Gallup VA Loan Rates, Closing Costs & Stats

Gallup, NM

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.

Gallup's 10 lenders originated 20 VA loans during 2023. The total origination value was $4,900,000, with an average VA loan value of $245,000.

Gallup VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Gallup averaged 6.79% for the week of 2024-03-22, compared to the national average (all VA variants) of 6.539% for the same period.

Gallup's average VA mortgage closing costs are $5,734.

The average rate for the prior week (2024-03-15) was 6.8% and one month ago for the week of 2024-02-16, the average rate was 6.53%.

The average rate one year ago was 6.36%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.44%.

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

Gallup 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 Gallup level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 6 6.91% $8,167
NAVY FEDERAL CREDIT UNION 3 6.17% $2,785
USAA Federal Savings Bank 2 7.06% $8,701
LOANPAL, LLC 1 6.63% $20,717
MID AMERICA MORTGAGE, INC. 1 6.75% $2,314
FIRST COMMUNITY MORTGAGE, INC. 1 7.13% $8,039
Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $35,106
CARDINAL FINANCIAL 1 6.25% $28,242
QUICKEN LOANS, LLC 1 5.25% $8,076
CALCON MUTUAL MORTGAGE LLC 1 7.25% $6,619

The top Gallup VA lender as defined by loan originations is Mortgage Research Center, LLC, with 6 VA loans originated. Their average total fees are $8,167, which is $5,383 higher than the next largest lender, NAVY FEDERAL CREDIT UNION.

The lowest fee Gallup VA lenders (with over 10 loans originated) are .

The lowest rate Gallup VA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Gallup (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 $159,450 (10.7%) $175,165 (6.1%) 0.00 71
2018-02-01 $149,000 (3.8%) $163,181 (-0.7%) 0.00 71
2018-03-01 $144,900 (-1.7%) $164,970 (-2.4%) 0.00 73
2018-04-01 $147,975 (-8.5%) $173,205 (-6.1%) 0.00 76
2018-05-01 $149,000 (-9.0%) $181,066 (-4.0%) 0.00 89
2018-06-01 $150,000 (-10.7%) $180,477 (-5.6%) 0.00 91
2018-07-01 $145,000 (-12.1%) $176,474 (-4.7%) 0.00 92
2018-08-01 $145,000 (-7.6%) $174,426 (-1.8%) 0.00 90
2018-09-01 $152,000 (0.0%) $183,024 (5.7%) 0.00 96
2018-10-01 $147,950 (-1.4%) $175,798 (5.1%) 0.00 93
2018-11-01 $139,000 (-10.6%) $169,942 (-1.1%) 0.00 82
2018-12-01 $138,000 (-12.6%) $160,141 (-7.8%) 0.00 78
2019-01-01 $135,500 (-15.0%) $159,147 (-9.1%) 0.00 69
2019-02-01 $136,300 (-8.5%) $169,859 (4.1%) 0.00 67
2019-03-01 $136,600 (-5.7%) $169,193 (2.6%) 0.00 73
2019-04-01 $136,950 (-7.5%) $168,211 (-2.9%) 0.00 76
2019-05-01 $139,700 (-6.2%) $164,018 (-9.4%) 0.00 82
2019-06-01 $139,900 (-6.7%) $172,690 (-4.3%) 0.00 83
2019-07-01 $148,925 (2.7%) $182,615 (3.5%) 0.00 74
2019-08-01 $145,691 (0.5%) $184,707 (5.9%) 0.00 73
2019-09-01 $145,302 (-4.4%) $181,438 (-0.9%) 0.00 72
2019-10-01 $146,043 (-1.3%) $179,986 (2.4%) 0.00 71
2019-11-01 $165,000 (18.7%) $185,291 (9.0%) 0.00 67
2019-12-01 $167,500 (21.4%) $196,423 (22.7%) 0.00 63
2020-01-01 $171,500 (26.6%) $208,655 (31.1%) 0.00 60
2020-02-01 $162,000 (18.9%) $201,696 (18.7%) 0.00 58
2020-03-01 $171,500 (25.6%) $203,137 (20.1%) 0.00 56
2020-04-01 $181,230 (32.3%) $199,207 (18.4%) 0.00 54
2020-05-01 $175,250 (25.5%) $196,030 (19.5%) 0.00 56
2020-06-01 $157,000 (12.2%) $201,265 (16.6%) 0.00 45
2020-07-01 $168,711 (13.3%) $205,395 (12.5%) 0.00 46
2020-08-01 $173,357 (19.0%) $195,602 (5.9%) 0.00 55
2020-09-01 $161,500 (11.2%) $190,359 (4.9%) 0.00 53
2020-10-01 $172,500 (18.1%) $200,763 (11.5%) 0.00 54
2020-11-01 $173,875 (5.4%) $208,213 (12.4%) 0.00 61
2020-12-01 $187,175 (11.8%) $219,815 (11.9%) 0.00 61
2021-01-01 $176,000 (2.6%) $207,486 (-0.6%) 0.00 50
2021-02-01 $189,213 (16.8%) $222,393 (10.3%) 0.00 43
2021-03-01 $186,275 (8.6%) $226,424 (11.5%) 0.00 42
2021-04-01 $195,363 (7.8%) $235,534 (18.2%) 0.00 39
2021-05-01 $214,900 (22.6%) $236,948 (20.9%) 0.00 41
2021-06-01 $196,500 (25.2%) $211,566 (5.1%) 0.00 39
2021-07-01 $189,000 (12.0%) $211,507 (3.0%) 0.00 48
2021-08-01 $191,250 (10.3%) $215,961 (10.4%) 0.00 56
2021-09-01 $180,500 (11.8%) $214,174 (12.5%) 0.00 52
2021-10-01 $176,000 (2.0%) $214,453 (6.8%) 0.00 53
2021-11-01 $181,500 (4.4%) $210,305 (1.0%) 0.00 58
2021-12-01 $192,500 (2.8%) $211,097 (-4.0%) 0.00 59
2022-01-01 $209,900 (19.3%) $232,351 (12.0%) 0.00 56
2022-02-01 $209,950 (11.0%) $228,879 (2.9%) 0.00 50
2022-03-01 $213,750 (14.8%) $227,560 (0.5%) 0.00 51
2022-04-01 $209,900 (7.4%) $228,737 (-2.9%) 0.00 15
2022-05-01 $172,500 (-19.7%) $179,691 (-24.2%) 0.00 15
2022-06-01 $192,403 (-2.1%) $216,585 (2.4%) 0.00 18
2022-07-01 $230,000 (21.7%) $244,204 (15.5%) 0.00 24
2022-08-01 $259,850 (35.9%) $245,890 (13.9%) 0.00 18
2022-09-01 $193,700 (7.3%) $220,182 (2.8%) 0.00 15
2022-10-01 $188,400 (7.1%) $232,450 (8.4%) 0.00 16
2022-11-01 $186,900 (3.0%) $224,946 (7.0%) 0.00 17
2022-12-01 $163,700 (-15.0%) $199,243 (-5.6%) 0.00 18
2023-01-01 $177,050 (-15.7%) $198,550 (-14.6%) 0.00 17
2023-02-01 $216,250 (3.0%) $210,284 (-8.1%) 0.00 16
2023-03-01 $180,625 (-15.5%) $206,053 (-9.5%) 0.00 17
2023-04-01 $230,000 (9.6%) $233,752 (2.2%) 0.00 18
2023-05-01 $228,750 (32.6%) $232,676 (29.5%) 0.00 19
2023-06-01 $240,000 (24.7%) $322,570 (48.9%) 0.00 18
2023-07-01 $225,000 (-2.2%) $322,686 (32.1%) 0.00 20
2023-08-01 $217,500 (-16.3%) $292,257 (18.9%) 0.00 33
2023-09-01 $220,000 (13.6%) $555,598 (152.3%) 0.00 41
2023-10-01 $276,750 (46.9%) $332,572 (43.1%) 0.00 34
2023-11-01 $289,000 (54.6%) $329,716 (46.6%) 0.00 36
2023-12-01 $220,000 (34.4%) $310,031 (55.6%) 0.00 34
2024-01-01 $202,700 (14.5%) $317,103 (59.7%) 0.00 32
2024-02-01 $204,055 (-5.6%) $311,274 (48.0%) 0.00 27
Gallup's median listing price for 2024-02-01 was $204,055, a difference of $-12,195 (-5.6%) versus the prior year and $1,355 versus the prior month.

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

Gallup's average listing price for 2024-02-01 was $311,274, a difference of $100,990 (48.0%) versus the prior year and $-5,829 versus the prior month.

For the 2024-02-01 period, Gallup had 27 MLS listings, a difference of -5 listings (-16%) versus the prior month and 11 listings (69%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Gallup (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,779 sqft
2018-02-01 0 days 1,603 sqft
2018-03-01 0 days 1,596 sqft
2018-04-01 0 days 1,617 sqft
2018-05-01 0 days 1,614 sqft
2018-06-01 0 days 1,607 sqft
2018-07-01 0 days 1,617 sqft
2018-08-01 0 days 1,602 sqft
2018-09-01 0 days 1,640 sqft
2018-10-01 0 days 1,614 sqft
2018-11-01 0 days 1,568 sqft
2018-12-01 0 days 1,553 sqft
2019-01-01 0 days 1,526 sqft
2019-02-01 0 days 1,526 sqft
2019-03-01 0 days 1,524 sqft
2019-04-01 0 days 1,538 sqft
2019-05-01 0 days 1,537 sqft
2019-06-01 0 days 1,529 sqft
2019-07-01 0 days 1,586 sqft
2019-08-01 0 days 1,576 sqft
2019-09-01 0 days 1,578 sqft
2019-10-01 0 days 1,593 sqft
2019-11-01 0 days 1,613 sqft
2019-12-01 0 days 1,661 sqft
2020-01-01 0 days 1,718 sqft
2020-02-01 0 days 1,611 sqft
2020-03-01 0 days 1,629 sqft
2020-04-01 0 days 1,811 sqft
2020-05-01 0 days 1,817 sqft
2020-06-01 0 days 1,829 sqft
2020-07-01 0 days 1,890 sqft
2020-08-01 0 days 1,722 sqft
2020-09-01 0 days 1,650 sqft
2020-10-01 0 days 1,651 sqft
2020-11-01 0 days 1,847 sqft
2020-12-01 0 days 1,903 sqft
2021-01-01 0 days 1,884 sqft
2021-02-01 0 days 1,815 sqft
2021-03-01 0 days 1,796 sqft
2021-04-01 0 days 1,726 sqft
2021-05-01 0 days 1,752 sqft
2021-06-01 0 days 1,742 sqft
2021-07-01 0 days 1,726 sqft
2021-08-01 0 days 1,716 sqft
2021-09-01 0 days 1,623 sqft
2021-10-01 0 days 1,775 sqft
2021-11-01 0 days 1,687 sqft
2021-12-01 0 days 1,704 sqft
2022-01-01 0 days 1,788 sqft
2022-02-01 0 days 1,767 sqft
2022-03-01 0 days 1,788 sqft
2022-04-01 0 days 1,780 sqft
2022-05-01 0 days 1,680 sqft
2022-06-01 0 days 1,856 sqft
2022-07-01 0 days 1,945 sqft
2022-08-01 0 days 1,683 sqft
2022-09-01 0 days 1,569 sqft
2022-10-01 0 days 1,576 sqft
2022-11-01 0 days 1,560 sqft
2022-12-01 0 days 1,578 sqft
2023-01-01 0 days 1,562 sqft
2023-02-01 0 days 1,618 sqft
2023-03-01 0 days 1,648 sqft
2023-04-01 0 days 1,730 sqft
2023-05-01 0 days 1,670 sqft
2023-06-01 0 days 1,730 sqft
2023-07-01 0 days 1,629 sqft
2023-08-01 0 days 1,616 sqft
2023-09-01 0 days 1,581 sqft
2023-10-01 0 days 1,573 sqft
2023-11-01 0 days 1,590 sqft
2023-12-01 0 days 1,527 sqft
2024-01-01 0 days 1,617 sqft
2024-02-01 0 days 1,701 sqft
Gallup's median listing age (time on market) for 2024-02-01 was 0 days.

Gallup's median square footage for active listings during the 2024-02-01 period was 1,701 sqft. One year prior, the average listing was 1,618 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.