Farmington VA Loan Rates, Closing Costs & Stats

Farmington, MO

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.

Farmington's 24 lenders originated 96 VA loans during 2023. The total origination value was $21,640,000, with an average VA loan value of $225,417.

Farmington VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Farmington averaged 6.69% for the week of 2024-06-07, compared to the national average (all VA variants) of 6.387% for the same period.

Farmington's average VA mortgage closing costs are $4,701.

The average rate for the prior week (2024-05-31) was 6.9% and one month ago for the week of 2024-05-03, the average rate was 7.12%.

The average rate one year ago was 6.92%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.29%.

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

Farmington 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 Farmington level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 31 6.81% $5,377
GUILD MORTGAGE COMPANY 22 6.90% $6,295
QUICKEN LOANS, LLC 7 6.03% $8,775
NEW DAY FINANCIAL, LLC 5 7.62% $8,556
DAS Acquisition Company, LLC 3 6.92% $4,312
U.S. Bank 2 6.50% $12,648
FLAT BRANCH MORTGAGE, INC. 2 6.38% $7,749
FREEDOM MORTGAGE CORPORATION 2 7.00% $13,390
HOMESTAR FINANCIAL CORPORATION 2 7.25% $4,799
NAVY FEDERAL CREDIT UNION 2 5.50% $6,880
PENNYMAC LOAN SERVICES, LLC 2 5.19% $4,611
UNITED WHOLESALE MORTGAGE, LLC 2 7.13% $6,333
FIRST MORTGAGE COMPANY, INC. 1 6.25% $6,782
AMERISAVE MORTGAGE CORPORATION 1 6.25% $16,952
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.25% $224
USAA Federal Savings Bank 1 5.75% $14,520
PENTAGON FEDERAL CREDIT UNION 1 5.63% $6,522
BROKER SOLUTIONS, INC. 1 7.75% $3,579
Regions Bank 1 7.00% $5,332
SCOTT CREDIT UNION 1 6.50% $14,328
GUARANTEED RATE, INC. 1 6.25% $3,000
GERSHMAN INVESTMENT CORP. 1 6.75% $3,414
The Federal Savings Bank 1 5.75% $21,447
LAKEVIEW LOAN SERVICING, LLC 1 6.99% $9,198

The top Farmington VA lender as defined by loan originations is Mortgage Research Center, LLC, with 31 VA loans originated. Their average total fees are $5,377, which is $917 lower than the next largest lender, GUILD MORTGAGE COMPANY.

The lowest fee Farmington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,377), GUILD MORTGAGE COMPANY ($6,295), .

The lowest rate Farmington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.81%), GUILD MORTGAGE COMPANY (6.90%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Farmington (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 $131,300 (5.0%) $157,417 (2.6%) 0.00 256
2018-02-01 $134,700 (11.8%) $154,876 (1.9%) 0.00 248
2018-03-01 $135,500 (4.3%) $157,704 (-2.8%) 0.00 249
2018-04-01 $132,675 (2.1%) $159,926 (-0.3%) 0.00 228
2018-05-01 $134,900 (0.0%) $163,735 (-2.3%) 0.00 245
2018-06-01 $137,500 (0.2%) $169,650 (1.8%) 0.00 256
2018-07-01 $142,450 (3.2%) $178,726 (8.5%) 0.00 253
2018-08-01 $153,650 (13.9%) $184,815 (17.0%) 0.00 236
2018-09-01 $159,000 (20.0%) $186,301 (19.6%) 0.00 243
2018-10-01 $153,650 (18.2%) $186,696 (18.6%) 0.00 235
2018-11-01 $149,950 (15.6%) $192,361 (24.7%) 0.00 246
2018-12-01 $149,900 (15.8%) $197,757 (28.0%) 0.00 246
2019-01-01 $146,250 (11.4%) $200,619 (27.4%) 0.00 230
2019-02-01 $142,925 (6.1%) $205,267 (32.5%) 0.00 217
2019-03-01 $148,471 (9.6%) $212,515 (34.8%) 0.00 217
2019-04-01 $153,471 (15.7%) $222,603 (39.2%) 0.00 206
2019-05-01 $148,075 (9.8%) $217,213 (32.7%) 0.00 213
2019-06-01 $164,450 (19.6%) $225,123 (32.7%) 0.00 203
2019-07-01 $162,400 (14.0%) $222,647 (24.6%) 0.00 209
2019-08-01 $159,927 (4.1%) $220,601 (19.4%) 0.00 210
2019-09-01 $159,968 (0.6%) $217,543 (16.8%) 0.00 212
2019-10-01 $159,945 (4.1%) $215,504 (15.4%) 0.00 216
2019-11-01 $149,900 (0.0%) $208,709 (8.5%) 0.00 212
2019-12-01 $140,925 (-6.0%) $200,474 (1.4%) 0.00 214
2020-01-01 $144,400 (-1.3%) $207,719 (3.5%) 0.00 190
2020-02-01 $149,000 (4.3%) $227,105 (10.6%) 0.00 177
2020-03-01 $163,300 (10.0%) $251,231 (18.2%) 0.00 156
2020-04-01 $169,950 (10.7%) $246,866 (10.9%) 0.00 158
2020-05-01 $170,000 (14.8%) $267,815 (23.3%) 0.00 143
2020-06-01 $170,438 (3.6%) $263,047 (16.9%) 0.00 130
2020-07-01 $172,450 (6.2%) $252,074 (13.2%) 0.00 130
2020-08-01 $179,900 (12.5%) $267,915 (21.5%) 0.00 109
2020-09-01 $179,938 (12.5%) $262,190 (20.5%) 0.00 117
2020-10-01 $177,000 (10.7%) $273,415 (26.9%) 0.00 124
2020-11-01 $165,000 (10.1%) $228,407 (9.4%) 0.00 126
2020-12-01 $156,175 (10.8%) $215,440 (7.5%) 0.00 111
2021-01-01 $159,900 (10.7%) $222,200 (7.0%) 0.00 100
2021-02-01 $163,200 (9.5%) $231,441 (1.9%) 0.00 73
2021-03-01 $159,725 (-2.2%) $223,444 (-11.1%) 0.00 72
2021-04-01 $181,200 (6.6%) $258,892 (4.9%) 0.00 66
2021-05-01 $169,000 (-0.6%) $240,262 (-10.3%) 0.00 70
2021-06-01 $151,225 (-11.3%) $222,979 (-15.2%) 0.00 84
2021-07-01 $159,450 (-7.5%) $225,462 (-10.6%) 0.00 105
2021-08-01 $177,450 (-1.4%) $235,609 (-12.1%) 0.00 116
2021-09-01 $179,900 (0.0%) $243,853 (-7.0%) 0.00 115
2021-10-01 $184,950 (4.5%) $256,360 (-6.2%) 0.00 126
2021-11-01 $194,750 (18.0%) $276,393 (21.0%) 0.00 114
2021-12-01 $194,625 (24.6%) $272,713 (26.6%) 0.00 107
2022-01-01 $192,000 (20.1%) $269,679 (21.4%) 0.00 87
2022-02-01 $193,950 (18.8%) $278,884 (20.5%) 0.00 82
2022-03-01 $193,750 (21.3%) $284,584 (27.4%) 0.00 87
2022-04-01 $199,900 (10.3%) $263,669 (1.8%) 0.00 78
2022-05-01 $192,400 (13.9%) $251,958 (4.9%) 0.00 93
2022-06-01 $199,900 (32.2%) $261,662 (17.4%) 0.00 100
2022-07-01 $199,900 (25.4%) $257,820 (14.4%) 0.00 111
2022-08-01 $194,950 (9.9%) $244,954 (4.0%) 0.00 134
2022-09-01 $209,350 (16.4%) $255,534 (4.8%) 0.00 135
2022-10-01 $197,450 (6.8%) $243,814 (-4.9%) 0.00 158
2022-11-01 $207,450 (6.5%) $235,963 (-14.6%) 0.00 177
2022-12-01 $214,900 (10.4%) $240,148 (-11.9%) 0.00 154
2023-01-01 $197,675 (3.0%) $231,800 (-14.1%) 0.00 135
2023-02-01 $207,400 (6.9%) $238,003 (-14.7%) 0.00 121
2023-03-01 $219,900 (13.5%) $248,711 (-12.6%) 0.00 109
2023-04-01 $199,900 (0.0%) $245,053 (-7.1%) 0.00 99
2023-05-01 $223,700 (16.3%) $254,504 (1.0%) 0.00 94
2023-06-01 $226,000 (13.1%) $270,900 (3.5%) 0.00 96
2023-07-01 $232,900 (16.5%) $265,865 (3.1%) 0.00 102
2023-08-01 $217,425 (11.5%) $250,847 (2.4%) 0.00 106
2023-09-01 $219,200 (4.7%) $259,727 (1.6%) 0.00 130
2023-10-01 $224,125 (13.5%) $257,249 (5.5%) 0.00 134
2023-11-01 $219,725 (5.9%) $260,793 (10.5%) 0.00 139
2023-12-01 $229,950 (7.0%) $255,132 (6.2%) 0.00 129
2024-01-01 $242,000 (22.4%) $260,452 (12.4%) 0.00 123
2024-02-01 $237,450 (14.5%) $261,030 (9.7%) 0.00 126
2024-03-01 $235,000 (6.9%) $261,307 (5.1%) 0.00 131
2024-04-01 $239,075 (19.6%) $270,583 (10.4%) 0.00 133
2024-05-01 $259,925 (16.2%) $268,922 (5.7%) 0.00 154
Farmington's median listing price for 2024-05-01 was $259,925, a difference of $36,225 (16.2%) versus the prior year and $20,850 versus the prior month.

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

Farmington's average listing price for 2024-05-01 was $268,922, a difference of $14,418 (5.7%) versus the prior year and $-1,661 versus the prior month.

For the 2024-05-01 period, Farmington had 154 MLS listings, a difference of 21 listings (16%) versus the prior month and 60 listings (64%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Farmington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,423 sqft
2018-02-01 0 days 1,379 sqft
2018-03-01 0 days 1,358 sqft
2018-04-01 0 days 1,359 sqft
2018-05-01 0 days 1,398 sqft
2018-06-01 0 days 1,414 sqft
2018-07-01 0 days 1,433 sqft
2018-08-01 0 days 1,472 sqft
2018-09-01 0 days 1,459 sqft
2018-10-01 0 days 1,437 sqft
2018-11-01 0 days 1,437 sqft
2018-12-01 0 days 1,428 sqft
2019-01-01 0 days 1,418 sqft
2019-02-01 0 days 1,411 sqft
2019-03-01 0 days 1,472 sqft
2019-04-01 0 days 1,534 sqft
2019-05-01 0 days 1,525 sqft
2019-06-01 0 days 1,504 sqft
2019-07-01 0 days 1,487 sqft
2019-08-01 0 days 1,480 sqft
2019-09-01 0 days 1,491 sqft
2019-10-01 0 days 1,499 sqft
2019-11-01 0 days 1,489 sqft
2019-12-01 0 days 1,481 sqft
2020-01-01 0 days 1,484 sqft
2020-02-01 0 days 1,496 sqft
2020-03-01 0 days 1,646 sqft
2020-04-01 0 days 1,688 sqft
2020-05-01 0 days 1,738 sqft
2020-06-01 0 days 1,710 sqft
2020-07-01 0 days 1,631 sqft
2020-08-01 0 days 1,636 sqft
2020-09-01 0 days 1,643 sqft
2020-10-01 0 days 1,701 sqft
2020-11-01 0 days 1,616 sqft
2020-12-01 0 days 1,554 sqft
2021-01-01 0 days 1,509 sqft
2021-02-01 0 days 1,523 sqft
2021-03-01 0 days 1,462 sqft
2021-04-01 0 days 1,525 sqft
2021-05-01 0 days 1,624 sqft
2021-06-01 0 days 1,505 sqft
2021-07-01 0 days 1,524 sqft
2021-08-01 0 days 1,597 sqft
2021-09-01 0 days 1,620 sqft
2021-10-01 0 days 1,583 sqft
2021-11-01 0 days 1,620 sqft
2021-12-01 0 days 1,541 sqft
2022-01-01 0 days 1,584 sqft
2022-02-01 0 days 1,535 sqft
2022-03-01 0 days 1,497 sqft
2022-04-01 0 days 1,500 sqft
2022-05-01 0 days 1,514 sqft
2022-06-01 0 days 1,535 sqft
2022-07-01 0 days 1,468 sqft
2022-08-01 0 days 1,468 sqft
2022-09-01 0 days 1,519 sqft
2022-10-01 0 days 1,519 sqft
2022-11-01 0 days 1,499 sqft
2022-12-01 0 days 1,517 sqft
2023-01-01 0 days 1,517 sqft
2023-02-01 0 days 1,503 sqft
2023-03-01 0 days 1,493 sqft
2023-04-01 0 days 1,560 sqft
2023-05-01 0 days 1,724 sqft
2023-06-01 0 days 1,775 sqft
2023-07-01 0 days 1,718 sqft
2023-08-01 0 days 1,606 sqft
2023-09-01 0 days 1,586 sqft
2023-10-01 0 days 1,628 sqft
2023-11-01 0 days 1,639 sqft
2023-12-01 0 days 1,600 sqft
2024-01-01 0 days 1,600 sqft
2024-02-01 0 days 1,606 sqft
2024-03-01 0 days 1,645 sqft
2024-04-01 0 days 1,627 sqft
2024-05-01 0 days 1,581 sqft
Farmington's median listing age (time on market) for 2024-05-01 was 0 days.

Farmington's median square footage for active listings during the 2024-05-01 period was 1,581 sqft. One year prior, the average listing was 1,724 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.