Albany VA Loan Rates, Closing Costs & Stats

ALBANY-SCHENECTADY-TROY, NY

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Albany's 51 lenders originated 427 VA loans during 2023. The total origination value was $132,075,000, with an average VA loan value of $309,309.

    Albany VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Albany averaged 6.13% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

    Albany's average VA mortgage closing costs are $6,776.

    The average rate for the prior week (2024-04-05) was 6.08% and one month ago for the week of 2024-03-08, the average rate was 6.31%.

    The average rate one year ago was 5.41%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.8%.

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

    Albany 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 Albany level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 58 6.33% $11,506
    Mortgage Research Center, LLC 57 6.65% $8,719
    NAVY FEDERAL CREDIT UNION 48 5.97% $8,477
    UNITED WHOLESALE MORTGAGE, LLC 46 6.23% $9,558
    HOMESTEAD FUNDING CORP. 44 6.47% $8,060
    USAA Federal Savings Bank 17 6.32% $13,570
    SEFCU SERVICES, LLC 17 6.31% $8,839
    MOVEMENT MORTGAGE, LLC 14 6.44% $11,969
    NEWREZ LLC 8 6.63% $9,369
    PLAZA HOME MORTGAGE, INC. 8 6.38% $9,833
    Premium Mortgage Corporation 8 6.55% $7,749
    Barrington Bank & Trust Company, N.A. 7 6.61% $9,853
    Mr. Cooper ( Nationstar Mortgage ) 6 6.04% $15,945
    FREEDOM MORTGAGE CORPORATION 5 6.45% $18,824
    SUNMARK FEDERAL CREDIT UNION 4 6.63% $5,028
    1ST PRIORITY MORTGAGE, INC. 4 6.34% $9,259
    NBKC BANK 4 6.38% $6,906
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.19% $10,424
    EMM LOANS LLC 4 7.13% $7,105
    RELIANCE FIRST CAPITAL, LLC 3 6.67% $9,005
    GUARANTEED RATE, INC. 3 6.04% $14,620
    KeyBank 3 6.63% $7,027
    PENNYMAC LOAN SERVICES, LLC 3 6.13% $15,275
    Evolve Bank & Trust 3 6.54% $14,495
    Flagstar Bank, FSB 3 7.25% $7,848
    PHH Mortgage Corporation 2 6.50% $11,241
    Wells Fargo Bank 2 5.63% $12,936
    PLANET HOME LENDING, LLC 2 6.81% $10,032
    Magnolia Bank 2 6.62% $18,912
    LOANDEPOT.COM, LLC 2 6.25% $12,227
    PENTAGON FEDERAL CREDIT UNION 2 5.81% $8,866
    The Federal Savings Bank 1 7.13% $12,621
    ABSOLUTE HOME MORTGAGE CORPORATION 1 7.13% $1,885
    Adams Community Bank 1 6.13% $10,212
    AMERICAN FINANCING CORPORATION 1 5.50% $7,793
    CARDINAL FINANCIAL 1 6.50% $21,754
    Chambers Bank 1 7.13% $9,535
    Community First National Bank 1 6.25% $12,729
    CONTOUR MORTGAGE CORPORATION 1 5.63% $10,419
    CROSSCOUNTRY MORTGAGE, LLC 1 5.63% $1,287
    EMBRACE HOME LOANS, INC. 1 5.63% $7,051
    Equity Prime Mortgage LLC 1 7.75% $19,447
    JPMorgan Chase Bank 1 6.63% $10,565
    MORTGAGE ACCESS CORP. 1 7.13% $15,199
    M&T Bank 1 6.25% $9,310
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $25,302
    North American Savings Bank, F.S.B. 1 6.13% $9,927
    PREMIA MORTGAGE, LLC 1 5.75% $15,660
    Truist 1 6.50% $5,144
    U.S. Bank 1 6.50% $1,178
    US MORTGAGE CORPORATION 1 6.88% $11,169

    The top Albany VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 58 VA loans originated. Their average total fees are $11,506, which is $2,788 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Albany VA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($8,060), NAVY FEDERAL CREDIT UNION ($8,477), Mortgage Research Center, LLC ($8,719), SEFCU SERVICES, LLC ($8,839) and UNITED WHOLESALE MORTGAGE, LLC ($9,558).

    The lowest rate Albany VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.97%), UNITED WHOLESALE MORTGAGE, LLC (6.23%), SEFCU SERVICES, LLC (6.31%), USAA Federal Savings Bank (6.32%) and QUICKEN LOANS, LLC (6.33%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Albany (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $277,450 (14.5%) $331,473 (8.3%) 1.03 3,263
    2018-02-01 $284,900 (14.0%) $334,664 (7.8%) 1.03 3,167
    2018-03-01 $289,900 (11.7%) $336,706 (6.6%) 1.02 3,125
    2018-04-01 $297,900 (12.4%) $339,749 (6.0%) 1.01 3,180
    2018-05-01 $296,000 (9.8%) $336,670 (4.5%) 0.99 3,482
    2018-06-01 $294,900 (9.3%) $339,172 (5.0%) 0.98 3,868
    2018-07-01 $292,200 (8.3%) $339,654 (5.6%) 0.98 4,060
    2018-08-01 $288,200 (7.5%) $336,184 (5.5%) 0.97 4,111
    2018-09-01 $289,700 (7.7%) $336,643 (5.0%) 0.97 4,209
    2018-10-01 $289,900 (8.5%) $337,263 (5.3%) 0.98 4,242
    2018-11-01 $292,450 (10.2%) $340,275 (6.4%) 0.99 4,169
    2018-12-01 $292,900 (8.5%) $338,333 (3.7%) 1.01 3,823
    2019-01-01 $299,663 (8.0%) $343,738 (3.7%) 1.04 3,460
    2019-02-01 $306,400 (7.6%) $352,177 (5.2%) 1.04 3,360
    2019-03-01 $309,428 (6.7%) $355,005 (5.4%) 1.01 3,355
    2019-04-01 $309,878 (4.0%) $356,311 (4.9%) 0.98 3,411
    2019-05-01 $299,900 (1.3%) $351,297 (4.3%) 0.94 3,534
    2019-06-01 $299,500 (1.6%) $350,339 (3.3%) 0.94 3,692
    2019-07-01 $299,450 (2.5%) $346,634 (2.1%) 0.94 3,720
    2019-08-01 $294,198 (2.1%) $341,374 (1.5%) 0.93 3,838
    2019-09-01 $291,780 (0.7%) $340,545 (1.2%) 0.93 3,896
    2019-10-01 $289,900 (0.0%) $340,576 (1.0%) 0.94 3,913
    2019-11-01 $289,900 (-0.9%) $338,208 (-0.6%) 0.95 3,510
    2019-12-01 $294,300 (0.5%) $340,101 (0.5%) 0.98 3,157
    2020-01-01 $295,825 (-1.3%) $339,778 (-1.2%) 0.99 2,854
    2020-02-01 $304,900 (-0.5%) $344,026 (-2.3%) 1.00 2,704
    2020-03-01 $312,500 (1.0%) $347,697 (-2.1%) 0.98 2,667
    2020-04-01 $317,000 (2.3%) $353,712 (-0.7%) 0.99 2,493
    2020-05-01 $320,900 (7.0%) $359,151 (2.2%) 0.98 2,452
    2020-06-01 $338,950 (13.2%) $372,687 (6.4%) 1.00 2,425
    2020-07-01 $342,400 (14.3%) $378,251 (9.1%) 0.99 2,315
    2020-08-01 $339,900 (15.5%) $391,242 (14.6%) 0.97 2,242
    2020-09-01 $335,000 (14.8%) $393,393 (15.5%) 0.96 2,246
    2020-10-01 $335,650 (15.8%) $395,944 (16.3%) 0.96 2,224
    2020-11-01 $337,350 (16.4%) $398,023 (17.7%) 0.99 2,135
    2020-12-01 $339,000 (15.2%) $399,852 (17.6%) 1.01 1,932
    2021-01-01 $344,950 (16.6%) $412,470 (21.4%) 1.03 1,666
    2021-02-01 $367,900 (20.7%) $435,353 (26.6%) 1.07 1,398
    2021-03-01 $369,450 (18.2%) $459,090 (32.0%) 1.05 1,319
    2021-04-01 $370,075 (16.7%) $460,284 (30.1%) 1.00 1,309
    2021-05-01 $364,975 (13.7%) $457,022 (27.3%) 0.97 1,343
    2021-06-01 $349,900 (3.2%) $450,633 (20.9%) 0.92 1,494
    2021-07-01 $349,900 (2.2%) $448,094 (18.5%) 0.92 1,633
    2021-08-01 $344,750 (1.4%) $443,189 (13.3%) 0.92 1,728
    2021-09-01 $334,950 (0.0%) $438,727 (11.5%) 0.89 1,693
    2021-10-01 $325,000 (-3.2%) $433,139 (9.4%) 0.87 1,619
    2021-11-01 $324,900 (-3.7%) $430,151 (8.1%) 0.87 1,507
    2021-12-01 $344,300 (1.6%) $443,245 (10.9%) 0.93 1,358
    2022-01-01 $349,900 (1.4%) $453,949 (10.1%) 0.95 1,132
    2022-02-01 $367,725 (-0.1%) $483,053 (11.0%) 0.96 929
    2022-03-01 $369,700 (0.1%) $489,862 (6.7%) 0.93 888
    2022-04-01 $369,900 (-0.1%) $483,355 (5.0%) 0.88 924
    2022-05-01 $369,900 (1.4%) $466,378 (2.1%) 0.85 1,103
    2022-06-01 $369,900 (5.7%) $468,908 (4.1%) 0.82 1,281
    2022-07-01 $350,000 (0.0%) $431,849 (-3.6%) 0.79 1,468
    2022-08-01 $351,950 (2.1%) $430,859 (-2.8%) 0.81 1,476
    2022-09-01 $344,000 (2.7%) $440,413 (0.4%) 0.80 1,429
    2022-10-01 $347,500 (6.9%) $435,175 (0.5%) 0.82 1,442
    2022-11-01 $339,950 (4.6%) $418,702 (-2.7%) 0.82 1,393
    2022-12-01 $344,900 (0.2%) $429,195 (-3.2%) 0.85 1,267
    2023-01-01 $363,311 (3.8%) $435,254 (-4.1%) 0.90 1,118
    2023-02-01 $384,900 (4.7%) $457,060 (-5.4%) 0.93 1,030
    2023-03-01 $399,900 (8.2%) $463,576 (-5.4%) 0.94 926
    2023-04-01 $408,000 (10.3%) $473,794 (-2.0%) 0.95 886
    2023-05-01 $407,475 (10.2%) $493,919 (5.9%) 0.92 965
    2023-06-01 $416,950 (12.7%) $506,074 (7.9%) 0.94 1,062
    2023-07-01 $419,000 (19.7%) $514,802 (19.2%) 0.95 1,140
    2023-08-01 $419,900 (19.3%) $513,154 (19.1%) 0.96 1,220
    2023-09-01 $417,140 (21.3%) $509,342 (15.7%) 0.97 1,262
    2023-10-01 $399,394 (14.9%) $506,474 (16.4%) 0.94 1,310
    2023-11-01 $392,450 (15.4%) $494,369 (18.1%) 0.93 1,337
    2023-12-01 $399,000 (15.7%) $495,424 (15.4%) 0.97 1,209
    2024-01-01 $423,775 (16.6%) $516,146 (18.6%) 1.03 1,058
    2024-02-01 $433,960 (12.8%) $524,089 (14.7%) 1.04 985
    2024-03-01 $435,900 (9.0%) $560,585 (20.9%) 1.03 897
    Albany's median listing price for 2024-03-01 was $435,900, a difference of $36,000 (9.0%) versus the prior year and $1,940 versus the prior month.

    Albany's median listing price comes in at 103% of the national average.

    Albany's average listing price for 2024-03-01 was $560,585, a difference of $97,009 (20.9%) versus the prior year and $36,496 versus the prior month.

    For the 2024-03-01 period, Albany had 897 MLS listings, a difference of -88 listings (-9%) versus the prior month and -29 listings (-3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Albany (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 101 days 1,832 sqft
    2018-02-01 101 days 1,850 sqft
    2018-03-01 89 days 1,852 sqft
    2018-04-01 73 days 1,869 sqft
    2018-05-01 62 days 1,874 sqft
    2018-06-01 57 days 1,872 sqft
    2018-07-01 62 days 1,885 sqft
    2018-08-01 68 days 1,874 sqft
    2018-09-01 75 days 1,875 sqft
    2018-10-01 75 days 1,876 sqft
    2018-11-01 77 days 1,890 sqft
    2018-12-01 85 days 1,874 sqft
    2019-01-01 93 days 1,882 sqft
    2019-02-01 95 days 1,901 sqft
    2019-03-01 85 days 1,907 sqft
    2019-04-01 71 days 1,901 sqft
    2019-05-01 59 days 1,908 sqft
    2019-06-01 62 days 1,908 sqft
    2019-07-01 68 days 1,905 sqft
    2019-08-01 69 days 1,893 sqft
    2019-09-01 71 days 1,883 sqft
    2019-10-01 73 days 1,874 sqft
    2019-11-01 80 days 1,867 sqft
    2019-12-01 97 days 1,851 sqft
    2020-01-01 106 days 1,852 sqft
    2020-02-01 92 days 1,877 sqft
    2020-03-01 72 days 1,896 sqft
    2020-04-01 78 days 1,886 sqft
    2020-05-01 86 days 1,900 sqft
    2020-06-01 84 days 1,930 sqft
    2020-07-01 64 days 1,987 sqft
    2020-08-01 58 days 1,941 sqft
    2020-09-01 53 days 1,914 sqft
    2020-10-01 55 days 1,900 sqft
    2020-11-01 66 days 1,886 sqft
    2020-12-01 76 days 1,876 sqft
    2021-01-01 88 days 1,857 sqft
    2021-02-01 92 days 1,885 sqft
    2021-03-01 71 days 1,885 sqft
    2021-04-01 60 days 1,886 sqft
    2021-05-01 50 days 1,876 sqft
    2021-06-01 44 days 1,878 sqft
    2021-07-01 49 days 1,872 sqft
    2021-08-01 52 days 1,864 sqft
    2021-09-01 55 days 1,831 sqft
    2021-10-01 59 days 1,800 sqft
    2021-11-01 60 days 1,780 sqft
    2021-12-01 66 days 1,826 sqft
    2022-01-01 78 days 2,034 sqft
    2022-02-01 82 days 1,925 sqft
    2022-03-01 56 days 1,860 sqft
    2022-04-01 49 days 1,824 sqft
    2022-05-01 36 days 1,817 sqft
    2022-06-01 38 days 1,823 sqft
    2022-07-01 40 days 1,800 sqft
    2022-08-01 52 days 1,818 sqft
    2022-09-01 58 days 1,810 sqft
    2022-10-01 58 days 1,800 sqft
    2022-11-01 60 days 1,773 sqft
    2022-12-01 68 days 1,762 sqft
    2023-01-01 78 days 1,762 sqft
    2023-02-01 73 days 1,791 sqft
    2023-03-01 68 days 1,816 sqft
    2023-04-01 62 days 1,814 sqft
    2023-05-01 45 days 1,846 sqft
    2023-06-01 44 days 1,833 sqft
    2023-07-01 49 days 1,829 sqft
    2023-08-01 50 days 1,829 sqft
    2023-09-01 52 days 1,819 sqft
    2023-10-01 54 days 1,800 sqft
    2023-11-01 58 days 1,803 sqft
    2023-12-01 64 days 1,800 sqft
    2024-01-01 73 days 1,800 sqft
    2024-02-01 73 days 1,838 sqft
    2024-03-01 62 days 1,821 sqft
    Albany's median listing age (time on market) for 2024-03-01 was 62 days. This is -9% shorter than the same period one year ago.

    Albany's median square footage for active listings during the 2024-03-01 period was 1,821 sqft. One year prior, the average listing was 1,816 sqft.

    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.