Midland VA Loan Rates, Closing Costs & Stats

MIDLAND, 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.

    Midland's 58 lenders originated 232 VA loans during 2022. The total origination value was $81,110,000, with an average VA loan value of $349,612.

    Midland VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Midland averaged -0.3% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Midland's average VA mortgage closing costs are $7,130.

    The average rate for the prior week (2023-11-17) was 7.15% and one month ago for the week of 2023-10-20, the average rate was 7.18%.

    The average rate one year ago was 6.39%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.25%.

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

    Midland 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 Midland level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 28 5.17% $7,650
    Mortgage Research Center, LLC 24 4.85% $7,881
    PRIMELENDING, A PLAINSCAPITAL COMPANY 22 5.23% $8,045
    DHI MORTGAGE COMPANY, LTD. 19 4.08% $9,041
    USAA Federal Savings Bank 12 4.92% $11,898
    NAVY FEDERAL CREDIT UNION 8 3.59% $7,280
    Gateway First Bank 7 4.44% $11,754
    QUICKEN LOANS, LLC 6 4.73% $11,443
    LRS FINANCIAL NETWORK, INC. 6 3.98% $9,826
    PENNYMAC LOAN SERVICES, LLC 6 3.21% $6,475
    GUARANTEED RATE AFFINITY, LLC 6 4.30% $9,342
    PREMIA MORTGAGE, LLC 5 4.05% $12,570
    EVERETT FINANCIAL, INC. 5 5.53% $8,983
    UNITED WHOLESALE MORTGAGE, LLC 5 4.08% $7,848
    City Bank 4 5.84% $11,610
    AMCAP MORTGAGE, LTD. 4 5.56% $14,656
    SFMC, LP 4 5.16% $9,427
    CARDINAL FINANCIAL 3 6.25% $17,149
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 5.71% $7,103
    Nations Lending Corporation 3 5.21% $9,811
    Wells Fargo Bank 3 4.13% $9,776
    FREEDOM MORTGAGE CORPORATION 2 3.38% $11,920
    CALIBER HOME LOANS, INC. 2 4.37% $11,572
    Republic State Mortgage Co. 2 4.44% $16,391
    CERTAINTY HOME LOANS, LLC 2 5.38% $13,878
    BROKER SOLUTIONS, INC. 2 3.56% $15,202
    Flagstar Bank, FSB 2 3.81% $12,764
    Southwest Bank 1 5.25% $15,906
    T2 FINANCIAL LLC 1 5.00% $7,147
    UNION HOME MORTGAGE CORP. 1 4.25% $6,458
    U.S. Bank 1 4.63% $10,431
    NATIONS DIRECT MORTGAGE, LLC 1 4.50% $6,752
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.99% $10,775
    CHURCHILL MORTGAGE CORPORATION 1 5.25% $9,094
    Citizens Bank 1 4.88% $5,741
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 5.25% $8,615
    CMG MORTGAGE, INC. 1 4.63% $22,589
    Commerce Home Mortgage, Inc. 1 4.25% $9,521
    CROSSCOUNTRY MORTGAGE, LLC 1 3.99% $5,024
    DIRECTIONS EQUITY, LLC 1 5.25% $11,846
    Equity Prime Mortgage LLC 1 5.25% $5,981
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 4.96% $20,160
    First Guaranty Mortgage Corporation 1 5.63% $15,633
    GUILD MORTGAGE COMPANY 1 3.13% $11,696
    HOMESTEAD FUNDING CORP. 1 2.88% $1,623
    JPMorgan Chase Bank 1 2.50% $8,545
    LEGEND LENDING CORPORATION 1 3.75% $23,317
    Low VA Rates, LLC 1 5.25% $9,781
    MID AMERICA MORTGAGE, INC. 1 4.63% $6,420
    MOVEMENT MORTGAGE, LLC 1 5.25% $5,403
    Mr. Cooper ( Nationstar Mortgage ) 1 2.63% $2,213
    ACADEMY MORTGAGE CORPORATION 1 3.25% $12,119
    NATIONS RELIABLE LENDING, LLC 1 7.25% $3,923
    Neighborhood Loans, Inc. 1 6.50% $2,516
    NEWREZ LLC 1 3.75% $18,691
    NP, Inc. 1 2.75% $4,488
    Prosperity Home Mortgage, LLC 1 5.13% $3,740
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.25% $10,824

    The top Midland VA lender as defined by loan originations is ARK-LA-TEX FINANCIAL SERVICES, LLC., with 28 VA loans originated. Their average total fees are $7,650, which is $232 lower than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Midland VA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,650), Mortgage Research Center, LLC ($7,881), PRIMELENDING, A PLAINSCAPITAL COMPANY ($8,045), DHI MORTGAGE COMPANY, LTD. ($9,041) and USAA Federal Savings Bank ($11,898).

    The lowest rate Midland VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.08%), Mortgage Research Center, LLC (4.85%), USAA Federal Savings Bank (4.92%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (5.17%) and PRIMELENDING, A PLAINSCAPITAL COMPANY (5.23%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Midland (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 $325,000 (30.0%) $406,647 (23.3%) 1.21 276
    2018-02-01 $347,450 (33.9%) $478,440 (38.8%) 1.26 259
    2018-03-01 $399,000 (43.0%) $541,274 (49.0%) 1.40 227
    2018-04-01 $366,825 (22.3%) $525,930 (36.6%) 1.24 244
    2018-05-01 $378,750 (31.5%) $543,953 (48.1%) 1.26 265
    2018-06-01 $360,000 (25.9%) $520,583 (42.3%) 1.20 312
    2018-07-01 $362,450 (25.0%) $510,589 (38.8%) 1.21 377
    2018-08-01 $356,000 (21.5%) $496,171 (36.4%) 1.19 400
    2018-09-01 $359,900 (21.4%) $498,830 (34.0%) 1.21 398
    2018-10-01 $372,500 (20.2%) $506,553 (30.9%) 1.26 401
    2018-11-01 $372,225 (18.2%) $497,633 (26.0%) 1.26 415
    2018-12-01 $359,950 (10.8%) $497,080 (23.5%) 1.24 376
    2019-01-01 $359,225 (10.5%) $491,512 (20.9%) 1.24 360
    2019-02-01 $359,950 (3.6%) $496,544 (3.8%) 1.22 352
    2019-03-01 $369,371 (-7.4%) $487,957 (-9.9%) 1.21 348
    2019-04-01 $390,950 (6.6%) $501,284 (-4.7%) 1.24 354
    2019-05-01 $413,200 (9.1%) $509,093 (-6.4%) 1.29 409
    2019-06-01 $399,900 (11.1%) $478,307 (-8.1%) 1.25 473
    2019-07-01 $399,450 (10.2%) $480,480 (-5.9%) 1.25 516
    2019-08-01 $394,473 (10.8%) $469,004 (-5.5%) 1.25 577
    2019-09-01 $386,332 (7.3%) $451,859 (-9.4%) 1.24 630
    2019-10-01 $379,850 (2.0%) $437,748 (-13.6%) 1.23 679
    2019-11-01 $370,000 (-0.6%) $427,804 (-14.0%) 1.21 666
    2019-12-01 $369,000 (2.5%) $428,602 (-13.8%) 1.23 602
    2020-01-01 $370,093 (3.0%) $431,398 (-12.2%) 1.24 575
    2020-02-01 $384,950 (7.0%) $450,762 (-9.2%) 1.26 557
    2020-03-01 $387,750 (5.0%) $453,191 (-7.1%) 1.22 632
    2020-04-01 $370,950 (-5.1%) $435,225 (-13.2%) 1.16 733
    2020-05-01 $360,000 (-12.9%) $433,615 (-14.8%) 1.09 836
    2020-06-01 $350,000 (-12.5%) $429,089 (-10.3%) 1.03 851
    2020-07-01 $342,500 (-14.3%) $410,755 (-14.5%) 0.99 876
    2020-08-01 $329,900 (-16.4%) $405,618 (-13.5%) 0.95 873
    2020-09-01 $331,375 (-14.2%) $409,979 (-9.3%) 0.95 825
    2020-10-01 $329,000 (-13.4%) $403,374 (-7.9%) 0.94 787
    2020-11-01 $329,900 (-10.8%) $400,814 (-6.3%) 0.96 802
    2020-12-01 $328,725 (-10.9%) $401,689 (-6.3%) 0.98 785
    2021-01-01 $325,000 (-12.2%) $401,357 (-7.0%) 0.97 756
    2021-02-01 $324,900 (-15.6%) $410,628 (-8.9%) 0.95 771
    2021-03-01 $323,875 (-16.5%) $417,974 (-7.8%) 0.92 742
    2021-04-01 $326,375 (-12.0%) $428,301 (-1.6%) 0.88 678
    2021-05-01 $333,250 (-7.4%) $428,751 (-1.1%) 0.89 640
    2021-06-01 $329,500 (-5.9%) $425,499 (-0.8%) 0.87 655
    2021-07-01 $338,000 (-1.3%) $418,225 (1.8%) 0.89 696
    2021-08-01 $335,770 (1.8%) $413,700 (2.0%) 0.90 713
    2021-09-01 $329,250 (-0.6%) $410,066 (0.0%) 0.88 695
    2021-10-01 $325,000 (-1.2%) $402,923 (-0.1%) 0.87 697
    2021-11-01 $325,000 (-1.5%) $391,471 (-2.3%) 0.87 673
    2021-12-01 $325,000 (-1.1%) $384,485 (-4.3%) 0.88 629
    2022-01-01 $325,000 (0.0%) $384,061 (-4.3%) 0.88 564
    2022-02-01 $325,425 (0.2%) $381,010 (-7.2%) 0.85 502
    2022-03-01 $335,000 (3.4%) $395,990 (-5.3%) 0.84 462
    2022-04-01 $344,500 (5.6%) $418,522 (-2.3%) 0.82 502
    2022-05-01 $342,258 (2.7%) $424,876 (-0.9%) 0.78 528
    2022-06-01 $349,988 (6.2%) $425,590 (0.0%) 0.78 560
    2022-07-01 $345,523 (2.2%) $418,023 (-0.1%) 0.78 615
    2022-08-01 $340,000 (1.3%) $411,973 (-0.4%) 0.79 639
    2022-09-01 $349,750 (6.2%) $418,284 (2.0%) 0.82 657
    2022-10-01 $355,000 (9.2%) $435,649 (8.1%) 0.84 645
    2022-11-01 $357,450 (10.0%) $437,604 (11.8%) 0.86 644
    2022-12-01 $360,000 (10.8%) $438,486 (14.0%) 0.89 589
    2023-01-01 $364,875 (12.3%) $434,919 (13.2%) 0.90 506
    2023-02-01 $366,500 (12.6%) $438,587 (15.1%) 0.89 450
    2023-03-01 $399,250 (19.2%) $486,561 (22.9%) 0.94 426
    2023-04-01 $409,450 (18.9%) $510,353 (21.9%) 0.95 418
    2023-05-01 $407,375 (19.0%) $521,227 (22.7%) 0.92 428
    2023-06-01 $401,533 (14.7%) $512,112 (20.3%) 0.90 447
    2023-07-01 $409,900 (18.6%) $527,284 (26.1%) 0.93 471
    2023-08-01 $399,925 (17.6%) $525,564 (27.6%) 0.92 475
    2023-09-01 $399,900 (14.3%) $512,702 (22.6%) 0.93 493
    2023-10-01 $396,900 (11.8%) $492,577 (13.1%) 0.93 501
    Midland's median listing price for 2023-10-01 was $396,900, a difference of $41,900 (11.8%) versus the prior year and $-3,000 versus the prior month.

    Midland's median listing price comes in at 93% of the national average.

    Midland's average listing price for 2023-10-01 was $492,577, a difference of $56,928 (13.1%) versus the prior year and $-20,125 versus the prior month.

    For the 2023-10-01 period, Midland had 501 MLS listings, a difference of 8 listings (2%) versus the prior month and -144 listings (-22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Midland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 55 days 2,373 sqft
    2018-02-01 34 days 2,446 sqft
    2018-03-01 33 days 2,686 sqft
    2018-04-01 28 days 2,523 sqft
    2018-05-01 26 days 2,594 sqft
    2018-06-01 26 days 2,506 sqft
    2018-07-01 29 days 2,494 sqft
    2018-08-01 34 days 2,457 sqft
    2018-09-01 43 days 2,454 sqft
    2018-10-01 40 days 2,476 sqft
    2018-11-01 43 days 2,512 sqft
    2018-12-01 51 days 2,481 sqft
    2019-01-01 49 days 2,390 sqft
    2019-02-01 42 days 2,391 sqft
    2019-03-01 39 days 2,453 sqft
    2019-04-01 34 days 2,527 sqft
    2019-05-01 32 days 2,590 sqft
    2019-06-01 35 days 2,562 sqft
    2019-07-01 38 days 2,504 sqft
    2019-08-01 38 days 2,475 sqft
    2019-09-01 40 days 2,432 sqft
    2019-10-01 42 days 2,401 sqft
    2019-11-01 49 days 2,357 sqft
    2019-12-01 60 days 2,343 sqft
    2020-01-01 62 days 2,395 sqft
    2020-02-01 40 days 2,453 sqft
    2020-03-01 41 days 2,432 sqft
    2020-04-01 46 days 2,355 sqft
    2020-05-01 51 days 2,350 sqft
    2020-06-01 50 days 2,325 sqft
    2020-07-01 51 days 2,288 sqft
    2020-08-01 51 days 2,240 sqft
    2020-09-01 57 days 2,248 sqft
    2020-10-01 58 days 2,220 sqft
    2020-11-01 59 days 2,209 sqft
    2020-12-01 60 days 2,205 sqft
    2021-01-01 60 days 2,182 sqft
    2021-02-01 49 days 2,185 sqft
    2021-03-01 53 days 2,152 sqft
    2021-04-01 48 days 2,170 sqft
    2021-05-01 51 days 2,171 sqft
    2021-06-01 44 days 2,171 sqft
    2021-07-01 38 days 2,157 sqft
    2021-08-01 45 days 2,168 sqft
    2021-09-01 52 days 2,139 sqft
    2021-10-01 46 days 2,100 sqft
    2021-11-01 47 days 2,067 sqft
    2021-12-01 59 days 2,073 sqft
    2022-01-01 64 days 2,050 sqft
    2022-02-01 48 days 2,035 sqft
    2022-03-01 41 days 2,049 sqft
    2022-04-01 33 days 2,100 sqft
    2022-05-01 39 days 2,115 sqft
    2022-06-01 37 days 2,168 sqft
    2022-07-01 38 days 2,185 sqft
    2022-08-01 43 days 2,136 sqft
    2022-09-01 47 days 2,150 sqft
    2022-10-01 50 days 2,153 sqft
    2022-11-01 51 days 2,191 sqft
    2022-12-01 62 days 2,240 sqft
    2023-01-01 68 days 2,238 sqft
    2023-02-01 44 days 2,256 sqft
    2023-03-01 45 days 2,403 sqft
    2023-04-01 41 days 2,422 sqft
    2023-05-01 39 days 2,457 sqft
    2023-06-01 42 days 2,421 sqft
    2023-07-01 38 days 2,435 sqft
    2023-08-01 41 days 2,359 sqft
    2023-09-01 43 days 2,367 sqft
    2023-10-01 46 days 2,306 sqft
    Midland's median listing age (time on market) for 2023-10-01 was 46 days. This is -9% shorter than the same period one year ago.

    Midland's median square footage for active listings during the 2023-10-01 period was 2,306 sqft. One year prior, the average listing was 2,153 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.