Worcester VA Loans

WORCESTER, MA-CT

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.

Worcester's 132 lenders originated 2,309 VA loans during 2021. The total origination value was $716,845,000, with an average VA loan value of $310,457.

Worcester VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Worcester averaged 5.39% 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 5.32% and one month ago for the week of 2022-04-08, the average rate was 4.84%.

The average rate one year ago was 2.96%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.12%.

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

Worcester 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 Worcester level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 245 2.87% $7,262
QUICKEN LOANS, LLC 220 2.46% $5,610
FREEDOM MORTGAGE CORPORATION 136 2.47% $2,998
PENNYMAC LOAN SERVICES, LLC 130 2.38% $5,946
LOANDEPOT.COM, LLC 89 2.61% $6,579
UNITED WHOLESALE MORTGAGE, LLC 81 2.52% $6,598
LAKEVIEW LOAN SERVICING, LLC 71 2.45% $2,960
USAA Federal Savings Bank 66 2.80% $5,981
NAVY FEDERAL CREDIT UNION 65 2.51% $5,914
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 64 2.86% $7,458
The Federal Savings Bank 46 2.51% $7,758
Mr. Cooper ( Nationstar Mortgage ) 42 2.76% $4,106
GUARANTEED RATE, INC. 42 2.64% $6,067
CALIBER HOME LOANS, INC. 42 2.51% $4,510
TOTAL MORTGAGE SERVICES, LLC 40 3.20% $7,508
RESIDENTIAL MORTGAGE SERVICES, INC. 31 2.63% $7,077
NEWREZ LLC 27 2.63% $4,624
HOME POINT FINANCIAL CORPORATION 26 2.49% $4,582
Wells Fargo Bank 21 2.71% $3,818
CROSSCOUNTRY MORTGAGE, LLC 20 2.73% $9,384
HOMEBRIDGE FINANCIAL SERVICES, INC. 19 2.91% $5,062
Barrington Bank & Trust Company, N.A. 19 2.75% $6,113
AMERISAVE MORTGAGE CORPORATION 16 2.62% $5,697
MOVEMENT MORTGAGE, LLC 15 2.94% $5,361
AMERICAN FINANCIAL NETWORK, INC. 14 2.57% $14,090
PENTAGON FEDERAL CREDIT UNION 13 2.37% $3,357
Mortgage Network, Inc. 12 2.70% $10,397
First Federal Bank 11 2.90% $9,437
BROKER SOLUTIONS, INC. 11 2.56% $6,479
GUARANTEED RATE AFFINITY, LLC 11 2.59% $7,901
Citizens Bank 10 2.54% $6,783
RADIUS FINANCIAL GROUP INC. 10 2.53% $4,181
Nations Lending Corporation 10 2.88% $6,249
Magnolia Bank 10 2.62% $7,279
MUTUAL OF OMAHA MORTGAGE, INC. 10 2.66% $8,972
Leader Bank 10 2.40% $8,248
VILLAGE CAPITAL & INVESTMENT LLC 9 2.33% $3,961
NORTHPOINT MORTGAGE, INC. 9 2.57% $5,211
North American Savings Bank, F.S.B. 9 2.32% $3,666
Flagstar Bank, FSB 8 2.75% $7,179
NORWICH COMMERCIAL GROUP, INC. 8 3.55% $8,150
First Guaranty Mortgage Corporation 8 2.52% $3,717
Evolve Bank & Trust 7 2.82% $6,231
Sierra Pacific Mortgage Company, Inc. 7 2.68% $7,985
PRIMARY RESIDENTIAL MORTGAGE, INC. 7 2.95% $6,735
EMBRACE HOME LOANS, INC. 7 2.64% $5,204
EQUITY RESOURCES, INC. 7 2.36% $2,627
Shamrock Home Loans, Inc. 6 2.60% $3,914
Network Funding, L.P. 6 2.85% $8,980
KS StateBank 6 2.42% $4,450
EMM LOANS LLC 6 2.79% $7,259
CONTOUR MORTGAGE CORPORATION 6 2.58% $6,071
BAY EQUITY LLC 6 2.83% $4,696
SALEM FIVE MORTGAGE COMPANY, LLC 6 2.71% $6,038
First Federal Bank of Kansas City 5 2.35% $6,476
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.67% $4,433
NEW FED MORTGAGE, CORP. 5 2.47% $7,777
Prosperity Home Mortgage, LLC 5 2.70% $8,744
BNC National Bank 5 2.38% $8,299
DREW MORTGAGE ASSOCIATES, INC. 5 2.48% $3,193
Paramount Residential Mortgage Group, Inc. 5 3.02% $9,195
Workers Credit Union 4 2.97% $4,131
Manufacturers and Traders Trust Company 4 2.88% $4,042
NEW DAY FINANCIAL, LLC 4 2.78% $6,882
Ross Mortgage Company, Inc. 4 2.72% $17,038
OCMBC, INC. 3 2.71% $5,812
ENVOY MORTGAGE, LTD 3 3.17% $12,285
The Washington Trust Company, of Westerly 3 2.50% $7,403
Northpointe Bank 3 2.63% $7,384
NBKC BANK 3 2.63% $1,712
InterContinental Capital Group, Inc 3 2.46% $3,456
HOMESTEAD FUNDING CORP. 3 2.42% $2,828
Bangor Savings Bank 3 2.67% $6,450
Carrington Mortgage Services, LLC 3 2.58% $3,121
LEADERONE FINANCIAL CORPORATION 3 2.25% $3,407
LADERA LENDING, INC. 3 2.67% $5,480
PLAZA HOME MORTGAGE, INC. 3 3.38% $6,530
HARBORONE MORTGAGE, LLC 3 2.54% $4,924
HANSCOM 3 3.04% $3,681
Equity Prime Mortgage LLC 2 3.50% $4,023
INLAND BANK & TRUST 2 3.13% $3,539
Meridian Bank Corporation 2 2.25% $5,146
Mid-Continent Funding, Inc. 2 2.75% $6,583
NATIONS DIRECT MORTGAGE, LLC 2 2.38% $5,269
ACCELERATE MORTGAGE, LLC 2 2.37% $7,091
Envision Bank 2 2.75% $16,288
NP, Inc. 2 2.25% $3,652
CMG MORTGAGE, INC. 2 2.50% $2,658
PLANET HOME LENDING, LLC 2 2.94% $4,191
Capital Bank 2 2.25% $5,272
Berkshire Bank 2 2.25% $6,916
RELIANCE FIRST CAPITAL, LLC 2 3.00% $11,011
TD Bank 2 2.75% $2,172
AMERICAN FINANCING CORPORATION 2 2.50% $3,096
Ixonia Bank 2 3.25% $9,645
GUILD MORTGAGE COMPANY 1 2.38% $7,356
CRESCENT MORTGAGE COMPANY 1 2.75% $8,165
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.75% $3,040
Chickasaw Community Bank 1 3.50% $17,194
Plains Commerce Bank 1 2.63% $12,461
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.25% $12,549
HOMESIDE FINANCIAL, LLC 1 3.50% $0
Poli Mortgage Group, Inc. 1 2.25% $517
Presidential Bank, FSB 1 2.38% $9,627
MEMBER ADVANTAGE MORTGAGE, LLC 1 3.75% $11,247
Prime Choice Funding Inc. 1 2.25% $7,012
LENDUS, LLC 1 3.25% $10,372
PROVINCE MORTGAGE ASSOCIATES, INC. 1 2.88% $9,844
VAN DYK MORTGAGE CORPORATION 1 2.50% $9,670
BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $30,847
ALLIED MORTGAGE GROUP, INC. 1 3.25% $13,133
Bank of England 1 2.75% $9,985
ACADEMY MORTGAGE CORPORATION 1 3.38% $6,379
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 2.75% $8,425
RUOFF MORTGAGE COMPANY, INC. 1 2.88% $2,142
Watermark Capital, Inc. 1 2.25% $10,436
Atlantic Home Loans, Inc. 1 2.88% $7,425
Armed Forces Bank 1 2.25% $1,749
STEARNS LENDING, LLC 1 2.25% $2,797
KeyBank 1 2.75% $2,120
The Camden National Bank 1 2.75% $3,259
First Home Bank 1 2.75% $3,670
FINANCE OF AMERICA MORTGAGE LLC 1 2.50% $2,156
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.13% $8,920
Fidelity Co-operative Bank 1 2.75% $8,165
EVERETT FINANCIAL, INC. 1 3.38% $6,480
NFM, INC. 1 3.75% $15,709
ITHINK FINANCIAL Credit Union 1 2.50% $2,334
First Savings Bank 1 2.25% $19,719
GENEVA FINANCIAL, LLC 1 4.13% $4,224
LENOX FINANCIAL MORTGAGE CORPORATION 1 2.50% $5,900
TJC Mortgage, Inc. 1 2.25% $6,619

The top Worcester VA lender as defined by loan originations is Mortgage Research Center, LLC, with 245 VA loans originated. Their average total fees are $7,262, which is $1,652 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Worcester VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,960), FREEDOM MORTGAGE CORPORATION ($2,998), PENTAGON FEDERAL CREDIT UNION ($3,357), Wells Fargo Bank ($3,818) and Mr. Cooper ( Nationstar Mortgage ) ($4,106).

The lowest rate Worcester VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (2.37%), PENNYMAC LOAN SERVICES, LLC (2.38%), Leader Bank (2.40%), LAKEVIEW LOAN SERVICING, LLC (2.45%) and QUICKEN LOANS, LLC (2.46%).

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.