Mcallen VA Loans

MCALLEN-EDINBURG-MISSION, 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 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.

Mcallen's 96 lenders originated 924 VA loans during 2021. The total origination value was $206,740,000, with an average VA loan value of $223,745.

Mcallen VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Mcallen averaged 5.45% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.48% and one month ago for the week of 2022-04-08, the average rate was 5.3%.

The average rate one year ago was 3.32%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.58%.

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

Mcallen VA Loan Lenders by Rates & Fees

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 106 2.85% $5,217
FREEDOM MORTGAGE CORPORATION 62 2.50% $2,367
QUICKEN LOANS, LLC 49 2.41% $4,424
PENNYMAC LOAN SERVICES, LLC 40 2.50% $4,398
WILLOW BEND MORTGAGE COMPANY, LLC 37 3.03% $6,805
AMCAP MORTGAGE, LTD. 34 3.25% $10,057
USAA Federal Savings Bank 33 2.83% $4,048
NAVY FEDERAL CREDIT UNION 28 2.48% $5,605
Mr. Cooper ( Nationstar Mortgage ) 18 2.95% $2,652
CROSSCOUNTRY MORTGAGE, LLC 18 3.15% $8,144
CALIBER HOME LOANS, INC. 17 2.55% $3,879
VILLAGE CAPITAL & INVESTMENT LLC 15 2.45% $1,819
UNITED WHOLESALE MORTGAGE, LLC 15 2.53% $3,068
NEW DAY FINANCIAL, LLC 15 2.36% $2,901
ACADEMY MORTGAGE CORPORATION 14 3.11% $6,874
CLEARPATH LENDING 14 2.34% $3,087
S1L, Inc. 13 3.38% $6,949
Gateway First Bank 13 2.93% $5,923
HAMILTON HOME LOANS, INC. 12 3.26% $6,615
EUSTIS AND AMERICAN MORTGAGE COMPANY 12 2.83% $4,860
DIRECTIONS EQUITY, LLC 11 2.95% $7,983
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 3.05% $8,153
Wells Fargo Bank 10 2.50% $3,980
NATIONS RELIABLE LENDING, LLC 10 3.79% $4,950
Lakeview Community Capital, LLC 10 2.51% $2,206
Low VA Rates, LLC 9 2.36% $3,641
PLANET HOME LENDING, LLC 8 2.42% $2,653
Hometown Lenders, Inc. 8 3.22% $7,093
LAKEVIEW LOAN SERVICING, LLC 8 2.55% $2,031
PENTAGON FEDERAL CREDIT UNION 7 2.32% $4,394
Carrington Mortgage Services, LLC 6 4.27% $3,157
CORNERSTONE HOME LENDING, INC. 6 2.96% $2,324
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 2.77% $6,130
AMERICAN FINANCIAL NETWORK, INC. 6 2.71% $8,787
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.75% $5,009
INTERLINC MORTGAGE SERVICES, LLC 5 3.50% $5,321
Nations Lending Corporation 5 2.60% $3,852
ACCELERATE MORTGAGE, LLC 4 2.19% $4,420
HOME POINT FINANCIAL CORPORATION 4 2.56% $3,438
AmeriHome Mortgage Company, LLC 4 2.78% $1,819
LOANDEPOT.COM, LLC 4 2.47% $1,980
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.31% $4,337
AMERICAN PACIFIC MORTGAGE CORPORATION 4 2.69% $3,635
Barrington Bank & Trust Company, N.A. 4 2.54% $7,974
THRIVE MORTGAGE, LLC 3 3.30% $7,989
First Guaranty Mortgage Corporation 3 2.79% $4,745
GUARANTEED RATE, INC. 3 2.75% $4,107
NEWREZ LLC 3 2.63% $4,668
EVERETT FINANCIAL, INC. 2 3.69% $5,448
NP, Inc. 2 2.38% $1,681
SUN WEST MORTGAGE COMPANY, INC. 2 2.50% $3,047
SOUTHWEST FUNDING, LP 2 3.75% $6,861
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.76% $6,219
Equity Prime Mortgage LLC 2 3.06% $3,223
PLAZA HOME MORTGAGE, INC. 2 2.81% $7,895
InterContinental Capital Group, Inc 2 2.25% $3,840
JPMorgan Chase Bank 2 2.81% $1,736
BROKER SOLUTIONS, INC. 2 2.25% $2,687
MOVEMENT MORTGAGE, LLC 1 2.50% $3,063
Amerifirst Financial, Inc. 1 3.25% $3,863
AMERISAVE MORTGAGE CORPORATION 1 2.88% $4,822
ASPIRE FINANCIAL, INC. 1 2.25% $1,626
Citizens Bank 1 2.88% $3,946
City Bank 1 2.38% $11,037
CMG MORTGAGE, INC. 1 3.25% $6,557
Colonial Savings, F.A. 1 2.88% $2,461
Commerce Home Mortgage, Inc. 1 2.25% $7,262
CONTOUR MORTGAGE CORPORATION 1 2.63% $4,143
Credence Funding Corporation 1 3.00% $3,565
DRAPER AND KRAMER MORTGAGE CORP. 1 3.50% $4,095
First Home Bank 1 2.75% $5,155
First Mortgage Solutions, LLC 1 2.37% $2,472
First National Bank Texas 1 2.88% $902
First Savings Bank 1 3.25% $4,349
Flagstar Bank, FSB 1 2.50% $774
Goldwater Bank, N.A. 1 3.50% $7,054
GUILD MORTGAGE COMPANY 1 2.63% $11,889
HOMESIDE FINANCIAL, LLC 1 2.75% $6,220
LENDUS, LLC 1 2.63% $11,226
LOANPAL, LLC 1 2.75% $4,669
Manufacturers and Traders Trust Company 1 2.25% $5,501
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.25% $5,644
1ST FINANCIAL, INC. 1 3.00% $1,341
NBKC BANK 1 2.25% $8,175
NETWORK CAPITAL FUNDING CORPORATION 1 2.38% $1,709
OCMBC, INC. 1 3.50% $5,980
Origin Bank 1 2.50% $7,118
Paramount Bank 1 3.25% $2,480
Paramount Residential Mortgage Group, Inc. 1 2.75% $5,092
SECURITYNATIONAL MORTGAGE COMPANY 1 2.75% $6,093
SWBC MORTGAGE CORPORATION 1 3.13% $15,721
The Federal Savings Bank 1 2.25% $3,958
TJC Mortgage, Inc. 1 2.00% $7,026
UNITED SECURITY FINANCIAL CORP 1 1.88% $8,746
U.S. Bank 1 2.75% $13,984
Watermark Capital, Inc. 1 2.25% $2,649

The top Mcallen VA lender as defined by loan originations is Mortgage Research Center, LLC, with 106 VA loans originated. Their average total fees are $5,217, which is $2,850 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

The lowest fee Mcallen VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($1,819), Lakeview Community Capital, LLC ($2,206), FREEDOM MORTGAGE CORPORATION ($2,367), Mr. Cooper ( Nationstar Mortgage ) ($2,652) and NEW DAY FINANCIAL, LLC ($2,901).

The lowest rate Mcallen VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.34%), NEW DAY FINANCIAL, LLC (2.36%), QUICKEN LOANS, LLC (2.41%), VILLAGE CAPITAL & INVESTMENT LLC (2.45%) and NAVY FEDERAL CREDIT UNION (2.48%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mcallen (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 $189,450 (2.4%) $246,325 (-0.7%) 0.70 2,105
2018-02-01 $189,900 (2.7%) $246,050 (0.3%) 0.68 2,108
2018-03-01 $189,000 (0.0%) $248,874 (1.2%) 0.65 2,120
2018-04-01 $194,500 (3.5%) $253,776 (3.9%) 0.65 2,061
2018-05-01 $194,700 (2.8%) $252,441 (2.3%) 0.65 2,054
2018-06-01 $195,000 (2.7%) $251,621 (2.3%) 0.65 2,090
2018-07-01 $195,000 (2.6%) $249,357 (0.1%) 0.65 2,067
2018-08-01 $194,950 (3.2%) $249,148 (1.1%) 0.65 2,013
2018-09-01 $195,000 (3.2%) $251,170 (1.0%) 0.65 2,001
2018-10-01 $192,250 (0.0%) $246,606 (-1.5%) 0.64 2,036
2018-11-01 $190,944 (-1.9%) $246,543 (-2.3%) 0.64 2,117
2018-12-01 $189,900 (-0.1%) $244,697 (-1.5%) 0.65 2,078
2019-01-01 $189,950 (0.3%) $245,507 (-0.3%) 0.66 2,046
2019-02-01 $191,976 (1.1%) $244,948 (-0.5%) 0.64 2,111
2019-03-01 $192,086 (1.6%) $245,423 (-1.4%) 0.63 2,132
2019-04-01 $196,000 (0.8%) $250,588 (-1.3%) 0.62 2,051
2019-05-01 $198,500 (2.0%) $252,270 (-0.1%) 0.61 2,003
2019-06-01 $199,000 (2.1%) $255,336 (1.5%) 0.61 2,022
2019-07-01 $199,000 (2.1%) $260,167 (4.3%) 0.62 2,037
2019-08-01 $197,286 (1.2%) $260,047 (4.4%) 0.62 2,000
2019-09-01 $195,000 (0.0%) $260,398 (3.7%) 0.62 1,965
2019-10-01 $195,000 (1.4%) $262,208 (6.3%) 0.62 2,006
2019-11-01 $197,500 (3.4%) $262,089 (6.3%) 0.64 1,961
2019-12-01 $198,600 (4.6%) $262,855 (7.4%) 0.66 1,915
2020-01-01 $197,750 (4.1%) $263,072 (7.2%) 0.66 1,834
2020-02-01 $197,000 (2.6%) $261,462 (6.7%) 0.64 1,871
2020-03-01 $199,450 (3.8%) $266,628 (8.6%) 0.62 1,831
2020-04-01 $199,000 (1.5%) $266,005 (6.2%) 0.62 1,855
2020-05-01 $199,999 (0.8%) $268,288 (6.4%) 0.61 1,706
2020-06-01 $214,900 (8.0%) $278,689 (9.2%) 0.63 1,426
2020-07-01 $215,000 (8.0%) $281,597 (8.2%) 0.62 1,269
2020-08-01 $215,950 (9.5%) $282,853 (8.8%) 0.62 1,151
2020-09-01 $222,320 (14.0%) $289,282 (11.1%) 0.64 1,055
2020-10-01 $229,999 (18.0%) $292,748 (11.7%) 0.66 1,093
2020-11-01 $229,000 (16.0%) $292,599 (11.6%) 0.66 1,150
2020-12-01 $228,500 (15.1%) $297,316 (13.1%) 0.67 1,153
2021-01-01 $225,000 (13.8%) $296,912 (12.9%) 0.66 1,110
2021-02-01 $226,000 (14.7%) $308,030 (17.8%) 0.65 1,043
2021-03-01 $234,250 (17.5%) $316,495 (18.7%) 0.66 951
2021-04-01 $240,000 (20.6%) $322,964 (21.4%) 0.64 880
2021-05-01 $250,000 (25.0%) $340,151 (26.8%) 0.66 805
2021-06-01 $257,000 (19.6%) $352,597 (26.5%) 0.67 787
2021-07-01 $259,500 (20.7%) $352,237 (25.1%) 0.67 799
2021-08-01 $264,500 (22.5%) $353,362 (24.9%) 0.70 815
2021-09-01 $264,500 (19.0%) $351,892 (21.6%) 0.70 969
2021-10-01 $268,000 (16.5%) $349,627 (19.4%) 0.71 982
2021-11-01 $260,000 (13.5%) $344,414 (17.7%) 0.69 997
2021-12-01 $259,000 (13.4%) $341,543 (14.9%) 0.69 1,021
2022-01-01 $259,999 (15.6%) $343,479 (15.7%) 0.69 925
2022-02-01 $259,750 (14.9%) $346,890 (12.6%) 0.66 912
2022-03-01 $259,250 (10.7%) $348,431 (10.1%) 0.64 900
2022-04-01 $260,000 (8.3%) $359,198 (11.2%) 0.61 856
Mcallen's median listing price for 2022-04-01 was $260,000, a difference of $20,000 (8.3%) versus the prior year and $750 versus the prior month.

Mcallen's median listing price comes in at 61% of the national average.

Mcallen's average listing price for 2022-04-01 was $359,198, a difference of $36,234 (11.2%) versus the prior year and $10,767 versus the prior month.

For the 2022-04-01 period, Mcallen had 856 MLS listings, a difference of -44 listings (-5%) versus the prior month and -24 listings (-3%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mcallen (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 113 days 2,139 sqft
2018-02-01 107 days 2,123 sqft
2018-03-01 98 days 2,120 sqft
2018-04-01 89 days 2,154 sqft
2018-05-01 89 days 2,168 sqft
2018-06-01 95 days 2,175 sqft
2018-07-01 102 days 2,162 sqft
2018-08-01 95 days 2,118 sqft
2018-09-01 97 days 2,138 sqft
2018-10-01 87 days 2,081 sqft
2018-11-01 85 days 2,077 sqft
2018-12-01 91 days 2,056 sqft
2019-01-01 97 days 2,051 sqft
2019-02-01 100 days 2,028 sqft
2019-03-01 83 days 2,005 sqft
2019-04-01 77 days 2,018 sqft
2019-05-01 84 days 2,031 sqft
2019-06-01 86 days 2,059 sqft
2019-07-01 89 days 2,053 sqft
2019-08-01 93 days 2,042 sqft
2019-09-01 93 days 2,025 sqft
2019-10-01 94 days 2,015 sqft
2019-11-01 81 days 2,023 sqft
2019-12-01 85 days 2,058 sqft
2020-01-01 87 days 2,021 sqft
2020-02-01 87 days 2,000 sqft
2020-03-01 69 days 2,033 sqft
2020-04-01 79 days 2,003 sqft
2020-05-01 92 days 1,998 sqft
2020-06-01 102 days 2,039 sqft
2020-07-01 99 days 2,079 sqft
2020-08-01 85 days 2,063 sqft
2020-09-01 78 days 2,099 sqft
2020-10-01 63 days 2,119 sqft
2020-11-01 57 days 2,100 sqft
2020-12-01 66 days 2,029 sqft
2021-01-01 73 days 2,000 sqft
2021-02-01 71 days 2,009 sqft
2021-03-01 65 days 2,033 sqft
2021-04-01 59 days 2,069 sqft
2021-05-01 55 days 2,109 sqft
2021-06-01 49 days 2,092 sqft
2021-07-01 48 days 2,086 sqft
2021-08-01 49 days 2,096 sqft
2021-09-01 49 days 2,086 sqft
2021-10-01 51 days 2,063 sqft
2021-11-01 50 days 2,017 sqft
2021-12-01 51 days 1,990 sqft
2022-01-01 62 days 1,987 sqft
2022-02-01 59 days 1,946 sqft
2022-03-01 43 days 1,900 sqft
2022-04-01 42 days 1,911 sqft
Mcallen's median listing age (time on market) for 2022-04-01 was 42 days. This is -29% shorter than the same period one year ago.

Mcallen's median square footage for active listings during the 2022-04-01 period was 1,911 sqft. One year prior, the average listing was 2,069 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.