Lafayette VA Loans

LAFAYETTE-WEST LAFAYETTE, IN

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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 72 lenders originated 551 VA loans during 2021. The total origination value was $118,735,000, with an average VA loan value of $215,490.

    Lafayette VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lafayette averaged 5.67% 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 5.8% and one month ago for the week of 2022-04-08, the average rate was 5.03%.

    The average rate one year ago was 3.04%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.37%.

    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
    QUICKEN LOANS, LLC 63 2.52% $4,618
    FREEDOM MORTGAGE CORPORATION 47 2.65% $2,475
    Mortgage Research Center, LLC 45 2.90% $3,945
    RUOFF MORTGAGE COMPANY, INC. 36 3.10% $4,919
    UNITED WHOLESALE MORTGAGE, LLC 35 2.60% $5,666
    CALIBER HOME LOANS, INC. 22 2.74% $3,955
    AMERICAN MORTGAGE SERVICE COMPANY 17 2.84% $2,910
    PENNYMAC LOAN SERVICES, LLC 14 2.48% $4,265
    NAVY FEDERAL CREDIT UNION 13 2.44% $5,667
    USAA Federal Savings Bank 12 2.89% $5,500
    NEW DAY FINANCIAL, LLC 10 2.89% $9,669
    GVC MORTGAGE, INC. 10 3.08% $3,551
    CLEARPATH LENDING 10 2.35% $3,146
    HALLMARK HOME MORTGAGE, LLC 9 2.69% $5,915
    VILLAGE CAPITAL & INVESTMENT LLC 9 2.83% $3,342
    LOANDEPOT.COM, LLC 8 2.67% $2,794
    LAKEVIEW LOAN SERVICING, LLC 6 2.56% $2,409
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.17% $7,179
    First Guaranty Mortgage Corporation 6 2.65% $2,845
    Low VA Rates, LLC 5 2.30% $2,832
    CMG MORTGAGE, INC. 5 3.63% $8,821
    NEWREZ LLC 5 2.95% $3,770
    AMERICAN FINANCIAL NETWORK, INC. 4 2.50% $6,778
    Barrington Bank & Trust Company, N.A. 4 2.87% $4,679
    Carrington Mortgage Services, LLC 4 3.16% $3,520
    First Federal Bank 4 3.28% $7,023
    Mr. Cooper ( Nationstar Mortgage ) 4 2.75% $5,228
    PANORAMA MORTGAGE GROUP, LLC 4 3.69% $6,347
    PLANET HOME LENDING, LLC 4 2.91% $3,462
    The Federal Savings Bank 4 2.56% $7,127
    HOME POINT FINANCIAL CORPORATION 3 2.25% $1,693
    FAIR WAY LENDING LLC 3 2.96% $1,625
    TJC Mortgage, Inc. 2 2.25% $4,572
    INLANTA MORTGAGE, INC. 2 2.75% $5,507
    NP, Inc. 2 2.25% $5,999
    Wells Fargo Bank 2 2.50% $2,778
    PNC Bank 2 2.63% $4,863
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.69% $2,760
    Regions Bank 2 2.94% $2,585
    ROYAL UNITED MORTGAGE LLC 2 2.63% $13,117
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.06% $6,932
    SOVEREIGN LENDING GROUP INCORPORATED 2 2.94% $7,696
    Horizon Bank 2 3.25% $8,997
    AMERISAVE MORTGAGE CORPORATION 1 2.75% $9,665
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $10,489
    FINANCE OF AMERICA MORTGAGE LLC 1 2.25% $1,265
    Ixonia Bank 1 2.25% $5,633
    CROSSCOUNTRY MORTGAGE, LLC 1 2.63% $1,626
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 3.00% $10,575
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 2.88% $6,491
    Old National Bank 1 2.88% $5,072
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.50% $2,058
    Community First National Bank 1 2.25% $5,531
    PENTAGON FEDERAL CREDIT UNION 1 2.25% $1,534
    SUCCESS MORTGAGE PARTNERS, INC. 1 3.13% $2,553
    Wolfe Financial, Inc 1 3.25% $7,094
    InterContinental Capital Group, Inc 1 2.25% $2,527
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.50% $6,901
    Citizens Bank 1 2.25% $3,826
    BROKER SOLUTIONS, INC. 1 2.25% $1,537
    FLAT BRANCH MORTGAGE, INC. 1 3.13% $5,771
    Flagstar Bank, FSB 1 2.75% $2,647
    S1L, Inc. 1 2.63% $10,275
    First Option Mortgage, LLC 1 3.25% $3,015
    LEADERONE FINANCIAL CORPORATION 1 2.38% $2,291
    First Merchants Bank 1 2.50% $6,315
    First Financial Bank 1 2.25% $2,808
    Manufacturers and Traders Trust Company 1 3.13% $2,229
    Mid-Continent Funding, Inc. 1 2.38% $16,810
    MIDLAND MORTGAGE CORPORATION 1 3.25% $4,279
    FIRST COMMUNITY MORTGAGE, INC. 1 2.75% $1,318
    MOVEMENT MORTGAGE, LLC 1 2.88% $1,100

    The top Lafayette VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 63 VA loans originated. Their average total fees are $4,618, which is $2,142 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

    The lowest fee Lafayette VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,475), AMERICAN MORTGAGE SERVICE COMPANY ($2,910), CLEARPATH LENDING ($3,146), GVC MORTGAGE, INC. ($3,551) and Mortgage Research Center, LLC ($3,945).

    The lowest rate Lafayette VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.35%), NAVY FEDERAL CREDIT UNION (2.44%), PENNYMAC LOAN SERVICES, LLC (2.48%), QUICKEN LOANS, LLC (2.52%) and UNITED WHOLESALE MORTGAGE, LLC (2.60%).

    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 $174,900 (10.8%) $210,025 (4.0%) 0.64 465
    2018-02-01 $182,400 (9.6%) $215,317 (4.4%) 0.66 455
    2018-03-01 $190,000 (-5.0%) $225,464 (1.0%) 0.66 412
    2018-04-01 $209,950 (2.5%) $239,967 (4.4%) 0.70 423
    2018-05-01 $202,400 (-5.6%) $243,942 (3.0%) 0.67 444
    2018-06-01 $210,000 (2.5%) $251,351 (5.7%) 0.70 477
    2018-07-01 $199,900 (2.6%) $241,042 (4.7%) 0.67 501
    2018-08-01 $199,900 (5.3%) $236,126 (4.0%) 0.67 530
    2018-09-01 $199,000 (3.2%) $230,114 (0.5%) 0.67 529
    2018-10-01 $189,900 (-1.3%) $225,293 (-2.1%) 0.64 539
    2018-11-01 $189,950 (-0.3%) $222,094 (-2.9%) 0.64 507
    2018-12-01 $195,000 (9.6%) $225,064 (4.3%) 0.67 440
    2019-01-01 $202,450 (15.8%) $227,309 (8.2%) 0.70 372
    2019-02-01 $199,900 (9.6%) $226,641 (5.3%) 0.67 341
    2019-03-01 $220,943 (16.3%) $243,152 (7.8%) 0.72 306
    2019-04-01 $243,443 (16.0%) $265,541 (10.7%) 0.77 263
    2019-05-01 $264,900 (30.9%) $287,837 (18.0%) 0.82 292
    2019-06-01 $264,900 (26.1%) $295,390 (17.5%) 0.82 302
    2019-07-01 $259,950 (30.0%) $285,877 (18.6%) 0.81 309
    2019-08-01 $254,186 (27.2%) $278,211 (17.8%) 0.80 325
    2019-09-01 $239,900 (20.6%) $267,635 (16.3%) 0.76 344
    2019-10-01 $229,000 (20.6%) $267,067 (18.5%) 0.73 361
    2019-11-01 $220,000 (15.8%) $255,641 (15.1%) 0.71 329
    2019-12-01 $224,950 (15.4%) $256,036 (13.8%) 0.75 250
    2020-01-01 $229,950 (13.6%) $250,261 (10.1%) 0.77 210
    2020-02-01 $260,000 (30.1%) $278,458 (22.9%) 0.84 223
    2020-03-01 $286,400 (29.6%) $301,608 (24.0%) 0.90 227
    2020-04-01 $254,500 (4.5%) $287,712 (8.4%) 0.79 248
    2020-05-01 $265,000 (0.0%) $299,015 (3.9%) 0.80 239
    2020-06-01 $280,000 (5.7%) $315,694 (6.9%) 0.82 208
    2020-07-01 $272,500 (4.8%) $314,564 (10.0%) 0.78 215
    2020-08-01 $279,000 (9.8%) $329,664 (18.5%) 0.80 214
    2020-09-01 $259,950 (8.4%) $316,750 (18.4%) 0.74 218
    2020-10-01 $259,900 (13.5%) $319,032 (19.5%) 0.74 200
    2020-11-01 $264,900 (20.4%) $306,866 (20.0%) 0.76 173
    2020-12-01 $264,000 (17.4%) $310,625 (21.3%) 0.77 136
    2021-01-01 $247,500 (7.6%) $298,459 (19.3%) 0.73 100
    2021-02-01 $269,950 (3.8%) $325,137 (16.8%) 0.78 73
    2021-03-01 $257,400 (-10.1%) $312,553 (3.6%) 0.72 80
    2021-04-01 $287,000 (12.8%) $330,650 (14.9%) 0.77 85
    2021-05-01 $270,000 (1.9%) $323,817 (8.3%) 0.71 105
    2021-06-01 $244,750 (-12.6%) $316,375 (0.2%) 0.64 127
    2021-07-01 $217,450 (-20.2%) $293,870 (-6.6%) 0.56 155
    2021-08-01 $214,500 (-23.1%) $267,733 (-18.8%) 0.56 164
    2021-09-01 $214,950 (-17.3%) $267,868 (-15.4%) 0.57 177
    2021-10-01 $225,000 (-13.4%) $272,173 (-14.7%) 0.59 180
    2021-11-01 $232,400 (-12.3%) $288,667 (-5.9%) 0.61 148
    2021-12-01 $222,400 (-15.8%) $289,366 (-6.8%) 0.59 124
    2022-01-01 $224,900 (-9.1%) $307,970 (3.2%) 0.60 96
    2022-02-01 $272,000 (0.8%) $338,757 (4.2%) 0.69 81
    2022-03-01 $302,500 (17.5%) $356,488 (14.1%) 0.75 94
    2022-04-01 $330,000 (15.0%) $381,582 (15.4%) 0.78 99
    Lafayette's median listing price for 2022-04-01 was $330,000, a difference of $43,000 (15.0%) versus the prior year and $27,500 versus the prior month.

    Lafayette's median listing price comes in at 78% of the national average.

    Lafayette's average listing price for 2022-04-01 was $381,582, a difference of $50,932 (15.4%) versus the prior year and $25,094 versus the prior month.

    For the 2022-04-01 period, Lafayette had 99 MLS listings, a difference of 5 listings (5%) versus the prior month and 14 listings (16%) 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 73 days 1,887 sqft
    2018-02-01 68 days 1,933 sqft
    2018-03-01 47 days 2,001 sqft
    2018-04-01 33 days 2,104 sqft
    2018-05-01 33 days 2,125 sqft
    2018-06-01 36 days 2,149 sqft
    2018-07-01 38 days 2,097 sqft
    2018-08-01 38 days 2,102 sqft
    2018-09-01 47 days 2,100 sqft
    2018-10-01 48 days 2,071 sqft
    2018-11-01 52 days 2,040 sqft
    2018-12-01 66 days 2,054 sqft
    2019-01-01 73 days 2,028 sqft
    2019-02-01 67 days 1,943 sqft
    2019-03-01 53 days 2,107 sqft
    2019-04-01 36 days 2,283 sqft
    2019-05-01 31 days 2,309 sqft
    2019-06-01 35 days 2,286 sqft
    2019-07-01 41 days 2,248 sqft
    2019-08-01 42 days 2,231 sqft
    2019-09-01 51 days 2,213 sqft
    2019-10-01 45 days 2,162 sqft
    2019-11-01 53 days 2,008 sqft
    2019-12-01 63 days 1,987 sqft
    2020-01-01 65 days 1,975 sqft
    2020-02-01 39 days 2,092 sqft
    2020-03-01 37 days 2,234 sqft
    2020-04-01 40 days 2,133 sqft
    2020-05-01 56 days 2,232 sqft
    2020-06-01 48 days 2,354 sqft
    2020-07-01 44 days 2,366 sqft
    2020-08-01 39 days 2,332 sqft
    2020-09-01 36 days 2,247 sqft
    2020-10-01 35 days 2,128 sqft
    2020-11-01 41 days 2,119 sqft
    2020-12-01 46 days 2,244 sqft
    2021-01-01 50 days 2,044 sqft
    2021-02-01 47 days 2,100 sqft
    2021-03-01 33 days 2,052 sqft
    2021-04-01 20 days 2,203 sqft
    2021-05-01 18 days 2,096 sqft
    2021-06-01 20 days 1,970 sqft
    2021-07-01 25 days 1,916 sqft
    2021-08-01 30 days 1,869 sqft
    2021-09-01 24 days 1,843 sqft
    2021-10-01 28 days 1,806 sqft
    2021-11-01 34 days 1,824 sqft
    2021-12-01 45 days 1,844 sqft
    2022-01-01 58 days 1,824 sqft
    2022-02-01 53 days 1,850 sqft
    2022-03-01 34 days 1,990 sqft
    2022-04-01 28 days 2,178 sqft
    Lafayette's median listing age (time on market) for 2022-04-01 was 28 days. This is 44% longer than the same period one year ago.

    Lafayette's median square footage for active listings during the 2022-04-01 period was 2,178 sqft. One year prior, the average listing was 2,203 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.