Mcallen VA Loan Rates, Closing Costs & Stats

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 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.

    Mcallen's 68 lenders originated 488 VA loans during 2023. The total origination value was $146,850,000, with an average VA loan value of $300,922.

    Mcallen VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mcallen averaged 0.1% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Mcallen's average VA mortgage closing costs are $5,757.

    The average rate for the prior week (2024-11-08) was 6.31% and one month ago for the week of 2024-10-11, the average rate was 5.98%.

    The average rate one year ago was 7.27%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.19%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Mcallen level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 105 6.70% $6,666
    UNITED WHOLESALE MORTGAGE, LLC 35 6.43% $7,364
    CORNERSTONE HOME LENDING, INC. 31 6.14% $8,881
    CROSSCOUNTRY MORTGAGE, LLC 23 6.55% $11,484
    NAVY FEDERAL CREDIT UNION 21 5.98% $4,346
    AMCAP MORTGAGE, LTD. 20 6.59% $11,348
    CMG MORTGAGE, INC. 19 6.69% $11,249
    USAA Federal Savings Bank 18 6.19% $8,510
    WILLOW BEND MORTGAGE COMPANY, LLC 17 6.84% $12,219
    QUICKEN LOANS, LLC 11 6.04% $10,602
    AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.62% $13,099
    NATIONS RELIABLE LENDING, LLC 11 6.55% $12,523
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.41% $11,685
    FREEDOM MORTGAGE CORPORATION 7 6.21% $11,817
    MOVEMENT MORTGAGE, LLC 7 6.75% $6,475
    PENNYMAC LOAN SERVICES, LLC 6 5.85% $8,476
    Equity Prime Mortgage LLC 6 7.25% $5,434
    DIRECTIONS EQUITY, LLC 5 6.33% $10,225
    MORTGAGE SOLUTIONS OF COLORADO, LLC 5 7.70% $4,971
    THRIVE MORTGAGE, LLC 5 6.58% $14,104
    ACADEMY MORTGAGE CORPORATION 5 6.13% $5,999
    EUSTIS AND AMERICAN MORTGAGE COMPANY 5 6.07% $8,274
    First Savings Bank 5 6.65% $9,958
    Flagstar Bank, FSB 4 6.59% $9,667
    Nations Lending Corporation 4 7.06% $11,853
    Paramount Residential Mortgage Group, Inc. 4 7.00% $11,080
    HOMESIDE FINANCIAL, LLC 3 6.42% $10,560
    Barrington Bank & Trust Company, N.A. 3 6.92% $7,192
    CARDINAL FINANCIAL 3 7.00% $11,666
    SECURITYNATIONAL MORTGAGE COMPANY 3 7.21% $14,761
    LOANDEPOT.COM, LLC 2 6.94% $7,007
    Mid-Continent Funding, Inc. 2 6.13% $9,094
    INTERLINC MORTGAGE SERVICES, LLC 2 7.31% $3,030
    GUARANTEED RATE, INC. 2 5.96% $10,845
    NBKC BANK 2 6.44% $8,565
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.94% $6,279
    PENTAGON FEDERAL CREDIT UNION 2 5.75% $4,803
    PLAZA HOME MORTGAGE, INC. 2 6.38% $7,607
    DAS Acquisition Company, LLC 2 5.50% $6,307
    Town Square Mortgage & Investments, Inc. 2 7.00% $8,117
    Wells Fargo Bank 2 6.63% $5,623
    Lone Star National Bank 1 6.25% $3,973
    NEWREZ LLC 1 7.13% $11,429
    North American Savings Bank, F.S.B. 1 4.88% $11,223
    Paramount Bank 1 6.63% $4,999
    First Community Bank 1 5.75% $10,704
    UNION HOME MORTGAGE CORP. 1 6.88% $10,959
    BROKER SOLUTIONS, INC. 1 6.99% $6,883
    Plains Commerce Bank 1 5.75% $16,710
    UNIVERSITY Federal Credit Union 1 7.13% $11,429
    PREMIA MORTGAGE, LLC 1 5.75% $1,486
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $8,374
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $8,862
    ASCENT HOME LENDING, LLC 1 6.25% $10,392
    RB MORTGAGE LLC 1 6.38% $5,165
    S1L, Inc. 1 6.75% $10,132
    SeaTrust Mortgage Company 1 6.75% $7,319
    AMERICAN FINANCING CORPORATION 1 6.25% $7,724
    SENTE MORTGAGE, INC. 1 6.25% $6,175
    MORTGAGE FINANCIAL SERVICES, LLC 1 5.35% $5,332
    MORTGAGEONE, INC. 1 6.88% $757
    JPMorgan Chase Bank 1 7.63% $3,037
    SUN WEST MORTGAGE COMPANY, INC. 1 6.50% $9,682
    CALIBER HOME LOANS, INC. 1 6.99% $5,551
    NATIONS DIRECT MORTGAGE, LLC 1 5.99% $10,123
    GENEVA FINANCIAL, LLC 1 7.25% $6,212
    Gateway First Bank 1 6.38% $5,165
    First Financial Bank 1 6.88% $14,111

    The top Mcallen VA lender as defined by loan originations is Mortgage Research Center, LLC, with 105 VA loans originated. Their average total fees are $6,666, which is $698 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Mcallen VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($4,346), Mortgage Research Center, LLC ($6,666), UNITED WHOLESALE MORTGAGE, LLC ($7,364), USAA Federal Savings Bank ($8,510) and CORNERSTONE HOME LENDING, INC. ($8,881).

    The lowest rate Mcallen VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.98%), QUICKEN LOANS, LLC (6.04%), CORNERSTONE HOME LENDING, INC. (6.14%), USAA Federal Savings Bank (6.19%) and UNITED WHOLESALE MORTGAGE, LLC (6.43%).

    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 $189,000 (2.2%) $243,293 (-1.0%) 0.70 2,103
    2018-02-01 $189,900 (2.7%) $243,498 (-0.9%) 0.69 2,106
    2018-03-01 $189,900 (0.5%) $247,255 (0.6%) 0.67 2,105
    2018-04-01 $195,000 (4.3%) $251,653 (3.2%) 0.66 2,047
    2018-05-01 $195,250 (3.1%) $252,491 (2.8%) 0.65 2,051
    2018-06-01 $198,000 (4.2%) $251,226 (2.1%) 0.66 2,081
    2018-07-01 $195,000 (2.6%) $249,817 (0.1%) 0.65 2,060
    2018-08-01 $195,375 (3.4%) $249,455 (0.9%) 0.65 2,011
    2018-09-01 $196,450 (3.5%) $250,037 (0.2%) 0.66 1,990
    2018-10-01 $192,000 (-0.1%) $243,792 (-2.0%) 0.65 2,022
    2018-11-01 $189,935 (-2.3%) $243,436 (-2.5%) 0.64 2,084
    2018-12-01 $189,900 (0.0%) $241,472 (-1.6%) 0.66 2,050
    2019-01-01 $189,700 (0.4%) $241,879 (-0.6%) 0.66 2,014
    2019-02-01 $189,950 (0.0%) $241,573 (-0.8%) 0.64 2,078
    2019-03-01 $191,857 (1.0%) $242,273 (-2.0%) 0.63 2,109
    2019-04-01 $195,000 (0.0%) $247,171 (-1.8%) 0.62 2,042
    2019-05-01 $197,250 (1.0%) $249,232 (-1.3%) 0.62 1,994
    2019-06-01 $198,970 (0.5%) $252,527 (0.5%) 0.62 2,010
    2019-07-01 $198,250 (1.7%) $256,158 (2.5%) 0.62 2,029
    2019-08-01 $197,182 (0.9%) $256,777 (2.9%) 0.62 2,026
    2019-09-01 $195,955 (-0.3%) $257,539 (3.0%) 0.63 2,014
    2019-10-01 $195,000 (1.6%) $258,477 (6.0%) 0.63 2,005
    2019-11-01 $195,000 (2.7%) $258,292 (6.1%) 0.64 1,960
    2019-12-01 $197,500 (4.0%) $259,832 (7.6%) 0.66 1,913
    2020-01-01 $195,125 (2.9%) $258,965 (7.1%) 0.65 1,849
    2020-02-01 $195,000 (2.7%) $258,596 (7.1%) 0.64 1,882
    2020-03-01 $199,000 (3.7%) $262,597 (8.4%) 0.62 1,850
    2020-04-01 $198,725 (1.9%) $263,046 (6.4%) 0.62 1,861
    2020-05-01 $199,400 (1.1%) $264,869 (6.3%) 0.61 1,708
    2020-06-01 $209,625 (5.4%) $274,497 (8.7%) 0.62 1,450
    2020-07-01 $213,599 (7.7%) $278,648 (8.8%) 0.62 1,279
    2020-08-01 $215,000 (9.0%) $279,508 (8.9%) 0.62 1,169
    2020-09-01 $221,500 (13.0%) $286,987 (11.4%) 0.63 1,061
    2020-10-01 $228,200 (17.0%) $289,883 (12.2%) 0.65 1,093
    2020-11-01 $228,550 (17.2%) $289,765 (12.2%) 0.67 1,154
    2020-12-01 $228,000 (15.4%) $294,272 (13.3%) 0.68 1,159
    2021-01-01 $220,000 (12.8%) $294,057 (13.6%) 0.66 1,116
    2021-02-01 $225,000 (15.4%) $303,697 (17.4%) 0.66 1,044
    2021-03-01 $234,750 (18.0%) $313,789 (19.5%) 0.67 958
    2021-04-01 $239,975 (20.8%) $320,463 (21.8%) 0.65 891
    2021-05-01 $249,950 (25.4%) $336,746 (27.1%) 0.66 816
    2021-06-01 $255,000 (21.7%) $350,306 (27.6%) 0.67 797
    2021-07-01 $260,000 (21.7%) $353,154 (26.7%) 0.69 809
    2021-08-01 $262,125 (21.9%) $354,210 (26.7%) 0.70 822
    2021-09-01 $264,700 (19.5%) $352,923 (23.0%) 0.71 987
    2021-10-01 $265,000 (16.1%) $348,299 (20.2%) 0.71 997
    2021-11-01 $261,475 (14.4%) $343,401 (18.5%) 0.70 1,015
    2021-12-01 $257,000 (12.7%) $339,991 (15.5%) 0.70 1,032
    2022-01-01 $259,000 (17.7%) $340,449 (15.8%) 0.70 943
    2022-02-01 $258,950 (15.1%) $343,963 (13.3%) 0.67 929
    2022-03-01 $258,901 (10.3%) $347,182 (10.6%) 0.65 900
    2022-04-01 $258,495 (7.7%) $352,418 (10.0%) 0.62 886
    2022-05-01 $275,000 (10.0%) $359,535 (6.8%) 0.63 957
    2022-06-01 $272,500 (6.9%) $362,516 (3.5%) 0.61 1,037
    2022-07-01 $270,000 (3.9%) $359,391 (1.8%) 0.61 1,186
    2022-08-01 $275,000 (4.9%) $352,458 (-0.5%) 0.64 1,311
    2022-09-01 $269,000 (1.6%) $342,480 (-3.0%) 0.63 1,422
    2022-10-01 $275,000 (3.8%) $349,334 (0.3%) 0.65 1,458
    2022-11-01 $278,950 (6.7%) $351,414 (2.3%) 0.67 1,537
    2022-12-01 $279,900 (8.9%) $351,970 (3.5%) 0.69 1,533
    2023-01-01 $280,200 (8.2%) $353,702 (3.9%) 0.69 1,562
    2023-02-01 $283,225 (9.4%) $357,112 (3.8%) 0.68 1,563
    2023-03-01 $285,000 (10.1%) $360,249 (3.8%) 0.67 1,540
    2023-04-01 $286,563 (10.9%) $359,355 (2.0%) 0.67 1,534
    2023-05-01 $287,250 (4.5%) $355,313 (-1.2%) 0.65 1,530
    2023-06-01 $289,575 (6.3%) $355,199 (-2.0%) 0.65 1,561
    2023-07-01 $289,000 (7.0%) $349,643 (-2.7%) 0.66 1,661
    2023-08-01 $288,662 (5.0%) $347,237 (-1.5%) 0.66 1,743
    2023-09-01 $285,000 (6.0%) $342,232 (-0.1%) 0.66 1,834
    2023-10-01 $280,000 (1.8%) $337,922 (-3.3%) 0.66 1,937
    2023-11-01 $279,925 (0.4%) $336,711 (-4.2%) 0.67 2,007
    2023-12-01 $279,000 (-0.3%) $331,910 (-5.7%) 0.68 2,041
    2024-01-01 $275,000 (-1.9%) $329,659 (-6.8%) 0.67 2,129
    2024-02-01 $275,000 (-2.9%) $327,182 (-8.4%) 0.66 2,211
    2024-03-01 $278,000 (-2.5%) $329,172 (-8.6%) 0.65 2,288
    2024-04-01 $277,500 (-3.2%) $333,360 (-7.2%) 0.65 2,272
    2024-05-01 $279,000 (-2.9%) $331,504 (-6.7%) 0.63 2,330
    2024-06-01 $274,000 (-5.4%) $330,947 (-6.8%) 0.62 2,378
    2024-07-01 $272,375 (-5.8%) $324,969 (-7.1%) 0.62 2,440
    2024-08-01 $278,250 (-3.6%) $327,440 (-5.7%) 0.65 2,469
    2024-09-01 $275,000 (-3.5%) $327,628 (-4.3%) 0.65 2,592
    2024-10-01 $273,625 (-2.3%) $327,110 (-3.2%) 0.64 2,658
    Mcallen's median listing price for 2024-10-01 was $273,625, a difference of $-6,375 (-2.3%) versus the prior year and $-1,375 versus the prior month.

    Mcallen's median listing price comes in at 64% of the national average.

    Mcallen's average listing price for 2024-10-01 was $327,110, a difference of $-10,812 (-3.2%) versus the prior year and $-518 versus the prior month.

    For the 2024-10-01 period, Mcallen had 2,658 MLS listings, a difference of 66 listings (3%) versus the prior month and 721 listings (37%) 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
    2018-01-01 102 days 2,121 sqft
    2018-02-01 96 days 2,112 sqft
    2018-03-01 87 days 2,119 sqft
    2018-04-01 81 days 2,155 sqft
    2018-05-01 80 days 2,171 sqft
    2018-06-01 87 days 2,177 sqft
    2018-07-01 91 days 2,166 sqft
    2018-08-01 86 days 2,125 sqft
    2018-09-01 87 days 2,131 sqft
    2018-10-01 78 days 2,071 sqft
    2018-11-01 79 days 2,062 sqft
    2018-12-01 85 days 2,051 sqft
    2019-01-01 91 days 2,033 sqft
    2019-02-01 91 days 2,022 sqft
    2019-03-01 74 days 2,006 sqft
    2019-04-01 69 days 2,015 sqft
    2019-05-01 78 days 2,024 sqft
    2019-06-01 79 days 2,058 sqft
    2019-07-01 83 days 2,045 sqft
    2019-08-01 86 days 2,041 sqft
    2019-09-01 87 days 2,027 sqft
    2019-10-01 88 days 2,018 sqft
    2019-11-01 78 days 2,016 sqft
    2019-12-01 80 days 2,047 sqft
    2020-01-01 81 days 2,012 sqft
    2020-02-01 82 days 2,000 sqft
    2020-03-01 62 days 2,034 sqft
    2020-04-01 74 days 2,007 sqft
    2020-05-01 86 days 1,994 sqft
    2020-06-01 97 days 2,021 sqft
    2020-07-01 84 days 2,066 sqft
    2020-08-01 72 days 2,022 sqft
    2020-09-01 65 days 2,100 sqft
    2020-10-01 52 days 2,112 sqft
    2020-11-01 50 days 2,100 sqft
    2020-12-01 60 days 2,028 sqft
    2021-01-01 67 days 1,979 sqft
    2021-02-01 63 days 2,000 sqft
    2021-03-01 56 days 2,025 sqft
    2021-04-01 52 days 2,050 sqft
    2021-05-01 49 days 2,100 sqft
    2021-06-01 44 days 2,079 sqft
    2021-07-01 45 days 2,075 sqft
    2021-08-01 46 days 2,064 sqft
    2021-09-01 47 days 2,075 sqft
    2021-10-01 48 days 2,043 sqft
    2021-11-01 49 days 2,025 sqft
    2021-12-01 52 days 1,994 sqft
    2022-01-01 61 days 1,972 sqft
    2022-02-01 53 days 1,945 sqft
    2022-03-01 40 days 1,892 sqft
    2022-04-01 38 days 1,892 sqft
    2022-05-01 39 days 1,966 sqft
    2022-06-01 40 days 1,984 sqft
    2022-07-01 43 days 1,927 sqft
    2022-08-01 46 days 1,898 sqft
    2022-09-01 49 days 1,852 sqft
    2022-10-01 55 days 1,858 sqft
    2022-11-01 59 days 1,883 sqft
    2022-12-01 67 days 1,892 sqft
    2023-01-01 72 days 1,894 sqft
    2023-02-01 66 days 1,899 sqft
    2023-03-01 58 days 1,901 sqft
    2023-04-01 57 days 1,894 sqft
    2023-05-01 58 days 1,872 sqft
    2023-06-01 57 days 1,882 sqft
    2023-07-01 56 days 1,875 sqft
    2023-08-01 55 days 1,869 sqft
    2023-09-01 56 days 1,847 sqft
    2023-10-01 59 days 1,835 sqft
    2023-11-01 66 days 1,810 sqft
    2023-12-01 71 days 1,800 sqft
    2024-01-01 73 days 1,774 sqft
    2024-02-01 63 days 1,758 sqft
    2024-03-01 59 days 1,769 sqft
    2024-04-01 64 days 1,781 sqft
    2024-05-01 64 days 1,785 sqft
    2024-06-01 63 days 1,757 sqft
    2024-07-01 66 days 1,736 sqft
    2024-08-01 66 days 1,762 sqft
    2024-09-01 68 days 1,750 sqft
    2024-10-01 71 days 1,736 sqft
    Mcallen's median listing age (time on market) for 2024-10-01 was 71 days. This is 19% longer than the same period one year ago.

    Mcallen's median square footage for active listings during the 2024-10-01 period was 1,736 sqft. One year prior, the average listing was 1,835 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.