State College VA Loan Rates, Closing Costs & Stats

STATE COLLEGE, PA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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 6.51% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.37% and one month ago for the week of 2024-10-04, the average rate was 5.89%.

    The average rate one year ago was 7.25%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.24%.

    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.