Farmington VA Loan Rates, Closing Costs & Stats

FARMINGTON, NM

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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.

    Farmington's 32 lenders originated 121 VA loans during 2023. The total origination value was $33,465,000, with an average VA loan value of $276,570.

    Farmington VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Farmington averaged 6.43% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Farmington's average VA mortgage closing costs are $5,933.

    The average rate for the prior week (2024-11-01) was 6.39% and one month ago for the week of 2024-10-04, the average rate was 5.82%.

    The average rate one year ago was 7.27%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.24%.

    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 23 6.79% $5,803
    MORTGAGE SOLUTIONS OF COLORADO, LLC 14 6.58% $7,956
    AMCAP MORTGAGE, LTD. 11 6.63% $9,226
    GUILD MORTGAGE COMPANY 7 7.05% $10,763
    QUICKEN LOANS, LLC 5 5.87% $7,086
    NAVY FEDERAL CREDIT UNION 5 5.43% $5,770
    LOANDEPOT.COM, LLC 5 6.13% $12,067
    UNITED WHOLESALE MORTGAGE, LLC 4 6.18% $11,811
    CORNERSTONE HOME LENDING, INC. 4 6.31% $8,872
    MID AMERICA MORTGAGE, INC. 3 6.50% $2,900
    AMERISAVE MORTGAGE CORPORATION 3 6.25% $10,597
    Waterstone Mortgage Corporation 2 6.88% $7,119
    NEW DAY FINANCIAL, LLC 2 7.99% $12,043
    Century Mortgage Company DBA Century Lending Company 2 6.00% $8,525
    PENNYMAC LOAN SERVICES, LLC 2 5.06% $9,200
    FREEDOM MORTGAGE CORPORATION 2 6.25% $11,093
    The Federal Savings Bank 2 5.69% $18,252
    USAA Federal Savings Bank 2 6.25% $5,205
    Barrington Bank & Trust Company, N.A. 2 6.63% $10,432
    Magnolia Bank 2 5.75% $22,364
    Wells Fargo Bank 1 6.13% $1,891
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $12,380
    Bank of Colorado 1 6.25% $5,675
    CONTOUR MORTGAGE CORPORATION 1 5.25% $11,422
    CROSSCOUNTRY MORTGAGE, LLC 1 7.75% $5,642
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.13% $10,603
    MICHIGAN MUTUAL, INC. 1 7.63% $1,330
    MORTGAGEONE, INC. 1 6.88% $16,295
    NBKC BANK 1 5.63% $4,997
    NFM, INC. 1 6.63% $7,417
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $13,487
    PHH Mortgage Corporation 1 6.99% $4,398

    The top Farmington VA lender as defined by loan originations is Mortgage Research Center, LLC, with 23 VA loans originated. Their average total fees are $5,803, which is $2,153 lower than the next largest lender, MORTGAGE SOLUTIONS OF COLORADO, LLC.

    The lowest fee Farmington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,803), MORTGAGE SOLUTIONS OF COLORADO, LLC ($7,956), AMCAP MORTGAGE, LTD. ($9,226), .

    The lowest rate Farmington VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC (6.58%), AMCAP MORTGAGE, LTD. (6.63%), Mortgage Research Center, LLC (6.79%), .

    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 $207,500 (-0.7%) $247,120 (-1.3%) 0.00 487
    2018-02-01 $204,919 (-2.2%) $243,690 (-3.3%) 0.00 481
    2018-03-01 $204,900 (-3.0%) $245,070 (-2.9%) 0.00 486
    2018-04-01 $199,694 (-7.1%) $243,662 (-5.3%) 0.00 520
    2018-05-01 $199,900 (-7.1%) $248,491 (-3.3%) 0.00 537
    2018-06-01 $208,000 (-3.3%) $250,099 (-2.1%) 0.00 548
    2018-07-01 $209,350 (-2.6%) $249,946 (-3.2%) 0.00 533
    2018-08-01 $209,850 (0.0%) $252,485 (-0.7%) 0.00 528
    2018-09-01 $210,000 (0.0%) $257,836 (1.0%) 0.00 524
    2018-10-01 $209,000 (-0.5%) $253,824 (-0.5%) 0.00 540
    2018-11-01 $208,975 (0.5%) $251,798 (-0.8%) 0.00 517
    2018-12-01 $214,000 (7.1%) $250,727 (0.8%) 0.00 486
    2019-01-01 $214,444 (3.4%) $249,226 (0.9%) 0.00 446
    2019-02-01 $209,950 (2.5%) $243,667 (0.0%) 0.00 453
    2019-03-01 $216,243 (5.5%) $253,949 (3.6%) 0.00 455
    2019-04-01 $219,900 (10.1%) $264,386 (8.5%) 0.00 456
    2019-05-01 $219,950 (10.0%) $262,555 (5.7%) 0.00 462
    2019-06-01 $219,900 (5.7%) $261,516 (4.6%) 0.00 481
    2019-07-01 $219,000 (4.6%) $260,698 (4.3%) 0.00 507
    2019-08-01 $218,651 (4.2%) $261,060 (3.4%) 0.00 503
    2019-09-01 $216,879 (3.3%) $260,099 (0.9%) 0.00 495
    2019-10-01 $215,250 (3.0%) $258,068 (1.7%) 0.00 486
    2019-11-01 $215,000 (2.9%) $259,529 (3.1%) 0.00 434
    2019-12-01 $215,000 (0.5%) $261,925 (4.5%) 0.00 398
    2020-01-01 $209,950 (-2.1%) $259,907 (4.3%) 0.00 366
    2020-02-01 $209,650 (-0.1%) $258,307 (6.0%) 0.00 381
    2020-03-01 $209,925 (-2.9%) $257,516 (1.4%) 0.00 394
    2020-04-01 $210,000 (-4.5%) $263,799 (-0.2%) 0.00 388
    2020-05-01 $218,000 (-0.9%) $270,178 (2.9%) 0.00 364
    2020-06-01 $209,950 (-4.5%) $260,280 (-0.5%) 0.00 353
    2020-07-01 $212,450 (-3.0%) $258,303 (-0.9%) 0.00 375
    2020-08-01 $209,900 (-4.0%) $255,794 (-2.0%) 0.00 370
    2020-09-01 $204,900 (-5.5%) $259,136 (-0.4%) 0.00 335
    2020-10-01 $205,375 (-4.6%) $266,758 (3.4%) 0.00 311
    2020-11-01 $207,000 (-3.7%) $260,486 (0.4%) 0.00 290
    2020-12-01 $202,750 (-5.7%) $255,716 (-2.4%) 0.00 273
    2021-01-01 $205,000 (-2.4%) $253,691 (-2.4%) 0.00 245
    2021-02-01 $208,000 (-0.8%) $263,302 (1.9%) 0.00 252
    2021-03-01 $213,500 (1.7%) $265,077 (2.9%) 0.00 237
    2021-04-01 $211,388 (0.7%) $273,405 (3.6%) 0.00 203
    2021-05-01 $219,900 (0.9%) $295,832 (9.5%) 0.00 207
    2021-06-01 $222,000 (5.7%) $320,693 (23.2%) 0.00 200
    2021-07-01 $222,375 (4.7%) $330,029 (27.8%) 0.00 206
    2021-08-01 $225,000 (7.2%) $335,741 (31.3%) 0.00 212
    2021-09-01 $230,550 (12.5%) $330,997 (27.7%) 0.00 218
    2021-10-01 $245,000 (19.3%) $360,150 (35.0%) 0.00 193
    2021-11-01 $259,447 (25.3%) $363,665 (39.6%) 0.00 185
    2021-12-01 $272,250 (34.3%) $368,971 (44.3%) 0.00 163
    2022-01-01 $289,900 (41.4%) $394,179 (55.4%) 0.00 116
    2022-02-01 $273,450 (31.5%) $375,491 (42.6%) 0.00 111
    2022-03-01 $261,750 (22.6%) $345,694 (30.4%) 0.00 117
    2022-04-01 $299,900 (41.9%) $410,833 (50.3%) 0.00 115
    2022-05-01 $318,725 (44.9%) $432,891 (46.3%) 0.00 108
    2022-06-01 $317,700 (43.1%) $404,742 (26.2%) 0.00 144
    2022-07-01 $287,450 (29.3%) $381,989 (15.7%) 0.00 148
    2022-08-01 $299,000 (32.9%) $405,702 (20.8%) 0.00 131
    2022-09-01 $300,725 (30.4%) $425,187 (28.5%) 0.00 113
    2022-10-01 $299,000 (22.0%) $385,715 (7.1%) 0.00 102
    2022-11-01 $302,225 (16.5%) $404,226 (11.2%) 0.00 98
    2022-12-01 $285,000 (4.7%) $405,744 (10.0%) 0.00 96
    2023-01-01 $320,000 (10.4%) $429,925 (9.1%) 0.00 85
    2023-02-01 $349,500 (27.8%) $486,999 (29.7%) 0.00 66
    2023-03-01 $350,000 (33.7%) $477,746 (38.2%) 0.00 66
    2023-04-01 $342,000 (14.0%) $466,954 (13.7%) 0.00 69
    2023-05-01 $333,925 (4.8%) $464,500 (7.3%) 0.00 89
    2023-06-01 $330,000 (3.9%) $456,319 (12.7%) 0.00 107
    2023-07-01 $333,750 (16.1%) $476,929 (24.9%) 0.00 121
    2023-08-01 $350,000 (17.1%) $502,342 (23.8%) 0.00 127
    2023-09-01 $349,950 (16.4%) $477,738 (12.4%) 0.00 140
    2023-10-01 $338,250 (13.1%) $478,104 (24.0%) 0.00 146
    2023-11-01 $337,500 (11.7%) $460,199 (13.9%) 0.00 148
    2023-12-01 $332,400 (16.6%) $468,760 (15.5%) 0.00 137
    2024-01-01 $335,550 (4.9%) $453,342 (5.5%) 0.00 120
    2024-02-01 $349,975 (0.1%) $465,005 (-4.5%) 0.00 110
    2024-03-01 $349,900 (0.0%) $451,133 (-5.6%) 0.00 106
    2024-04-01 $359,700 (5.2%) $494,041 (5.8%) 0.00 94
    2024-05-01 $394,900 (18.3%) $539,537 (16.2%) 0.00 104
    2024-06-01 $380,000 (15.2%) $505,321 (10.7%) 0.00 113
    2024-07-01 $393,575 (17.9%) $498,362 (4.5%) 0.00 125
    2024-08-01 $397,000 (13.4%) $497,279 (-1.0%) 0.00 131
    2024-09-01 $402,900 (15.1%) $511,341 (7.0%) 0.00 146
    2024-10-01 $389,350 (15.1%) $508,841 (6.4%) 0.00 157
    Farmington's median listing price for 2024-10-01 was $389,350, a difference of $51,100 (15.1%) versus the prior year and $-13,550 versus the prior month.

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

    Farmington's average listing price for 2024-10-01 was $508,841, a difference of $30,737 (6.4%) versus the prior year and $-2,500 versus the prior month.

    For the 2024-10-01 period, Farmington had 157 MLS listings, a difference of 11 listings (8%) versus the prior month and 11 listings (8%) 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 1,812 sqft
    2018-02-01 0 days 1,796 sqft
    2018-03-01 0 days 1,803 sqft
    2018-04-01 0 days 1,782 sqft
    2018-05-01 0 days 1,818 sqft
    2018-06-01 0 days 1,864 sqft
    2018-07-01 0 days 1,864 sqft
    2018-08-01 0 days 1,881 sqft
    2018-09-01 0 days 1,895 sqft
    2018-10-01 0 days 1,886 sqft
    2018-11-01 0 days 1,897 sqft
    2018-12-01 0 days 1,901 sqft
    2019-01-01 0 days 1,866 sqft
    2019-02-01 0 days 1,820 sqft
    2019-03-01 0 days 1,848 sqft
    2019-04-01 0 days 1,889 sqft
    2019-05-01 0 days 1,885 sqft
    2019-06-01 0 days 1,883 sqft
    2019-07-01 0 days 1,876 sqft
    2019-08-01 0 days 1,867 sqft
    2019-09-01 0 days 1,850 sqft
    2019-10-01 0 days 1,829 sqft
    2019-11-01 0 days 1,838 sqft
    2019-12-01 0 days 1,881 sqft
    2020-01-01 0 days 1,885 sqft
    2020-02-01 0 days 1,838 sqft
    2020-03-01 0 days 1,812 sqft
    2020-04-01 0 days 1,842 sqft
    2020-05-01 0 days 1,901 sqft
    2020-06-01 0 days 1,863 sqft
    2020-07-01 0 days 1,848 sqft
    2020-08-01 0 days 1,792 sqft
    2020-09-01 0 days 1,770 sqft
    2020-10-01 0 days 1,816 sqft
    2020-11-01 0 days 1,799 sqft
    2020-12-01 0 days 1,717 sqft
    2021-01-01 0 days 1,702 sqft
    2021-02-01 0 days 1,827 sqft
    2021-03-01 0 days 1,853 sqft
    2021-04-01 0 days 1,795 sqft
    2021-05-01 0 days 1,782 sqft
    2021-06-01 0 days 1,790 sqft
    2021-07-01 0 days 1,763 sqft
    2021-08-01 0 days 1,767 sqft
    2021-09-01 0 days 1,778 sqft
    2021-10-01 0 days 1,887 sqft
    2021-11-01 0 days 1,954 sqft
    2021-12-01 0 days 1,972 sqft
    2022-01-01 0 days 2,005 sqft
    2022-02-01 0 days 1,942 sqft
    2022-03-01 0 days 1,844 sqft
    2022-04-01 0 days 2,004 sqft
    2022-05-01 0 days 2,056 sqft
    2022-06-01 0 days 2,052 sqft
    2022-07-01 0 days 1,916 sqft
    2022-08-01 0 days 2,019 sqft
    2022-09-01 0 days 2,078 sqft
    2022-10-01 0 days 2,027 sqft
    2022-11-01 0 days 2,043 sqft
    2022-12-01 0 days 1,950 sqft
    2023-01-01 0 days 2,000 sqft
    2023-02-01 0 days 2,031 sqft
    2023-03-01 0 days 2,030 sqft
    2023-04-01 0 days 1,995 sqft
    2023-05-01 0 days 1,952 sqft
    2023-06-01 0 days 1,973 sqft
    2023-07-01 0 days 1,992 sqft
    2023-08-01 0 days 2,081 sqft
    2023-09-01 0 days 2,114 sqft
    2023-10-01 0 days 2,028 sqft
    2023-11-01 0 days 2,019 sqft
    2023-12-01 0 days 2,000 sqft
    2024-01-01 0 days 1,932 sqft
    2024-02-01 0 days 2,086 sqft
    2024-03-01 0 days 2,005 sqft
    2024-04-01 0 days 2,014 sqft
    2024-05-01 0 days 2,075 sqft
    2024-06-01 0 days 2,034 sqft
    2024-07-01 0 days 2,178 sqft
    2024-08-01 0 days 2,189 sqft
    2024-09-01 0 days 2,308 sqft
    2024-10-01 0 days 2,132 sqft
    Farmington's median listing age (time on market) for 2024-10-01 was 0 days.

    Farmington's median square footage for active listings during the 2024-10-01 period was 2,132 sqft. One year prior, the average listing was 2,028 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.