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.