Gallup VA Loan Rates, Closing Costs & Stats

Gallup, 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.

    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 6.48% for the week of 2025-02-14, compared to the national average (all VA variants) of 6.428% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.51% and one month ago for the week of 2025-01-10, the average rate was 6.85%.

    The average rate one year ago was 6.47%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.23%.

    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 $158,975 (10.4%) $179,485 (7.9%) 0.00 74
    2018-02-01 $149,450 (3.4%) $169,429 (2.7%) 0.00 75
    2018-03-01 $144,900 (-2.7%) $170,860 (-0.5%) 0.00 77
    2018-04-01 $149,000 (-8.9%) $178,262 (-4.4%) 0.00 80
    2018-05-01 $149,925 (-8.6%) $185,872 (-1.9%) 0.00 92
    2018-06-01 $151,000 (-10.4%) $185,050 (-3.6%) 0.00 94
    2018-07-01 $147,500 (-10.6%) $180,790 (-2.4%) 0.00 94
    2018-08-01 $149,475 (-4.8%) $180,114 (-0.7%) 0.00 95
    2018-09-01 $155,000 (1.3%) $187,298 (5.7%) 0.00 101
    2018-10-01 $151,475 (0.3%) $182,593 (4.4%) 0.00 99
    2018-11-01 $144,950 (-6.8%) $184,960 (5.3%) 0.00 88
    2018-12-01 $138,500 (-12.3%) $176,397 (-0.6%) 0.00 83
    2019-01-01 $137,900 (-13.3%) $177,626 (-1.0%) 0.00 73
    2019-02-01 $139,450 (-6.7%) $188,322 (11.2%) 0.00 71
    2019-03-01 $139,929 (-3.4%) $187,232 (9.6%) 0.00 76
    2019-04-01 $139,904 (-6.1%) $183,545 (3.0%) 0.00 80
    2019-05-01 $155,750 (3.9%) $182,742 (-1.7%) 0.00 88
    2019-06-01 $161,500 (7.0%) $189,277 (2.3%) 0.00 88
    2019-07-01 $156,475 (6.1%) $201,852 (11.7%) 0.00 78
    2019-08-01 $153,191 (2.5%) $202,514 (12.4%) 0.00 76
    2019-09-01 $150,552 (-2.9%) $197,785 (5.6%) 0.00 76
    2019-10-01 $154,043 (1.7%) $195,628 (7.1%) 0.00 74
    2019-11-01 $168,250 (16.1%) $198,257 (7.2%) 0.00 70
    2019-12-01 $169,220 (22.2%) $209,862 (19.0%) 0.00 66
    2020-01-01 $174,000 (26.2%) $221,855 (24.9%) 0.00 63
    2020-02-01 $169,250 (21.4%) $215,521 (14.4%) 0.00 61
    2020-03-01 $179,025 (27.9%) $217,071 (15.9%) 0.00 59
    2020-04-01 $184,900 (32.2%) $212,856 (16.0%) 0.00 58
    2020-05-01 $180,150 (15.7%) $209,350 (14.6%) 0.00 61
    2020-06-01 $173,750 (7.6%) $216,172 (14.2%) 0.00 49
    2020-07-01 $175,750 (12.3%) $218,851 (8.4%) 0.00 50
    2020-08-01 $174,100 (13.7%) $209,659 (3.5%) 0.00 59
    2020-09-01 $172,614 (14.7%) $201,776 (2.0%) 0.00 56
    2020-10-01 $173,000 (12.3%) $200,102 (2.3%) 0.00 56
    2020-11-01 $175,250 (4.2%) $207,690 (4.8%) 0.00 63
    2020-12-01 $189,900 (12.2%) $219,378 (4.5%) 0.00 62
    2021-01-01 $177,950 (2.3%) $207,166 (-6.6%) 0.00 51
    2021-02-01 $189,950 (12.2%) $221,687 (2.9%) 0.00 44
    2021-03-01 $188,088 (5.1%) $225,637 (4.0%) 0.00 43
    2021-04-01 $195,650 (5.8%) $235,534 (10.7%) 0.00 39
    2021-05-01 $226,200 (25.6%) $266,856 (27.5%) 0.00 43
    2021-06-01 $199,000 (14.5%) $249,449 (15.4%) 0.00 40
    2021-07-01 $194,450 (10.6%) $241,501 (10.4%) 0.00 50
    2021-08-01 $198,500 (14.0%) $245,109 (16.9%) 0.00 58
    2021-09-01 $184,750 (7.0%) $221,283 (9.7%) 0.00 53
    2021-10-01 $189,000 (9.3%) $223,675 (11.8%) 0.00 55
    2021-11-01 $192,000 (9.6%) $239,476 (15.3%) 0.00 61
    2021-12-01 $205,000 (8.0%) $238,839 (8.9%) 0.00 62
    2022-01-01 $219,500 (23.4%) $255,872 (23.5%) 0.00 59
    2022-02-01 $216,075 (13.8%) $263,544 (18.9%) 0.00 53
    2022-03-01 $215,000 (14.3%) $255,184 (13.1%) 0.00 54
    2022-04-01 $225,000 (15.0%) $295,996 (25.7%) 0.00 19
    2022-05-01 $186,428 (-17.6%) $311,610 (16.8%) 0.00 19
    2022-06-01 $218,725 (9.9%) $322,263 (29.2%) 0.00 23
    2022-07-01 $280,000 (44.0%) $329,139 (36.3%) 0.00 29
    2022-08-01 $285,725 (43.9%) $348,461 (42.2%) 0.00 23
    2022-09-01 $229,625 (24.3%) $334,226 (51.0%) 0.00 20
    2022-10-01 $217,200 (14.9%) $348,364 (55.8%) 0.00 21
    2022-11-01 $234,547 (22.2%) $321,043 (34.1%) 0.00 22
    2022-12-01 $176,500 (-13.9%) $259,512 (8.7%) 0.00 21
    2023-01-01 $194,675 (-11.3%) $264,952 (3.6%) 0.00 19
    2023-02-01 $235,875 (9.2%) $280,056 (6.3%) 0.00 18
    2023-03-01 $212,375 (-1.2%) $287,976 (12.9%) 0.00 20
    2023-04-01 $252,500 (12.2%) $303,627 (2.6%) 0.00 20
    2023-05-01 $240,000 (28.7%) $261,756 (-16.0%) 0.00 22
    2023-06-01 $256,500 (17.3%) $342,772 (6.4%) 0.00 21
    2023-07-01 $265,700 (-5.1%) $350,674 (6.5%) 0.00 24
    2023-08-01 $241,750 (-15.4%) $317,805 (-8.8%) 0.00 37
    2023-09-01 $237,500 (3.4%) $553,451 (65.6%) 0.00 42
    2023-10-01 $284,225 (30.9%) $334,231 (-4.1%) 0.00 36
    2023-11-01 $289,000 (23.2%) $330,579 (3.0%) 0.00 36
    2023-12-01 $220,000 (24.7%) $310,031 (19.5%) 0.00 34
    2024-01-01 $202,700 (4.1%) $323,943 (22.3%) 0.00 32
    2024-02-01 $212,528 (-9.9%) $323,811 (15.6%) 0.00 28
    2024-03-01 $208,038 (-2.0%) $330,792 (14.9%) 0.00 26
    2024-04-01 $234,000 (-7.3%) $322,343 (6.2%) 0.00 24
    2024-05-01 $253,500 (5.6%) $323,925 (23.8%) 0.00 26
    2024-06-01 $264,300 (3.0%) $290,797 (-15.2%) 0.00 34
    2024-07-01 $315,350 (18.7%) $344,573 (-1.7%) 0.00 38
    2024-08-01 $312,400 (29.2%) $328,843 (3.5%) 0.00 44
    2024-09-01 $306,150 (28.9%) $313,540 (-43.4%) 0.00 44
    2024-10-01 $271,700 (-4.4%) $293,926 (-12.1%) 0.00 47
    2024-11-01 $259,500 (-10.2%) $288,887 (-12.6%) 0.00 47
    2024-12-01 $250,000 (13.6%) $292,807 (-5.6%) 0.00 48
    2025-01-01 $250,000 (23.3%) $297,104 (-8.3%) 0.00 44
    Gallup's median listing price for 2025-01-01 was $250,000, a difference of $47,300 (23.3%) versus the prior year and $0 versus the prior month.

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

    Gallup's average listing price for 2025-01-01 was $297,104, a difference of $-26,839 (-8.3%) versus the prior year and $4,297 versus the prior month.

    For the 2025-01-01 period, Gallup had 44 MLS listings, a difference of -4 listings (-8%) versus the prior month and 12 listings (38%) 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 1,761 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 1,619 sqft
    2018-06-01 0 days 1,608 sqft
    2018-07-01 0 days 1,622 sqft
    2018-08-01 0 days 1,607 sqft
    2018-09-01 0 days 1,650 sqft
    2018-10-01 0 days 1,624 sqft
    2018-11-01 0 days 1,597 sqft
    2018-12-01 0 days 1,572 sqft
    2019-01-01 0 days 1,572 sqft
    2019-02-01 0 days 1,572 sqft
    2019-03-01 0 days 1,540 sqft
    2019-04-01 0 days 1,569 sqft
    2019-05-01 0 days 1,584 sqft
    2019-06-01 0 days 1,589 sqft
    2019-07-01 0 days 1,624 sqft
    2019-08-01 0 days 1,599 sqft
    2019-09-01 0 days 1,593 sqft
    2019-10-01 0 days 1,599 sqft
    2019-11-01 0 days 1,661 sqft
    2019-12-01 0 days 1,737 sqft
    2020-01-01 0 days 1,765 sqft
    2020-02-01 0 days 1,621 sqft
    2020-03-01 0 days 1,698 sqft
    2020-04-01 0 days 1,878 sqft
    2020-05-01 0 days 1,890 sqft
    2020-06-01 0 days 1,893 sqft
    2020-07-01 0 days 1,902 sqft
    2020-08-01 0 days 1,792 sqft
    2020-09-01 0 days 1,652 sqft
    2020-10-01 0 days 1,651 sqft
    2020-11-01 0 days 1,847 sqft
    2020-12-01 0 days 1,929 sqft
    2021-01-01 0 days 1,893 sqft
    2021-02-01 0 days 1,821 sqft
    2021-03-01 0 days 1,804 sqft
    2021-04-01 0 days 1,751 sqft
    2021-05-01 0 days 1,772 sqft
    2021-06-01 0 days 1,749 sqft
    2021-07-01 0 days 1,735 sqft
    2021-08-01 0 days 1,728 sqft
    2021-09-01 0 days 1,649 sqft
    2021-10-01 0 days 1,775 sqft
    2021-11-01 0 days 1,694 sqft
    2021-12-01 0 days 1,712 sqft
    2022-01-01 0 days 1,792 sqft
    2022-02-01 0 days 1,788 sqft
    2022-03-01 0 days 1,792 sqft
    2022-04-01 0 days 1,812 sqft
    2022-05-01 0 days 1,746 sqft
    2022-06-01 0 days 1,982 sqft
    2022-07-01 0 days 2,010 sqft
    2022-08-01 0 days 1,813 sqft
    2022-09-01 0 days 1,615 sqft
    2022-10-01 0 days 1,614 sqft
    2022-11-01 0 days 1,615 sqft
    2022-12-01 0 days 1,581 sqft
    2023-01-01 0 days 1,570 sqft
    2023-02-01 0 days 1,618 sqft
    2023-03-01 0 days 1,689 sqft
    2023-04-01 0 days 1,732 sqft
    2023-05-01 0 days 1,762 sqft
    2023-06-01 0 days 2,000 sqft
    2023-07-01 0 days 1,732 sqft
    2023-08-01 0 days 1,664 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 1,723 sqft
    2024-03-01 0 days 1,566 sqft
    2024-04-01 0 days 1,584 sqft
    2024-05-01 0 days 1,590 sqft
    2024-06-01 0 days 1,782 sqft
    2024-07-01 0 days 2,080 sqft
    2024-08-01 0 days 2,075 sqft
    2024-09-01 0 days 2,108 sqft
    2024-10-01 0 days 1,867 sqft
    2024-11-01 0 days 1,800 sqft
    2024-12-01 0 days 1,778 sqft
    2025-01-01 0 days 1,941 sqft
    Gallup's median listing age (time on market) for 2025-01-01 was 0 days.

    Gallup's median square footage for active listings during the 2025-01-01 period was 1,941 sqft. One year prior, the average listing was 1,617 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.