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 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 -0.15% for the week of 2024-02-23, 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 (2024-02-16) was 6.53% and one month ago for the week of 2024-01-19, the average rate was 5.99%.

The average rate one year ago was 6%.

For refis of the same type during the week of 2024-02-23, the average rate was -0.9%.

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 $217,850 (5.8%) $272,713 (2.0%) 0.81 1,120
2018-02-01 $228,113 (5.6%) $286,399 (2.9%) 0.83 1,090
2018-03-01 $230,000 (-1.9%) $290,983 (0.3%) 0.81 1,079
2018-04-01 $241,273 (-7.2%) $300,057 (-1.7%) 0.82 1,080
2018-05-01 $239,500 (-7.9%) $296,375 (-3.8%) 0.80 1,121
2018-06-01 $235,000 (-8.3%) $295,419 (-2.6%) 0.78 1,214
2018-07-01 $232,450 (-5.7%) $287,781 (-2.6%) 0.78 1,282
2018-08-01 $229,975 (-2.1%) $288,313 (0.1%) 0.77 1,293
2018-09-01 $224,900 (-1.1%) $281,684 (-1.2%) 0.76 1,298
2018-10-01 $218,450 (-4.2%) $275,826 (-3.2%) 0.74 1,319
2018-11-01 $214,000 (-5.7%) $271,500 (-4.1%) 0.73 1,285
2018-12-01 $209,950 (-6.7%) $268,462 (-4.5%) 0.72 1,256
2019-01-01 $211,250 (-3.0%) $271,962 (-0.3%) 0.73 1,186
2019-02-01 $216,338 (-5.2%) $275,986 (-3.6%) 0.73 1,148
2019-03-01 $226,000 (-1.7%) $277,456 (-4.7%) 0.74 1,094
2019-04-01 $235,450 (-2.4%) $281,875 (-6.1%) 0.75 1,043
2019-05-01 $239,913 (0.2%) $290,370 (-2.0%) 0.75 1,028
2019-06-01 $242,000 (3.0%) $293,817 (-0.5%) 0.76 1,034
2019-07-01 $232,125 (-0.1%) $286,427 (-0.5%) 0.73 1,034
2019-08-01 $222,941 (-3.1%) $275,918 (-4.3%) 0.71 1,016
2019-09-01 $212,427 (-5.6%) $265,447 (-5.8%) 0.68 1,007
2019-10-01 $208,288 (-4.7%) $259,554 (-5.9%) 0.67 997
2019-11-01 $218,250 (2.0%) $263,528 (-2.9%) 0.72 982
2019-12-01 $225,500 (7.4%) $270,247 (0.7%) 0.75 917
2020-01-01 $226,225 (7.1%) $329,445 (21.1%) 0.76 886
2020-02-01 $230,000 (6.3%) $279,056 (1.1%) 0.75 924
2020-03-01 $234,925 (4.0%) $285,336 (2.8%) 0.74 918
2020-04-01 $235,650 (0.1%) $291,164 (3.3%) 0.74 937
2020-05-01 $242,700 (1.2%) $296,014 (1.9%) 0.74 837
2020-06-01 $243,600 (0.7%) $301,878 (2.7%) 0.72 771
2020-07-01 $241,275 (3.9%) $306,954 (7.2%) 0.70 753
2020-08-01 $250,000 (12.1%) $313,335 (13.6%) 0.72 704
2020-09-01 $250,875 (18.1%) $314,464 (18.5%) 0.72 696
2020-10-01 $237,900 (14.2%) $296,420 (14.2%) 0.68 702
2020-11-01 $222,475 (1.9%) $284,579 (8.0%) 0.65 667
2020-12-01 $228,450 (1.3%) $287,176 (6.3%) 0.68 611
2021-01-01 $249,700 (10.4%) $287,816 (-12.6%) 0.75 546
2021-02-01 $254,885 (10.8%) $302,223 (8.3%) 0.74 448
2021-03-01 $256,500 (9.2%) $314,927 (10.4%) 0.73 388
2021-04-01 $291,475 (23.7%) $337,071 (15.8%) 0.79 386
2021-05-01 $319,945 (31.8%) $358,517 (21.1%) 0.85 392
2021-06-01 $290,250 (19.2%) $349,759 (15.9%) 0.76 475
2021-07-01 $279,900 (16.0%) $349,806 (14.0%) 0.74 552
2021-08-01 $287,500 (15.0%) $343,958 (9.8%) 0.77 580
2021-09-01 $271,000 (8.0%) $329,680 (4.8%) 0.72 597
2021-10-01 $272,000 (14.3%) $329,900 (11.3%) 0.73 583
2021-11-01 $278,750 (25.3%) $340,153 (19.5%) 0.75 543
2021-12-01 $285,000 (24.8%) $336,950 (17.3%) 0.77 475
2022-01-01 $295,000 (18.1%) $339,171 (17.8%) 0.80 413
2022-02-01 $347,000 (36.1%) $380,594 (25.9%) 0.90 343
2022-03-01 $335,750 (30.9%) $382,629 (21.5%) 0.84 347
2022-04-01 $345,000 (18.4%) $393,424 (16.7%) 0.82 366
2022-05-01 $337,823 (5.6%) $383,190 (6.9%) 0.77 498
2022-06-01 $328,750 (13.3%) $375,917 (7.5%) 0.73 596
2022-07-01 $316,375 (13.0%) $364,360 (4.2%) 0.71 756
2022-08-01 $311,350 (8.3%) $350,157 (1.8%) 0.72 847
2022-09-01 $301,525 (11.3%) $348,179 (5.6%) 0.70 909
2022-10-01 $308,780 (13.5%) $355,102 (7.6%) 0.73 953
2022-11-01 $298,225 (7.0%) $349,873 (2.9%) 0.72 992
2022-12-01 $293,000 (2.8%) $350,946 (4.2%) 0.72 997
2023-01-01 $290,125 (-1.7%) $344,284 (1.5%) 0.72 974
2023-02-01 $298,985 (-13.8%) $348,083 (-8.5%) 0.72 965
2023-03-01 $299,025 (-10.9%) $349,302 (-8.7%) 0.71 954
2023-04-01 $306,000 (-11.3%) $367,370 (-6.6%) 0.71 941
2023-05-01 $298,250 (-11.7%) $362,506 (-5.4%) 0.68 1,051
2023-06-01 $302,500 (-8.0%) $358,830 (-4.6%) 0.68 1,106
2023-07-01 $299,900 (-5.2%) $362,376 (-0.5%) 0.68 1,170
2023-08-01 $289,975 (-6.9%) $358,600 (2.4%) 0.67 1,224
2023-09-01 $284,000 (-5.8%) $347,363 (-0.2%) 0.66 1,343
2023-10-01 $271,250 (-12.2%) $338,264 (-4.7%) 0.64 1,366
2023-11-01 $259,700 (-12.9%) $324,666 (-7.2%) 0.62 1,408
2023-12-01 $255,000 (-13.0%) $324,316 (-7.6%) 0.62 1,327
Lubbock's median listing price for 2023-12-01 was $255,000, a difference of $-38,000 (-13.0%) versus the prior year and $-4,700 versus the prior month.

Lubbock's median listing price comes in at 62% of the national average.

Lubbock's average listing price for 2023-12-01 was $324,316, a difference of $-26,630 (-7.6%) versus the prior year and $-350 versus the prior month.

For the 2023-12-01 period, Lubbock had 1,327 MLS listings, a difference of -81 listings (-6%) versus the prior month and 330 listings (33%) 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 58 days 2,240 sqft
2018-02-01 43 days 2,304 sqft
2018-03-01 44 days 2,316 sqft
2018-04-01 45 days 2,366 sqft
2018-05-01 39 days 2,347 sqft
2018-06-01 40 days 2,309 sqft
2018-07-01 42 days 2,263 sqft
2018-08-01 45 days 2,272 sqft
2018-09-01 47 days 2,220 sqft
2018-10-01 47 days 2,187 sqft
2018-11-01 50 days 2,181 sqft
2018-12-01 60 days 2,149 sqft
2019-01-01 66 days 2,147 sqft
2019-02-01 50 days 2,153 sqft
2019-03-01 45 days 2,172 sqft
2019-04-01 45 days 2,197 sqft
2019-05-01 45 days 2,218 sqft
2019-06-01 43 days 2,264 sqft
2019-07-01 45 days 2,238 sqft
2019-08-01 47 days 2,198 sqft
2019-09-01 49 days 2,137 sqft
2019-10-01 51 days 2,101 sqft
2019-11-01 50 days 2,112 sqft
2019-12-01 58 days 2,095 sqft
2020-01-01 61 days 2,086 sqft
2020-02-01 45 days 2,095 sqft
2020-03-01 44 days 2,105 sqft
2020-04-01 49 days 2,126 sqft
2020-05-01 54 days 2,154 sqft
2020-06-01 44 days 2,136 sqft
2020-07-01 39 days 2,145 sqft
2020-08-01 45 days 2,198 sqft
2020-09-01 46 days 2,204 sqft
2020-10-01 44 days 2,111 sqft
2020-11-01 46 days 2,014 sqft
2020-12-01 48 days 1,993 sqft
2021-01-01 51 days 2,002 sqft
2021-02-01 41 days 2,052 sqft
2021-03-01 38 days 2,086 sqft
2021-04-01 27 days 2,145 sqft
2021-05-01 24 days 2,218 sqft
2021-06-01 24 days 2,202 sqft
2021-07-01 29 days 2,175 sqft
2021-08-01 32 days 2,133 sqft
2021-09-01 37 days 2,085 sqft
2021-10-01 40 days 2,102 sqft
2021-11-01 44 days 2,078 sqft
2021-12-01 51 days 2,076 sqft
2022-01-01 45 days 2,105 sqft
2022-02-01 34 days 2,203 sqft
2022-03-01 28 days 2,178 sqft
2022-04-01 23 days 2,133 sqft
2022-05-01 22 days 2,114 sqft
2022-06-01 25 days 2,093 sqft
2022-07-01 29 days 2,100 sqft
2022-08-01 32 days 2,093 sqft
2022-09-01 36 days 2,082 sqft
2022-10-01 39 days 2,096 sqft
2022-11-01 44 days 2,061 sqft
2022-12-01 51 days 2,030 sqft
2023-01-01 53 days 2,018 sqft
2023-02-01 42 days 2,031 sqft
2023-03-01 45 days 2,049 sqft
2023-04-01 38 days 2,103 sqft
2023-05-01 35 days 2,070 sqft
2023-06-01 37 days 2,092 sqft
2023-07-01 37 days 2,069 sqft
2023-08-01 46 days 2,050 sqft
2023-09-01 46 days 2,007 sqft
2023-10-01 41 days 1,924 sqft
2023-11-01 48 days 1,893 sqft
2023-12-01 60 days 1,875 sqft
Lubbock's median listing age (time on market) for 2023-12-01 was 60 days. This is 18% longer than the same period one year ago.

Lubbock's median square footage for active listings during the 2023-12-01 period was 1,875 sqft. One year prior, the average listing was 2,030 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.