Fairbanks VA Loan Rates, Closing Costs & Stats

FAIRBANKS, AK

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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.

    Fairbanks's 45 lenders originated 513 VA loans during 2023. The total origination value was $171,955,000, with an average VA loan value of $335,195.

    Fairbanks VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Fairbanks averaged 6.92% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Fairbanks's average VA mortgage closing costs are $7,418.

    The average rate for the prior week (2024-04-12) was 6.65% and one month ago for the week of 2024-03-15, the average rate was 6.51%.

    The average rate one year ago was 6%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Fairbanks 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 Fairbanks level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    NEWREZ LLC 106 6.58% $11,030
    Mortgage Research Center, LLC 99 6.81% $7,783
    UNITED WHOLESALE MORTGAGE, LLC 42 6.36% $7,621
    NAVY FEDERAL CREDIT UNION 25 5.91% $7,125
    CORNERSTONE HOME LENDING, INC. 20 6.26% $11,901
    CROSSCOUNTRY MORTGAGE, LLC 18 6.58% $7,929
    USAA Federal Savings Bank 17 5.96% $10,461
    Alaska USA Federal Credit Union 16 6.23% $7,439
    RESIDENTIAL MORTGAGE, LLC 16 6.38% $11,478
    GUARANTEED RATE, INC. 11 6.71% $9,678
    QUICKEN LOANS, LLC 10 5.97% $11,806
    PENNYMAC LOAN SERVICES, LLC 8 5.55% $7,483
    GUILD MORTGAGE COMPANY 8 6.23% $10,361
    The Federal Savings Bank 5 6.70% $17,273
    LOANDEPOT.COM, LLC 5 6.00% $12,300
    MOVEMENT MORTGAGE, LLC 5 6.90% $7,821
    Plains Commerce Bank 4 6.44% $9,763
    CRESCENT MORTGAGE COMPANY 4 5.84% $7,445
    BROKER SOLUTIONS, INC. 3 6.42% $9,864
    Mr. Cooper ( Nationstar Mortgage ) 3 6.08% $19,684
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $10,796
    NEW DAY FINANCIAL, LLC 3 7.54% $19,154
    VILLAGE CAPITAL MORTGAGE 2 6.13% $8,433
    Community First National Bank 2 5.88% $13,350
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.25% $5,627
    NBKC BANK 2 6.00% $9,379
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $10,449
    Barrington Bank & Trust Company, N.A. 2 6.50% $14,624
    CMG MORTGAGE, INC. 2 5.75% $7,208
    FREEDOM MORTGAGE CORPORATION 2 6.31% $14,477
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $7,321
    American Mortgage & Equity Consultants, Inc. 2 5.50% $8,051
    Nations Lending Corporation 1 6.25% $6,728
    AMCAP MORTGAGE, LTD. 1 5.25% $17,090
    AMERICAN FINANCING CORPORATION 1 6.25% $7,909
    Armed Forces Bank 1 6.13% $13,947
    Bank of England 1 6.25% $20,392
    CARDINAL FINANCIAL 1 7.25% $6,533
    Flagstar Bank, FSB 1 5.63% $9,939
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $9,575
    ACADEMY MORTGAGE CORPORATION 1 5.75% $24,779
    Paramount Bank 1 6.25% $10,448
    Paramount Residential Mortgage Group, Inc. 1 5.75% $10,534
    PLANET HOME LENDING, LLC 1 6.75% $23,859
    Prosperity Home Mortgage, LLC 1 5.75% $4,194

    The top Fairbanks VA lender as defined by loan originations is NEWREZ LLC, with 106 VA loans originated. Their average total fees are $11,030, which is $3,247 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Fairbanks VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($7,125), Alaska USA Federal Credit Union ($7,439), UNITED WHOLESALE MORTGAGE, LLC ($7,621), Mortgage Research Center, LLC ($7,783) and CROSSCOUNTRY MORTGAGE, LLC ($7,929).

    The lowest rate Fairbanks VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.91%), USAA Federal Savings Bank (5.96%), QUICKEN LOANS, LLC (5.97%), Alaska USA Federal Credit Union (6.23%) and CORNERSTONE HOME LENDING, INC. (6.26%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fairbanks (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 $199,650 (-0.1%) $205,187 (0.1%) 0.00 249
    2018-02-01 $199,200 (2.3%) $202,471 (-1.1%) 0.00 249
    2018-03-01 $209,900 (5.0%) $217,187 (1.4%) 0.00 300
    2018-04-01 $215,500 (7.8%) $228,412 (7.1%) 0.00 318
    2018-05-01 $217,225 (8.7%) $230,186 (8.9%) 0.00 333
    2018-06-01 $219,950 (8.9%) $233,210 (9.2%) 0.00 405
    2018-07-01 $233,650 (11.3%) $237,025 (9.1%) 0.00 473
    2018-08-01 $229,950 (8.8%) $236,458 (8.3%) 0.00 513
    2018-09-01 $229,900 (9.5%) $232,113 (6.2%) 0.00 488
    2018-10-01 $223,850 (9.2%) $225,466 (7.0%) 0.00 451
    2018-11-01 $222,450 (11.5%) $225,133 (10.2%) 0.00 404
    2018-12-01 $219,900 (11.6%) $225,804 (10.0%) 0.00 354
    2019-01-01 $214,900 (7.6%) $221,481 (7.9%) 0.00 301
    2019-02-01 $223,125 (12.0%) $225,758 (11.5%) 0.00 296
    2019-03-01 $226,071 (7.7%) $227,912 (4.9%) 0.00 322
    2019-04-01 $224,950 (4.4%) $229,335 (0.4%) 0.00 357
    2019-05-01 $224,938 (3.6%) $235,787 (2.4%) 0.00 400
    2019-06-01 $231,451 (5.2%) $242,717 (4.1%) 0.00 450
    2019-07-01 $232,700 (-0.4%) $246,377 (4.0%) 0.00 443
    2019-08-01 $230,809 (0.4%) $239,571 (1.3%) 0.00 427
    2019-09-01 $224,673 (-2.3%) $232,896 (0.3%) 0.00 404
    2019-10-01 $220,425 (-1.5%) $228,446 (1.3%) 0.00 379
    2019-11-01 $219,900 (-1.2%) $229,928 (2.1%) 0.00 296
    2019-12-01 $214,950 (-2.3%) $220,553 (-2.3%) 0.00 241
    2020-01-01 $215,000 (0.1%) $224,468 (1.4%) 0.00 205
    2020-02-01 $215,000 (-3.6%) $227,187 (0.6%) 0.00 210
    2020-03-01 $222,400 (-1.6%) $235,591 (3.4%) 0.00 247
    2020-04-01 $227,500 (1.1%) $239,343 (4.4%) 0.00 256
    2020-05-01 $231,500 (2.9%) $245,753 (4.2%) 0.00 270
    2020-06-01 $231,375 (0.0%) $245,968 (1.3%) 0.00 277
    2020-07-01 $230,250 (-1.1%) $245,632 (-0.3%) 0.00 288
    2020-08-01 $251,450 (8.9%) $261,092 (9.0%) 0.00 274
    2020-09-01 $228,675 (1.8%) $240,268 (3.2%) 0.00 223
    2020-10-01 $215,000 (-2.5%) $235,906 (3.3%) 0.00 209
    2020-11-01 $202,475 (-7.9%) $231,544 (0.7%) 0.00 192
    2020-12-01 $203,625 (-5.3%) $234,055 (6.1%) 0.00 151
    2021-01-01 $212,400 (-1.2%) $240,286 (7.1%) 0.00 119
    2021-02-01 $203,725 (-5.2%) $238,577 (5.0%) 0.00 109
    2021-03-01 $222,200 (-0.1%) $247,277 (5.0%) 0.00 103
    2021-04-01 $245,475 (7.9%) $271,699 (13.5%) 0.00 105
    2021-05-01 $247,450 (6.9%) $281,166 (14.4%) 0.00 112
    2021-06-01 $249,950 (8.0%) $285,053 (15.9%) 0.00 152
    2021-07-01 $239,900 (4.2%) $265,535 (8.1%) 0.00 195
    2021-08-01 $249,900 (-0.6%) $278,429 (6.6%) 0.00 243
    2021-09-01 $249,975 (9.3%) $278,792 (16.0%) 0.00 225
    2021-10-01 $245,000 (14.0%) $276,245 (17.1%) 0.00 192
    2021-11-01 $241,900 (19.5%) $284,235 (22.8%) 0.00 142
    2021-12-01 $262,700 (29.0%) $302,505 (29.3%) 0.00 104
    2022-01-01 $249,450 (17.4%) $302,647 (26.0%) 0.00 81
    2022-02-01 $251,450 (23.4%) $321,373 (34.7%) 0.00 74
    2022-03-01 $300,000 (35.0%) $343,378 (38.9%) 0.00 83
    2022-04-01 $329,900 (34.4%) $355,285 (30.8%) 0.00 95
    2022-05-01 $339,450 (37.2%) $358,950 (27.7%) 0.00 116
    2022-06-01 $339,900 (36.0%) $355,100 (24.6%) 0.00 185
    2022-07-01 $339,900 (41.7%) $346,816 (30.6%) 0.00 279
    2022-08-01 $339,900 (36.0%) $347,793 (24.9%) 0.00 285
    2022-09-01 $342,450 (37.0%) $347,843 (24.8%) 0.00 263
    2022-10-01 $329,450 (34.5%) $341,346 (23.6%) 0.00 236
    2022-11-01 $328,450 (35.8%) $345,690 (21.6%) 0.00 203
    2022-12-01 $325,000 (23.7%) $341,510 (12.9%) 0.00 178
    2023-01-01 $315,750 (26.6%) $331,543 (9.6%) 0.00 144
    2023-02-01 $324,700 (29.1%) $338,502 (5.3%) 0.00 128
    2023-03-01 $330,000 (10.0%) $353,860 (3.1%) 0.00 121
    2023-04-01 $349,900 (6.1%) $367,403 (3.4%) 0.00 133
    2023-05-01 $350,000 (3.1%) $383,611 (6.9%) 0.00 138
    2023-06-01 $333,000 (-2.0%) $349,071 (-1.7%) 0.00 153
    2023-07-01 $321,000 (-5.6%) $340,681 (-1.8%) 0.00 207
    2023-08-01 $313,400 (-7.8%) $331,702 (-4.6%) 0.00 237
    2023-09-01 $320,000 (-6.6%) $333,201 (-4.2%) 0.00 274
    2023-10-01 $318,750 (-3.3%) $333,217 (-2.4%) 0.00 235
    2023-11-01 $312,400 (-4.9%) $322,389 (-6.7%) 0.00 221
    2023-12-01 $300,000 (-7.7%) $318,045 (-6.9%) 0.00 194
    2024-01-01 $305,400 (-3.3%) $316,621 (-4.5%) 0.00 166
    2024-02-01 $320,750 (-1.2%) $326,579 (-3.5%) 0.00 142
    2024-03-01 $309,000 (-6.4%) $320,703 (-9.4%) 0.00 133
    Fairbanks's median listing price for 2024-03-01 was $309,000, a difference of $-21,000 (-6.4%) versus the prior year and $-11,750 versus the prior month.

    Fairbanks's median listing price comes in at 0% of the national average.

    Fairbanks's average listing price for 2024-03-01 was $320,703, a difference of $-33,157 (-9.4%) versus the prior year and $-5,876 versus the prior month.

    For the 2024-03-01 period, Fairbanks had 133 MLS listings, a difference of -9 listings (-6%) versus the prior month and 12 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fairbanks (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,560 sqft
    2018-02-01 0 days 1,545 sqft
    2018-03-01 0 days 1,568 sqft
    2018-04-01 0 days 1,600 sqft
    2018-05-01 0 days 1,600 sqft
    2018-06-01 0 days 1,607 sqft
    2018-07-01 0 days 1,694 sqft
    2018-08-01 0 days 1,678 sqft
    2018-09-01 0 days 1,667 sqft
    2018-10-01 0 days 1,606 sqft
    2018-11-01 0 days 1,605 sqft
    2018-12-01 0 days 1,604 sqft
    2019-01-01 0 days 1,600 sqft
    2019-02-01 0 days 1,607 sqft
    2019-03-01 0 days 1,575 sqft
    2019-04-01 0 days 1,553 sqft
    2019-05-01 0 days 1,603 sqft
    2019-06-01 0 days 1,689 sqft
    2019-07-01 0 days 1,759 sqft
    2019-08-01 0 days 1,745 sqft
    2019-09-01 0 days 1,700 sqft
    2019-10-01 0 days 1,650 sqft
    2019-11-01 0 days 1,596 sqft
    2019-12-01 0 days 1,578 sqft
    2020-01-01 0 days 1,584 sqft
    2020-02-01 0 days 1,536 sqft
    2020-03-01 0 days 1,610 sqft
    2020-04-01 0 days 1,611 sqft
    2020-05-01 0 days 1,631 sqft
    2020-06-01 0 days 1,556 sqft
    2020-07-01 0 days 1,569 sqft
    2020-08-01 0 days 1,743 sqft
    2020-09-01 0 days 1,732 sqft
    2020-10-01 0 days 1,670 sqft
    2020-11-01 0 days 1,584 sqft
    2020-12-01 0 days 1,595 sqft
    2021-01-01 0 days 1,546 sqft
    2021-02-01 0 days 1,449 sqft
    2021-03-01 0 days 1,508 sqft
    2021-04-01 0 days 1,573 sqft
    2021-05-01 0 days 1,600 sqft
    2021-06-01 0 days 1,552 sqft
    2021-07-01 0 days 1,481 sqft
    2021-08-01 0 days 1,537 sqft
    2021-09-01 0 days 1,603 sqft
    2021-10-01 0 days 1,564 sqft
    2021-11-01 0 days 1,633 sqft
    2021-12-01 0 days 1,738 sqft
    2022-01-01 0 days 1,647 sqft
    2022-02-01 0 days 1,558 sqft
    2022-03-01 0 days 1,808 sqft
    2022-04-01 0 days 1,782 sqft
    2022-05-01 0 days 1,766 sqft
    2022-06-01 0 days 1,740 sqft
    2022-07-01 0 days 1,824 sqft
    2022-08-01 0 days 1,863 sqft
    2022-09-01 0 days 1,833 sqft
    2022-10-01 0 days 1,808 sqft
    2022-11-01 0 days 1,805 sqft
    2022-12-01 0 days 1,824 sqft
    2023-01-01 0 days 1,792 sqft
    2023-02-01 0 days 1,820 sqft
    2023-03-01 0 days 1,790 sqft
    2023-04-01 0 days 1,796 sqft
    2023-05-01 0 days 1,882 sqft
    2023-06-01 0 days 1,783 sqft
    2023-07-01 0 days 1,652 sqft
    2023-08-01 0 days 1,647 sqft
    2023-09-01 0 days 1,644 sqft
    2023-10-01 0 days 1,662 sqft
    2023-11-01 0 days 1,662 sqft
    2023-12-01 0 days 1,664 sqft
    2024-01-01 0 days 1,636 sqft
    2024-02-01 0 days 1,601 sqft
    2024-03-01 0 days 1,600 sqft
    Fairbanks's median listing age (time on market) for 2024-03-01 was 0 days.

    Fairbanks's median square footage for active listings during the 2024-03-01 period was 1,600 sqft. One year prior, the average listing was 1,790 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.