Mcallen VA Loans

MCALLEN-EDINBURG-MISSION, 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 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.