Midland VA Loans

MIDLAND, TX

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.

Midland's 79 lenders originated 424 VA loans during 2021. The total origination value was $135,680,000, with an average VA loan value of $320,000.

Midland VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Midland averaged 5.78% 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 5.81% and one month ago for the week of 2022-04-08, the average rate was 5.24%.

The average rate one year ago was 3.15%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.23%.

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 48 2.86% $7,698
ARK-LA-TEX FINANCIAL SERVICES, LLC. 33 3.12% $6,967
FREEDOM MORTGAGE CORPORATION 32 2.42% $4,818
PRIMELENDING, A PLAINSCAPITAL COMPANY 30 3.15% $9,841
QUICKEN LOANS, LLC 21 2.41% $3,904
USAA Federal Savings Bank 17 2.96% $4,411
DHI MORTGAGE COMPANY, LTD. 15 2.85% $8,377
PENNYMAC LOAN SERVICES, LLC 15 2.55% $8,228
CLEARPATH LENDING 11 2.25% $6,071
Mr. Cooper ( Nationstar Mortgage ) 11 2.72% $3,696
LRS FINANCIAL NETWORK, INC. 10 2.43% $9,349
PREMIA MORTGAGE, LLC 7 2.50% $5,330
Gateway First Bank 7 3.01% $7,380
Wells Fargo Bank 7 2.59% $8,220
NATIONS DIRECT MORTGAGE, LLC 6 3.04% $9,374
LAKEVIEW LOAN SERVICING, LLC 5 2.53% $3,393
First Bank & Trust 4 2.94% $12,353
UNITED WHOLESALE MORTGAGE, LLC 4 2.50% $2,884
NAVY FEDERAL CREDIT UNION 4 2.34% $8,362
NEW DAY FINANCIAL, LLC 4 2.34% $5,148
VILLAGE CAPITAL & INVESTMENT LLC 4 2.38% $2,605
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 2.62% $6,880
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.04% $7,689
CERTAINTY HOME LOANS, LLC 3 3.21% $7,030
NP, Inc. 3 2.33% $6,071
CROSSCOUNTRY MORTGAGE, LLC 3 3.12% $5,068
NATIONS RELIABLE LENDING, LLC 3 4.17% $12,781
MID AMERICA MORTGAGE, INC. 2 3.06% $4,114
AMCAP MORTGAGE, LTD. 2 3.13% $5,859
AmeriHome Mortgage Company, LLC 2 2.69% $3,638
Barrington Bank & Trust Company, N.A. 2 2.88% $21,212
CALIBER HOME LOANS, INC. 2 2.75% $2,092
Carrington Mortgage Services, LLC 2 4.13% $13,480
Colonial Savings, F.A. 2 3.38% $4,586
Commerce Home Mortgage, Inc. 2 2.56% $4,573
GUILD MORTGAGE COMPANY 2 3.38% $9,734
KS StateBank 2 2.25% $2,480
Lakeview Community Capital, LLC 2 2.63% $2,951
LOANDEPOT.COM, LLC 2 2.25% $6,282
ACCELERATE MORTGAGE, LLC 2 2.25% $4,567
NBKC BANK 2 2.25% $5,348
SFMC, LP 2 3.06% $11,238
SUN WEST MORTGAGE COMPANY, INC. 2 2.50% $4,043
LOANPAL, LLC 1 2.63% $5,127
Low VA Rates, LLC 1 2.25% $6,010
Flagstar Bank, FSB 1 2.75% $12,828
Magnolia Bank 1 2.25% $10,753
Meridian Bank Corporation 1 2.38% $6,052
Amerifirst Financial, Inc. 1 2.88% $10,834
First Guaranty Mortgage Corporation 1 2.25% $6,401
MOVEMENT MORTGAGE, LLC 1 2.75% $3,094
FINANCE OF AMERICA MORTGAGE LLC 1 2.88% $6,871
FBC MORTGAGE, LLC 1 2.88% $6,094
EVERETT FINANCIAL, INC. 1 3.63% $10,543
DAS Acquisition Company, LLC 1 3.25% $18,295
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.25% $3,553
Neighborhood Loans, Inc. 1 2.88% $8,596
CMG MORTGAGE, INC. 1 2.75% $11,927
Northpointe Bank 1 2.25% $1,890
Citizens Bank 1 2.75% $5,658
CHURCHILL MORTGAGE CORPORATION 1 2.25% $4,236
PILGRIM MORTGAGE LLC 1 4.25% $3,952
PLANET HOME LENDING, LLC 1 2.63% $961
BROKER SOLUTIONS, INC. 1 3.00% $5,344
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.25% $14,167
BNC National Bank 1 2.25% $3,877
Bank of England 1 3.50% $15,705
Republic State Mortgage Co. 1 2.75% $785
SECURITYNATIONAL MORTGAGE COMPANY 1 3.25% $9,307
AMERICAN FINANCING CORPORATION 1 2.63% $6,304
Simmons Bank 1 2.63% $3,197
Southwest Bank 1 2.75% $12,067
HOMESIDE FINANCIAL, LLC 1 2.25% $1,907
InterContinental Capital Group, Inc 1 2.25% $4,548
JPMorgan Chase Bank 1 3.25% $11,080
SOUTHWEST FUNDING, LP 1 2.75% $4,907
AMERICAN FINANCIAL NETWORK, INC. 1 2.88% $12,827
GUARANTEED RATE, INC. 1 3.00% $4,528
The Federal Savings Bank 1 2.38% $6,878

The top Midland VA lender as defined by loan originations is Mortgage Research Center, LLC, with 48 VA loans originated. Their average total fees are $7,698, which is $731 higher than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

The lowest fee Midland VA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,696), QUICKEN LOANS, LLC ($3,904), USAA Federal Savings Bank ($4,411), FREEDOM MORTGAGE CORPORATION ($4,818) and CLEARPATH LENDING ($6,071).

The lowest rate Midland VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.25%), QUICKEN LOANS, LLC (2.41%), FREEDOM MORTGAGE CORPORATION (2.42%), LRS FINANCIAL NETWORK, INC. (2.43%) and PENNYMAC LOAN SERVICES, LLC (2.55%).


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 $323,300 (30.9%) $401,818 (24.5%) 1.19 283
2018-02-01 $345,500 (36.9%) $468,308 (38.7%) 1.25 263
2018-03-01 $399,000 (46.5%) $526,079 (46.2%) 1.38 232
2018-04-01 $356,450 (25.1%) $507,560 (32.5%) 1.20 244
2018-05-01 $369,500 (29.7%) $532,649 (44.4%) 1.23 265
2018-06-01 $349,900 (25.0%) $500,944 (38.8%) 1.17 309
2018-07-01 $357,450 (24.6%) $501,112 (37.0%) 1.19 380
2018-08-01 $350,000 (20.3%) $478,619 (31.4%) 1.17 413
2018-09-01 $350,000 (18.6%) $491,287 (35.3%) 1.17 408
2018-10-01 $357,500 (19.3%) $488,972 (29.6%) 1.20 410
2018-11-01 $362,450 (16.9%) $495,361 (27.8%) 1.22 430
2018-12-01 $350,790 (9.1%) $485,779 (21.7%) 1.20 384
2019-01-01 $352,500 (9.0%) $467,974 (16.5%) 1.22 363
2019-02-01 $350,000 (1.3%) $474,053 (1.2%) 1.17 353
2019-03-01 $359,243 (-10.0%) $494,077 (-6.1%) 1.17 352
2019-04-01 $376,950 (5.8%) $503,963 (-0.7%) 1.19 359
2019-05-01 $404,300 (9.4%) $506,762 (-4.9%) 1.25 416
2019-06-01 $389,900 (11.4%) $470,118 (-6.2%) 1.20 483
2019-07-01 $389,950 (9.1%) $472,441 (-5.7%) 1.21 523
2019-08-01 $391,871 (12.0%) $464,322 (-3.0%) 1.23 566
2019-09-01 $386,871 (10.5%) $452,500 (-7.9%) 1.23 611
2019-10-01 $374,000 (4.6%) $430,735 (-11.9%) 1.19 688
2019-11-01 $365,000 (0.7%) $421,595 (-14.9%) 1.18 670
2019-12-01 $362,500 (3.3%) $419,984 (-13.5%) 1.21 607
2020-01-01 $367,250 (4.2%) $424,481 (-9.3%) 1.22 571
2020-02-01 $380,000 (8.6%) $443,570 (-6.4%) 1.23 553
2020-03-01 $382,450 (6.5%) $446,711 (-9.6%) 1.20 628
2020-04-01 $365,750 (-3.0%) $427,359 (-15.2%) 1.14 728
2020-05-01 $359,000 (-11.2%) $426,984 (-15.7%) 1.09 841
2020-06-01 $349,900 (-10.3%) $425,409 (-9.5%) 1.02 839
2020-07-01 $342,450 (-12.2%) $407,110 (-13.8%) 0.98 876
2020-08-01 $327,000 (-16.6%) $399,682 (-13.9%) 0.93 878
2020-09-01 $330,000 (-14.7%) $405,721 (-10.3%) 0.94 836
2020-10-01 $325,000 (-13.1%) $397,636 (-7.7%) 0.93 785
2020-11-01 $323,500 (-11.4%) $392,228 (-7.0%) 0.93 818
2020-12-01 $325,000 (-10.3%) $393,991 (-6.2%) 0.95 803
2021-01-01 $319,500 (-13.0%) $391,686 (-7.7%) 0.94 767
2021-02-01 $319,950 (-15.8%) $404,634 (-8.8%) 0.92 787
2021-03-01 $320,000 (-16.3%) $416,792 (-6.7%) 0.90 745
2021-04-01 $322,500 (-11.8%) $428,658 (0.3%) 0.87 675
2021-05-01 $330,000 (-8.1%) $426,908 (0.0%) 0.87 640
2021-06-01 $329,200 (-5.9%) $423,598 (-0.4%) 0.86 652
2021-07-01 $330,000 (-3.6%) $418,091 (2.7%) 0.86 687
2021-08-01 $330,000 (0.9%) $410,672 (2.8%) 0.87 707
2021-09-01 $325,000 (-1.5%) $405,763 (0.0%) 0.86 693
2021-10-01 $325,000 (0.0%) $400,055 (0.6%) 0.86 702
2021-11-01 $325,000 (0.5%) $386,232 (-1.5%) 0.86 679
2021-12-01 $324,850 (-0.1%) $381,589 (-3.2%) 0.87 625
2022-01-01 $325,000 (1.7%) $382,564 (-2.3%) 0.87 549
2022-02-01 $322,475 (0.8%) $378,947 (-6.4%) 0.82 463
2022-03-01 $330,000 (3.1%) $391,499 (-6.1%) 0.81 439
2022-04-01 $339,900 (5.4%) $411,608 (-4.0%) 0.80 495
Midland's median listing price for 2022-04-01 was $339,900, a difference of $17,400 (5.4%) versus the prior year and $9,900 versus the prior month.

Midland's median listing price comes in at 80% of the national average.

Midland's average listing price for 2022-04-01 was $411,608, a difference of $-17,050 (-4.0%) versus the prior year and $20,109 versus the prior month.

For the 2022-04-01 period, Midland had 495 MLS listings, a difference of 56 listings (13%) versus the prior month and -180 listings (-27%) 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 52 days 2,395 sqft
2018-02-01 37 days 2,451 sqft
2018-03-01 33 days 2,671 sqft
2018-04-01 28 days 2,504 sqft
2018-05-01 27 days 2,550 sqft
2018-06-01 26 days 2,465 sqft
2018-07-01 28 days 2,463 sqft
2018-08-01 32 days 2,417 sqft
2018-09-01 39 days 2,432 sqft
2018-10-01 39 days 2,402 sqft
2018-11-01 44 days 2,458 sqft
2018-12-01 51 days 2,405 sqft
2019-01-01 48 days 2,343 sqft
2019-02-01 39 days 2,343 sqft
2019-03-01 40 days 2,391 sqft
2019-04-01 35 days 2,414 sqft
2019-05-01 32 days 2,488 sqft
2019-06-01 35 days 2,470 sqft
2019-07-01 37 days 2,455 sqft
2019-08-01 36 days 2,460 sqft
2019-09-01 44 days 2,435 sqft
2019-10-01 43 days 2,363 sqft
2019-11-01 46 days 2,335 sqft
2019-12-01 59 days 2,335 sqft
2020-01-01 62 days 2,378 sqft
2020-02-01 38 days 2,418 sqft
2020-03-01 40 days 2,405 sqft
2020-04-01 45 days 2,330 sqft
2020-05-01 51 days 2,324 sqft
2020-06-01 50 days 2,329 sqft
2020-07-01 50 days 2,287 sqft
2020-08-01 51 days 2,240 sqft
2020-09-01 59 days 2,260 sqft
2020-10-01 59 days 2,219 sqft
2020-11-01 58 days 2,209 sqft
2020-12-01 58 days 2,200 sqft
2021-01-01 63 days 2,168 sqft
2021-02-01 49 days 2,177 sqft
2021-03-01 55 days 2,169 sqft
2021-04-01 53 days 2,188 sqft
2021-05-01 50 days 2,182 sqft
2021-06-01 44 days 2,178 sqft
2021-07-01 42 days 2,155 sqft
2021-08-01 44 days 2,152 sqft
2021-09-01 51 days 2,123 sqft
2021-10-01 49 days 2,087 sqft
2021-11-01 49 days 2,049 sqft
2021-12-01 59 days 2,051 sqft
2022-01-01 65 days 2,052 sqft
2022-02-01 54 days 2,040 sqft
2022-03-01 41 days 2,049 sqft
2022-04-01 31 days 2,099 sqft
Midland's median listing age (time on market) for 2022-04-01 was 31 days. This is -41% shorter than the same period one year ago.

Midland's median square footage for active listings during the 2022-04-01 period was 2,099 sqft. One year prior, the average listing was 2,188 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.