LAKEVIEW LOAN SERVICING, LLC 7 2.43% $4,680
Citizens Bank 7 2.48% $8,991
LOANDEPOT.COM, LLC 7 2.48% $3,670
BROKER SOLUTIONS, INC. 6 2.38% $13,328
NEW DAY FINANCIAL, LLC 5 2.68% $5,711
HOME POINT FINANCIAL CORPORATION 5 2.33% $9,077
VILLAGE CAPITAL & INVESTMENT LLC 5 2.35% $3,527
FINANCE OF AMERICA MORTGAGE LLC 4 2.78% $8,876
First National Bank of Pennsylvania 4 2.59% $10,178
AMERISAVE MORTGAGE CORPORATION 4 2.97% $7,150
The Federal Savings Bank 3 2.42% $8,908
HOMESIDE FINANCIAL, LLC 2 2.93% $11,795
Barrington Bank & Trust Company, N.A. 2 2.74% $4,899
North American Savings Bank, F.S.B. 2 2.50% $4,728
Capital Bank 2 2.81% $5,971
Mr. Cooper ( Nationstar Mortgage ) 2 2.94% $6,494
Low VA Rates, LLC 2 2.25% $6,795
Wells Fargo Bank 2 2.88% $5,568
Manufacturers and Traders Trust Company 2 3.13% $7,195
MICHIGAN MUTUAL, INC. 1 3.00% $1,981
AMERICAN FINANCIAL NETWORK, INC. 1 2.88% $11,847
Century Mortgage Company DBA Century Lending Company 1 2.63% $0
CLEARPATH LENDING 1 2.25% $9,927
Credence Funding Corporation 1 2.25% $3,572
First Federal Bank of Kansas City 1 2.25% $3,160
FIRST HERITAGE FINANCIAL, LLC 1 2.75% $5,319
Flagstar Bank, FSB 1 2.25% $6,030
GUARANTEED RATE, INC. 1 2.25% $525
HORIZON Federal Credit Union 1 3.00% $6,395
InterContinental Capital Group, Inc 1 3.00% $4,109
KELLER MORTGAGE, LLC 1 2.50% $7,822
ACCELERATE MORTGAGE, LLC 1 2.25% $7,105
MOVEMENT MORTGAGE, LLC 1 3.13% $4,119
NATIONS DIRECT MORTGAGE, LLC 1 4.00% $7,945
PENTAGON FEDERAL CREDIT UNION 1 2.50% $2,557
PLANET HOME LENDING, LLC 1 2.75% $2,144
SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $30,270
Truist Bank 1 2.60% $11,284

The top State College VA lender as defined by loan originations is Mortgage Research Center, LLC, with 27 VA loans originated. Their average total fees are $5,437, which is $1,260 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee State College VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,471), USAA Federal Savings Bank ($4,706), NAVY FEDERAL CREDIT UNION ($5,235), PENNYMAC LOAN SERVICES, LLC ($5,328) and Mortgage Research Center, LLC ($5,437).

The lowest rate State College VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.32%), UNITED WHOLESALE MORTGAGE, LLC (2.46%), NAVY FEDERAL CREDIT UNION (2.47%), QUICKEN LOANS, LLC (2.48%) and FREEDOM MORTGAGE CORPORATION (2.55%).


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 $242,450 (11.6%) $319,476 (9.8%) 0.89 220
2018-02-01 $259,000 (7.3%) $340,962 (8.9%) 0.93 234
2018-03-01 $299,900 (8.5%) $367,889 (10.0%) 1.04 268
2018-04-01 $307,500 (10.2%) $383,940 (16.7%) 1.03 272
2018-05-01 $292,950 (8.5%) $375,190 (17.3%) 0.98 305
2018-06-01 $315,000 (17.5%) $384,362 (19.2%) 1.05 324
2018-07-01 $295,824 (16.0%) $368,851 (19.7%) 0.99 315
2018-08-01 $271,200 (7.1%) $360,516 (15.8%) 0.91 301
2018-09-01 $267,990 (3.1%) $346,101 (8.4%) 0.90 316
2018-10-01 $262,450 (2.8%) $338,336 (5.7%) 0.88 314
2018-11-01 $254,400 (1.8%) $332,426 (2.4%) 0.85 303
2018-12-01 $239,900 (6.6%) $322,891 (0.7%) 0.82 257
2019-01-01 $255,000 (5.2%) $313,905 (-1.7%) 0.88 210
2019-02-01 $288,000 (11.2%) $327,492 (-4.0%) 0.96 240
2019-03-01 $319,314 (6.5%) $359,780 (-2.2%) 1.04 279
2019-04-01 $337,314 (9.7%) $393,410 (2.5%) 1.06 301
2019-05-01 $328,500 (12.1%) $397,210 (5.9%) 1.01 305
2019-06-01 $325,000 (3.2%) $379,026 (-1.4%) 1.00 349
2019-07-01 $316,000 (6.8%) $370,763 (0.5%) 0.98 356
2019-08-01 $310,957 (14.7%) $368,952 (2.3%) 0.98 352
2019-09-01 $300,200 (12.0%) $361,210 (4.4%) 0.95 330
2019-10-01 $269,950 (2.9%) $335,756 (-0.8%) 0.86 322
2019-11-01 $269,000 (5.7%) $328,106 (-1.3%) 0.87 298
2019-12-01 $252,500 (5.3%) $317,813 (-1.6%) 0.84 246
2020-01-01 $259,950 (1.9%) $320,498 (2.1%) 0.87 206
2020-02-01 $279,900 (-2.8%) $351,248 (7.3%) 0.90 217
2020-03-01 $310,500 (-2.8%) $372,980 (3.7%) 0.97 260
2020-04-01 $319,450 (-5.3%) $380,291 (-3.3%) 1.00 267
2020-05-01 $319,900 (-2.6%) $377,394 (-5.0%) 0.97 296
2020-06-01 $329,450 (1.4%) $382,140 (0.8%) 0.96 300
2020-07-01 $329,000 (4.1%) $379,770 (2.4%) 0.94 297
2020-08-01 $325,000 (4.5%) $376,876 (2.2%) 0.93 293
2020-09-01 $299,700 (-0.2%) $369,692 (2.4%) 0.86 274
2020-10-01 $319,000 (18.2%) $382,805 (14.0%) 0.91 251
2020-11-01 $321,500 (19.5%) $393,585 (20.0%) 0.92 202
2020-12-01 $312,500 (23.8%) $379,888 (19.5%) 0.92 183
2021-01-01 $299,900 (15.4%) $368,109 (14.9%) 0.88 161
2021-02-01 $315,000 (12.5%) $362,583 (3.2%) 0.91 132
2021-03-01 $325,000 (4.7%) $383,768 (2.9%) 0.91 122
2021-04-01 $292,200 (-8.5%) $374,221 (-1.6%) 0.79 135
2021-05-01 $315,000 (-1.5%) $383,600 (1.6%) 0.83 158
2021-06-01 $317,000 (-3.8%) $390,827 (2.3%) 0.82 164
2021-07-01 $325,000 (-1.2%) $396,732 (4.5%) 0.84 176
2021-08-01 $304,900 (-6.2%) $378,536 (0.4%) 0.80 187
2021-09-01 $294,990 (-1.6%) $368,167 (-0.4%) 0.78 175
2021-10-01 $285,000 (-10.7%) $358,807 (-6.3%) 0.75 176
2021-11-01 $287,000 (-10.7%) $369,033 (-6.2%) 0.76 145
2021-12-01 $294,450 (-5.8%) $357,815 (-5.8%) 0.79 112
2022-01-01 $289,000 (-3.6%) $373,764 (1.5%) 0.77 94
2022-02-01 $307,445 (-2.4%) $430,699 (18.8%) 0.78 82
2022-03-01 $324,950 (0.0%) $418,124 (9.0%) 0.80 101
2022-04-01 $339,900 (16.3%) $428,447 (14.5%) 0.80 118
State College's median listing price for 2022-04-01 was $339,900, a difference of $47,700 (16.3%) versus the prior year and $14,950 versus the prior month.

State College's median listing price comes in at 80% of the national average.

State College's average listing price for 2022-04-01 was $428,447, a difference of $54,226 (14.5%) versus the prior year and $10,323 versus the prior month.

For the 2022-04-01 period, State College had 118 MLS listings, a difference of 17 listings (17%) versus the prior month and -17 listings (-13%) 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 81 days 1,776 sqft
2018-02-01 88 days 1,827 sqft
2018-03-01 61 days 2,010 sqft
2018-04-01 53 days 2,106 sqft
2018-05-01 52 days 2,086 sqft
2018-06-01 58 days 2,185 sqft
2018-07-01 65 days 2,090 sqft
2018-08-01 69 days 2,134 sqft
2018-09-01 74 days 2,100 sqft
2018-10-01 81 days 2,054 sqft
2018-11-01 85 days 2,006 sqft
2018-12-01 86 days 1,978 sqft
2019-01-01 84 days 1,989 sqft
2019-02-01 87 days 2,050 sqft
2019-03-01 92 days 2,148 sqft
2019-04-01 47 days 2,272 sqft
2019-05-01 46 days 2,299 sqft
2019-06-01 56 days 2,194 sqft
2019-07-01 62 days 2,139 sqft
2019-08-01 65 days 2,130 sqft
2019-09-01 67 days 2,077 sqft
2019-10-01 72 days 1,966 sqft
2019-11-01 71 days 1,862 sqft
2019-12-01 83 days 1,790 sqft
2020-01-01 83 days 1,778 sqft
2020-02-01 57 days 1,849 sqft
2020-03-01 39 days 1,938 sqft
2020-04-01 56 days 1,944 sqft
2020-05-01 72 days 1,944 sqft
2020-06-01 67 days 2,002 sqft
2020-07-01 56 days 1,998 sqft
2020-08-01 53 days 1,963 sqft
2020-09-01 57 days 2,043 sqft
2020-10-01 64 days 2,088 sqft
2020-11-01 73 days 2,100 sqft
2020-12-01 79 days 2,014 sqft
2021-01-01 71 days 1,861 sqft
2021-02-01 45 days 1,860 sqft
2021-03-01 48 days 1,893 sqft
2021-04-01 43 days 1,791 sqft
2021-05-01 36 days 1,854 sqft
2021-06-01 44 days 1,852 sqft
2021-07-01 46 days 1,847 sqft
2021-08-01 44 days 1,901 sqft
2021-09-01 52 days 1,771 sqft
2021-10-01 55 days 1,792 sqft
2021-11-01 53 days 1,782 sqft
2021-12-01 65 days 1,794 sqft
2022-01-01 73 days 1,868 sqft
2022-02-01 58 days 1,922 sqft
2022-03-01 34 days 1,868 sqft
2022-04-01 35 days 1,924 sqft
State College's median listing age (time on market) for 2022-04-01 was 35 days. This is -19% shorter than the same period one year ago.

State College's median square footage for active listings during the 2022-04-01 period was 1,924 sqft. One year prior, the average listing was 1,791 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.