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 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.