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 6.7% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.46% and one month ago for the week of 2024-10-04, the average rate was 5.98%.

    The average rate one year ago was 7.74%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

    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%), .

    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.