Houma VA Loan Rates, Closing Costs & Stats

HOUMA-THIBODAUX, LA

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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.

    Houma's 26 lenders originated 125 VA loans during 2023. The total origination value was $32,585,000, with an average VA loan value of $260,680.

    Houma VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Houma averaged 6.37% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Houma's average VA mortgage closing costs are $5,533.

    The average rate for the prior week (2024-11-01) was 6.32% and one month ago for the week of 2024-10-04, the average rate was 5.45%.

    The average rate one year ago was 7.51%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.7%.

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

    Houma 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 Houma level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 35 6.30% $6,485
    Assurance Financial Group, L.L.C. 15 6.64% $8,068
    DSLD MORTGAGE, LLC 14 6.06% $5,534
    Mortgage Research Center, LLC 14 6.86% $4,464
    QUICKEN LOANS, LLC 7 6.01% $10,965
    GMFS LLC 4 6.59% $5,854
    NAVY FEDERAL CREDIT UNION 4 6.63% $2,194
    NEWREZ LLC 3 6.75% $11,770
    Citizens Bank 3 6.25% $7,584
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.94% $8,843
    DHI MORTGAGE COMPANY, LTD. 2 5.50% $5,097
    FREEDOM MORTGAGE CORPORATION 2 6.50% $16,433
    JPMorgan Chase Bank 2 5.81% $11,219
    LOANDEPOT.COM, LLC 2 6.13% $13,219
    UNION HOME MORTGAGE CORP. 2 5.69% $16,809
    GUARANTEED RATE, INC. 1 6.75% $2,795
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $3,850
    FIRST COMMUNITY MORTGAGE, INC. 1 7.63% $13,967
    Northwest Bank 1 6.25% $19,746
    OCMBC, INC. 1 6.75% $14,798
    BROKER SOLUTIONS, INC. 1 6.99% $12,322
    RELIANCE FIRST CAPITAL, LLC 1 7.00% $7,242
    VILLAGE CAPITAL MORTGAGE 1 7.38% $9,060
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $2,209
    Barrington Bank & Trust Company, N.A. 1 7.25% $6,559
    USAA Federal Savings Bank 1 5.00% $11,403

    The top Houma VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 35 VA loans originated. Their average total fees are $6,485, which is $1,583 lower than the next largest lender, Assurance Financial Group, L.L.C..

    The lowest fee Houma VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,464), DSLD MORTGAGE, LLC ($5,534), UNITED WHOLESALE MORTGAGE, LLC ($6,485), Assurance Financial Group, L.L.C. ($8,068) and .

    The lowest rate Houma VA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC (6.06%), UNITED WHOLESALE MORTGAGE, LLC (6.30%), Assurance Financial Group, L.L.C. (6.64%), Mortgage Research Center, LLC (6.86%) and .

    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.