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%.

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.