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 -0.25% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

Maine's average VA mortgage closing costs are $5,469.

The average rate for the prior week (2023-11-17) was 7.1% and one month ago for the week of 2023-10-20, the average rate was 7.33%.

The average rate one year ago was 6.24%.

For refis of the same type during the week of 2023-11-24, the average rate was -0.98%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 411 5.14% $5,788
QUICKEN LOANS, LLC 178 4.18% $9,680
UNITED WHOLESALE MORTGAGE, LLC 124 4.83% $8,301
NAVY FEDERAL CREDIT UNION 92 3.91% $5,115
USAA Federal Savings Bank 80 4.56% $7,441
GUILD MORTGAGE COMPANY 70 5.07% $9,201
FREEDOM MORTGAGE CORPORATION 69 4.09% $10,148
NEW DAY FINANCIAL, LLC 68 4.93% $9,591
CMG MORTGAGE, INC. 65 4.65% $9,230
PENNYMAC LOAN SERVICES, LLC 62 3.46% $8,230
LOANDEPOT.COM, LLC 57 4.51% $9,758
CALIBER HOME LOANS, INC. 51 4.65% $8,253
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 47 4.68% $6,985
Mr. Cooper ( Nationstar Mortgage ) 38 4.33% $8,614
LEADERONE FINANCIAL CORPORATION 32 5.11% $6,574
The Federal Savings Bank 30 4.22% $14,950
HOME POINT FINANCIAL CORPORATION 30 4.60% $7,189
Bangor Savings Bank 25 4.13% $6,658
CROSSCOUNTRY MORTGAGE, LLC 25 5.22% $10,485
Barrington Bank & Trust Company, N.A. 24 4.76% $8,196
HOMEBRIDGE FINANCIAL SERVICES, INC. 23 4.66% $10,012
The Camden National Bank 19 5.00% $8,307
NEWREZ LLC 19 3.97% $8,510
AMERISAVE MORTGAGE CORPORATION 18 4.11% $9,246
TOTAL MORTGAGE SERVICES, LLC 16 5.27% $8,559
Citizens Bank 16 3.80% $8,096
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 15 4.72% $6,133
Mortgage Network, Inc. 14 3.99% $6,583
T2 FINANCIAL LLC 14 5.13% $9,642
VILLAGE CAPITAL MORTGAGE 13 4.27% $12,628
DAS Acquisition Company, LLC 13 4.46% $5,105
EMBRACE HOME LOANS, INC. 12 4.81% $5,781
LAKEVIEW LOAN SERVICING, LLC 11 3.26% $5,648
BROKER SOLUTIONS, INC. 11 4.77% $8,917
ACADEMY MORTGAGE CORPORATION 10 4.81% $5,632
AMERICAN FINANCING CORPORATION 10 3.84% $10,464
NORTHPOINT MORTGAGE, INC. 10 4.99% $13,262
TD Bank 10 3.54% $5,889
MUTUAL OF OMAHA MORTGAGE, INC. 9 3.90% $6,294
Flagstar Bank, FSB 9 4.45% $9,977
Magnolia Bank 8 4.72% $13,781
MOVEMENT MORTGAGE, LLC 8 5.02% $6,823
MEGASTAR FINANCIAL CORP. 7 4.39% $9,235
EVERETT FINANCIAL, INC. 7 4.16% $7,135
CARDINAL FINANCIAL 7 5.36% $14,023
Carrington Mortgage Services, LLC 6 4.40% $11,423
Androscoggin Savings Bank 6 5.14% $9,244
NORWICH COMMERCIAL GROUP, INC. 6 4.79% $14,980
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 5.04% $5,083
GUARANTEED RATE, INC. 6 5.02% $5,151
Service Federal Credit Union 5 4.70% $9,935
First National Bank 5 4.00% $7,166
CONTOUR MORTGAGE CORPORATION 5 4.20% $15,320
NBKC BANK 5 3.78% $11,274
BNC National Bank 5 4.40% $4,850
North American Savings Bank, F.S.B. 5 3.70% $8,705
Wells Fargo Bank 5 3.35% $6,072
PENTAGON FEDERAL CREDIT UNION 5 4.35% $8,343
First Federal Bank 5 4.92% $13,901
Mid-Continent Funding, Inc. 4 4.69% $8,813
KeyBank 4 3.44% $2,016
CUSO MORTGAGE CORPORATION 4 4.28% $4,912
NP, Inc. 3 2.58% $5,963
Texana Bank 3 3.75% $10,202
Low VA Rates, LLC 3 4.21% $22,157
ENVOY MORTGAGE, LTD 3 5.54% $5,008
RELIANCE FIRST CAPITAL, LLC 3 5.29% $13,411
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 5.00% $6,556
EMM LOANS LLC 3 5.13% $5,243
Nations Lending Corporation 3 4.88% $12,467
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 5.42% $4,887
Century Mortgage Company DBA Century Lending Company 2 2.81% $11,955
INTEGRITY MORTGAGE LLC 2 5.75% $9,307
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 5.25% $7,478
M&T Bank 2 6.00% $9,245
NBH Bank 2 4.44% $2,275
First Savings Bank 2 3.19% $14,041
AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.06% $5,966
NORTHEAST HOME LOAN, LLC 2 6.00% $9,948
Northpointe Bank 2 3.31% $7,649
American Mortgage & Equity Consultants, Inc. 2 5.25% $2,156
Paramount Residential Mortgage Group, Inc. 2 6.44% $9,280
Bath Savings Institution 2 5.18% $10,109
Bank of England 2 4.50% $7,065
Servion, Inc. 2 4.19% $11,599
SUN WEST MORTGAGE COMPANY, INC. 2 5.06% $21,160
ZILLOW HOME LOANS, LLC 2 5.63% $10,842
The Central Trust Bank 2 5.00% $9,159
MID AMERICA MORTGAGE, INC. 1 5.63% $2,048
FINANCE OF AMERICA MORTGAGE LLC 1 4.50% $7,642
PLANET HOME LENDING, LLC 1 3.25% $2,133
HANSCOM 1 4.00% $2,631
Prime Choice Funding Inc. 1 2.25% $5,955
HARBORONE MORTGAGE, LLC 1 5.25% $14,190
MICHIGAN MUTUAL, INC. 1 4.38% $2,500
Equity Prime Mortgage LLC 1 5.25% $8,430
RESIDENTIAL BANCORP 1 2.75% $4,775
RUOFF MORTGAGE COMPANY, INC. 1 5.75% $4,843
First Home Bank 1 3.13% $6,035
Leader Bank 1 2.50% $3,950
SIRVA MORTGAGE, INC. 1 5.63% $4,089
HOMESPIRE MORTGAGE CORPORATION 1 3.25% $16,023
Bank of America 1 6.63% $5,306
LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $10,746
Community First National Bank 1 5.13% $14,082
Austin Capital Bank SSB 1 5.63% $9,613
Truist 1 5.10% $13,806
BAY EQUITY LLC 1 5.13% $6,253
VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.25% $5,629
Armed Forces Bank 1 4.25% $2,162
NORTHERN MORTGAGE SERVICES, LLC 1 4.75% $10,110
The Union Bank Company 1 2.75% $4,177
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.63% $9,334
Evolve Bank & Trust 1 5.13% $12,571
NETWORK CAPITAL FUNDING CORPORATION 1 4.50% $7,188
OCMBC, INC. 1 2.88% $9,382
Ixonia Bank 1 5.25% $15,082

The top Maine VA lender as defined by loan originations is Mortgage Research Center, LLC, with 411 VA loans originated. Their average total fees are $5,788, which is $3,892 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Maine VA lenders (with over 10 loans originated) are DAS Acquisition Company, LLC ($5,105), NAVY FEDERAL CREDIT UNION ($5,115), ACADEMY MORTGAGE CORPORATION ($5,632), LAKEVIEW LOAN SERVICING, LLC ($5,648) and EMBRACE HOME LOANS, INC. ($5,781).

The lowest rate Maine VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.26%), PENNYMAC LOAN SERVICES, LLC (3.46%), TD Bank (3.54%), Citizens Bank (3.80%) and AMERICAN FINANCING CORPORATION (3.84%).

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.