Maine VA Loan Rates, Closing Costs & Stats

Maine

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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.

    Maine VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Maine averaged 7.13% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.66% and one month ago for the week of 2024-03-15, the average rate was 6.62%.

    The average rate one year ago was 6.21%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.27%.

    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.