Lubbock VA Loan Rates, Closing Costs & Stats

LUBBOCK, TX

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 not 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.

Lubbock's 90 lenders originated 804 VA loans during 2021. The total origination value was $203,890,000, with an average VA loan value of $253,595.

Lubbock VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Lubbock averaged 6.64% for the week of 2023-01-27, compared to the national average (all VA variants) of 5.952% for the same period.

Lubbock's average VA mortgage closing costs are $5,153.

The average rate for the prior week (2023-01-20) was 6.47% and one month ago for the week of 2022-12-23, the average rate was 6.74%.

The average rate one year ago was 3.94%.

For refis of the same type during the week of 2023-01-27, the average rate was 6.16%.

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

Lubbock VA Loan Lenders by Rates & Fees

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
ARK-LA-TEX FINANCIAL SERVICES, LLC. 91 3.03% $7,557
Mortgage Research Center, LLC 73 2.94% $5,147
FREEDOM MORTGAGE CORPORATION 66 2.45% $2,313
QUICKEN LOANS, LLC 46 2.41% $3,754
TEXAS TECH 44 2.78% $7,562
First Bank & Trust 37 2.89% $4,617
USAA Federal Savings Bank 34 2.83% $3,442
PENNYMAC LOAN SERVICES, LLC 32 2.48% $5,164
City Bank 21 2.66% $7,497
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 19 3.11% $7,333
NAVY FEDERAL CREDIT UNION 16 2.48% $3,990
VILLAGE CAPITAL MORTGAGE 16 2.47% $3,173
CALIBER HOME LOANS, INC. 14 2.76% $3,638
Southwest Bank 12 3.01% $5,252
UNITED WHOLESALE MORTGAGE, LLC 11 2.56% $4,074
NEW DAY FINANCIAL, LLC 10 2.38% $4,168
LAKEVIEW LOAN SERVICING, LLC 10 2.60% $2,782
Wells Fargo Bank 10 2.85% $2,839
CLEARPATH LENDING 8 2.39% $2,706
Mr. Cooper ( Nationstar Mortgage ) 8 2.84% $3,354
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 3.19% $10,805
Gateway First Bank 7 2.59% $4,108
AMERICAN FINANCIAL NETWORK, INC. 7 2.91% $10,924
Amarillo National Bank 6 2.67% $11,400
INFINITY MORTGAGE HOLDINGS, LLC 5 3.00% $8,766
Barrington Bank & Trust Company, N.A. 5 3.38% $2,749
Low VA Rates, LLC 5 2.25% $3,838
CMG MORTGAGE, INC. 5 2.65% $5,863
First United Bank 4 2.67% $9,429
CITY FIRST MORTGAGE SERVICES, L.L.C. 4 3.19% $7,337
AmeriHome Mortgage Company, LLC 3 2.87% $2,030
Alliance Credit Union 3 2.80% $5,466
First Guaranty Mortgage Corporation 3 2.50% $4,029
SUN WEST MORTGAGE COMPANY, INC. 3 2.33% $2,366
GUARANTEED RATE, INC. 3 2.63% $11,565
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.46% $3,146
InterContinental Capital Group, Inc 3 2.25% $4,682
LOANPAL, LLC 3 2.63% $4,103
PLAZA HOME MORTGAGE, INC. 2 2.63% $6,859
LOANDEPOT.COM, LLC 2 2.50% $1,828
HOME POINT FINANCIAL CORPORATION 2 2.63% $5,651
HOMETRUST MORTGAGE COMPANY 2 2.31% $3,052
PLANET HOME LENDING, LLC 2 2.50% $2,622
MORTGAGE FINANCIAL SERVICES, LLC 2 2.81% $6,986
INTERLINC MORTGAGE SERVICES, LLC 2 3.38% $13,415
PENTAGON FEDERAL CREDIT UNION 2 2.25% $2,187
KELLER MORTGAGE, LLC 2 2.50% $2,714
Colonial Savings, F.A. 2 2.94% $7,240
NP, Inc. 2 2.44% $4,049
AMCAP MORTGAGE, LTD. 2 3.00% $21,651
Republic State Mortgage Co. 2 2.63% $1,441
BROKER SOLUTIONS, INC. 2 3.12% $3,701
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.13% $3,304
West Town Bank & Trust 1 2.88% $2,906
AMERISAVE MORTGAGE CORPORATION 1 2.75% $2,043
CELEBRITY HOME LOANS, LLC 1 3.13% $14,370
Citizens Bank 1 2.88% $10,226
Commerce Home Mortgage, Inc. 1 3.25% $7,487
CORNERSTONE HOME LENDING, INC. 1 2.50% $4,995
DHI MORTGAGE COMPANY, LTD. 1 2.99% $3,263
Equity Prime Mortgage LLC 1 3.75% $12,998
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 3.50% $5,156
FIDELITY BANK 1 2.88% $5,659
FirstBank 1 2.38% $3,181
First Financial Bank 1 2.75% $3,639
First National Bank Texas 1 2.63% $2,548
First Savings Bank 1 2.25% $7,615
GMFS LLC 1 3.13% $4,349
GUILD MORTGAGE COMPANY 1 2.25% $11,578
Happy State Bank 1 3.25% $4,336
JPMorgan Chase Bank 1 3.25% $2,859
Lakeview Community Capital, LLC 1 2.38% $1,946
LEADERONE FINANCIAL CORPORATION 1 3.75% $7,043
Mid-Continent Funding, Inc. 1 2.75% $1,430
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.38% $4,762
NATIONS DIRECT MORTGAGE, LLC 1 3.75% $4,924
NATIONS RELIABLE LENDING, LLC 1 3.00% $12,752
NEWREZ LLC 1 2.25% $22,838
North American Savings Bank, F.S.B. 1 2.25% $4,461
NOVA FINANCIAL & INVESTMENT CORPORATION 1 2.63% $10,782
OCMBC, INC. 1 2.88% $7,280
Paramount Bank 1 3.13% $6,120
PREMIA MORTGAGE, LLC 1 2.25% $14,760
SECURITYNATIONAL MORTGAGE COMPANY 1 3.13% $5,502
SOUTHWEST FUNDING, LP 1 3.50% $9,438
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $2,821
THE EQUITABLE MORTGAGE CORPORATION 1 2.50% $15,786
TJC Mortgage, Inc. 1 2.25% $5,647
VAN DYK MORTGAGE CORPORATION 1 2.50% $2,654
ACCELERATE MORTGAGE, LLC 1 2.25% $3,593

The top Lubbock VA lender as defined by loan originations is ARK-LA-TEX FINANCIAL SERVICES, LLC., with 91 VA loans originated. Their average total fees are $7,557, which is $2,410 higher than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Lubbock VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,313), LAKEVIEW LOAN SERVICING, LLC ($2,782), Wells Fargo Bank ($2,839), VILLAGE CAPITAL MORTGAGE ($3,173) and USAA Federal Savings Bank ($3,442).

The lowest rate Lubbock VA lenders (with over 10 loans originated) are NEW DAY FINANCIAL, LLC (2.38%), QUICKEN LOANS, LLC (2.41%), FREEDOM MORTGAGE CORPORATION (2.45%), VILLAGE CAPITAL MORTGAGE (2.47%) and PENNYMAC LOAN SERVICES, LLC (2.48%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lubbock (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 $224,400 (6.9%) $278,567 (1.7%) 0.83 1,030
2018-02-01 $233,863 (5.6%) $291,535 (1.8%) 0.85 1,003
2018-03-01 $235,000 (-4.0%) $296,210 (-0.3%) 0.82 1,009
2018-04-01 $246,750 (-8.6%) $305,278 (-2.4%) 0.84 1,010
2018-05-01 $244,600 (-9.6%) $300,831 (-4.7%) 0.82 1,054
2018-06-01 $238,000 (-10.9%) $298,884 (-3.5%) 0.79 1,151
2018-07-01 $234,950 (-8.7%) $291,869 (-3.9%) 0.78 1,212
2018-08-01 $234,950 (-3.9%) $292,634 (-0.6%) 0.79 1,221
2018-09-01 $225,850 (-3.9%) $286,607 (-1.8%) 0.76 1,224
2018-10-01 $219,975 (-6.4%) $280,065 (-3.6%) 0.74 1,239
2018-11-01 $215,600 (-7.3%) $275,023 (-4.8%) 0.73 1,207
2018-12-01 $215,000 (-6.5%) $273,348 (-4.9%) 0.74 1,181
2019-01-01 $217,373 (-3.1%) $275,917 (-1.0%) 0.75 1,111
2019-02-01 $222,225 (-5.0%) $279,178 (-4.2%) 0.75 1,075
2019-03-01 $231,114 (-1.7%) $280,854 (-5.2%) 0.76 1,023
2019-04-01 $240,875 (-2.4%) $286,150 (-6.3%) 0.76 967
2019-05-01 $244,925 (0.1%) $292,957 (-2.6%) 0.77 969
2019-06-01 $249,900 (5.0%) $295,457 (-1.2%) 0.78 973
2019-07-01 $242,500 (3.2%) $292,044 (0.1%) 0.76 961
2019-08-01 $232,636 (-1.0%) $283,126 (-3.3%) 0.74 935
2019-09-01 $221,591 (-1.9%) $272,957 (-4.8%) 0.71 925
2019-10-01 $216,975 (-1.4%) $266,727 (-4.8%) 0.70 916
2019-11-01 $225,000 (4.4%) $269,528 (-2.0%) 0.74 900
2019-12-01 $234,875 (9.2%) $277,537 (1.5%) 0.78 838
2020-01-01 $235,375 (8.3%) $343,111 (24.4%) 0.79 806
2020-02-01 $236,750 (6.5%) $286,879 (2.8%) 0.77 846
2020-03-01 $239,900 (3.8%) $293,038 (4.3%) 0.75 847
2020-04-01 $242,500 (0.7%) $300,040 (4.9%) 0.76 863
2020-05-01 $249,500 (1.9%) $307,051 (4.8%) 0.76 766
2020-06-01 $250,950 (0.4%) $315,404 (6.8%) 0.74 698
2020-07-01 $249,950 (3.1%) $321,164 (10.0%) 0.72 684
2020-08-01 $263,175 (13.1%) $327,685 (15.7%) 0.75 641
2020-09-01 $262,500 (18.5%) $325,139 (19.1%) 0.75 639
2020-10-01 $246,725 (13.7%) $305,454 (14.5%) 0.71 641
2020-11-01 $232,000 (3.1%) $293,084 (8.7%) 0.68 611
2020-12-01 $237,313 (1.0%) $297,268 (7.1%) 0.71 549
2021-01-01 $259,450 (10.2%) $297,935 (-13.2%) 0.77 492
2021-02-01 $271,900 (14.9%) $315,573 (10.0%) 0.79 402
2021-03-01 $290,000 (20.9%) $334,489 (14.2%) 0.82 343
2021-04-01 $309,975 (27.8%) $358,033 (19.3%) 0.84 347
2021-05-01 $322,990 (29.5%) $367,040 (19.5%) 0.85 369
2021-06-01 $307,450 (22.5%) $359,194 (13.9%) 0.81 443
2021-07-01 $289,400 (15.8%) $357,915 (11.4%) 0.76 514
2021-08-01 $295,625 (12.3%) $350,907 (7.1%) 0.79 544
2021-09-01 $275,975 (5.1%) $335,705 (3.3%) 0.74 555
2021-10-01 $283,250 (14.8%) $336,209 (10.1%) 0.76 539
2021-11-01 $292,500 (26.1%) $344,632 (17.6%) 0.78 495
2021-12-01 $293,000 (23.5%) $346,467 (16.6%) 0.79 434
2022-01-01 $300,000 (15.6%) $351,395 (17.9%) 0.81 377
2022-02-01 $359,175 (32.1%) $396,514 (25.7%) 0.93 312
2022-03-01 $351,475 (21.2%) $397,044 (18.7%) 0.88 319
2022-04-01 $350,999 (13.2%) $403,570 (12.7%) 0.84 343
2022-05-01 $350,000 (8.4%) $394,410 (7.5%) 0.80 456
2022-06-01 $340,000 (10.6%) $385,144 (7.2%) 0.76 554
2022-07-01 $320,000 (10.6%) $367,961 (2.8%) 0.72 710
2022-08-01 $319,305 (8.0%) $358,270 (2.1%) 0.74 795
2022-09-01 $311,738 (13.0%) $358,526 (6.8%) 0.73 851
2022-10-01 $318,000 (12.3%) $365,082 (8.6%) 0.75 902
2022-11-01 $304,362 (4.1%) $359,187 (4.2%) 0.73 939
2022-12-01 $299,000 (2.1%) $358,233 (3.4%) 0.75 951
Lubbock's median listing price for 2022-12-01 was $299,000, a difference of $6,000 (2.1%) versus the prior year and $-5,362 versus the prior month.

Lubbock's median listing price comes in at 75% of the national average.

Lubbock's average listing price for 2022-12-01 was $358,233, a difference of $11,766 (3.4%) versus the prior year and $-954 versus the prior month.

For the 2022-12-01 period, Lubbock had 951 MLS listings, a difference of 12 listings (1%) versus the prior month and 517 listings (119%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lubbock (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 57 days 2,261 sqft
2018-02-01 40 days 2,313 sqft
2018-03-01 44 days 2,326 sqft
2018-04-01 44 days 2,374 sqft
2018-05-01 39 days 2,362 sqft
2018-06-01 40 days 2,310 sqft
2018-07-01 43 days 2,265 sqft
2018-08-01 45 days 2,285 sqft
2018-09-01 47 days 2,238 sqft
2018-10-01 46 days 2,200 sqft
2018-11-01 50 days 2,190 sqft
2018-12-01 59 days 2,155 sqft
2019-01-01 65 days 2,153 sqft
2019-02-01 50 days 2,158 sqft
2019-03-01 45 days 2,183 sqft
2019-04-01 45 days 2,225 sqft
2019-05-01 45 days 2,244 sqft
2019-06-01 43 days 2,277 sqft
2019-07-01 46 days 2,277 sqft
2019-08-01 47 days 2,235 sqft
2019-09-01 49 days 2,168 sqft
2019-10-01 50 days 2,129 sqft
2019-11-01 49 days 2,138 sqft
2019-12-01 58 days 2,120 sqft
2020-01-01 61 days 2,106 sqft
2020-02-01 43 days 2,111 sqft
2020-03-01 43 days 2,111 sqft
2020-04-01 48 days 2,143 sqft
2020-05-01 51 days 2,172 sqft
2020-06-01 42 days 2,170 sqft
2020-07-01 37 days 2,169 sqft
2020-08-01 44 days 2,227 sqft
2020-09-01 44 days 2,219 sqft
2020-10-01 43 days 2,113 sqft
2020-11-01 47 days 2,037 sqft
2020-12-01 49 days 2,004 sqft
2021-01-01 50 days 2,047 sqft
2021-02-01 41 days 2,078 sqft
2021-03-01 38 days 2,144 sqft
2021-04-01 26 days 2,192 sqft
2021-05-01 24 days 2,230 sqft
2021-06-01 24 days 2,206 sqft
2021-07-01 29 days 2,200 sqft
2021-08-01 32 days 2,146 sqft
2021-09-01 36 days 2,097 sqft
2021-10-01 43 days 2,110 sqft
2021-11-01 44 days 2,089 sqft
2021-12-01 50 days 2,081 sqft
2022-01-01 44 days 2,117 sqft
2022-02-01 32 days 2,211 sqft
2022-03-01 25 days 2,180 sqft
2022-04-01 23 days 2,143 sqft
2022-05-01 22 days 2,138 sqft
2022-06-01 25 days 2,090 sqft
2022-07-01 28 days 2,090 sqft
2022-08-01 31 days 2,091 sqft
2022-09-01 36 days 2,083 sqft
2022-10-01 38 days 2,100 sqft
2022-11-01 44 days 2,068 sqft
2022-12-01 51 days 2,031 sqft
Lubbock's median listing age (time on market) for 2022-12-01 was 51 days. This is 3% longer than the same period one year ago.

Lubbock's median square footage for active listings during the 2022-12-01 period was 2,031 sqft. One year prior, the average listing was 2,081 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.