Lafayette VA Loans

LAFAYETTE, 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 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.

    Lafayette's 99 lenders originated 1,191 VA loans during 2021. The total origination value was $277,875,000, with an average VA loan value of $233,312.

    Lafayette VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lafayette averaged 5.43% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.46% and one month ago for the week of 2022-04-08, the average rate was 4.89%.

    The average rate one year ago was 2.9%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.27%.

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

    Lafayette VA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Lafayette level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Mortgage Research Center, LLC 85 2.90% $5,327
    FREEDOM MORTGAGE CORPORATION 82 2.47% $3,116
    HOME POINT FINANCIAL CORPORATION 82 2.62% $6,635
    QUICKEN LOANS, LLC 69 2.55% $4,639
    GMFS LLC 58 2.74% $3,928
    UNITED WHOLESALE MORTGAGE, LLC 57 2.58% $5,141
    PENNYMAC LOAN SERVICES, LLC 43 2.47% $6,300
    Assurance Financial Group, L.L.C. 34 3.08% $7,661
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 31 2.54% $7,478
    VILLAGE CAPITAL & INVESTMENT LLC 30 2.35% $3,188
    USAA Federal Savings Bank 29 2.81% $6,458
    NAVY FEDERAL CREDIT UNION 29 2.50% $5,531
    LAKEVIEW LOAN SERVICING, LLC 23 2.57% $1,929
    NEW DAY FINANCIAL, LLC 21 2.75% $6,679
    DHI MORTGAGE COMPANY, LTD. 17 2.86% $6,436
    LOANDEPOT.COM, LLC 17 2.58% $5,686
    DSLD MORTGAGE, LLC 16 2.78% $3,512
    First Horizon Bank 15 2.61% $6,305
    MID AMERICA MORTGAGE, INC. 15 2.96% $3,364
    Wells Fargo Bank 15 2.58% $3,564
    CALIBER HOME LOANS, INC. 13 2.55% $3,265
    Mr. Cooper ( Nationstar Mortgage ) 13 2.91% $3,317
    CLEARPATH LENDING 11 2.55% $3,632
    MOVEMENT MORTGAGE, LLC 10 3.13% $4,460
    Barrington Bank & Trust Company, N.A. 10 2.84% $3,248
    STANDARD MORTGAGE CORPORATION 10 2.61% $8,160
    FIDELITY BANK 9 2.90% $5,189
    The Federal Savings Bank 7 2.57% $6,133
    AMERISAVE MORTGAGE CORPORATION 7 2.64% $6,022
    PLANET HOME LENDING, LLC 7 3.36% $2,620
    UNION HOME MORTGAGE CORP. 6 3.00% $4,051
    PENTAGON FEDERAL CREDIT UNION 6 2.31% $1,317
    TJC Mortgage, Inc. 5 2.68% $7,571
    Paramount Residential Mortgage Group, Inc. 5 3.10% $5,636
    MORTGAGE FINANCIAL SERVICES, LLC 5 3.15% $8,748
    Low VA Rates, LLC 5 2.60% $2,808
    Bank of England 4 2.69% $6,125
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 4.19% $5,945
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.66% $4,117
    Flagstar Bank, FSB 4 3.03% $5,211
    GUILD MORTGAGE COMPANY 4 3.16% $7,812
    BancorpSouth Bank 3 2.83% $8,664
    MICHIGAN MUTUAL, INC. 3 2.79% $1,002
    PLAZA HOME MORTGAGE, INC. 3 3.08% $2,259
    Citizens Bank 3 3.08% $5,531
    SUN WEST MORTGAGE COMPANY, INC. 3 2.58% $2,741
    SOUTHWEST FUNDING, LP 3 3.96% $7,745
    ACCELERATE MORTGAGE, LLC 3 2.08% $6,798
    AMERICAN FINANCIAL RESOURCES, INC. 3 3.63% $2,580
    NBKC BANK 3 2.25% $2,411
    Mid-Continent Funding, Inc. 3 2.63% $7,211
    Nations Lending Corporation 3 2.46% $2,136
    GUARANTEED RATE, INC. 3 3.00% $8,591
    Lakeview Community Capital, LLC 2 2.63% $2,881
    AMCAP MORTGAGE, LTD. 2 3.25% $13,402
    AMERICAN FINANCIAL NETWORK, INC. 2 2.25% $4,885
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 2 2.81% $5,765
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.94% $6,266
    BAYSHORE MORTGAGE FUNDING, LLC 2 3.25% $7,491
    BNC National Bank 2 2.75% $29,086
    BROKER SOLUTIONS, INC. 2 2.63% $2,650
    Carrington Mortgage Services, LLC 2 4.06% $4,309
    Commerce Home Mortgage, Inc. 2 2.56% $4,040
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 2.94% $13,749
    First Guaranty Mortgage Corporation 2 2.75% $2,635
    Hancock Whitney Bank 2 2.44% $5,522
    Meridian Bank Corporation 2 2.25% $3,739
    MUTUAL OF OMAHA MORTGAGE, INC. 2 3.00% $3,834
    NP, Inc. 2 2.50% $5,689
    RELIANCE FIRST CAPITAL, LLC 2 2.69% $4,723
    SOUTHWEST STAGE FUNDING, LLC 2 4.13% $2,439
    STEARNS LENDING, LLC 2 2.63% $3,652
    THRIVE MORTGAGE, LLC 2 3.81% $18,520
    JPMorgan Chase Bank 1 3.25% $0
    HOMESIDE FINANCIAL, LLC 1 2.62% $4,410
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.38% $4,523
    Prosperity Home Mortgage, LLC 1 2.50% $4,608
    First Savings Bank 1 3.88% $6,897
    Regions Bank 1 3.25% $15,507
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.25% $8,330
    Sierra Pacific Mortgage Company, Inc. 1 2.50% $3,473
    First Federal Bank of Kansas City 1 2.25% $14,449
    AmeriHome Mortgage Company, LLC 1 3.13% $1,957
    FIRST COMMUNITY MORTGAGE, INC. 1 2.25% $1,229
    AMERICAN FINANCING CORPORATION 1 2.75% $1,586
    Sunflower Bank 1 2.25% $0
    FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $3,381
    SWBC MORTGAGE CORPORATION 1 3.00% $3,354
    CRESCENT MORTGAGE COMPANY 1 2.88% $3,918
    Wyndham Capital Mortgage, Inc. 1 2.25% $0
    Community First National Bank 1 3.50% $4,761
    TOWNE MORTGAGE COMPANY 1 3.25% $5,247
    Triumph Bank 1 2.38% $0
    CHURCHILL MORTGAGE CORPORATION 1 2.25% $2,980
    NEWREZ LLC 1 2.63% $5,915
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.13% $3,899
    NBH Bank 1 2.50% $1,601
    LHM FINANCIAL CORPORATION 1 3.25% $6,457
    ACADEMY MORTGAGE CORPORATION 1 2.88% $4,686

    The top Lafayette VA lender as defined by loan originations is Mortgage Research Center, LLC, with 85 VA loans originated. Their average total fees are $5,327, which is $2,211 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

    The lowest fee Lafayette VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($1,929), FREEDOM MORTGAGE CORPORATION ($3,116), VILLAGE CAPITAL & INVESTMENT LLC ($3,188), Barrington Bank & Trust Company, N.A. ($3,248) and CALIBER HOME LOANS, INC. ($3,265).

    The lowest rate Lafayette VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.35%), FREEDOM MORTGAGE CORPORATION (2.47%), PENNYMAC LOAN SERVICES, LLC (2.47%), NAVY FEDERAL CREDIT UNION (2.50%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (2.54%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lafayette (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 $208,500 (-0.5%) $258,538 (-1.4%) 0.77 2,107
    2018-02-01 $209,950 (0.0%) $262,399 (0.5%) 0.76 2,135
    2018-03-01 $210,000 (-2.3%) $263,718 (-1.6%) 0.73 2,235
    2018-04-01 $214,900 (-2.7%) $267,995 (-2.7%) 0.72 2,259
    2018-05-01 $214,100 (-2.9%) $268,114 (-3.2%) 0.71 2,319
    2018-06-01 $211,900 (-3.7%) $266,949 (-3.5%) 0.71 2,393
    2018-07-01 $210,000 (-4.1%) $268,051 (-2.7%) 0.70 2,472
    2018-08-01 $210,650 (-2.0%) $265,010 (-2.3%) 0.70 2,507
    2018-09-01 $212,500 (-0.3%) $266,547 (-0.3%) 0.71 2,471
    2018-10-01 $205,000 (-2.8%) $260,262 (-2.3%) 0.69 2,470
    2018-11-01 $207,950 (-1.0%) $262,596 (-0.4%) 0.70 2,412
    2018-12-01 $205,524 (-1.4%) $261,794 (0.1%) 0.70 2,359
    2019-01-01 $208,500 (0.0%) $266,166 (3.0%) 0.72 2,243
    2019-02-01 $210,000 (0.0%) $270,151 (3.0%) 0.70 2,285
    2019-03-01 $212,143 (1.0%) $274,582 (4.1%) 0.69 2,287
    2019-04-01 $215,000 (0.1%) $278,329 (3.9%) 0.68 2,292
    2019-05-01 $217,785 (1.7%) $283,201 (5.6%) 0.67 2,233
    2019-06-01 $219,000 (3.4%) $284,174 (6.5%) 0.67 2,252
    2019-07-01 $220,000 (4.8%) $292,002 (8.9%) 0.68 2,236
    2019-08-01 $219,143 (4.0%) $293,940 (10.9%) 0.69 2,169
    2019-09-01 $218,143 (2.7%) $295,611 (10.9%) 0.69 2,077
    2019-10-01 $219,000 (6.8%) $293,968 (13.0%) 0.70 2,068
    2019-11-01 $214,000 (2.9%) $289,447 (10.2%) 0.69 2,020
    2019-12-01 $210,168 (2.3%) $283,099 (8.1%) 0.70 1,922
    2020-01-01 $210,000 (0.7%) $284,403 (6.9%) 0.70 1,826
    2020-02-01 $210,000 (0.0%) $288,808 (6.9%) 0.68 1,848
    2020-03-01 $213,455 (0.6%) $300,262 (9.4%) 0.67 1,866
    2020-04-01 $217,000 (0.9%) $301,875 (8.5%) 0.68 1,791
    2020-05-01 $219,500 (0.8%) $309,479 (9.3%) 0.67 1,726
    2020-06-01 $219,000 (0.0%) $312,533 (10.0%) 0.64 1,594
    2020-07-01 $226,850 (3.1%) $317,742 (8.8%) 0.65 1,479
    2020-08-01 $234,000 (6.8%) $323,685 (10.1%) 0.67 1,422
    2020-09-01 $234,750 (7.6%) $329,172 (11.4%) 0.67 1,296
    2020-10-01 $229,835 (5.0%) $336,237 (14.4%) 0.66 1,223
    2020-11-01 $231,950 (8.4%) $340,349 (17.6%) 0.66 1,117
    2020-12-01 $227,000 (8.0%) $338,742 (19.7%) 0.67 1,080
    2021-01-01 $227,520 (8.3%) $343,614 (20.8%) 0.67 982
    2021-02-01 $235,000 (11.9%) $344,473 (19.3%) 0.68 915
    2021-03-01 $239,450 (12.2%) $357,620 (19.1%) 0.67 844
    2021-04-01 $246,815 (13.7%) $376,903 (24.9%) 0.66 769
    2021-05-01 $274,500 (25.1%) $392,767 (26.9%) 0.72 713
    2021-06-01 $275,000 (25.6%) $402,059 (28.7%) 0.71 716
    2021-07-01 $269,000 (18.6%) $401,350 (26.3%) 0.70 760
    2021-08-01 $269,000 (15.0%) $408,792 (26.3%) 0.71 785
    2021-09-01 $271,250 (15.6%) $410,807 (24.8%) 0.71 783
    2021-10-01 $274,900 (19.6%) $387,916 (15.4%) 0.72 792
    2021-11-01 $269,000 (16.0%) $381,434 (12.1%) 0.71 787
    2021-12-01 $269,000 (18.5%) $372,055 (9.8%) 0.72 762
    2022-01-01 $265,500 (16.7%) $376,615 (9.6%) 0.71 692
    2022-02-01 $275,000 (17.0%) $385,032 (11.8%) 0.70 661
    2022-03-01 $283,500 (18.4%) $396,794 (11.0%) 0.70 635
    2022-04-01 $300,000 (21.6%) $409,766 (8.7%) 0.71 624
    Lafayette's median listing price for 2022-04-01 was $300,000, a difference of $53,185 (21.6%) versus the prior year and $16,500 versus the prior month.

    Lafayette's median listing price comes in at 71% of the national average.

    Lafayette's average listing price for 2022-04-01 was $409,766, a difference of $32,863 (8.7%) versus the prior year and $12,972 versus the prior month.

    For the 2022-04-01 period, Lafayette had 624 MLS listings, a difference of -11 listings (-2%) versus the prior month and -145 listings (-19%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lafayette (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 107 days 1,860 sqft
    2018-02-01 107 days 1,864 sqft
    2018-03-01 93 days 1,862 sqft
    2018-04-01 80 days 1,888 sqft
    2018-05-01 75 days 1,890 sqft
    2018-06-01 80 days 1,891 sqft
    2018-07-01 85 days 1,887 sqft
    2018-08-01 94 days 1,885 sqft
    2018-09-01 96 days 1,891 sqft
    2018-10-01 101 days 1,877 sqft
    2018-11-01 105 days 1,879 sqft
    2018-12-01 111 days 1,875 sqft
    2019-01-01 118 days 1,885 sqft
    2019-02-01 121 days 1,900 sqft
    2019-03-01 120 days 1,903 sqft
    2019-04-01 96 days 1,908 sqft
    2019-05-01 97 days 1,925 sqft
    2019-06-01 94 days 1,925 sqft
    2019-07-01 98 days 1,941 sqft
    2019-08-01 102 days 1,936 sqft
    2019-09-01 105 days 1,923 sqft
    2019-10-01 101 days 1,911 sqft
    2019-11-01 100 days 1,902 sqft
    2019-12-01 105 days 1,895 sqft
    2020-01-01 107 days 1,892 sqft
    2020-02-01 100 days 1,889 sqft
    2020-03-01 90 days 1,914 sqft
    2020-04-01 90 days 1,922 sqft
    2020-05-01 100 days 1,917 sqft
    2020-06-01 107 days 1,910 sqft
    2020-07-01 103 days 1,967 sqft
    2020-08-01 85 days 1,998 sqft
    2020-09-01 80 days 1,982 sqft
    2020-10-01 83 days 1,953 sqft
    2020-11-01 86 days 2,000 sqft
    2020-12-01 86 days 2,000 sqft
    2021-01-01 81 days 2,006 sqft
    2021-02-01 79 days 2,001 sqft
    2021-03-01 68 days 2,000 sqft
    2021-04-01 63 days 2,022 sqft
    2021-05-01 60 days 2,118 sqft
    2021-06-01 52 days 2,101 sqft
    2021-07-01 50 days 2,061 sqft
    2021-08-01 59 days 2,032 sqft
    2021-09-01 61 days 2,062 sqft
    2021-10-01 64 days 1,991 sqft
    2021-11-01 60 days 1,972 sqft
    2021-12-01 62 days 1,995 sqft
    2022-01-01 74 days 1,966 sqft
    2022-02-01 72 days 1,990 sqft
    2022-03-01 64 days 2,080 sqft
    2022-04-01 59 days 2,145 sqft
    Lafayette's median listing age (time on market) for 2022-04-01 was 59 days. This is -6% shorter than the same period one year ago.

    Lafayette's median square footage for active listings during the 2022-04-01 period was 2,145 sqft. One year prior, the average listing was 2,022 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.