Maine VA Loan Rates, Closing Costs & Stats

Maine

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.

Maine VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Maine averaged 6.88% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

Maine's average VA mortgage closing costs are $5,744.

The average rate for the prior week (2024-05-10) was 6.88% and one month ago for the week of 2024-04-12, the average rate was 6.86%.

The average rate one year ago was 6.47%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.92%.

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

Maine 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 Maine level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 278 6.82% $5,422
QUICKEN LOANS, LLC 104 6.07% $10,671
UNITED WHOLESALE MORTGAGE, LLC 104 6.58% $8,875
GUILD MORTGAGE COMPANY 75 6.51% $8,429
CMG MORTGAGE, INC. 71 6.73% $11,512
USAA Federal Savings Bank 52 6.19% $6,752
NAVY FEDERAL CREDIT UNION 50 6.00% $6,287
NEWREZ LLC 33 6.61% $9,525
NEW DAY FINANCIAL, LLC 32 7.46% $11,377
LOANDEPOT.COM, LLC 30 6.30% $11,860
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 30 6.58% $8,295
FREEDOM MORTGAGE CORPORATION 28 6.56% $17,659
LEADERONE FINANCIAL CORPORATION 27 6.99% $6,663
Bangor Savings Bank 23 5.84% $6,918
PENNYMAC LOAN SERVICES, LLC 22 5.69% $9,611
The Camden National Bank 22 6.09% $7,080
The Federal Savings Bank 20 6.39% $17,735
Mr. Cooper ( Nationstar Mortgage ) 17 5.87% $15,071
DAS Acquisition Company, LLC 17 5.87% $5,893
NORTHPOINT MORTGAGE, INC. 14 6.54% $13,459
VILLAGE CAPITAL MORTGAGE 14 6.11% $10,763
CALIBER HOME LOANS, INC. 12 6.18% $10,472
NORWICH COMMERCIAL GROUP, INC. 10 6.43% $4,189
T2 FINANCIAL LLC 9 7.24% $11,101
CROSSCOUNTRY MORTGAGE, LLC 9 6.68% $7,304
INTEGRITY MORTGAGE LLC 9 6.76% $7,840
ENVOY MORTGAGE, LTD 9 6.92% $10,693
MOVEMENT MORTGAGE, LLC 8 6.52% $6,512
TOTAL MORTGAGE SERVICES, LLC 8 6.89% $7,007
CUSO MORTGAGE CORPORATION 7 6.64% $7,535
AMERISAVE MORTGAGE CORPORATION 7 6.16% $14,300
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 6.80% $8,255
ACADEMY MORTGAGE CORPORATION 6 6.17% $4,710
Androscoggin Savings Bank 6 5.58% $5,397
MUTUAL OF OMAHA MORTGAGE, INC. 6 6.54% $13,352
PENTAGON FEDERAL CREDIT UNION 6 5.52% $8,585
Paramount Residential Mortgage Group, Inc. 6 6.46% $9,488
KeyBank 6 6.81% $3,678
RELIANCE FIRST CAPITAL, LLC 5 6.18% $12,857
EMBRACE HOME LOANS, INC. 5 6.65% $7,424
LAKEVIEW LOAN SERVICING, LLC 4 6.19% $17,713
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.84% $6,811
TD Bank 4 6.06% $5,056
GUARANTEED RATE, INC. 4 6.47% $12,528
HARBORONE MORTGAGE, LLC 4 6.56% $9,049
Flagstar Bank, FSB 4 6.59% $8,982
Barrington Bank & Trust Company, N.A. 4 6.13% $9,004
SUN WEST MORTGAGE COMPANY, INC. 3 5.92% $5,976
First Savings Bank 3 5.88% $13,481
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.33% $6,693
GUARANTEED RATE AFFINITY, LLC 3 7.53% $4,926
Equity Prime Mortgage LLC 3 6.58% $9,304
AMERICAN FINANCING CORPORATION 3 6.29% $10,066
POLARIS HOME FUNDING CORP. 3 6.83% $13,351
NBKC BANK 3 5.88% $10,589
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 7.42% $4,593
First National Bank 3 5.50% $5,761
Wells Fargo Bank 2 5.88% $3,615
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.25% $9,081
Armed Forces Bank 2 5.44% $27,029
Century Mortgage Company DBA Century Lending Company 2 6.38% $3,064
Citizens Bank 2 5.75% $18,595
CONTOUR MORTGAGE CORPORATION 2 7.44% $11,746
EMM LOANS LLC 2 6.44% $25,202
EVERETT FINANCIAL, INC. 2 6.63% $10,009
Mid-Continent Funding, Inc. 2 6.88% $5,054
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.44% $11,746
NATIONWIDE MORTGAGE BANKERS, INC. 2 6.56% $9,987
NBH Bank 2 5.75% $7,166
NORTHEAST HOME LOAN, LLC 2 7.38% $9,321
NORTHERN MORTGAGE SERVICES, LLC 2 7.19% $5,817
PLANET HOME LENDING, LLC 2 7.13% $27,795
RADIUS FINANCIAL GROUP INC. 2 7.38% $13,829
Servion, Inc. 2 6.63% $10,305
Shamrock Home Loans, Inc. 2 6.88% $8,102
Waterstone Mortgage Corporation 2 6.13% $7,549
Presidential Bank, FSB 1 7.13% $7,746
M&T Bank 1 7.50% $3,412
MEGASTAR FINANCIAL CORP. 1 4.95% $5,023
Prosperity Home Mortgage, LLC 1 6.13% $9,871
Home Loan Investment Bank, F.S.B. 1 7.49% $9,531
American Mortgage & Equity Consultants, Inc. 1 7.25% $4,053
GUARANTY HOME MORTGAGE CORPORATION 1 5.75% $7,744
Service Federal Credit Union 1 6.63% $2,940
AMERICAN FINANCIAL RESOURCES, INC. 1 7.00% $12,058
ALLIED MORTGAGE GROUP, INC. 1 6.63% $22,603
First Federal Bank 1 6.75% $9,832
First Bank 1 6.63% $13,278
Extraco Banks 1 6.25% $20,951
Community First National Bank 1 6.25% $3,666
The Central Trust Bank 1 5.25% $15,453
CARDINAL FINANCIAL 1 6.75% $14,172
BROKER SOLUTIONS, INC. 1 6.25% $9,117
Northpointe Bank 1 6.63% $10,939
Plains Commerce Bank 1 5.75% $4,683
BNC National Bank 1 5.63% $20,620
North American Savings Bank, F.S.B. 1 5.75% $2,703
PREMIA MORTGAGE, LLC 1 6.25% $5,069

The top Maine VA lender as defined by loan originations is Mortgage Research Center, LLC, with 278 VA loans originated. Their average total fees are $5,422, which is $5,249 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Maine VA lenders (with over 10 loans originated) are NORWICH COMMERCIAL GROUP, INC. ($4,189), Mortgage Research Center, LLC ($5,422), DAS Acquisition Company, LLC ($5,893), NAVY FEDERAL CREDIT UNION ($6,287) and LEADERONE FINANCIAL CORPORATION ($6,663).

The lowest rate Maine VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.69%), Bangor Savings Bank (5.84%), Mr. Cooper ( Nationstar Mortgage ) (5.87%), DAS Acquisition Company, LLC (5.87%) and NAVY FEDERAL CREDIT UNION (6.00%).

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.