Big Spring VA Loan Rates, Closing Costs & Stats

Big Spring, TX

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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.

    Big Spring's 17 lenders originated 40 VA loans during 2023. The total origination value was $10,220,000, with an average VA loan value of $255,500.

    Big Spring VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Big Spring averaged 7.12% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Big Spring's average VA mortgage closing costs are $5,582.

    The average rate for the prior week (2024-04-12) was 7.25% and one month ago for the week of 2024-03-15, the average rate was 6.71%.

    The average rate one year ago was 6.6%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Big Spring 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 Big Spring level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 11 6.69% $6,660
    USAA Federal Savings Bank 4 6.06% $9,635
    QUICKEN LOANS, LLC 3 5.99% $15,282
    SECURITYNATIONAL MORTGAGE COMPANY 3 6.54% $10,366
    PENNYMAC LOAN SERVICES, LLC 2 5.25% $6,221
    THRIVE MORTGAGE, LLC 2 7.13% $9,525
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $10,790
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $3,315
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $7,125
    Strong Home Mortgage, LLC 1 6.50% $4,481
    UNITED WHOLESALE MORTGAGE, LLC 1 7.10% $9,557
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $1,885
    LOANDEPOT.COM, LLC 1 7.13% $10,895
    MANN FINANCIAL INC. 1 6.13% $813
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $9,300
    NAVY FEDERAL CREDIT UNION 1 5.50% $5,255
    Paramount Residential Mortgage Group, Inc. 1 5.75% $14,993

    The top Big Spring VA lender as defined by loan originations is Mortgage Research Center, LLC, with 11 VA loans originated. Their average total fees are $6,660, which is $2,975 lower than the next largest lender, USAA Federal Savings Bank.

    The lowest fee Big Spring VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,660), .

    The lowest rate Big Spring VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.69%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Big Spring (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 $154,000 (1.7%) $189,361 (7.0%) 0.00 128
    2018-02-01 $150,000 (2.4%) $189,151 (10.3%) 0.00 108
    2018-03-01 $157,900 (7.8%) $193,124 (12.4%) 0.00 91
    2018-04-01 $159,950 (3.2%) $184,125 (1.7%) 0.00 89
    2018-05-01 $162,475 (1.6%) $172,830 (-4.2%) 0.00 87
    2018-06-01 $175,000 (7.9%) $189,213 (4.8%) 0.00 81
    2018-07-01 $181,000 (11.0%) $203,879 (12.5%) 0.00 85
    2018-08-01 $169,900 (6.3%) $200,898 (11.6%) 0.00 89
    2018-09-01 $159,900 (-0.1%) $204,242 (15.1%) 0.00 89
    2018-10-01 $159,750 (-1.7%) $206,844 (19.7%) 0.00 83
    2018-11-01 $158,900 (-0.6%) $207,300 (19.0%) 0.00 75
    2018-12-01 $150,000 (-5.7%) $196,530 (9.2%) 0.00 71
    2019-01-01 $179,500 (16.6%) $221,485 (17.0%) 0.00 66
    2019-02-01 $180,950 (20.6%) $222,979 (17.9%) 0.00 64
    2019-03-01 $180,500 (14.3%) $231,853 (20.1%) 0.00 61
    2019-04-01 $182,525 (14.1%) $241,444 (31.1%) 0.00 61
    2019-05-01 $178,075 (9.6%) $245,855 (42.3%) 0.00 69
    2019-06-01 $169,450 (-3.2%) $229,349 (21.2%) 0.00 77
    2019-07-01 $170,750 (-5.7%) $227,539 (11.6%) 0.00 101
    2019-08-01 $161,973 (-4.7%) $220,763 (9.9%) 0.00 108
    2019-09-01 $155,182 (-3.0%) $216,737 (6.1%) 0.00 108
    2019-10-01 $149,425 (-6.5%) $214,052 (3.5%) 0.00 110
    2019-11-01 $149,450 (-6.0%) $215,531 (4.0%) 0.00 122
    2019-12-01 $156,750 (4.5%) $213,132 (8.5%) 0.00 131
    2020-01-01 $169,200 (-5.7%) $211,681 (-4.4%) 0.00 124
    2020-02-01 $153,750 (-15.0%) $202,504 (-9.2%) 0.00 114
    2020-03-01 $155,000 (-14.1%) $200,698 (-13.4%) 0.00 130
    2020-04-01 $156,675 (-14.2%) $209,228 (-13.3%) 0.00 132
    2020-05-01 $164,750 (-7.5%) $214,583 (-12.7%) 0.00 133
    2020-06-01 $166,700 (-1.6%) $207,893 (-9.4%) 0.00 119
    2020-07-01 $196,725 (15.2%) $219,792 (-3.4%) 0.00 114
    2020-08-01 $185,000 (14.2%) $219,647 (-0.5%) 0.00 116
    2020-09-01 $187,025 (20.5%) $214,484 (-1.0%) 0.00 116
    2020-10-01 $193,250 (29.3%) $216,193 (1.0%) 0.00 116
    2020-11-01 $185,000 (23.8%) $211,576 (-1.8%) 0.00 117
    2020-12-01 $173,000 (10.4%) $208,173 (-2.3%) 0.00 112
    2021-01-01 $179,000 (5.8%) $221,738 (4.8%) 0.00 91
    2021-02-01 $202,425 (31.7%) $214,532 (5.9%) 0.00 95
    2021-03-01 $192,200 (24.0%) $207,988 (3.6%) 0.00 99
    2021-04-01 $199,450 (27.3%) $220,383 (5.3%) 0.00 105
    2021-05-01 $207,550 (26.0%) $253,603 (18.2%) 0.00 117
    2021-06-01 $216,750 (30.0%) $270,484 (30.1%) 0.00 113
    2021-07-01 $220,000 (11.8%) $268,152 (22.0%) 0.00 128
    2021-08-01 $216,200 (16.9%) $228,059 (3.8%) 0.00 131
    2021-09-01 $198,000 (5.9%) $218,298 (1.8%) 0.00 136
    2021-10-01 $192,500 (-0.4%) $212,903 (-1.5%) 0.00 130
    2021-11-01 $175,000 (-5.4%) $207,433 (-2.0%) 0.00 121
    2021-12-01 $199,125 (15.1%) $220,230 (5.8%) 0.00 129
    2022-01-01 $199,900 (11.7%) $225,791 (1.8%) 0.00 132
    2022-02-01 $191,075 (-5.6%) $218,259 (1.7%) 0.00 120
    2022-03-01 $194,700 (1.3%) $224,481 (7.9%) 0.00 106
    2022-04-01 $198,975 (-0.2%) $234,569 (6.4%) 0.00 99
    2022-05-01 $192,000 (-7.5%) $228,889 (-9.8%) 0.00 103
    2022-06-01 $183,750 (-15.2%) $214,857 (-20.6%) 0.00 119
    2022-07-01 $194,500 (-11.6%) $217,506 (-18.9%) 0.00 131
    2022-08-01 $199,675 (-7.6%) $223,018 (-2.2%) 0.00 132
    2022-09-01 $197,000 (-0.5%) $220,157 (0.9%) 0.00 142
    2022-10-01 $197,000 (2.3%) $224,295 (5.4%) 0.00 140
    2022-11-01 $193,250 (10.4%) $221,693 (6.9%) 0.00 132
    2022-12-01 $195,000 (-2.1%) $220,922 (0.3%) 0.00 131
    2023-01-01 $188,000 (-6.0%) $214,789 (-4.9%) 0.00 131
    2023-02-01 $188,500 (-1.4%) $217,135 (-0.5%) 0.00 126
    2023-03-01 $193,713 (-0.5%) $224,201 (-0.1%) 0.00 121
    2023-04-01 $197,500 (-0.7%) $228,894 (-2.4%) 0.00 116
    2023-05-01 $206,000 (7.3%) $224,180 (-2.1%) 0.00 117
    2023-06-01 $195,000 (6.1%) $214,251 (-0.3%) 0.00 127
    2023-07-01 $199,000 (2.3%) $222,138 (2.1%) 0.00 135
    2023-08-01 $220,625 (10.5%) $237,654 (6.6%) 0.00 143
    2023-09-01 $227,000 (15.2%) $246,794 (12.1%) 0.00 146
    2023-10-01 $219,850 (11.6%) $245,202 (9.3%) 0.00 148
    2023-11-01 $216,625 (12.1%) $242,327 (9.3%) 0.00 151
    2023-12-01 $217,000 (11.3%) $236,922 (7.2%) 0.00 151
    2024-01-01 $222,500 (18.4%) $246,808 (14.9%) 0.00 137
    2024-02-01 $226,225 (20.0%) $247,512 (14.0%) 0.00 125
    2024-03-01 $232,400 (20.0%) $249,031 (11.1%) 0.00 129
    Big Spring's median listing price for 2024-03-01 was $232,400, a difference of $38,687 (20.0%) versus the prior year and $6,175 versus the prior month.

    Big Spring's median listing price comes in at 0% of the national average.

    Big Spring's average listing price for 2024-03-01 was $249,031, a difference of $24,830 (11.1%) versus the prior year and $1,519 versus the prior month.

    For the 2024-03-01 period, Big Spring had 129 MLS listings, a difference of 4 listings (3%) versus the prior month and 8 listings (7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Big Spring (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,777 sqft
    2018-02-01 0 days 1,806 sqft
    2018-03-01 0 days 1,811 sqft
    2018-04-01 0 days 1,824 sqft
    2018-05-01 0 days 1,803 sqft
    2018-06-01 0 days 1,871 sqft
    2018-07-01 0 days 1,805 sqft
    2018-08-01 0 days 1,796 sqft
    2018-09-01 0 days 1,817 sqft
    2018-10-01 0 days 1,810 sqft
    2018-11-01 0 days 1,734 sqft
    2018-12-01 0 days 1,722 sqft
    2019-01-01 0 days 1,812 sqft
    2019-02-01 0 days 1,817 sqft
    2019-03-01 0 days 1,841 sqft
    2019-04-01 0 days 1,908 sqft
    2019-05-01 0 days 2,037 sqft
    2019-06-01 0 days 1,952 sqft
    2019-07-01 0 days 1,776 sqft
    2019-08-01 0 days 1,715 sqft
    2019-09-01 0 days 1,706 sqft
    2019-10-01 0 days 1,690 sqft
    2019-11-01 0 days 1,672 sqft
    2019-12-01 0 days 1,698 sqft
    2020-01-01 0 days 1,700 sqft
    2020-02-01 0 days 1,711 sqft
    2020-03-01 0 days 1,692 sqft
    2020-04-01 0 days 1,740 sqft
    2020-05-01 0 days 1,735 sqft
    2020-06-01 0 days 1,702 sqft
    2020-07-01 0 days 1,735 sqft
    2020-08-01 0 days 1,704 sqft
    2020-09-01 0 days 1,749 sqft
    2020-10-01 0 days 1,802 sqft
    2020-11-01 0 days 1,775 sqft
    2020-12-01 0 days 1,748 sqft
    2021-01-01 0 days 1,793 sqft
    2021-02-01 0 days 1,827 sqft
    2021-03-01 0 days 1,801 sqft
    2021-04-01 0 days 1,811 sqft
    2021-05-01 0 days 1,836 sqft
    2021-06-01 0 days 1,836 sqft
    2021-07-01 0 days 1,813 sqft
    2021-08-01 0 days 1,755 sqft
    2021-09-01 0 days 1,717 sqft
    2021-10-01 0 days 1,618 sqft
    2021-11-01 0 days 1,632 sqft
    2021-12-01 0 days 1,671 sqft
    2022-01-01 0 days 1,702 sqft
    2022-02-01 0 days 1,702 sqft
    2022-03-01 0 days 1,723 sqft
    2022-04-01 0 days 1,644 sqft
    2022-05-01 0 days 1,601 sqft
    2022-06-01 0 days 1,644 sqft
    2022-07-01 0 days 1,712 sqft
    2022-08-01 0 days 1,757 sqft
    2022-09-01 0 days 1,779 sqft
    2022-10-01 0 days 1,669 sqft
    2022-11-01 0 days 1,669 sqft
    2022-12-01 0 days 1,679 sqft
    2023-01-01 0 days 1,614 sqft
    2023-02-01 0 days 1,669 sqft
    2023-03-01 0 days 1,705 sqft
    2023-04-01 0 days 1,663 sqft
    2023-05-01 0 days 1,852 sqft
    2023-06-01 0 days 1,826 sqft
    2023-07-01 0 days 1,704 sqft
    2023-08-01 0 days 1,807 sqft
    2023-09-01 0 days 1,810 sqft
    2023-10-01 0 days 1,795 sqft
    2023-11-01 0 days 1,781 sqft
    2023-12-01 0 days 1,759 sqft
    2024-01-01 0 days 1,886 sqft
    2024-02-01 0 days 1,847 sqft
    2024-03-01 0 days 1,883 sqft
    Big Spring's median listing age (time on market) for 2024-03-01 was 0 days.

    Big Spring's median square footage for active listings during the 2024-03-01 period was 1,883 sqft. One year prior, the average listing was 1,705 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.