Lafayette VA Loans

LAFAYETTE, LA

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.