Lubbock VA Loan Rates, Closing Costs & Stats

LUBBOCK, TX

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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 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 61 lenders originated 380 VA loans during 2023. The total origination value was $106,900,000, with an average VA loan value of $281,316.

    Lubbock VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lubbock averaged 6.26% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Lubbock's average VA mortgage closing costs are $5,867.

    The average rate for the prior week (2024-07-12) was 6.5% and one month ago for the week of 2024-06-14, the average rate was 6.36%.

    The average rate one year ago was 6.74%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.64%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 70 6.67% $6,129
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 51 6.49% $7,403
    TEXAS TECH 23 6.21% $6,388
    NAVY FEDERAL CREDIT UNION 20 5.79% $5,195
    T2 FINANCIAL LLC 15 6.53% $5,357
    CARDINAL FINANCIAL 14 6.52% $7,402
    FREEDOM MORTGAGE CORPORATION 12 6.43% $9,857
    QUICKEN LOANS, LLC 12 6.29% $9,868
    UNITED WHOLESALE MORTGAGE, LLC 9 6.03% $11,975
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.50% $6,347
    Alliance Credit Union 8 5.92% $9,218
    DHI MORTGAGE COMPANY, LTD. 8 5.39% $4,346
    USAA Federal Savings Bank 7 6.23% $10,438
    MORTGAGE SOLUTIONS OF COLORADO, LLC 7 7.59% $4,520
    Southwest Bank 7 6.82% $8,228
    FLAT BRANCH MORTGAGE, INC. 7 6.30% $5,466
    GUILD MORTGAGE COMPANY 7 6.29% $7,124
    City Bank 6 6.93% $6,602
    THRIVE MORTGAGE, LLC 5 6.80% $11,363
    PENTAGON FEDERAL CREDIT UNION 5 5.40% $8,495
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.62% $13,120
    Gateway First Bank 4 6.22% $9,590
    First United Bank 4 6.88% $7,109
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 7.00% $1,897
    Equity Prime Mortgage LLC 3 6.38% $9,297
    CMG MORTGAGE, INC. 2 5.19% $22,056
    EVERETT FINANCIAL, INC. 2 6.88% $10,907
    Barrington Bank & Trust Company, N.A. 2 6.75% $7,672
    GUARANTEED RATE, INC. 2 6.94% $1,696
    Mr. Cooper ( Nationstar Mortgage ) 2 6.63% $12,410
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.88% $11,142
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 5.81% $7,370
    PENNYMAC LOAN SERVICES, LLC 2 5.50% $10,086
    HOMESPIRE MORTGAGE CORPORATION 1 6.63% $2,354
    HomePromise Corporation 1 8.13% $1,045
    Network Funding, L.P. 1 7.00% $4,317
    NEW DAY FINANCIAL, LLC 1 7.75% $4,396
    NEWREZ LLC 1 6.75% $7,555
    Paramount Residential Mortgage Group, Inc. 1 6.75% $2,769
    PILGRIM MORTGAGE LLC 1 6.75% $10,951
    Plains Commerce Bank 1 5.75% $4,678
    First National Bank and Trust Company 1 5.13% $9,862
    RUOFF MORTGAGE COMPANY, INC. 1 6.63% $7,708
    SFMC, LP 1 6.38% $10,633
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.00% $8,748
    Strong Home Mortgage, LLC 1 5.25% $2,981
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $9,211
    Centennial Bank 1 5.63% $14,878
    American Bank of Commerce 1 6.25% $4,522
    ALLIED MORTGAGE GROUP, INC. 1 7.63% $5,943
    VILLAGE CAPITAL MORTGAGE 1 6.25% $1,213
    Waterstone Mortgage Corporation 1 6.88% $8,531
    JPMorgan Chase Bank 1 5.99% $18,701
    Wells Fargo Bank 1 5.63% $0
    LEGEND LENDING CORPORATION 1 6.63% $20,136
    LOANDEPOT.COM, LLC 1 6.25% $15,488
    MID AMERICA MORTGAGE, INC. 1 6.63% $22,203
    Mid-Continent Funding, Inc. 1 6.38% $10,140
    MLB RESIDENTIAL LENDING, LLC 1 5.25% $10,371
    MORTGAGE EQUITY PARTNERS LLC 1 6.99% $11,240
    MORTGAGEONE, INC. 1 6.25% $2,360

    The top Lubbock VA lender as defined by loan originations is Mortgage Research Center, LLC, with 70 VA loans originated. Their average total fees are $6,129, which is $1,274 lower than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

    The lowest fee Lubbock VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,195), T2 FINANCIAL LLC ($5,357), Mortgage Research Center, LLC ($6,129), TEXAS TECH ($6,388) and CARDINAL FINANCIAL ($7,402).

    The lowest rate Lubbock VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.79%), TEXAS TECH (6.21%), QUICKEN LOANS, LLC (6.29%), FREEDOM MORTGAGE CORPORATION (6.43%) and ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.49%).

    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.