Buffalo VA Loan Rates, Closing Costs & Stats

BUFFALO-CHEEKTOWAGA, NY

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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.

    Buffalo's 66 lenders originated 1,558 VA loans during 2021. The total origination value was $339,030,000, with an average VA loan value of $217,606.

    Buffalo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Buffalo averaged 6.68% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

    Buffalo's average VA mortgage closing costs are $5,053.

    The average rate for the prior week (2022-11-25) was 6.72% and one month ago for the week of 2022-10-28, the average rate was 7.21%.

    The average rate one year ago was 3.19%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.41%.

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

    Buffalo 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 Buffalo level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 373 2.55% $4,882
    Premium Mortgage Corporation 115 2.85% $5,938
    Mortgage Research Center, LLC 105 2.86% $5,918
    USAA Federal Savings Bank 70 3.04% $3,767
    FREEDOM MORTGAGE CORPORATION 67 2.74% $4,370
    NAVY FEDERAL CREDIT UNION 64 2.48% $6,044
    M&T Bank 57 2.83% $6,202
    HUNT MORTGAGE CORPORATION 51 3.08% $5,993
    1ST PRIORITY MORTGAGE, INC. 41 3.03% $5,540
    UNITED WHOLESALE MORTGAGE, LLC 39 2.71% $6,295
    Mr. Cooper ( Nationstar Mortgage ) 38 2.95% $2,807
    Barrington Bank & Trust Company, N.A. 33 3.07% $5,358
    The Federal Savings Bank 27 2.61% $7,139
    PENTAGON FEDERAL CREDIT UNION 22 2.36% $2,843
    NEWREZ LLC 22 2.65% $6,042
    LOANDEPOT.COM, LLC 21 2.72% $4,183
    Wells Fargo Bank 18 2.46% $4,355
    PRIMELENDING, A PLAINSCAPITAL COMPANY 15 3.02% $6,749
    CALIBER HOME LOANS, INC. 14 2.51% $3,492
    AMERICAN FINANCIAL NETWORK, INC. 14 2.71% $10,611
    HOMESTEAD FUNDING CORP. 13 3.06% $5,852
    NVR Mortgage Finance, Inc. 12 2.79% $3,343
    CROSSCOUNTRY MORTGAGE, LLC 10 3.06% $6,692
    PLAZA HOME MORTGAGE, INC. 10 3.10% $5,620
    Carrington Mortgage Services, LLC 10 3.04% $4,790
    Citizens Bank 10 2.68% $3,762
    First Federal Bank 10 3.40% $7,448
    HOME POINT FINANCIAL CORPORATION 9 2.74% $4,659
    KeyBank 7 2.84% $5,607
    MOVEMENT MORTGAGE, LLC 7 2.77% $5,797
    EVERETT FINANCIAL, INC. 6 3.27% $5,694
    RELIANCE FIRST CAPITAL, LLC 6 2.73% $6,916
    North American Savings Bank, F.S.B. 6 2.96% $4,804
    NBKC BANK 5 2.58% $2,610
    Northwest Bank 5 2.58% $5,966
    PARAGON HOME LOANS INC. 4 2.84% $5,233
    Flagstar Bank, FSB 3 2.67% $8,429
    Bank of America 3 3.17% $8,619
    SUN WEST MORTGAGE COMPANY, INC. 3 2.33% $8,102
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.08% $9,114
    ROYAL UNITED MORTGAGE LLC 2 3.25% $9,017
    InterContinental Capital Group, Inc 2 3.19% $5,495
    FINANCE OF AMERICA MORTGAGE LLC 2 2.75% $9,445
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.88% $3,724
    Truist 2 2.75% $3,672
    AMERICAN FINANCING CORPORATION 2 2.50% $2,290
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.00% $9,770
    Paramount Bank 1 3.00% $10,535
    First Savings Bank 1 2.75% $3,289
    First Home Bank 1 2.50% $3,131
    Genesee Regional Bank 1 3.25% $13,044
    GUARANTEED RATE, INC. 1 2.75% $2,786
    Magnolia Bank 1 2.25% $2,283
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 2.75% $7,779
    Equity Prime Mortgage LLC 1 3.75% $2,382
    NETWORK CAPITAL FUNDING CORPORATION 1 2.75% $3,172
    CONTOUR MORTGAGE CORPORATION 1 2.25% $4,364
    Northpointe Bank 1 2.75% $3,289
    First Internet Bank of Indiana 1 2.50% $2,883
    Bank of England 1 3.00% $1,880
    RESIDENTIAL HOME FUNDING CORP. 1 2.50% $10,779
    SEFCU SERVICES, LLC 1 2.75% $2,356
    UNITED MORTGAGE CORP. 1 3.00% $2,174
    Armed Forces Bank 1 2.75% $7,924
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.25% $12,462
    U.S. Bank 1 3.25% $3,958

    The top Buffalo VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 373 VA loans originated. Their average total fees are $4,882, which is $1,056 lower than the next largest lender, Premium Mortgage Corporation.

    The lowest fee Buffalo VA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($2,807), PENTAGON FEDERAL CREDIT UNION ($2,843), NVR Mortgage Finance, Inc. ($3,343), CALIBER HOME LOANS, INC. ($3,492) and Citizens Bank ($3,762).

    The lowest rate Buffalo VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (2.36%), Wells Fargo Bank (2.46%), NAVY FEDERAL CREDIT UNION (2.48%), CALIBER HOME LOANS, INC. (2.51%) and QUICKEN LOANS, LLC (2.55%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Buffalo (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 $159,923 (3.9%) $230,436 (7.2%) 0.59 1,659
    2018-02-01 $167,029 (4.5%) $234,966 (5.0%) 0.61 1,491
    2018-03-01 $175,900 (6.8%) $241,002 (6.1%) 0.62 1,490
    2018-04-01 $187,450 (10.3%) $257,472 (9.2%) 0.64 1,533
    2018-05-01 $197,000 (9.5%) $264,786 (7.6%) 0.66 1,726
    2018-06-01 $199,000 (10.6%) $266,112 (7.8%) 0.66 1,988
    2018-07-01 $195,000 (8.4%) $262,638 (6.5%) 0.65 2,186
    2018-08-01 $195,000 (8.4%) $262,962 (8.3%) 0.65 2,339
    2018-09-01 $198,000 (11.0%) $263,748 (11.3%) 0.66 2,373
    2018-10-01 $189,925 (8.6%) $259,267 (9.1%) 0.64 2,362
    2018-11-01 $185,000 (8.9%) $252,985 (6.7%) 0.63 2,165
    2018-12-01 $179,900 (5.9%) $247,777 (4.9%) 0.62 1,975
    2019-01-01 $179,900 (12.5%) $247,838 (7.6%) 0.62 1,765
    2019-02-01 $182,400 (9.2%) $254,843 (8.5%) 0.62 1,613
    2019-03-01 $195,643 (11.2%) $272,977 (13.3%) 0.64 1,543
    2019-04-01 $212,400 (13.3%) $288,326 (12.0%) 0.67 1,557
    2019-05-01 $220,745 (12.1%) $290,538 (9.7%) 0.69 1,700
    2019-06-01 $221,490 (11.3%) $288,824 (8.5%) 0.69 1,858
    2019-07-01 $219,900 (12.8%) $285,139 (8.6%) 0.69 1,984
    2019-08-01 $214,445 (10.0%) $279,737 (6.4%) 0.68 2,015
    2019-09-01 $206,264 (4.2%) $273,905 (3.9%) 0.66 2,080
    2019-10-01 $199,900 (5.3%) $268,958 (3.7%) 0.64 2,114
    2019-11-01 $189,900 (2.7%) $258,737 (2.3%) 0.62 1,912
    2019-12-01 $189,900 (5.6%) $256,668 (3.6%) 0.63 1,635
    2020-01-01 $189,900 (5.6%) $257,420 (3.9%) 0.63 1,462
    2020-02-01 $189,900 (4.1%) $266,873 (4.7%) 0.62 1,343
    2020-03-01 $199,900 (2.2%) $274,204 (0.5%) 0.63 1,262
    2020-04-01 $217,450 (2.4%) $282,291 (-2.1%) 0.68 1,203
    2020-05-01 $229,900 (4.2%) $294,448 (1.4%) 0.70 1,197
    2020-06-01 $234,900 (6.1%) $296,073 (2.5%) 0.69 1,257
    2020-07-01 $233,450 (6.2%) $300,752 (5.5%) 0.68 1,241
    2020-08-01 $224,450 (4.7%) $296,716 (6.1%) 0.64 1,213
    2020-09-01 $221,948 (7.6%) $293,765 (7.3%) 0.64 1,203
    2020-10-01 $210,000 (5.1%) $288,300 (7.2%) 0.60 1,130
    2020-11-01 $209,950 (10.6%) $286,472 (10.7%) 0.61 995
    2020-12-01 $202,500 (6.6%) $283,180 (10.3%) 0.60 844
    2021-01-01 $210,000 (10.6%) $289,732 (12.6%) 0.63 697
    2021-02-01 $232,675 (22.5%) $306,260 (14.8%) 0.68 650
    2021-03-01 $242,200 (21.2%) $309,111 (12.7%) 0.69 687
    2021-04-01 $249,300 (14.7%) $323,721 (14.7%) 0.67 708
    2021-05-01 $249,250 (8.4%) $317,287 (7.8%) 0.66 786
    2021-06-01 $248,125 (5.6%) $322,218 (8.8%) 0.65 912
    2021-07-01 $239,900 (2.8%) $316,991 (5.4%) 0.63 1,073
    2021-08-01 $227,450 (1.3%) $310,473 (4.6%) 0.61 1,165
    2021-09-01 $229,900 (3.6%) $311,525 (6.1%) 0.61 1,104
    2021-10-01 $225,000 (7.1%) $313,285 (8.7%) 0.60 1,065
    2021-11-01 $217,450 (3.6%) $310,296 (8.3%) 0.58 963
    2021-12-01 $213,475 (5.4%) $314,183 (11.0%) 0.58 772
    2022-01-01 $210,750 (0.4%) $318,369 (9.9%) 0.57 631
    2022-02-01 $209,950 (-9.8%) $325,158 (6.2%) 0.55 571
    2022-03-01 $219,900 (-9.2%) $332,797 (7.7%) 0.55 599
    2022-04-01 $225,000 (-9.8%) $342,368 (5.8%) 0.54 681
    2022-05-01 $238,950 (-4.1%) $344,344 (8.5%) 0.55 828
    2022-06-01 $244,675 (-1.4%) $333,315 (3.4%) 0.54 1,029
    2022-07-01 $249,900 (4.2%) $338,328 (6.7%) 0.57 1,223
    2022-08-01 $244,925 (7.7%) $335,758 (8.1%) 0.57 1,280
    2022-09-01 $239,900 (4.4%) $332,498 (6.7%) 0.56 1,199
    2022-10-01 $239,900 (6.6%) $324,649 (3.6%) 0.56 1,169
    2022-11-01 $239,900 (10.3%) $325,491 (4.9%) 0.58 1,127
    Buffalo's median listing price for 2022-11-01 was $239,900, a difference of $22,450 (10.3%) versus the prior year and $0 versus the prior month.

    Buffalo's median listing price comes in at 58% of the national average.

    Buffalo's average listing price for 2022-11-01 was $325,491, a difference of $15,195 (4.9%) versus the prior year and $842 versus the prior month.

    For the 2022-11-01 period, Buffalo had 1,127 MLS listings, a difference of -42 listings (-4%) versus the prior month and 164 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Buffalo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 71 days 1,634 sqft
    2018-02-01 62 days 1,647 sqft
    2018-03-01 40 days 1,667 sqft
    2018-04-01 33 days 1,701 sqft
    2018-05-01 27 days 1,714 sqft
    2018-06-01 32 days 1,715 sqft
    2018-07-01 35 days 1,724 sqft
    2018-08-01 39 days 1,736 sqft
    2018-09-01 45 days 1,740 sqft
    2018-10-01 49 days 1,728 sqft
    2018-11-01 56 days 1,708 sqft
    2018-12-01 61 days 1,682 sqft
    2019-01-01 68 days 1,649 sqft
    2019-02-01 68 days 1,667 sqft
    2019-03-01 50 days 1,702 sqft
    2019-04-01 40 days 1,737 sqft
    2019-05-01 35 days 1,773 sqft
    2019-06-01 33 days 1,768 sqft
    2019-07-01 37 days 1,751 sqft
    2019-08-01 40 days 1,722 sqft
    2019-09-01 43 days 1,704 sqft
    2019-10-01 46 days 1,687 sqft
    2019-11-01 58 days 1,641 sqft
    2019-12-01 73 days 1,635 sqft
    2020-01-01 82 days 1,639 sqft
    2020-02-01 71 days 1,659 sqft
    2020-03-01 57 days 1,646 sqft
    2020-04-01 67 days 1,690 sqft
    2020-05-01 69 days 1,730 sqft
    2020-06-01 45 days 1,734 sqft
    2020-07-01 37 days 1,730 sqft
    2020-08-01 38 days 1,704 sqft
    2020-09-01 40 days 1,684 sqft
    2020-10-01 47 days 1,632 sqft
    2020-11-01 60 days 1,648 sqft
    2020-12-01 71 days 1,632 sqft
    2021-01-01 78 days 1,620 sqft
    2021-02-01 58 days 1,615 sqft
    2021-03-01 43 days 1,620 sqft
    2021-04-01 33 days 1,658 sqft
    2021-05-01 29 days 1,654 sqft
    2021-06-01 24 days 1,643 sqft
    2021-07-01 27 days 1,661 sqft
    2021-08-01 30 days 1,640 sqft
    2021-09-01 41 days 1,633 sqft
    2021-10-01 50 days 1,609 sqft
    2021-11-01 51 days 1,583 sqft
    2021-12-01 66 days 1,563 sqft
    2022-01-01 76 days 1,527 sqft
    2022-02-01 66 days 1,518 sqft
    2022-03-01 44 days 1,542 sqft
    2022-04-01 29 days 1,556 sqft
    2022-05-01 24 days 1,591 sqft
    2022-06-01 21 days 1,592 sqft
    2022-07-01 31 days 1,624 sqft
    2022-08-01 37 days 1,616 sqft
    2022-09-01 46 days 1,586 sqft
    2022-10-01 53 days 1,587 sqft
    2022-11-01 53 days 1,590 sqft
    Buffalo's median listing age (time on market) for 2022-11-01 was 53 days. This is 5% longer than the same period one year ago.

    Buffalo's median square footage for active listings during the 2022-11-01 period was 1,590 sqft. One year prior, the average listing was 1,583 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.