Urbana VA Loan Rates, Closing Costs & Stats

Urbana, OH

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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.

    Urbana's 24 lenders originated 48 VA loans during 2023. The total origination value was $12,590,000, with an average VA loan value of $262,292.

    Urbana VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Urbana averaged 6.74% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Urbana's average VA mortgage closing costs are $5,436.

    The average rate for the prior week (2024-11-01) was 6.8% and one month ago for the week of 2024-10-04, the average rate was 5.92%.

    The average rate one year ago was 7.88%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Urbana 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 Urbana level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 8 6.83% $6,579
    QUICKEN LOANS, LLC 4 6.37% $8,609
    NEWREZ LLC 4 6.88% $10,794
    CROSSCOUNTRY MORTGAGE, LLC 3 6.75% $6,262
    UNITED WHOLESALE MORTGAGE, LLC 2 7.12% $7,012
    FREEDOM MORTGAGE CORPORATION 2 6.50% $10,985
    PNC Bank 2 6.50% $10,921
    Western Ohio Mortgage Corporation 2 7.25% $8,465
    LOANDEPOT.COM, LLC 2 6.06% $15,703
    PENNYMAC LOAN SERVICES, LLC 2 6.00% $8,147
    Union Savings Bank 2 6.69% $8,275
    UNION HOME MORTGAGE CORP. 1 6.13% $3,595
    VILLAGE CAPITAL MORTGAGE 1 7.25% $1,234
    PLANET HOME LENDING, LLC 1 5.99% $3,748
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $625
    Fifth Third Bank 1 6.63% $3,593
    GUARANTEED RATE, INC. 1 6.13% $11,065
    HOMESIDE FINANCIAL, LLC 1 6.75% $11,394
    NEW DAY FINANCIAL, LLC 1 7.99% $8,927
    1ST SIGNATURE LENDING, LLC 1 6.50% $11,409
    POLARIS HOME FUNDING CORP. 1 7.25% $11,306
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $4,663
    The Huntington National Bank 1 6.50% $5,960
    THRIVE MORTGAGE, LLC 1 6.63% $9,193

    The top Urbana VA lender as defined by loan originations is Mortgage Research Center, LLC, with 8 VA loans originated. Their average total fees are $6,579, which is $2,030 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Urbana VA lenders (with over 10 loans originated) are .

    The lowest rate Urbana VA lenders (with over 10 loans originated) are .

    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.