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 45 lenders originated 158 VA loans during 2023. The total origination value was $60,270,000, with an average VA loan value of $381,456.

    Midland VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Midland averaged 6.54% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

    Midland's average VA mortgage closing costs are $7,525.

    The average rate for the prior week (2024-12-06) was 6.17% and one month ago for the week of 2024-11-08, the average rate was 6.67%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.88%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 25 6.68% $10,465
    PRIMELENDING, A PLAINSCAPITAL COMPANY 11 6.61% $8,620
    DHI MORTGAGE COMPANY, LTD. 10 5.62% $6,934
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 6.21% $12,076
    LRS FINANCIAL NETWORK, INC. 7 5.84% $10,332
    EVERETT FINANCIAL, INC. 6 6.77% $15,157
    AMCAP MORTGAGE, LTD. 6 6.73% $13,322
    NAVY FEDERAL CREDIT UNION 6 6.00% $4,071
    QUICKEN LOANS, LLC 5 6.32% $14,415
    UNITED WHOLESALE MORTGAGE, LLC 5 6.43% $21,035
    NATIONS RELIABLE LENDING, LLC 4 6.53% $11,669
    THRIVE MORTGAGE, LLC 4 6.75% $14,902
    T2 FINANCIAL LLC 3 6.67% $26,155
    FLAT BRANCH MORTGAGE, INC. 3 6.00% $9,732
    PENNYMAC LOAN SERVICES, LLC 3 5.75% $16,030
    PREMIA MORTGAGE, LLC 3 6.66% $7,231
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.42% $2,280
    Mid-Continent Funding, Inc. 2 6.38% $21,803
    CARDINAL FINANCIAL 2 7.00% $35,282
    Citizens Bank 2 5.25% $8,383
    City Bank 2 5.95% $4,379
    DIRECTIONS EQUITY, LLC 2 6.63% $3,713
    GUARANTEED RATE AFFINITY, LLC 2 6.19% $12,800
    GUARANTEED RATE, INC. 2 6.44% $10,870
    Nations Lending Corporation 2 6.94% $11,742
    NBKC BANK 2 5.69% $10,496
    USAA Federal Savings Bank 2 6.63% $8,823
    HOME FUNDING CORPORATION 1 6.50% $16,580
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 5.75% $6,632
    Wells Fargo Bank 1 5.75% $7,123
    GUILD MORTGAGE COMPANY 1 6.13% $18,784
    Plains Commerce Bank 1 5.25% $8,223
    PLAZA HOME MORTGAGE, INC. 1 5.75% $6,191
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.00% $4,462
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 7.88% $7,987
    Prosperity Bank 1 7.50% $14,216
    CMG MORTGAGE, INC. 1 5.75% $3,299
    SFMC, LP 1 5.75% $20,284
    SUN WEST MORTGAGE COMPANY, INC. 1 6.88% $13,682
    BROKER SOLUTIONS, INC. 1 6.63% $6,468
    The Federal Savings Bank 1 5.75% $12,076
    BAY EQUITY LLC 1 6.75% $8,717
    MORTGAGE FINANCIAL SERVICES, LLC 1 5.25% $26,606
    HOMETRUST MORTGAGE COMPANY 1 6.63% $15,839
    American Momentum Bank 1 6.63% $11,215

    The top Midland VA lender as defined by loan originations is Mortgage Research Center, LLC, with 25 VA loans originated. Their average total fees are $10,465, which is $1,845 higher than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

    The lowest fee Midland VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($6,934), PRIMELENDING, A PLAINSCAPITAL COMPANY ($8,620), Mortgage Research Center, LLC ($10,465), .

    The lowest rate Midland VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.62%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.61%), Mortgage Research Center, LLC (6.68%), .

    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%) $405,687 (23.2%) 1.20 275
    2018-02-01 $346,700 (33.6%) $477,639 (38.6%) 1.26 258
    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 (38.9%) 1.21 377
    2018-08-01 $356,000 (21.7%) $496,171 (36.7%) 1.19 400
    2018-09-01 $359,900 (22.0%) $498,830 (34.4%) 1.21 398
    2018-10-01 $372,500 (20.2%) $506,553 (31.4%) 1.26 401
    2018-11-01 $372,225 (19.2%) $497,633 (26.5%) 1.26 415
    2018-12-01 $359,950 (10.8%) $497,080 (23.9%) 1.24 376
    2019-01-01 $359,225 (10.5%) $491,512 (21.2%) 1.24 360
    2019-02-01 $359,950 (3.8%) $496,544 (4.0%) 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 $384,900 (6.9%) $450,219 (-9.3%) 1.26 559
    2020-03-01 $387,625 (4.9%) $452,975 (-7.2%) 1.22 633
    2020-04-01 $369,950 (-5.4%) $435,024 (-13.2%) 1.16 733
    2020-05-01 $359,999 (-12.9%) $433,472 (-14.9%) 1.09 837
    2020-06-01 $350,000 (-12.5%) $429,276 (-10.3%) 1.03 850
    2020-07-01 $342,500 (-14.3%) $410,876 (-14.5%) 0.99 875
    2020-08-01 $329,950 (-16.4%) $405,857 (-13.5%) 0.95 872
    2020-09-01 $331,500 (-14.2%) $410,062 (-9.3%) 0.95 824
    2020-10-01 $329,000 (-13.4%) $403,374 (-7.9%) 0.94 787
    2020-11-01 $329,675 (-10.9%) $400,897 (-6.3%) 0.96 801
    2020-12-01 $328,000 (-11.1%) $401,776 (-6.3%) 0.98 784
    2021-01-01 $325,000 (-12.2%) $401,446 (-6.9%) 0.97 755
    2021-02-01 $324,900 (-15.6%) $410,628 (-8.8%) 0.95 771
    2021-03-01 $324,000 (-16.4%) $418,176 (-7.7%) 0.92 741
    2021-04-01 $326,663 (-11.7%) $428,448 (-1.5%) 0.88 678
    2021-05-01 $333,000 (-7.5%) $428,417 (-1.2%) 0.88 640
    2021-06-01 $329,350 (-5.9%) $425,168 (-1.0%) 0.87 656
    2021-07-01 $338,000 (-1.3%) $417,915 (1.7%) 0.89 695
    2021-08-01 $335,385 (1.7%) $413,803 (2.0%) 0.89 712
    2021-09-01 $329,000 (-0.8%) $410,178 (0.0%) 0.88 694
    2021-10-01 $325,000 (-1.2%) $402,923 (-0.1%) 0.87 696
    2021-11-01 $325,000 (-1.4%) $391,480 (-2.4%) 0.87 671
    2021-12-01 $325,000 (-0.9%) $384,481 (-4.3%) 0.88 627
    2022-01-01 $325,000 (0.0%) $384,062 (-4.3%) 0.88 562
    2022-02-01 $325,000 (0.0%) $380,400 (-7.4%) 0.85 493
    2022-03-01 $330,000 (1.9%) $395,379 (-5.5%) 0.83 452
    2022-04-01 $340,030 (4.1%) $419,008 (-2.2%) 0.81 493
    2022-05-01 $342,258 (2.8%) $425,370 (-0.7%) 0.78 524
    2022-06-01 $350,000 (6.3%) $426,296 (0.3%) 0.78 556
    2022-07-01 $345,523 (2.2%) $418,264 (0.1%) 0.78 615
    2022-08-01 $340,000 (1.4%) $411,807 (-0.5%) 0.79 639
    2022-09-01 $349,375 (6.2%) $418,406 (2.0%) 0.82 656
    2022-10-01 $355,000 (9.2%) $434,982 (8.0%) 0.84 654
    2022-11-01 $351,725 (8.2%) $433,685 (10.8%) 0.85 659
    2022-12-01 $360,000 (10.8%) $437,602 (13.8%) 0.89 591
    2023-01-01 $364,625 (12.2%) $434,677 (13.2%) 0.90 507
    2023-02-01 $366,500 (12.8%) $438,414 (15.3%) 0.88 451
    2023-03-01 $399,250 (21.0%) $486,471 (23.0%) 0.94 426
    2023-04-01 $409,000 (20.3%) $510,720 (21.9%) 0.95 417
    2023-05-01 $405,000 (18.3%) $520,495 (22.4%) 0.92 430
    2023-06-01 $400,313 (14.4%) $510,773 (19.8%) 0.90 450
    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 (14.5%) $512,702 (22.5%) 0.93 493
    2023-10-01 $396,900 (11.8%) $492,577 (13.2%) 0.93 501
    2023-11-01 $392,000 (11.5%) $487,183 (12.3%) 0.93 506
    2023-12-01 $389,000 (8.1%) $492,181 (12.5%) 0.95 484
    2024-01-01 $389,995 (7.0%) $501,625 (15.4%) 0.95 451
    2024-02-01 $405,148 (10.6%) $551,864 (25.9%) 0.98 435
    2024-03-01 $420,995 (5.5%) $577,136 (18.6%) 0.99 413
    2024-04-01 $434,245 (6.2%) $578,108 (13.2%) 1.01 447
    2024-05-01 $450,000 (11.1%) $571,353 (9.8%) 1.02 483
    2024-06-01 $450,000 (12.4%) $580,703 (13.7%) 1.01 524
    2024-07-01 $445,000 (8.6%) $574,930 (9.0%) 1.02 550
    2024-08-01 $430,000 (7.5%) $561,392 (6.8%) 1.00 551
    2024-09-01 $420,000 (5.0%) $551,668 (7.6%) 0.99 544
    2024-10-01 $421,725 (6.3%) $561,883 (14.1%) 0.99 549
    2024-11-01 $419,900 (7.1%) $555,649 (14.1%) 1.01 542
    Midland's median listing price for 2024-11-01 was $419,900, a difference of $27,900 (7.1%) versus the prior year and $-1,825 versus the prior month.

    Midland's median listing price comes in at 101% of the national average.

    Midland's average listing price for 2024-11-01 was $555,649, a difference of $68,466 (14.1%) versus the prior year and $-6,234 versus the prior month.

    For the 2024-11-01 period, Midland had 542 MLS listings, a difference of -7 listings (-1%) versus the prior month and 36 listings (7%) 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 2,371 sqft
    2018-02-01 34 days 2,441 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 2,455 sqft
    2019-04-01 34 days 2,530 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 2,442 sqft
    2020-03-01 42 days 2,431 sqft
    2020-04-01 46 days 2,355 sqft
    2020-05-01 51 days 2,349 sqft
    2020-06-01 51 days 2,328 sqft
    2020-07-01 51 days 2,289 sqft
    2020-08-01 51 days 2,240 sqft
    2020-09-01 57 days 2,248 sqft
    2020-10-01 58 days 2,221 sqft
    2020-11-01 59 days 2,209 sqft
    2020-12-01 60 days 2,207 sqft
    2021-01-01 60 days 2,182 sqft
    2021-02-01 49 days 2,185 sqft
    2021-03-01 53 days 2,153 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 2,159 sqft
    2021-08-01 45 days 2,168 sqft
    2021-09-01 52 days 2,141 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 49 days 2,017 sqft
    2022-03-01 42 days 2,043 sqft
    2022-04-01 33 days 2,085 sqft
    2022-05-01 38 days 2,114 sqft
    2022-06-01 37 days 2,171 sqft
    2022-07-01 38 days 2,185 sqft
    2022-08-01 43 days 2,133 sqft
    2022-09-01 47 days 2,147 sqft
    2022-10-01 50 days 2,148 sqft
    2022-11-01 50 days 2,150 sqft
    2022-12-01 62 days 2,240 sqft
    2023-01-01 68 days 2,233 sqft
    2023-02-01 45 days 2,251 sqft
    2023-03-01 45 days 2,403 sqft
    2023-04-01 41 days 2,422 sqft
    2023-05-01 39 days 2,455 sqft
    2023-06-01 42 days 2,419 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
    2023-11-01 48 days 2,302 sqft
    2023-12-01 54 days 2,257 sqft
    2024-01-01 65 days 2,247 sqft
    2024-02-01 44 days 2,267 sqft
    2024-03-01 43 days 2,369 sqft
    2024-04-01 44 days 2,467 sqft
    2024-05-01 39 days 2,507 sqft
    2024-06-01 40 days 2,518 sqft
    2024-07-01 45 days 2,514 sqft
    2024-08-01 50 days 2,450 sqft
    2024-09-01 48 days 2,385 sqft
    2024-10-01 51 days 2,387 sqft
    2024-11-01 55 days 2,352 sqft
    Midland's median listing age (time on market) for 2024-11-01 was 55 days. This is 14% longer than the same period one year ago.

    Midland's median square footage for active listings during the 2024-11-01 period was 2,352 sqft. One year prior, the average listing was 2,302 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.