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 50 lenders originated 620 VA loans during 2023. The total origination value was $167,400,000, with an average VA loan value of $270,000.

    Buffalo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Buffalo averaged 6.73% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Buffalo's average VA mortgage closing costs are $5,734.

    The average rate for the prior week (2024-04-12) was 6.76% and one month ago for the week of 2024-03-15, the average rate was 6.82%.

    The average rate one year ago was 6.11%.

    For refis of the same type during the week of 2024-04-19, the average rate was 8%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 85 6.32% $10,664
    Mortgage Research Center, LLC 84 6.87% $5,046
    Premium Mortgage Corporation 79 6.44% $6,893
    UNITED WHOLESALE MORTGAGE, LLC 54 6.66% $8,060
    NAVY FEDERAL CREDIT UNION 35 5.93% $5,697
    USAA Federal Savings Bank 24 6.87% $7,112
    M&T Bank 24 6.30% $7,238
    HUNT MORTGAGE CORPORATION 18 6.56% $9,457
    PLAZA HOME MORTGAGE, INC. 16 6.50% $7,726
    PENNYMAC LOAN SERVICES, LLC 15 5.97% $13,047
    CROSSCOUNTRY MORTGAGE, LLC 15 6.92% $8,367
    MOVEMENT MORTGAGE, LLC 14 7.00% $8,195
    Barrington Bank & Trust Company, N.A. 12 6.40% $7,600
    AMERICAN FINANCIAL NETWORK, INC. 12 6.45% $10,034
    Mr. Cooper ( Nationstar Mortgage ) 11 6.34% $9,909
    NVR Mortgage Finance, Inc. 10 5.46% $5,547
    LOANDEPOT.COM, LLC 8 6.17% $11,831
    Northwest Bank 8 5.97% $7,208
    1ST PRIORITY MORTGAGE, INC. 7 6.63% $8,383
    PENTAGON FEDERAL CREDIT UNION 6 5.88% $9,542
    Citizens Bank 6 6.23% $11,168
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.50% $6,754
    HOMESTEAD FUNDING CORP. 6 6.35% $8,775
    KeyBank 5 6.45% $4,643
    NEWREZ LLC 5 6.70% $9,446
    RELIANCE FIRST CAPITAL, LLC 4 6.72% $12,061
    Flagstar Bank, FSB 4 6.31% $9,346
    FREEDOM MORTGAGE CORPORATION 3 6.58% $17,236
    EVERETT FINANCIAL, INC. 3 6.79% $5,900
    Five Star Bank 3 6.79% $4,008
    The Federal Savings Bank 2 6.63% $24,077
    North American Savings Bank, F.S.B. 2 5.50% $8,164
    GUARANTEED RATE, INC. 2 6.25% $1,878
    U.S. Bank 2 6.19% $5,790
    Community First National Bank 2 6.75% $5,508
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $15,825
    PLANET HOME LENDING, LLC 1 6.99% $7,133
    Evans Bank 1 6.13% $7,485
    EMBRACE HOME LOANS, INC. 1 6.99% $15,506
    CALIBER HOME LOANS, INC. 1 7.25% $9,381
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.38% $6,135
    ROYAL UNITED MORTGAGE LLC 1 6.25% $24,158
    AMERICAN FINANCING CORPORATION 1 6.13% $12,516
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.50% $10,946
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.88% $9,356
    Wells Fargo Bank 1 6.00% $5,319
    NBKC BANK 1 6.50% $2,143
    First Western Trust Bank 1 6.13% $7,525
    First Federal Bank 1 8.00% $11,363
    Farmers Bank & Trust 1 5.25% $7,152

    The top Buffalo VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 85 VA loans originated. Their average total fees are $10,664, which is $5,619 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Buffalo VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,046), NVR Mortgage Finance, Inc. ($5,547), NAVY FEDERAL CREDIT UNION ($5,697), Premium Mortgage Corporation ($6,893) and USAA Federal Savings Bank ($7,112).

    The lowest rate Buffalo VA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.46%), NAVY FEDERAL CREDIT UNION (5.93%), PENNYMAC LOAN SERVICES, LLC (5.97%), M&T Bank (6.30%) and QUICKEN LOANS, LLC (6.32%).

    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 $159,945 (3.6%) $230,486 (7.2%) 0.59 1,658
    2018-02-01 $167,057 (4.5%) $235,025 (5.1%) 0.61 1,490
    2018-03-01 $175,900 (6.7%) $241,065 (6.1%) 0.62 1,489
    2018-04-01 $187,450 (10.3%) $257,470 (9.2%) 0.64 1,533
    2018-05-01 $197,000 (9.5%) $264,800 (7.7%) 0.66 1,727
    2018-06-01 $199,000 (10.6%) $266,124 (7.8%) 0.66 1,988
    2018-07-01 $195,000 (8.4%) $262,649 (6.5%) 0.65 2,186
    2018-08-01 $195,000 (8.4%) $262,915 (8.3%) 0.65 2,338
    2018-09-01 $198,000 (11.0%) $263,742 (11.3%) 0.67 2,372
    2018-10-01 $189,900 (8.6%) $259,259 (9.1%) 0.64 2,361
    2018-11-01 $185,000 (8.9%) $252,979 (6.8%) 0.63 2,165
    2018-12-01 $179,900 (6.1%) $247,777 (4.9%) 0.62 1,975
    2019-01-01 $179,900 (12.5%) $247,838 (7.5%) 0.62 1,765
    2019-02-01 $182,400 (9.2%) $254,843 (8.4%) 0.62 1,613
    2019-03-01 $195,643 (11.2%) $272,977 (13.2%) 0.64 1,543
    2019-04-01 $212,400 (13.3%) $288,372 (12.0%) 0.67 1,556
    2019-05-01 $220,847 (12.1%) $290,625 (9.8%) 0.69 1,699
    2019-06-01 $222,245 (11.7%) $288,903 (8.6%) 0.69 1,857
    2019-07-01 $219,900 (12.8%) $285,113 (8.6%) 0.69 1,982
    2019-08-01 $214,445 (10.0%) $279,611 (6.4%) 0.68 2,013
    2019-09-01 $206,264 (4.2%) $273,784 (3.8%) 0.66 2,078
    2019-10-01 $199,900 (5.3%) $268,797 (3.7%) 0.65 2,112
    2019-11-01 $189,900 (2.7%) $258,529 (2.2%) 0.62 1,910
    2019-12-01 $189,900 (5.6%) $256,498 (3.5%) 0.63 1,633
    2020-01-01 $189,900 (5.6%) $257,238 (3.8%) 0.63 1,460
    2020-02-01 $189,900 (4.1%) $266,682 (4.7%) 0.62 1,341
    2020-03-01 $199,900 (2.2%) $274,018 (0.4%) 0.63 1,260
    2020-04-01 $217,450 (2.4%) $282,140 (-2.2%) 0.68 1,201
    2020-05-01 $229,900 (4.1%) $294,276 (1.3%) 0.70 1,195
    2020-06-01 $234,900 (5.7%) $295,908 (2.4%) 0.69 1,255
    2020-07-01 $233,450 (6.2%) $300,594 (5.4%) 0.68 1,239
    2020-08-01 $224,450 (4.7%) $296,557 (6.1%) 0.64 1,211
    2020-09-01 $221,948 (7.6%) $293,599 (7.2%) 0.64 1,201
    2020-10-01 $210,000 (5.1%) $288,123 (7.2%) 0.60 1,128
    2020-11-01 $209,950 (10.6%) $286,274 (10.7%) 0.61 993
    2020-12-01 $202,500 (6.6%) $282,953 (10.3%) 0.60 842
    2021-01-01 $210,000 (10.6%) $289,465 (12.5%) 0.63 695
    2021-02-01 $232,675 (22.5%) $305,980 (14.7%) 0.68 648
    2021-03-01 $242,200 (21.2%) $308,863 (12.7%) 0.69 685
    2021-04-01 $249,300 (14.7%) $323,513 (14.7%) 0.67 706
    2021-05-01 $248,072 (7.9%) $316,915 (7.7%) 0.66 785
    2021-06-01 $247,625 (5.4%) $321,818 (8.8%) 0.65 911
    2021-07-01 $239,900 (2.8%) $316,994 (5.5%) 0.63 1,073
    2021-08-01 $227,475 (1.4%) $310,479 (4.7%) 0.61 1,165
    2021-09-01 $229,925 (3.6%) $311,442 (6.1%) 0.61 1,103
    2021-10-01 $225,000 (7.1%) $313,139 (8.7%) 0.60 1,063
    2021-11-01 $217,450 (3.6%) $310,134 (8.3%) 0.58 961
    2021-12-01 $213,475 (5.4%) $313,998 (11.0%) 0.58 770
    2022-01-01 $210,750 (0.4%) $318,143 (9.9%) 0.57 629
    2022-02-01 $209,950 (-9.8%) $324,928 (6.2%) 0.55 569
    2022-03-01 $219,900 (-9.2%) $332,589 (7.7%) 0.55 597
    2022-04-01 $225,000 (-9.8%) $342,206 (5.8%) 0.54 679
    2022-05-01 $238,950 (-3.7%) $344,207 (8.6%) 0.55 826
    2022-06-01 $244,675 (-1.2%) $333,222 (3.5%) 0.54 1,027
    2022-07-01 $249,900 (4.2%) $338,229 (6.7%) 0.56 1,221
    2022-08-01 $244,925 (7.7%) $335,657 (8.1%) 0.57 1,278
    2022-09-01 $239,900 (4.3%) $332,388 (6.7%) 0.56 1,197
    2022-10-01 $239,900 (6.6%) $324,532 (3.6%) 0.56 1,167
    2022-11-01 $239,900 (10.3%) $325,363 (4.9%) 0.58 1,125
    2022-12-01 $229,900 (7.7%) $316,837 (0.9%) 0.57 985
    2023-01-01 $225,000 (6.8%) $322,535 (1.4%) 0.56 803
    2023-02-01 $227,450 (8.3%) $319,473 (-1.7%) 0.55 749
    2023-03-01 $246,175 (12.0%) $338,458 (1.8%) 0.58 730
    2023-04-01 $249,900 (11.1%) $347,138 (1.4%) 0.58 766
    2023-05-01 $252,925 (5.9%) $351,050 (2.0%) 0.57 883
    2023-06-01 $277,697 (13.5%) $357,820 (7.4%) 0.62 988
    2023-07-01 $267,900 (7.2%) $348,338 (3.0%) 0.61 1,068
    2023-08-01 $259,725 (6.0%) $347,052 (3.4%) 0.60 1,064
    2023-09-01 $259,900 (8.3%) $350,891 (5.6%) 0.61 1,151
    2023-10-01 $254,900 (6.3%) $353,094 (8.8%) 0.60 1,196
    2023-11-01 $249,900 (4.2%) $355,570 (9.3%) 0.60 1,122
    2023-12-01 $249,000 (8.3%) $363,533 (14.7%) 0.61 960
    2024-01-01 $240,000 (6.7%) $358,849 (11.3%) 0.59 789
    2024-02-01 $251,125 (10.4%) $373,126 (16.8%) 0.60 715
    2024-03-01 $269,980 (9.7%) $377,876 (11.7%) 0.64 761
    Buffalo's median listing price for 2024-03-01 was $269,980, a difference of $23,805 (9.7%) versus the prior year and $18,855 versus the prior month.

    Buffalo's median listing price comes in at 64% of the national average.

    Buffalo's average listing price for 2024-03-01 was $377,876, a difference of $39,418 (11.7%) versus the prior year and $4,750 versus the prior month.

    For the 2024-03-01 period, Buffalo had 761 MLS listings, a difference of 46 listings (6%) versus the prior month and 31 listings (4%) 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 69 days 1,635 sqft
    2018-02-01 60 days 1,648 sqft
    2018-03-01 40 days 1,668 sqft
    2018-04-01 32 days 1,701 sqft
    2018-05-01 26 days 1,716 sqft
    2018-06-01 31 days 1,715 sqft
    2018-07-01 35 days 1,726 sqft
    2018-08-01 38 days 1,737 sqft
    2018-09-01 45 days 1,741 sqft
    2018-10-01 49 days 1,728 sqft
    2018-11-01 54 days 1,709 sqft
    2018-12-01 60 days 1,684 sqft
    2019-01-01 67 days 1,650 sqft
    2019-02-01 67 days 1,667 sqft
    2019-03-01 49 days 1,702 sqft
    2019-04-01 39 days 1,737 sqft
    2019-05-01 34 days 1,775 sqft
    2019-06-01 33 days 1,768 sqft
    2019-07-01 37 days 1,750 sqft
    2019-08-01 39 days 1,722 sqft
    2019-09-01 42 days 1,705 sqft
    2019-10-01 45 days 1,688 sqft
    2019-11-01 57 days 1,641 sqft
    2019-12-01 72 days 1,634 sqft
    2020-01-01 81 days 1,639 sqft
    2020-02-01 67 days 1,659 sqft
    2020-03-01 55 days 1,646 sqft
    2020-04-01 64 days 1,690 sqft
    2020-05-01 68 days 1,730 sqft
    2020-06-01 42 days 1,734 sqft
    2020-07-01 34 days 1,730 sqft
    2020-08-01 34 days 1,704 sqft
    2020-09-01 37 days 1,684 sqft
    2020-10-01 45 days 1,632 sqft
    2020-11-01 57 days 1,648 sqft
    2020-12-01 70 days 1,633 sqft
    2021-01-01 77 days 1,630 sqft
    2021-02-01 56 days 1,615 sqft
    2021-03-01 41 days 1,620 sqft
    2021-04-01 32 days 1,658 sqft
    2021-05-01 26 days 1,652 sqft
    2021-06-01 23 days 1,643 sqft
    2021-07-01 26 days 1,660 sqft
    2021-08-01 30 days 1,639 sqft
    2021-09-01 40 days 1,632 sqft
    2021-10-01 47 days 1,609 sqft
    2021-11-01 49 days 1,583 sqft
    2021-12-01 65 days 1,563 sqft
    2022-01-01 75 days 1,527 sqft
    2022-02-01 65 days 1,518 sqft
    2022-03-01 42 days 1,542 sqft
    2022-04-01 26 days 1,556 sqft
    2022-05-01 21 days 1,591 sqft
    2022-06-01 21 days 1,591 sqft
    2022-07-01 30 days 1,624 sqft
    2022-08-01 36 days 1,616 sqft
    2022-09-01 45 days 1,586 sqft
    2022-10-01 52 days 1,587 sqft
    2022-11-01 53 days 1,590 sqft
    2022-12-01 61 days 1,586 sqft
    2023-01-01 71 days 1,580 sqft
    2023-02-01 62 days 1,557 sqft
    2023-03-01 45 days 1,574 sqft
    2023-04-01 40 days 1,584 sqft
    2023-05-01 30 days 1,606 sqft
    2023-06-01 31 days 1,640 sqft
    2023-07-01 38 days 1,614 sqft
    2023-08-01 39 days 1,599 sqft
    2023-09-01 39 days 1,600 sqft
    2023-10-01 39 days 1,584 sqft
    2023-11-01 45 days 1,606 sqft
    2023-12-01 59 days 1,589 sqft
    2024-01-01 68 days 1,607 sqft
    2024-02-01 67 days 1,594 sqft
    2024-03-01 38 days 1,603 sqft
    Buffalo's median listing age (time on market) for 2024-03-01 was 38 days. This is -15% shorter than the same period one year ago.

    Buffalo's median square footage for active listings during the 2024-03-01 period was 1,603 sqft. One year prior, the average listing was 1,574 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.