Wooster VA Loan Rates, Closing Costs & Stats

Wooster, 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.

    Wooster's 32 lenders originated 78 VA loans during 2023. The total origination value was $18,910,000, with an average VA loan value of $242,436.

    Wooster VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Wooster averaged 6.29% for the week of 2024-10-11, compared to the national average (all VA variants) of 5.854% for the same period.

    Wooster's average VA mortgage closing costs are $5,315.

    The average rate for the prior week (2024-10-04) was 5.96% and one month ago for the week of 2024-09-06, the average rate was 5.95%.

    The average rate one year ago was 7.42%.

    For refis of the same type during the week of 2024-10-11, the average rate was 6.83%.

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

    Wooster 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 Wooster level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 16 6.63% $7,229
    CROSSCOUNTRY MORTGAGE, LLC 7 6.86% $10,421
    NEW DAY FINANCIAL, LLC 6 7.31% $14,131
    NAVY FEDERAL CREDIT UNION 5 5.68% $9,650
    PENNYMAC LOAN SERVICES, LLC 4 5.75% $4,910
    QUICKEN LOANS, LLC 4 5.69% $9,532
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.38% $4,839
    USAA Federal Savings Bank 2 6.44% $5,787
    Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $6,878
    UNION HOME MORTGAGE CORP. 2 6.88% $7,699
    LOANDEPOT.COM, LLC 1 6.99% $8,307
    LOANPAL, LLC 1 5.63% $11,695
    Magnolia Bank 1 6.75% $15,078
    MID AMERICA MORTGAGE, INC. 1 5.63% $2,301
    FREEDOM MORTGAGE CORPORATION 1 6.25% $16,557
    UNITED WHOLESALE MORTGAGE, LLC 1 6.75% $4,910
    First Federal Bank 1 8.00% $13,045
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.63% $8,083
    NEWREZ LLC 1 5.75% $15,088
    CITYWIDE HOME LOANS, LLC 1 5.63% $14,035
    PNC Bank 1 7.13% $3,136
    Barrington Bank & Trust Company, N.A. 1 7.25% $8,611
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $1,010
    Bank of England 1 6.75% $14,036
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $11,430
    RUOFF MORTGAGE COMPANY, INC. 1 7.00% $2,997
    Strong Home Mortgage, LLC 1 6.50% $9,630
    SUN WEST MORTGAGE COMPANY, INC. 1 6.83% $16,971
    The Huntington National Bank 1 6.88% $4,143
    American Midwest Mortgage Corporation 1 7.13% $3,556
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.63% $9,811
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $6,164

    The top Wooster VA lender as defined by loan originations is Mortgage Research Center, LLC, with 16 VA loans originated. Their average total fees are $7,229, which is $3,192 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Wooster VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,229), .

    The lowest rate Wooster VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.63%), .

    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.