Big Spring VA Loan Rates, Closing Costs & Stats

Big Spring, TX

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 27 lenders originated 72 VA loans during 2021. The total origination value was $16,650,000, with an average VA loan value of $231,250.

Big Spring VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Big Spring averaged 6.98% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

Big Spring's average VA mortgage closing costs are $5,069.

The average rate for the prior week (2022-11-25) was 7.12% and one month ago for the week of 2022-10-28, the average rate was 7.41%.

The average rate one year ago was 3.49%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.54%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 8 2.39% $5,340
Mortgage Research Center, LLC 8 2.81% $5,513
FREEDOM MORTGAGE CORPORATION 7 2.80% $1,550
USAA Federal Savings Bank 6 2.98% $4,097
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.63% $8,136
LRS FINANCIAL NETWORK, INC. 4 2.47% $5,093
SECURITYNATIONAL MORTGAGE COMPANY 3 2.92% $8,573
NAVY FEDERAL CREDIT UNION 2 2.44% $4,082
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.31% $5,202
Low VA Rates, LLC 2 2.50% $7,952
PENNYMAC LOAN SERVICES, LLC 2 2.56% $4,084
Republic State Mortgage Co. 1 2.88% $0
UNITED WHOLESALE MORTGAGE, LLC 1 2.25% $2,153
VILLAGE CAPITAL MORTGAGE 1 2.75% $1,389
Wells Fargo Bank 1 2.25% $3,972
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.63% $10,019
Wyndham Capital Mortgage, Inc. 1 2.88% $2,555
BROKER SOLUTIONS, INC. 1 2.25% $11,889
CALIBER HOME LOANS, INC. 1 2.75% $2,532
First Guaranty Mortgage Corporation 1 2.75% $1,974
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $4,493
HOME POINT FINANCIAL CORPORATION 1 2.75% $1,900
InterContinental Capital Group, Inc 1 2.25% $2,761
LEADERONE FINANCIAL CORPORATION 1 2.25% $0
LOANDEPOT.COM, LLC 1 3.38% $828
NATIONS RELIABLE LENDING, LLC 1 3.63% $9,152
PREMIA MORTGAGE, LLC 1 2.38% $4,596

The top Big Spring VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 8 VA loans originated. Their average total fees are $5,340, which is $172 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Big Spring VA lenders (with over 10 loans originated) are .

The lowest rate Big Spring VA lenders (with over 10 loans originated) are .


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 (6.2%) $200,898 (11.6%) 0.00 89
2018-09-01 $159,900 (-1.6%) $204,242 (15.0%) 0.00 89
2018-10-01 $159,750 (-2.4%) $206,844 (19.6%) 0.00 83
2018-11-01 $158,900 (-0.7%) $207,300 (18.9%) 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 $181,250 (13.3%) $239,105 (29.9%) 0.00 60
2019-05-01 $174,900 (7.7%) $241,576 (39.8%) 0.00 68
2019-06-01 $169,000 (-3.4%) $225,195 (19.0%) 0.00 76
2019-07-01 $169,100 (-6.6%) $224,256 (10.0%) 0.00 100
2019-08-01 $161,427 (-5.0%) $218,658 (8.8%) 0.00 107
2019-09-01 $154,943 (-3.1%) $215,816 (5.7%) 0.00 108
2019-10-01 $149,425 (-6.5%) $213,921 (3.4%) 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 (-13.6%) $209,228 (-12.5%) 0.00 132
2020-05-01 $164,750 (-5.8%) $214,583 (-11.2%) 0.00 133
2020-06-01 $166,700 (-1.4%) $207,893 (-7.7%) 0.00 119
2020-07-01 $196,725 (16.3%) $219,792 (-2.0%) 0.00 114
2020-08-01 $185,000 (14.6%) $219,647 (0.5%) 0.00 116
2020-09-01 $187,025 (20.7%) $214,484 (-0.6%) 0.00 116
2020-10-01 $193,250 (29.3%) $216,193 (1.1%) 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
Big Spring's median listing price for 2022-11-01 was $193,250, a difference of $18,250 (10.4%) versus the prior year and $-3,750 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 2022-11-01 was $221,693, a difference of $14,260 (6.9%) versus the prior year and $-2,602 versus the prior month.

For the 2022-11-01 period, Big Spring had 132 MLS listings, a difference of -8 listings (-6%) versus the prior month and 11 listings (9%) 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 1,800 sqft
2018-08-01 0 days 1,791 sqft
2018-09-01 0 days 1,813 sqft
2018-10-01 0 days 1,803 sqft
2018-11-01 0 days 1,725 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 2,030 sqft
2019-06-01 0 days 1,938 sqft
2019-07-01 0 days 1,755 sqft
2019-08-01 0 days 1,707 sqft
2019-09-01 0 days 1,703 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
Big Spring's median listing age (time on market) for 2022-11-01 was 0 days.

Big Spring's median square footage for active listings during the 2022-11-01 period was 1,669 sqft. One year prior, the average listing was 1,632 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.