Wilmington VA Loan Rates, Closing Costs & Stats

Wilmington, 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.

    Wilmington's 24 lenders originated 53 VA loans during 2023. The total origination value was $13,645,000, with an average VA loan value of $257,453.

    Wilmington VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Wilmington averaged 6.77% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Wilmington's average VA mortgage closing costs are $5,417.

    The average rate for the prior week (2024-11-01) was 6.43% and one month ago for the week of 2024-10-04, the average rate was 5.96%.

    The average rate one year ago was 7.51%.

    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.

    Wilmington 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 Wilmington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 11 6.68% $7,298
    LOANDEPOT.COM, LLC 8 6.48% $8,505
    NAVY FEDERAL CREDIT UNION 4 5.97% $5,805
    QUICKEN LOANS, LLC 3 6.32% $11,342
    CROSSCOUNTRY MORTGAGE, LLC 3 7.17% $11,050
    DAS Acquisition Company, LLC 2 6.81% $6,242
    USAA Federal Savings Bank 2 6.13% $7,376
    FREEDOM MORTGAGE CORPORATION 2 6.75% $14,832
    NEW DAY FINANCIAL, LLC 1 8.25% $4,446
    NEWREZ LLC 1 7.38% $10,992
    NFM, INC. 1 6.63% $10,510
    NORTHERN MORTGAGE SERVICES, LLC 1 5.75% $3,797
    PLANET HOME LENDING, LLC 1 6.63% $3,860
    The Federal Savings Bank 1 7.50% $5,197
    UNITED WHOLESALE MORTGAGE, LLC 1 5.87% $8,689
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $17,857
    WRIGHT-PATT CREDIT UNION, INC. 1 6.63% $625
    Fifth Third Bank 1 6.13% $2,642
    Gateway First Bank 1 5.75% $7,890
    GUARANTEED RATE, INC. 1 5.75% $1,950
    GUILD MORTGAGE COMPANY 1 7.63% $6,734
    LIBERTY HOME MORTGAGE CORPORATION 1 7.00% $5,150
    Meridian Bank Corporation 1 6.50% $8,381
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $2,127

    The top Wilmington VA lender as defined by loan originations is Mortgage Research Center, LLC, with 11 VA loans originated. Their average total fees are $7,298, which is $1,207 lower than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Wilmington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,298), .

    The lowest rate Wilmington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.68%), .

    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.