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 57 lenders originated 839 VA loans during 2022. The total origination value was $204,905,000, with an average VA loan value of $244,225.

    Buffalo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Buffalo averaged 6.36% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Buffalo's average VA mortgage closing costs are $5,472.

    The average rate for the prior week (2023-05-19) was 6.08% and one month ago for the week of 2023-04-21, the average rate was 6%.

    The average rate one year ago was 4.97%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.41%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 155 4.20% $8,824
    Mortgage Research Center, LLC 104 5.26% $7,493
    Premium Mortgage Corporation 72 4.95% $8,312
    UNITED WHOLESALE MORTGAGE, LLC 62 4.23% $6,846
    NAVY FEDERAL CREDIT UNION 44 4.08% $6,190
    USAA Federal Savings Bank 36 4.41% $6,942
    HUNT MORTGAGE CORPORATION 35 5.02% $8,112
    M&T Bank 32 4.31% $7,448
    Mr. Cooper ( Nationstar Mortgage ) 22 4.73% $9,532
    CROSSCOUNTRY MORTGAGE, LLC 19 4.72% $8,328
    Barrington Bank & Trust Company, N.A. 18 5.00% $7,304
    FREEDOM MORTGAGE CORPORATION 17 4.20% $7,705
    1ST PRIORITY MORTGAGE, INC. 13 4.96% $7,568
    LOANDEPOT.COM, LLC 12 4.35% $6,963
    PRIMELENDING, A PLAINSCAPITAL COMPANY 11 4.77% $8,468
    EVERETT FINANCIAL, INC. 11 4.32% $3,671
    KeyBank 9 4.28% $5,597
    PLAZA HOME MORTGAGE, INC. 8 4.53% $5,137
    HOME POINT FINANCIAL CORPORATION 8 4.05% $10,447
    Flagstar Bank, FSB 7 4.10% $6,079
    The Federal Savings Bank 7 5.07% $12,026
    CALIBER HOME LOANS, INC. 7 4.96% $9,115
    Northwest Bank 6 4.58% $7,225
    RELIANCE FIRST CAPITAL, LLC 6 4.71% $6,191
    FIRST ALLIANCE HOME MORTGAGE, LLC 5 7.05% $12,074
    NVR Mortgage Finance, Inc. 5 4.64% $6,302
    NEWREZ LLC 4 3.59% $7,479
    PLANET HOME LENDING, LLC 4 4.06% $5,112
    Citizens Bank 4 5.44% $6,945
    Carrington Mortgage Services, LLC 4 4.91% $10,991
    CARDINAL FINANCIAL 3 4.13% $13,145
    MOVEMENT MORTGAGE, LLC 3 5.38% $7,061
    AMERICAN FINANCIAL RESOURCES, INC. 3 7.33% $13,062
    PENTAGON FEDERAL CREDIT UNION 3 2.88% $782
    CONTOUR MORTGAGE CORPORATION 3 5.04% $11,992
    Wells Fargo Bank 2 3.88% $3,027
    EMBRACE HOME LOANS, INC. 2 4.56% $5,523
    First Federal Bank 2 6.50% $9,256
    HOMESTEAD FUNDING CORP. 2 5.25% $6,690
    PENNYMAC LOAN SERVICES, LLC 2 6.06% $9,229
    SIRVA MORTGAGE, INC. 2 4.19% $10,982
    Paramount Bank 1 5.25% $20,330
    BNC National Bank 1 4.63% $15,986
    NBH Bank 1 5.25% $6,504
    JPMorgan Chase Bank 1 3.75% $5,190
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.49% $21,832
    PNC Bank 1 6.13% $9,199
    HARTFORD FUNDING, LTD. 1 6.63% $7,809
    GUARANTEED RATE, INC. 1 4.75% $6,787
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $5,189
    Equity Prime Mortgage LLC 1 5.63% $5,407
    RESIDENTIAL HOME FUNDING CORP. 1 5.25% $12,139
    ALLIED MORTGAGE GROUP, INC. 1 5.00% $4,845
    Community First National Bank 1 3.63% $4,367
    CMG MORTGAGE, INC. 1 3.63% $14,871
    North American Savings Bank, F.S.B. 1 3.25% $7,847
    PARAGON HOME LOANS INC. 1 3.25% $20,867

    The top Buffalo VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 155 VA loans originated. Their average total fees are $8,824, which is $1,331 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Buffalo VA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($3,671), NAVY FEDERAL CREDIT UNION ($6,190), UNITED WHOLESALE MORTGAGE, LLC ($6,846), USAA Federal Savings Bank ($6,942) and LOANDEPOT.COM, LLC ($6,963).

    The lowest rate Buffalo VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (4.08%), FREEDOM MORTGAGE CORPORATION (4.20%), QUICKEN LOANS, LLC (4.20%), UNITED WHOLESALE MORTGAGE, LLC (4.23%) and M&T Bank (4.31%).

    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 (5.1%) 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%) $257,470 (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%) 0.67 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 $199,900 (13.6%) $279,194 (15.9%) 0.67 1,513
    2019-04-01 $212,400 (13.3%) $288,372 (12.0%) 0.67 1,549
    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 $219,900 (12.8%) $284,482 (8.2%) 0.69 1,965
    2019-09-01 $214,073 (8.1%) $282,185 (7.0%) 0.68 1,838
    2019-10-01 $199,900 (5.3%) $268,566 (3.6%) 0.65 2,119
    2019-11-01 $189,900 (2.7%) $258,592 (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 (0.0%) $274,018 (-1.9%) 0.63 1,260
    2020-04-01 $217,450 (2.4%) $282,099 (-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 (2.1%) $296,557 (4.2%) 0.64 1,211
    2020-09-01 $221,948 (3.7%) $293,599 (4.0%) 0.64 1,201
    2020-10-01 $210,000 (5.1%) $288,123 (7.3%) 0.60 1,128
    2020-11-01 $209,950 (10.6%) $286,278 (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 $247,400 (5.3%) $321,887 (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 $229,900 (3.6%) $311,428 (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 (-1.1%) $333,187 (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 (4.4%) $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%) $347,127 (1.4%) 0.58 766
    Buffalo's median listing price for 2023-04-01 was $249,900, a difference of $24,900 (11.1%) versus the prior year and $3,725 versus the prior month.

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

    Buffalo's average listing price for 2023-04-01 was $347,127, a difference of $4,921 (1.4%) versus the prior year and $8,669 versus the prior month.

    For the 2023-04-01 period, Buffalo had 766 MLS listings, a difference of 36 listings (5%) versus the prior month and 87 listings (13%) 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 1,709 sqft
    2018-12-01 61 days 1,684 sqft
    2019-01-01 68 days 1,650 sqft
    2019-02-01 68 days 1,667 sqft
    2019-03-01 47 days 1,700 sqft
    2019-04-01 40 days 1,739 sqft
    2019-05-01 35 days 1,776 sqft
    2019-06-01 33 days 1,768 sqft
    2019-07-01 37 days 1,752 sqft
    2019-08-01 47 days 1,746 sqft
    2019-09-01 52 days 1,757 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 56 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 42 days 1,618 sqft
    2021-04-01 33 days 1,656 sqft
    2021-05-01 28 days 1,650 sqft
    2021-06-01 24 days 1,643 sqft
    2021-07-01 27 days 1,659 sqft
    2021-08-01 30 days 1,639 sqft
    2021-09-01 41 days 1,632 sqft
    2021-10-01 50 days 1,608 sqft
    2021-11-01 51 days 1,583 sqft
    2021-12-01 65 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 23 days 1,591 sqft
    2022-06-01 21 days 1,592 sqft
    2022-07-01 31 days 1,624 sqft
    2022-08-01 36 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
    2022-12-01 62 days 1,585 sqft
    2023-01-01 72 days 1,582 sqft
    2023-02-01 65 days 1,557 sqft
    2023-03-01 46 days 1,574 sqft
    2023-04-01 43 days 1,584 sqft
    Buffalo's median listing age (time on market) for 2023-04-01 was 43 days. This is 48% longer than the same period one year ago.

    Buffalo's median square footage for active listings during the 2023-04-01 period was 1,584 sqft. One year prior, the average listing was 1,556 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.