Buffalo VA Loan Rates, Closing Costs & Stats

BUFFALO-CHEEKTOWAGA, NY

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.