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 72 lenders originated 417 VA loans during 2022. The total origination value was $119,455,000, with an average VA loan value of $286,463.

    Lubbock VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lubbock averaged -0.25% for the week of 2023-06-02, compared to the national average (all VA variants) of 0% for the same period.

    Lubbock's average VA mortgage closing costs are $5,644.

    The average rate for the prior week (2023-05-26) was 6.49% and one month ago for the week of 2023-04-28, the average rate was 6.14%.

    The average rate one year ago was 4.9%.

    For refis of the same type during the week of 2023-06-02, the average rate was -0.8%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 69 4.97% $9,762
    Mortgage Research Center, LLC 61 5.05% $8,226
    TEXAS TECH 36 5.29% $7,052
    CARDINAL FINANCIAL 18 4.84% $10,316
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 5.17% $7,837
    NAVY FEDERAL CREDIT UNION 15 4.28% $8,022
    First Bank & Trust 14 4.71% $6,556
    PENNYMAC LOAN SERVICES, LLC 12 3.33% $4,061
    City Bank 11 4.24% $7,696
    Gateway First Bank 10 4.14% $6,507
    USAA Federal Savings Bank 9 3.93% $10,490
    UNITED WHOLESALE MORTGAGE, LLC 9 4.60% $8,395
    Southwest Bank 9 5.04% $7,502
    FREEDOM MORTGAGE CORPORATION 8 4.69% $7,322
    First United Bank 7 4.45% $7,714
    Alliance Credit Union 6 4.96% $5,928
    Barrington Bank & Trust Company, N.A. 5 3.78% $3,515
    HOMETRUST MORTGAGE COMPANY 5 3.95% $9,697
    DHI MORTGAGE COMPANY, LTD. 5 3.75% $5,329
    American Bank of Commerce 4 5.72% $6,135
    LOANDEPOT.COM, LLC 4 5.62% $9,091
    CITY FIRST MORTGAGE SERVICES, L.L.C. 4 6.06% $13,751
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 5.75% $8,935
    AMCAP MORTGAGE, LTD. 3 5.25% $12,187
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 5.17% $9,538
    NEWREZ LLC 3 3.88% $8,953
    QUICKEN LOANS, LLC 3 3.71% $11,277
    Amarillo National Bank 3 4.10% $3,654
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 5.63% $5,243
    Wells Fargo Bank 2 5.44% $3,009
    GUARANTEED RATE, INC. 2 5.01% $4,319
    PENTAGON FEDERAL CREDIT UNION 2 4.81% $8,157
    Network Funding, L.P. 2 4.90% $10,124
    Mr. Cooper ( Nationstar Mortgage ) 2 2.44% $2,922
    Mid-Continent Funding, Inc. 2 5.88% $6,978
    LAKEVIEW LOAN SERVICING, LLC 2 3.38% $8,372
    SUN WEST MORTGAGE COMPANY, INC. 1 6.88% $21,920
    AMERICAN FINANCING CORPORATION 1 2.63% $3,796
    BROKER SOLUTIONS, INC. 1 5.63% $19,560
    Carrington Mortgage Services, LLC 1 3.00% $2,534
    Centennial Bank 1 2.63% $16,508
    CLEARPATH LENDING 1 2.88% $3,063
    CMG MORTGAGE, INC. 1 5.50% $9,482
    Colonial Savings, F.A. 1 5.75% $35,524
    Commerce Home Mortgage, Inc. 1 4.88% $7,255
    CROSSCOUNTRY MORTGAGE, LLC 1 4.50% $10,656
    Encompass Lending Group, LP 1 5.63% $3,311
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 5.13% $10,637
    First National Bank 1 3.00% $9,020
    Flagstar Bank, FSB 1 6.00% $29,044
    FLAT BRANCH MORTGAGE, INC. 1 5.75% $12,332
    GUILD MORTGAGE COMPANY 1 6.13% $14,260
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.13% $8,390
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $6,489
    HOME POINT FINANCIAL CORPORATION 1 6.88% $6,152
    HOMESIDE FINANCIAL, LLC 1 4.75% $12,799
    Hometown Lenders, Inc. 1 3.25% $5,122
    INTEGRITY MORTGAGE CORPORATION OF TEXAS 1 4.99% $14,705
    KELLER MORTGAGE, LLC 1 5.25% $8,225
    METROPLEX MORTGAGE SERVICES, INC. 1 6.25% $5,630
    MORTGAGEONE, INC. 1 4.88% $4,558
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.88% $5,257
    NEW DAY FINANCIAL, LLC 1 2.25% $5,822
    North American Savings Bank, F.S.B. 1 5.63% $9,238
    Northpointe Bank 1 5.50% $8,900
    PREMIA MORTGAGE, LLC 1 4.63% $1,259
    SFMC, LP 1 4.50% $16,735
    SWBC MORTGAGE CORPORATION 1 4.46% $2,153
    The Central Trust Bank 1 4.63% $11,502
    The Union Bank Company 1 3.13% $8,056
    THRIVE MORTGAGE, LLC 1 5.13% $6,493
    VILLAGE CAPITAL MORTGAGE 1 2.25% $686

    The top Lubbock VA lender as defined by loan originations is ARK-LA-TEX FINANCIAL SERVICES, LLC., with 69 VA loans originated. Their average total fees are $9,762, which is $1,536 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Lubbock VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($4,061), Gateway First Bank ($6,507), First Bank & Trust ($6,556), TEXAS TECH ($7,052) and City Bank ($7,696).

    The lowest rate Lubbock VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.33%), Gateway First Bank (4.14%), City Bank (4.24%), NAVY FEDERAL CREDIT UNION (4.28%) and First Bank & Trust (4.71%).

    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 (1.8%) 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%) 0.75 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%) $286,147 (-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%) 0.78 846
    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%) $334,488 (14.1%) 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%) 0.86 369
    2021-06-01 $307,450 (22.5%) $359,194 (13.9%) 0.81 444
    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 $281,500 (14.1%) $336,209 (10.1%) 0.75 539
    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%) $350,831 (17.8%) 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 $350,000 (12.9%) $403,057 (12.6%) 0.83 343
    2022-05-01 $348,850 (8.0%) $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 $318,880 (7.9%) $358,200 (2.1%) 0.74 795
    2022-09-01 $311,738 (13.0%) $358,526 (6.8%) 0.73 851
    2022-10-01 $318,000 (13.0%) $361,158 (7.4%) 0.75 902
    2022-11-01 $303,725 (3.8%) $355,390 (3.1%) 0.73 938
    2022-12-01 $297,600 (1.6%) $354,215 (2.2%) 0.73 951
    2023-01-01 $298,650 (-0.5%) $348,249 (-0.7%) 0.74 927
    2023-02-01 $300,000 (-16.5%) $351,592 (-11.3%) 0.72 941
    2023-03-01 $299,900 (-14.7%) $348,175 (-12.3%) 0.71 955
    2023-04-01 $305,000 (-12.9%) $362,164 (-10.2%) 0.71 934
    2023-05-01 $299,500 (-14.2%) $361,447 (-8.4%) 0.68 1,019
    Lubbock's median listing price for 2023-05-01 was $299,500, a difference of $-49,350 (-14.2%) versus the prior year and $-5,500 versus the prior month.

    Lubbock's median listing price comes in at 68% of the national average.

    Lubbock's average listing price for 2023-05-01 was $361,447, a difference of $-32,963 (-8.4%) versus the prior year and $-717 versus the prior month.

    For the 2023-05-01 period, Lubbock had 1,019 MLS listings, a difference of 85 listings (9%) versus the prior month and 563 listings (123%) 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 56 days 2,261 sqft
    2018-02-01 40 days 2,313 sqft
    2018-03-01 43 days 2,326 sqft
    2018-04-01 43 days 2,374 sqft
    2018-05-01 38 days 2,362 sqft
    2018-06-01 40 days 2,310 sqft
    2018-07-01 42 days 2,265 sqft
    2018-08-01 44 days 2,285 sqft
    2018-09-01 46 days 2,238 sqft
    2018-10-01 46 days 2,200 sqft
    2018-11-01 49 days 2,190 sqft
    2018-12-01 58 days 2,155 sqft
    2019-01-01 64 days 2,153 sqft
    2019-02-01 49 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 41 days 2,277 sqft
    2019-07-01 46 days 2,277 sqft
    2019-08-01 47 days 2,235 sqft
    2019-09-01 47 days 2,168 sqft
    2019-10-01 49 days 2,129 sqft
    2019-11-01 47 days 2,138 sqft
    2019-12-01 57 days 2,120 sqft
    2020-01-01 60 days 2,106 sqft
    2020-02-01 43 days 2,111 sqft
    2020-03-01 42 days 2,111 sqft
    2020-04-01 47 days 2,143 sqft
    2020-05-01 51 days 2,172 sqft
    2020-06-01 42 days 2,170 sqft
    2020-07-01 36 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 46 days 2,037 sqft
    2020-12-01 47 days 2,004 sqft
    2021-01-01 47 days 2,047 sqft
    2021-02-01 39 days 2,078 sqft
    2021-03-01 37 days 2,144 sqft
    2021-04-01 25 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 42 days 2,106 sqft
    2021-11-01 44 days 2,089 sqft
    2021-12-01 49 days 2,081 sqft
    2022-01-01 44 days 2,117 sqft
    2022-02-01 31 days 2,211 sqft
    2022-03-01 25 days 2,180 sqft
    2022-04-01 22 days 2,139 sqft
    2022-05-01 22 days 2,125 sqft
    2022-06-01 25 days 2,090 sqft
    2022-07-01 28 days 2,090 sqft
    2022-08-01 30 days 2,088 sqft
    2022-09-01 36 days 2,083 sqft
    2022-10-01 38 days 2,096 sqft
    2022-11-01 44 days 2,067 sqft
    2022-12-01 50 days 2,031 sqft
    2023-01-01 53 days 2,014 sqft
    2023-02-01 40 days 2,026 sqft
    2023-03-01 43 days 2,007 sqft
    2023-04-01 39 days 2,050 sqft
    2023-05-01 32 days 2,039 sqft
    Lubbock's median listing age (time on market) for 2023-05-01 was 32 days. This is 49% longer than the same period one year ago.

    Lubbock's median square footage for active listings during the 2023-05-01 period was 2,039 sqft. One year prior, the average listing was 2,125 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.