Lafayette VA Loans
LAFAYETTE-WEST LAFAYETTE, IN
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.