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 -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.