New Orleans VA Loan Rates, Closing Costs & Stats

NEW ORLEANS-METAIRIE, LA

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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.

    New Orleans's 95 lenders originated 1,095 VA loans during 2023. The total origination value was $335,775,000, with an average VA loan value of $306,644.

    New Orleans VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in New Orleans averaged 6.47% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    New Orleans's average VA mortgage closing costs are $6,380.

    The average rate for the prior week (2024-11-01) was 6.33% and one month ago for the week of 2024-10-04, the average rate was 5.75%.

    The average rate one year ago was 7.51%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.51%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the New Orleans level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 196 6.65% $6,974
    NAVY FEDERAL CREDIT UNION 102 5.91% $7,519
    DHI MORTGAGE COMPANY, LTD. 62 5.28% $6,698
    QUICKEN LOANS, LLC 59 6.29% $10,404
    UNITED WHOLESALE MORTGAGE, LLC 51 6.35% $9,316
    GMFS LLC 46 6.31% $6,744
    MOVEMENT MORTGAGE, LLC 35 6.40% $8,056
    EUSTIS AND AMERICAN MORTGAGE COMPANY 30 6.39% $9,138
    FREEDOM MORTGAGE CORPORATION 27 6.46% $10,529
    USAA Federal Savings Bank 25 6.39% $10,423
    Gulf Coast Bank and Trust Company 25 6.65% $8,681
    PENNYMAC LOAN SERVICES, LLC 24 5.79% $8,973
    FIDELITY BANK 22 6.30% $9,004
    LOANDEPOT.COM, LLC 18 6.32% $10,393
    CROSSCOUNTRY MORTGAGE, LLC 18 6.66% $6,725
    DSLD MORTGAGE, LLC 17 6.47% $9,079
    NEWREZ LLC 13 6.43% $9,923
    PRIMELENDING, A PLAINSCAPITAL COMPANY 12 7.01% $5,822
    MORTGAGE SOLUTIONS OF COLORADO, LLC 12 7.58% $2,540
    The Federal Savings Bank 12 6.76% $12,978
    GUARANTEED RATE, INC. 12 6.11% $7,668
    NEW DAY FINANCIAL, LLC 12 7.35% $12,094
    MUTUAL OF OMAHA MORTGAGE, INC. 10 6.45% $10,452
    DRAPER AND KRAMER MORTGAGE CORP. 9 7.03% $11,473
    Mr. Cooper ( Nationstar Mortgage ) 9 6.10% $10,029
    AmRes Corporation 9 6.65% $7,939
    UNION HOME MORTGAGE CORP. 8 6.22% $12,334
    THE MORTGAGE FIRM, INC. 7 6.32% $10,163
    PLANET HOME LENDING, LLC 7 6.29% $8,521
    STANDARD MORTGAGE CORPORATION 7 6.20% $10,321
    Magnolia Bank 7 5.86% $19,347
    V.I.P. MORTGAGE, INC. 6 6.60% $5,513
    AMERICAN FINANCIAL NETWORK, INC. 6 6.63% $7,894
    CARDINAL FINANCIAL 6 6.37% $11,893
    Presidential Bank, FSB 6 6.06% $10,314
    CMG MORTGAGE, INC. 6 6.02% $12,055
    BROKER SOLUTIONS, INC. 5 6.55% $12,044
    T2 FINANCIAL LLC 5 6.65% $3,886
    First Horizon Bank 5 5.90% $10,064
    VILLAGE CAPITAL MORTGAGE 5 6.15% $7,638
    SUMMIT FUNDING, INC. 5 6.50% $7,438
    Equity Prime Mortgage LLC 5 6.55% $11,515
    America's Mortgage Resource, Inc. 5 6.42% $7,037
    Towne Bank 5 6.95% $9,314
    Barrington Bank & Trust Company, N.A. 4 6.47% $8,206
    Plains Commerce Bank 4 6.09% $13,484
    PENTAGON FEDERAL CREDIT UNION 3 5.50% $10,292
    Paramount Residential Mortgage Group, Inc. 3 6.71% $14,859
    Regions Bank 3 6.08% $10,993
    Hancock Whitney Bank 3 6.29% $8,759
    KEESLER 3 5.92% $5,716
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.56% $13,812
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 7.19% $6,976
    JPMorgan Chase Bank 2 5.87% $5,214
    AmeriHome Mortgage Company, LLC 2 5.75% $7,779
    RELIANCE FIRST CAPITAL, LLC 2 6.00% $6,455
    First Federal Bank 2 6.38% $8,076
    NTFN, INC. 2 6.00% $7,740
    Armed Forces Bank 2 5.69% $18,720
    NATIONS RELIABLE LENDING, LLC 1 5.63% $10,297
    American Mortgage & Equity Consultants, Inc. 1 5.75% $5,698
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $11,105
    Assurance Financial Group, L.L.C. 1 7.13% $4,726
    Bank of America 1 5.00% $10,821
    Bank of England 1 6.25% $17,353
    BankPlus 1 6.25% $8,878
    BAY EQUITY LLC 1 6.49% $10,164
    BECKAM FUNDING CORP. 1 6.63% $3,896
    BNC National Bank 1 5.25% $7,922
    Century Mortgage Company DBA Century Lending Company 1 7.25% $1,430
    Citizens Bank 1 6.75% $6,045
    Cornerstone First Mortgage, Inc 1 6.75% $24,908
    DELMAR FINANCIAL COMPANY 1 7.50% $9,543
    DIRECT MORTGAGE LOANS, LLC 1 5.63% $11,287
    EMM LOANS LLC 1 6.63% $15,677
    Flagstar Bank, FSB 1 7.00% $6,045
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $7,240
    GUILD MORTGAGE COMPANY 1 6.63% $23,576
    HOMESIDE FINANCIAL, LLC 1 5.50% $12,366
    LAKEVIEW LOAN SERVICING, LLC 1 5.63% $6,979
    MLD MORTGAGE INC. 1 6.25% $5,738
    NATIONS DIRECT MORTGAGE, LLC 1 6.25% $3,996
    Nations Lending Corporation 1 6.13% $28,168
    ACADEMY MORTGAGE CORPORATION 1 7.13% $15,455
    NBKC BANK 1 5.63% $5,544
    NFM, INC. 1 6.13% $7,357
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.00% $7,010
    PLAZA HOME MORTGAGE, INC. 1 7.75% $5,195
    PREMIA MORTGAGE, LLC 1 6.13% $2,800
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.75% $1,956
    Red River Bank 1 5.63% $0
    ROYAL UNITED MORTGAGE LLC 1 5.88% $8,370
    SOUTHWEST STAGE FUNDING, LLC 1 6.38% $3,552
    SUN WEST MORTGAGE COMPANY, INC. 1 6.88% $8,364
    The Central Trust Bank 1 6.75% $12,575

    The top New Orleans VA lender as defined by loan originations is Mortgage Research Center, LLC, with 196 VA loans originated. Their average total fees are $6,974, which is $545 lower than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee New Orleans VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($2,540), PRIMELENDING, A PLAINSCAPITAL COMPANY ($5,822), DHI MORTGAGE COMPANY, LTD. ($6,698), CROSSCOUNTRY MORTGAGE, LLC ($6,725) and GMFS LLC ($6,744).

    The lowest rate New Orleans VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.28%), PENNYMAC LOAN SERVICES, LLC (5.79%), NAVY FEDERAL CREDIT UNION (5.91%), GUARANTEED RATE, INC. (6.11%) and QUICKEN LOANS, LLC (6.29%).

    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 $269,000 (5.5%) $376,955 (5.4%) 1.00 4,540
    2018-02-01 $267,000 (5.4%) $380,738 (6.0%) 0.97 4,565
    2018-03-01 $274,600 (4.6%) $385,791 (5.5%) 0.96 4,791
    2018-04-01 $282,450 (4.9%) $394,539 (6.5%) 0.96 4,888
    2018-05-01 $289,000 (5.1%) $399,410 (5.0%) 0.97 4,959
    2018-06-01 $285,000 (3.0%) $393,787 (2.3%) 0.95 5,047
    2018-07-01 $279,450 (1.6%) $393,072 (3.5%) 0.93 4,962
    2018-08-01 $279,950 (1.8%) $392,931 (3.9%) 0.94 4,959
    2018-09-01 $279,000 (2.6%) $390,958 (4.8%) 0.94 4,860
    2018-10-01 $279,900 (2.7%) $391,251 (3.4%) 0.95 4,899
    2018-11-01 $279,250 (2.6%) $386,462 (1.3%) 0.95 4,873
    2018-12-01 $275,000 (2.2%) $381,029 (0.5%) 0.95 4,786
    2019-01-01 $270,000 (0.4%) $377,002 (0.0%) 0.93 4,563
    2019-02-01 $275,000 (3.0%) $384,261 (0.9%) 0.93 4,583
    2019-03-01 $283,671 (3.3%) $393,869 (2.1%) 0.93 4,501
    2019-04-01 $289,950 (2.7%) $404,036 (2.4%) 0.92 4,495
    2019-05-01 $291,750 (1.0%) $409,210 (2.5%) 0.91 4,537
    2019-06-01 $290,000 (1.8%) $406,772 (3.3%) 0.91 4,590
    2019-07-01 $289,900 (3.7%) $403,227 (2.6%) 0.91 4,638
    2019-08-01 $285,000 (1.8%) $395,237 (0.6%) 0.90 4,681
    2019-09-01 $285,000 (2.2%) $395,065 (1.1%) 0.91 4,649
    2019-10-01 $284,500 (1.6%) $394,321 (0.8%) 0.92 4,595
    2019-11-01 $282,500 (1.2%) $395,116 (2.2%) 0.93 4,486
    2019-12-01 $278,498 (1.3%) $391,981 (2.9%) 0.93 4,268
    2020-01-01 $277,450 (2.8%) $391,440 (3.8%) 0.93 4,026
    2020-02-01 $280,000 (1.8%) $391,989 (2.0%) 0.92 3,951
    2020-03-01 $289,250 (2.0%) $396,491 (0.7%) 0.91 4,102
    2020-04-01 $289,450 (-0.2%) $395,862 (-2.0%) 0.91 4,138
    2020-05-01 $299,000 (2.5%) $411,424 (0.5%) 0.91 3,932
    2020-06-01 $300,250 (3.5%) $422,965 (4.0%) 0.88 3,633
    2020-07-01 $315,000 (8.7%) $439,921 (9.1%) 0.91 3,340
    2020-08-01 $324,000 (13.7%) $452,643 (14.5%) 0.93 3,036
    2020-09-01 $325,000 (14.0%) $460,124 (16.5%) 0.93 2,921
    2020-10-01 $329,000 (15.6%) $470,648 (19.4%) 0.94 2,803
    2020-11-01 $328,325 (16.2%) $461,924 (16.9%) 0.96 2,758
    2020-12-01 $325,000 (16.7%) $459,660 (17.3%) 0.97 2,622
    2021-01-01 $314,950 (13.5%) $449,444 (14.8%) 0.94 2,501
    2021-02-01 $317,125 (13.3%) $460,401 (17.5%) 0.92 2,299
    2021-03-01 $326,950 (13.0%) $470,032 (18.6%) 0.93 2,200
    2021-04-01 $339,000 (17.1%) $487,199 (23.1%) 0.92 2,057
    2021-05-01 $339,900 (13.7%) $491,731 (19.5%) 0.90 2,009
    2021-06-01 $340,500 (13.4%) $488,000 (15.4%) 0.90 2,107
    2021-07-01 $339,000 (7.6%) $478,859 (8.9%) 0.89 2,325
    2021-08-01 $336,250 (3.8%) $472,753 (4.4%) 0.90 2,495
    2021-09-01 $337,347 (3.8%) $474,955 (3.2%) 0.90 2,382
    2021-10-01 $339,250 (3.1%) $476,097 (1.2%) 0.90 2,076
    2021-11-01 $346,950 (5.7%) $488,782 (5.8%) 0.93 1,927
    2021-12-01 $341,176 (5.0%) $481,384 (4.7%) 0.92 1,795
    2022-01-01 $345,000 (9.5%) $486,985 (8.4%) 0.93 1,620
    2022-02-01 $348,750 (10.0%) $486,293 (5.6%) 0.91 1,564
    2022-03-01 $347,450 (6.3%) $481,653 (2.5%) 0.87 1,669
    2022-04-01 $349,000 (3.0%) $476,306 (-2.2%) 0.83 1,853
    2022-05-01 $349,000 (2.7%) $476,649 (-3.1%) 0.80 2,149
    2022-06-01 $349,950 (2.8%) $475,973 (-2.5%) 0.78 2,491
    2022-07-01 $343,150 (1.2%) $464,997 (-2.9%) 0.77 3,004
    2022-08-01 $333,450 (-0.8%) $451,635 (-4.5%) 0.77 3,317
    2022-09-01 $329,450 (-2.3%) $447,773 (-5.7%) 0.77 3,431
    2022-10-01 $329,000 (-3.0%) $447,521 (-6.0%) 0.77 3,649
    2022-11-01 $327,000 (-5.8%) $450,070 (-7.9%) 0.79 3,736
    2022-12-01 $325,000 (-4.7%) $444,185 (-7.7%) 0.80 3,541
    2023-01-01 $324,950 (-5.8%) $446,007 (-8.4%) 0.80 3,396
    2023-02-01 $324,619 (-6.9%) $453,659 (-6.7%) 0.78 3,363
    2023-03-01 $329,900 (-5.1%) $458,430 (-4.8%) 0.78 3,489
    2023-04-01 $339,900 (-2.6%) $470,005 (-1.3%) 0.79 3,663
    2023-05-01 $345,000 (-1.2%) $483,261 (1.4%) 0.78 3,890
    2023-06-01 $345,000 (-1.4%) $477,273 (0.3%) 0.78 3,985
    2023-07-01 $339,999 (-0.9%) $473,270 (1.8%) 0.77 4,196
    2023-08-01 $339,250 (1.7%) $468,284 (3.7%) 0.78 4,288
    2023-09-01 $335,000 (1.7%) $464,617 (3.8%) 0.78 4,407
    2023-10-01 $334,500 (1.7%) $466,116 (4.2%) 0.79 4,601
    2023-11-01 $329,950 (0.9%) $460,139 (2.2%) 0.79 4,673
    2023-12-01 $325,000 (0.0%) $455,090 (2.5%) 0.79 4,567
    2024-01-01 $325,000 (0.0%) $451,141 (1.2%) 0.79 4,363
    2024-02-01 $325,000 (0.1%) $451,821 (-0.4%) 0.78 4,348
    2024-03-01 $329,000 (-0.3%) $461,041 (0.6%) 0.77 4,455
    2024-04-01 $335,000 (-1.4%) $464,310 (-1.2%) 0.78 4,749
    2024-05-01 $338,500 (-1.9%) $470,568 (-2.6%) 0.77 4,955
    2024-06-01 $335,000 (-2.9%) $462,747 (-3.0%) 0.75 5,125
    2024-07-01 $327,450 (-3.7%) $448,900 (-5.2%) 0.75 5,440
    2024-08-01 $325,000 (-4.2%) $440,537 (-5.9%) 0.76 5,829
    2024-09-01 $325,000 (-3.0%) $442,377 (-4.8%) 0.76 5,263
    2024-10-01 $325,125 (-2.8%) $445,816 (-4.4%) 0.77 5,295
    New Orleans's median listing price for 2024-10-01 was $325,125, a difference of $-9,375 (-2.8%) versus the prior year and $125 versus the prior month.

    New Orleans's median listing price comes in at 77% of the national average.

    New Orleans's average listing price for 2024-10-01 was $445,816, a difference of $-20,300 (-4.4%) versus the prior year and $3,439 versus the prior month.

    For the 2024-10-01 period, New Orleans had 5,295 MLS listings, a difference of 32 listings (1%) versus the prior month and 694 listings (15%) 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 82 days 1,832 sqft
    2018-02-01 80 days 1,838 sqft
    2018-03-01 62 days 1,854 sqft
    2018-04-01 58 days 1,879 sqft
    2018-05-01 59 days 1,905 sqft
    2018-06-01 59 days 1,895 sqft
    2018-07-01 65 days 1,889 sqft
    2018-08-01 68 days 1,883 sqft
    2018-09-01 68 days 1,872 sqft
    2018-10-01 72 days 1,876 sqft
    2018-11-01 72 days 1,866 sqft
    2018-12-01 75 days 1,855 sqft
    2019-01-01 84 days 1,848 sqft
    2019-02-01 78 days 1,864 sqft
    2019-03-01 69 days 1,893 sqft
    2019-04-01 61 days 1,921 sqft
    2019-05-01 58 days 1,943 sqft
    2019-06-01 61 days 1,950 sqft
    2019-07-01 67 days 1,950 sqft
    2019-08-01 68 days 1,927 sqft
    2019-09-01 72 days 1,908 sqft
    2019-10-01 72 days 1,896 sqft
    2019-11-01 71 days 1,888 sqft
    2019-12-01 81 days 1,874 sqft
    2020-01-01 88 days 1,866 sqft
    2020-02-01 81 days 1,870 sqft
    2020-03-01 62 days 1,895 sqft
    2020-04-01 69 days 1,901 sqft
    2020-05-01 75 days 1,920 sqft
    2020-06-01 82 days 1,935 sqft
    2020-07-01 66 days 1,935 sqft
    2020-08-01 64 days 1,911 sqft
    2020-09-01 67 days 1,893 sqft
    2020-10-01 67 days 1,897 sqft
    2020-11-01 68 days 1,872 sqft
    2020-12-01 73 days 1,863 sqft
    2021-01-01 75 days 1,810 sqft
    2021-02-01 69 days 1,816 sqft
    2021-03-01 60 days 1,826 sqft
    2021-04-01 58 days 1,805 sqft
    2021-05-01 57 days 1,825 sqft
    2021-06-01 54 days 1,846 sqft
    2021-07-01 51 days 1,850 sqft
    2021-08-01 52 days 1,832 sqft
    2021-09-01 63 days 1,830 sqft
    2021-10-01 78 days 1,800 sqft
    2021-11-01 85 days 1,818 sqft
    2021-12-01 74 days 1,800 sqft
    2022-01-01 73 days 1,819 sqft
    2022-02-01 64 days 1,828 sqft
    2022-03-01 43 days 1,837 sqft
    2022-04-01 37 days 1,827 sqft
    2022-05-01 38 days 1,850 sqft
    2022-06-01 39 days 1,864 sqft
    2022-07-01 42 days 1,868 sqft
    2022-08-01 49 days 1,855 sqft
    2022-09-01 55 days 1,838 sqft
    2022-10-01 58 days 1,836 sqft
    2022-11-01 63 days 1,833 sqft
    2022-12-01 74 days 1,817 sqft
    2023-01-01 80 days 1,810 sqft
    2023-02-01 69 days 1,821 sqft
    2023-03-01 58 days 1,831 sqft
    2023-04-01 56 days 1,850 sqft
    2023-05-01 57 days 1,872 sqft
    2023-06-01 58 days 1,854 sqft
    2023-07-01 60 days 1,850 sqft
    2023-08-01 64 days 1,856 sqft
    2023-09-01 66 days 1,840 sqft
    2023-10-01 67 days 1,833 sqft
    2023-11-01 67 days 1,828 sqft
    2023-12-01 77 days 1,819 sqft
    2024-01-01 84 days 1,802 sqft
    2024-02-01 83 days 1,805 sqft
    2024-03-01 67 days 1,813 sqft
    2024-04-01 60 days 1,837 sqft
    2024-05-01 58 days 1,842 sqft
    2024-06-01 61 days 1,839 sqft
    2024-07-01 67 days 1,828 sqft
    2024-08-01 69 days 1,821 sqft
    2024-09-01 79 days 1,819 sqft
    2024-10-01 79 days 1,827 sqft
    New Orleans's median listing age (time on market) for 2024-10-01 was 79 days. This is 17% longer than the same period one year ago.

    New Orleans's median square footage for active listings during the 2024-10-01 period was 1,827 sqft. One year prior, the average listing was 1,833 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.