New Orleans VA Loans

NEW ORLEANS-METAIRIE, LA

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.

New Orleans's 149 lenders originated 3,513 VA loans during 2021. The total origination value was $962,815,000, with an average VA loan value of $274,072.

New Orleans VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in New Orleans averaged 5.39% 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 5.32% and one month ago for the week of 2022-04-08, the average rate was 5.24%.

The average rate one year ago was 3.06%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.29%.

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

New Orleans 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 New Orleans level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 339 2.92% $6,073
QUICKEN LOANS, LLC 248 2.44% $5,307
FREEDOM MORTGAGE CORPORATION 233 2.47% $4,020
PENNYMAC LOAN SERVICES, LLC 147 2.39% $5,647
GMFS LLC 146 2.68% $5,491
NAVY FEDERAL CREDIT UNION 139 2.50% $5,955
USAA Federal Savings Bank 98 2.86% $6,303
NEW DAY FINANCIAL, LLC 78 2.77% $7,302
FIDELITY BANK 67 2.82% $7,885
VILLAGE CAPITAL & INVESTMENT LLC 66 2.31% $4,142
LOANDEPOT.COM, LLC 66 2.76% $5,938
UNITED WHOLESALE MORTGAGE, LLC 65 2.69% $6,551
LAKEVIEW LOAN SERVICING, LLC 62 2.49% $2,247
MOVEMENT MORTGAGE, LLC 57 2.87% $5,807
EUSTIS AND AMERICAN MORTGAGE COMPANY 55 2.80% $7,945
CALIBER HOME LOANS, INC. 53 2.60% $5,778
Gulf Coast Bank and Trust Company 49 2.77% $9,388
DHI MORTGAGE COMPANY, LTD. 47 2.76% $7,928
HOME POINT FINANCIAL CORPORATION 46 2.46% $5,426
CROSSCOUNTRY MORTGAGE, LLC 45 2.98% $9,462
Mr. Cooper ( Nationstar Mortgage ) 41 2.85% $4,318
Goldwater Bank, N.A. 38 2.89% $5,595
LHM FINANCIAL CORPORATION 33 2.85% $8,602
DSLD MORTGAGE, LLC 33 2.65% $4,193
CLEARPATH LENDING 32 2.33% $5,196
The Federal Savings Bank 32 2.56% $6,151
UNION HOME MORTGAGE CORP. 31 2.82% $7,642
AMERICAN FINANCIAL NETWORK, INC. 30 2.75% $9,791
Barrington Bank & Trust Company, N.A. 27 2.81% $5,232
STANDARD MORTGAGE CORPORATION 25 2.42% $4,768
CMG MORTGAGE, INC. 22 2.79% $11,167
PRIMELENDING, A PLAINSCAPITAL COMPANY 22 3.12% $5,838
Wells Fargo Bank 22 2.57% $4,345
PENTAGON FEDERAL CREDIT UNION 22 2.36% $2,423
NEWREZ LLC 19 2.88% $5,588
Assurance Financial Group, L.L.C. 17 2.90% $9,966
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 17 2.67% $7,923
ANGEL OAK HOME LOANS LLC 16 2.72% $6,404
Carrington Mortgage Services, LLC 14 2.84% $4,824
PLANET HOME LENDING, LLC 14 2.61% $2,465
First Horizon Bank 14 2.67% $9,650
NP, Inc. 14 2.34% $5,170
PERFORMANCE MORTGAGE LLC 13 2.99% $6,830
AMERISAVE MORTGAGE CORPORATION 13 2.63% $6,784
Mid-Continent Funding, Inc. 12 2.89% $6,039
SUMMIT FUNDING, INC. 12 3.22% $7,433
Flagstar Bank, FSB 12 2.63% $7,026
North American Savings Bank, F.S.B. 12 2.35% $7,392
Hancock Whitney Bank 11 2.52% $6,559
FBT Mortgage, L.L.C. 11 2.70% $9,280
KEESLER 10 2.93% $5,042
HOMEBRIDGE FINANCIAL SERVICES, INC. 10 2.59% $5,733
NBKC BANK 10 2.48% $6,443
Magnolia Bank 10 2.58% $7,027
ACCELERATE MORTGAGE, LLC 10 2.17% $6,016
Low VA Rates, LLC 10 2.45% $3,069
GUARANTEED RATE, INC. 9 2.67% $4,671
SOUTHWEST FUNDING, LP 9 3.50% $12,962
NTFN, INC. 9 2.88% $8,838
Plains Commerce Bank 8 2.72% $8,516
MUTUAL OF OMAHA MORTGAGE, INC. 8 2.70% $4,240
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 2.98% $6,599
BNC National Bank 7 2.39% $5,901
Regions Bank 7 2.84% $12,818
First Guaranty Mortgage Corporation 7 2.54% $3,492
America's Mortgage Resource, Inc. 6 2.79% $7,790
Nations Lending Corporation 5 3.15% $3,222
AmeriHome Mortgage Company, LLC 5 2.97% $2,835
GSF Mortgage Corporation 5 3.48% $11,281
GUILD MORTGAGE COMPANY 5 3.15% $9,505
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 3.23% $7,045
PREMIA MORTGAGE, LLC 5 2.93% $6,923
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.18% $7,620
Lakeview Community Capital, LLC 4 2.66% $1,770
InterContinental Capital Group, Inc 4 2.44% $3,884
MID AMERICA MORTGAGE, INC. 4 3.31% $4,340
MORTGAGE FINANCIAL SERVICES, LLC 4 2.84% $5,275
DRAPER AND KRAMER MORTGAGE CORP. 4 3.63% $11,520
INTERLINC MORTGAGE SERVICES, LLC 4 3.16% $8,820
Gateway First Bank 4 3.22% $2,844
Bank of England 3 2.92% $6,745
BROKER SOLUTIONS, INC. 3 2.54% $4,303
Wyndham Capital Mortgage, Inc. 3 2.33% $5,047
Florida Capital Bank 3 2.33% $5,045
NATIONS DIRECT MORTGAGE, LLC 3 3.54% $7,384
Truist Bank 3 2.62% $8,325
THRIVE MORTGAGE, LLC 3 3.79% $9,486
EMBRACE HOME LOANS, INC. 3 2.42% $8,528
First Federal Bank of Kansas City 3 2.29% $2,352
RELIANCE FIRST CAPITAL, LLC 2 3.00% $7,723
LOANLEADERS OF AMERICA, INC. 2 2.38% $10,407
Meridian Bank Corporation 2 2.31% $3,926
West Town Bank & Trust 2 2.88% $6,557
GENEVA FINANCIAL, LLC 2 3.25% $6,348
First Savings Bank 2 2.56% $10,386
NATIONS RELIABLE LENDING, LLC 2 2.69% $7,639
First Federal Bank 2 2.75% $5,201
NFM, INC. 2 3.06% $16,661
Northpointe Bank 2 2.31% $5,509
Paramount Bank 2 2.88% $7,021
CHURCHILL MORTGAGE CORPORATION 2 2.88% $9,910
Capital Bank 2 2.44% $12,359
ZILLOW HOME LOANS, LLC 2 2.25% $4,147
BAYSHORE MORTGAGE FUNDING, LLC 2 3.19% $5,546
Republic State Mortgage Co. 2 2.75% $16,722
SOVEREIGN LENDING GROUP INCORPORATED 2 2.25% $10,451
STEARNS LENDING, LLC 2 2.62% $10,156
AmRes Corporation 2 2.75% $4,984
AMERICAN FINANCIAL RESOURCES, INC. 2 3.50% $2,494
Watermark Capital, Inc. 2 2.38% $1,904
KELLER MORTGAGE, LLC 2 2.31% $2,554
KS StateBank 2 2.25% $312
PLAZA HOME MORTGAGE, INC. 1 3.13% $3,749
PNC Bank 1 3.00% $1,541
MORTGAGE ACCESS CORP. 1 2.75% $6,653
Presidential Bank, FSB 1 2.25% $3,123
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $17,361
CALCON MUTUAL MORTGAGE LLC 1 2.75% $3,697
HOMESIDE FINANCIAL, LLC 1 2.75% $4,939
U.S. Bank 1 3.75% $5,992
JPMorgan Chase Bank 1 2.63% $1,888
US MORTGAGE CORPORATION 1 3.00% $4,257
ROYAL UNITED MORTGAGE LLC 1 2.38% $16,502
SECURITYNATIONAL MORTGAGE COMPANY 1 3.75% $13,068
Service Federal Credit Union 1 2.88% $2,914
MEMBER FIRST MORTGAGE, LLC 1 2.38% $2,820
VAN DYK MORTGAGE CORPORATION 1 2.63% $2,619
Bank of America 1 3.38% $2,828
ALLIED MORTGAGE GROUP, INC. 1 2.25% $15,821
Axos Bank 1 2.88% $10,378
SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $1,889
T2 FINANCIAL LLC 1 2.63% $8,117
ASPIRE FINANCIAL, INC. 1 2.25% $12,950
NETWORK CAPITAL FUNDING CORPORATION 1 2.25% $1,939
Network Funding, L.P. 1 2.75% $8,916
Manufacturers and Traders Trust Company 1 2.25% $5,905
FirstBank 1 2.50% $23,909
HOMESPIRE MORTGAGE CORPORATION 1 3.25% $4,160
First Home Bank 1 2.25% $7,847
Trustmark National Bank 1 2.50% $0
Eagle Bank and Trust Company 1 2.25% $3,021
GUARANTEED RATE AFFINITY, LLC 1 2.25% $8,395
Hometown Equity Mortgage, LLC 1 3.75% $3,557
Paramount Residential Mortgage Group, Inc. 1 2.75% $9,954
Commerce Home Mortgage, Inc. 1 4.00% $2,368
Citizens Bank 1 2.38% $4,021
UNITED SECURITY FINANCIAL CORP 1 1.75% $6,115
CELEBRITY HOME LOANS, LLC 1 3.00% $9,868
Ameris Bank 1 2.63% $11,605

The top New Orleans VA lender as defined by loan originations is Mortgage Research Center, LLC, with 339 VA loans originated. Their average total fees are $6,073, which is $766 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee New Orleans VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,247), PENTAGON FEDERAL CREDIT UNION ($2,423), PLANET HOME LENDING, LLC ($2,465), Low VA Rates, LLC ($3,069) and FREEDOM MORTGAGE CORPORATION ($4,020).

The lowest rate New Orleans VA lenders (with over 10 loans originated) are ACCELERATE MORTGAGE, LLC (2.17%), VILLAGE CAPITAL & INVESTMENT LLC (2.31%), CLEARPATH LENDING (2.33%), NP, Inc. (2.34%) and North American Savings Bank, F.S.B. (2.35%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - New Orleans (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 $269,500 (5.7%) $377,807 (5.7%) 0.99 4,586
2018-02-01 $269,000 (5.5%) $381,243 (6.2%) 0.97 4,601
2018-03-01 $274,900 (4.7%) $387,260 (5.9%) 0.95 4,846
2018-04-01 $282,450 (4.8%) $395,971 (7.0%) 0.95 4,933
2018-05-01 $289,000 (5.1%) $401,466 (5.6%) 0.96 5,006
2018-06-01 $285,000 (2.9%) $395,212 (2.8%) 0.95 5,077
2018-07-01 $279,450 (1.6%) $394,547 (4.1%) 0.93 4,996
2018-08-01 $281,750 (2.5%) $394,460 (4.2%) 0.94 4,996
2018-09-01 $279,213 (2.8%) $392,365 (5.1%) 0.93 4,896
2018-10-01 $279,900 (2.4%) $392,592 (3.7%) 0.94 4,937
2018-11-01 $279,250 (2.5%) $387,394 (1.4%) 0.94 4,913
2018-12-01 $275,000 (2.0%) $382,318 (0.7%) 0.94 4,834
2019-01-01 $272,000 (0.9%) $379,175 (0.4%) 0.94 4,591
2019-02-01 $276,750 (2.9%) $385,775 (1.2%) 0.93 4,624
2019-03-01 $283,671 (3.2%) $395,548 (2.1%) 0.92 4,542
2019-04-01 $291,250 (3.1%) $405,949 (2.5%) 0.92 4,526
2019-05-01 $292,000 (1.0%) $410,068 (2.1%) 0.90 4,570
2019-06-01 $290,000 (1.8%) $406,530 (2.9%) 0.89 4,620
2019-07-01 $289,900 (3.7%) $402,862 (2.1%) 0.90 4,673
2019-08-01 $289,757 (2.8%) $398,037 (0.9%) 0.91 4,680
2019-09-01 $288,307 (3.3%) $392,662 (0.1%) 0.92 4,623
2019-10-01 $287,000 (2.5%) $394,928 (0.6%) 0.92 4,619
2019-11-01 $283,680 (1.6%) $395,708 (2.2%) 0.92 4,517
2019-12-01 $279,750 (1.7%) $396,932 (3.8%) 0.93 4,307
2020-01-01 $279,450 (2.7%) $395,489 (4.3%) 0.93 4,051
2020-02-01 $285,000 (3.0%) $397,348 (3.0%) 0.92 3,980
2020-03-01 $290,250 (2.3%) $401,351 (1.5%) 0.91 4,127
2020-04-01 $292,000 (0.3%) $401,106 (-1.2%) 0.91 4,176
2020-05-01 $299,000 (2.4%) $417,194 (1.7%) 0.91 3,963
2020-06-01 $309,000 (6.6%) $430,418 (5.9%) 0.90 3,657
2020-07-01 $315,000 (8.7%) $440,468 (9.3%) 0.90 3,352
2020-08-01 $325,000 (12.2%) $458,599 (15.2%) 0.93 3,051
2020-09-01 $335,000 (16.2%) $474,935 (21.0%) 0.96 2,936
2020-10-01 $345,000 (20.2%) $487,341 (23.4%) 0.99 2,817
2020-11-01 $339,950 (19.8%) $477,328 (20.6%) 0.97 2,773
2020-12-01 $334,500 (19.6%) $478,956 (20.7%) 0.98 2,636
2021-01-01 $325,000 (16.3%) $463,097 (17.1%) 0.96 2,515
2021-02-01 $327,250 (14.8%) $475,425 (19.7%) 0.94 2,301
2021-03-01 $339,450 (17.0%) $490,559 (22.2%) 0.95 2,206
2021-04-01 $342,500 (17.3%) $497,855 (24.1%) 0.92 2,061
2021-05-01 $339,500 (13.6%) $491,691 (17.9%) 0.89 2,024
2021-06-01 $344,950 (11.6%) $489,708 (13.8%) 0.90 2,206
2021-07-01 $343,000 (8.9%) $482,483 (9.5%) 0.89 2,517
2021-08-01 $340,450 (4.8%) $476,702 (4.0%) 0.89 2,765
2021-09-01 $339,500 (1.3%) $477,015 (0.4%) 0.89 2,598
2021-10-01 $340,000 (-1.5%) $483,514 (-0.8%) 0.89 2,272
2021-11-01 $348,500 (2.5%) $494,567 (3.6%) 0.92 2,089
2021-12-01 $344,500 (3.0%) $488,127 (1.9%) 0.92 1,937
2022-01-01 $347,000 (6.8%) $494,926 (6.9%) 0.93 1,710
2022-02-01 $347,000 (6.0%) $492,208 (3.5%) 0.88 1,621
2022-03-01 $349,500 (3.0%) $489,000 (-0.3%) 0.86 1,723
2022-04-01 $349,000 (1.9%) $477,853 (-4.0%) 0.82 1,915
New Orleans's median listing price for 2022-04-01 was $349,000, a difference of $6,500 (1.9%) versus the prior year and $-500 versus the prior month.

New Orleans's median listing price comes in at 82% of the national average.

New Orleans's average listing price for 2022-04-01 was $477,853, a difference of $-20,002 (-4.0%) versus the prior year and $-11,147 versus the prior month.

For the 2022-04-01 period, New Orleans had 1,915 MLS listings, a difference of 192 listings (11%) versus the prior month and -146 listings (-7%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - New Orleans (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 86 days 1,842 sqft
2018-02-01 84 days 1,848 sqft
2018-03-01 66 days 1,859 sqft
2018-04-01 61 days 1,885 sqft
2018-05-01 63 days 1,912 sqft
2018-06-01 63 days 1,899 sqft
2018-07-01 68 days 1,896 sqft
2018-08-01 71 days 1,887 sqft
2018-09-01 72 days 1,875 sqft
2018-10-01 75 days 1,876 sqft
2018-11-01 75 days 1,870 sqft
2018-12-01 81 days 1,858 sqft
2019-01-01 88 days 1,850 sqft
2019-02-01 83 days 1,865 sqft
2019-03-01 69 days 1,891 sqft
2019-04-01 64 days 1,919 sqft
2019-05-01 60 days 1,946 sqft
2019-06-01 65 days 1,950 sqft
2019-07-01 69 days 1,950 sqft
2019-08-01 72 days 1,934 sqft
2019-09-01 73 days 1,912 sqft
2019-10-01 72 days 1,896 sqft
2019-11-01 73 days 1,892 sqft
2019-12-01 80 days 1,883 sqft
2020-01-01 87 days 1,873 sqft
2020-02-01 80 days 1,886 sqft
2020-03-01 60 days 1,906 sqft
2020-04-01 67 days 1,913 sqft
2020-05-01 73 days 1,942 sqft
2020-06-01 79 days 1,947 sqft
2020-07-01 72 days 1,945 sqft
2020-08-01 66 days 1,931 sqft
2020-09-01 64 days 1,910 sqft
2020-10-01 64 days 1,903 sqft
2020-11-01 65 days 1,883 sqft
2020-12-01 69 days 1,876 sqft
2021-01-01 72 days 1,830 sqft
2021-02-01 65 days 1,833 sqft
2021-03-01 54 days 1,837 sqft
2021-04-01 52 days 1,813 sqft
2021-05-01 50 days 1,822 sqft
2021-06-01 46 days 1,860 sqft
2021-07-01 44 days 1,878 sqft
2021-08-01 45 days 1,855 sqft
2021-09-01 59 days 1,854 sqft
2021-10-01 73 days 1,836 sqft
2021-11-01 71 days 1,850 sqft
2021-12-01 63 days 1,820 sqft
2022-01-01 64 days 1,846 sqft
2022-02-01 54 days 1,848 sqft
2022-03-01 46 days 1,854 sqft
2022-04-01 40 days 1,840 sqft
New Orleans's median listing age (time on market) for 2022-04-01 was 40 days. This is -23% shorter than the same period one year ago.

New Orleans's median square footage for active listings during the 2022-04-01 period was 1,840 sqft. One year prior, the average listing was 1,813 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.