New Orleans VA Loan Rates, Closing Costs & Stats

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 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 125 lenders originated 1,723 VA loans during 2022. The total origination value was $521,485,000, with an average VA loan value of $302,661.

New Orleans VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in New Orleans averaged -0.14% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

New Orleans's average VA mortgage closing costs are $6,189.

The average rate for the prior week (2023-11-17) was 6.9% and one month ago for the week of 2023-10-20, the average rate was 7.23%.

The average rate one year ago was 6.25%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.04%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 279 5.11% $7,028
NAVY FEDERAL CREDIT UNION 116 3.93% $7,707
UNITED WHOLESALE MORTGAGE, LLC 110 4.62% $9,465
QUICKEN LOANS, LLC 100 4.22% $10,930
GMFS LLC 71 4.38% $7,580
DHI MORTGAGE COMPANY, LTD. 66 4.17% $7,385
FREEDOM MORTGAGE CORPORATION 65 4.62% $10,888
USAA Federal Savings Bank 55 4.17% $9,044
MOVEMENT MORTGAGE, LLC 52 4.96% $7,078
FIDELITY BANK 40 4.43% $10,791
LOANDEPOT.COM, LLC 39 4.42% $9,390
PENNYMAC LOAN SERVICES, LLC 29 3.63% $8,237
EUSTIS AND AMERICAN MORTGAGE COMPANY 28 5.05% $9,197
CROSSCOUNTRY MORTGAGE, LLC 24 4.74% $11,917
Gulf Coast Bank and Trust Company 23 4.36% $11,417
Mr. Cooper ( Nationstar Mortgage ) 22 4.93% $8,828
LHM FINANCIAL CORPORATION 21 4.68% $12,328
NEW DAY FINANCIAL, LLC 19 4.89% $10,758
HOME POINT FINANCIAL CORPORATION 18 4.20% $9,708
PRIMELENDING, A PLAINSCAPITAL COMPANY 18 4.90% $6,226
UNION HOME MORTGAGE CORP. 17 4.51% $6,647
Barrington Bank & Trust Company, N.A. 17 4.59% $7,448
DSLD MORTGAGE, LLC 16 4.56% $6,828
CALIBER HOME LOANS, INC. 15 4.53% $16,197
VILLAGE CAPITAL MORTGAGE 14 3.87% $9,279
Assurance Financial Group, L.L.C. 13 4.59% $8,458
STANDARD MORTGAGE CORPORATION 13 4.52% $9,080
SUMMIT FUNDING, INC. 11 4.93% $8,203
CARDINAL FINANCIAL 10 4.16% $12,323
Wells Fargo Bank 10 4.43% $2,448
LAKEVIEW LOAN SERVICING, LLC 10 3.17% $3,775
BROKER SOLUTIONS, INC. 9 4.19% $9,056
The Federal Savings Bank 9 4.81% $11,519
DRAPER AND KRAMER MORTGAGE CORP. 9 5.00% $6,519
INTERLINC MORTGAGE SERVICES, LLC 9 5.35% $14,715
JPMorgan Chase Bank 9 4.87% $7,970
AMERISAVE MORTGAGE CORPORATION 8 4.34% $10,263
CMG MORTGAGE, INC. 8 3.84% $13,622
America's Mortgage Resource, Inc. 8 5.58% $10,450
KEESLER 8 4.06% $5,089
West Town Bank & Trust 8 4.44% $11,787
Hancock Whitney Bank 7 3.95% $8,939
SOUTHWEST FUNDING, LP 7 5.36% $14,547
NEWREZ LLC 7 5.47% $5,976
MUTUAL OF OMAHA MORTGAGE, INC. 7 4.41% $4,992
ANGEL OAK HOME LOANS LLC 7 4.25% $9,271
PLANET HOME LENDING, LLC 7 5.14% $8,088
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 5.27% $7,897
T2 FINANCIAL LLC 6 5.08% $13,469
GUARANTEED RATE, INC. 6 5.19% $7,395
MORTGAGE SOLUTIONS OF COLORADO, LLC 6 5.17% $8,115
Mid-Continent Funding, Inc. 6 4.40% $5,770
CLEARPATH LENDING 5 4.70% $12,665
Carrington Mortgage Services, LLC 5 4.68% $13,315
BNC National Bank 5 4.48% $9,654
Republic State Mortgage Co. 4 4.75% $12,217
RELIANCE FIRST CAPITAL, LLC 4 5.06% $8,266
Bank of England 4 5.22% $7,129
Flagstar Bank, FSB 4 3.91% $6,392
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 4.94% $5,103
First Horizon Bank 4 5.16% $9,327
PENTAGON FEDERAL CREDIT UNION 4 3.63% $4,500
Plains Commerce Bank 4 4.53% $14,955
AMERICAN FINANCING CORPORATION 4 3.25% $6,488
Low VA Rates, LLC 3 4.58% $11,976
Equity Prime Mortgage LLC 3 5.29% $7,374
North American Savings Bank, F.S.B. 3 3.50% $9,114
MID AMERICA MORTGAGE, INC. 3 4.67% $5,703
The Central Trust Bank 3 4.42% $6,473
Regions Bank 3 5.46% $12,265
Lakeview Community Capital, LLC 3 2.79% $5,669
THE MORTGAGE FIRM, INC. 3 5.42% $10,014
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 3.54% $12,018
NTFN, INC. 3 4.42% $2,920
Wyndham Capital Mortgage, Inc. 2 4.69% $6,762
AMERICAN FINANCIAL RESOURCES, INC. 2 3.75% $10,346
AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.94% $16,199
AmRes Corporation 2 4.88% $10,055
Armed Forces Bank 2 3.69% $6,628
Citizens Bank 2 4.19% $3,423
First Federal Bank 2 5.00% $5,026
Gateway First Bank 2 5.25% $4,947
GUARANTEED RATE AFFINITY, LLC 2 5.01% $20,033
Magnolia Bank 2 3.87% $12,618
NBKC BANK 2 4.50% $8,675
NETWORK CAPITAL FUNDING CORPORATION 2 4.50% $11,134
NFM, INC. 2 4.44% $4,638
SECURITYNATIONAL MORTGAGE COMPANY 2 5.13% $10,797
Northpointe Bank 1 3.75% $3,900
NBH Bank 1 4.75% $7,051
OPEN MORTGAGE, LLC 1 5.75% $9,552
NATIONS RELIABLE LENDING, LLC 1 5.25% $16,650
Nations Lending Corporation 1 3.00% $941
M&T Bank 1 3.25% $5,156
MORTGAGE FINANCIAL SERVICES, LLC 1 6.00% $2,447
PREMIA MORTGAGE, LLC 1 4.75% $11,600
MORTGAGE ACCESS CORP. 1 4.75% $18,360
Meridian Bank Corporation 1 4.50% $8,570
KELLER MORTGAGE, LLC 1 5.63% $3,000
GENEVA FINANCIAL, LLC 1 5.63% $7,845
First Savings Bank 1 4.38% $4,350
RESIDENTIAL BANCORP 1 2.63% $6,451
S1L, Inc. 1 5.75% $10,608
Academy Bank 1 5.50% $3,114
First Guaranty Mortgage Corporation 1 2.88% $10,791
SOUTHWEST STAGE FUNDING, LLC 1 4.88% $6,217
FIRST COMMUNITY MORTGAGE, INC. 1 7.13% $14,651
Strong Home Mortgage, LLC 1 2.75% $10,936
FirstBank 1 4.00% $5,853
Sunflower Bank 1 5.63% $7,748
FBT Mortgage, L.L.C. 1 4.00% $8,705
Texana Bank 1 5.63% $6,653
EMM LOANS LLC 1 3.00% $12,609
Cornerstone First Mortgage, Inc 1 3.63% $13,541
Centennial Bank 1 4.50% $26,957
THRIVE MORTGAGE, LLC 1 5.13% $6,116
Truist 1 6.25% $2,377
Capital Bank 1 7.00% $17,181
BOKF 1 5.88% $9,621
BAYSHORE MORTGAGE FUNDING, LLC 1 5.99% $34,958
US MORTGAGE CORPORATION 1 5.63% $12,731
BAY EQUITY LLC 1 4.63% $12,203
BankPlus 1 4.75% $5,869
AMCAP MORTGAGE, LTD. 1 5.13% $15,437
NexBank 1 3.75% $15,350

The top New Orleans VA lender as defined by loan originations is Mortgage Research Center, LLC, with 279 VA loans originated. Their average total fees are $7,028, which is $679 lower than the next largest lender, NAVY FEDERAL CREDIT UNION.

The lowest fee New Orleans VA lenders (with over 10 loans originated) are Wells Fargo Bank ($2,448), LAKEVIEW LOAN SERVICING, LLC ($3,775), PRIMELENDING, A PLAINSCAPITAL COMPANY ($6,226), UNION HOME MORTGAGE CORP. ($6,647) and DSLD MORTGAGE, LLC ($6,828).

The lowest rate New Orleans VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.17%), PENNYMAC LOAN SERVICES, LLC (3.63%), VILLAGE CAPITAL MORTGAGE (3.87%), NAVY FEDERAL CREDIT UNION (3.93%) and CARDINAL FINANCIAL (4.16%).


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%) $377,117 (5.4%) 1.00 4,542
2018-02-01 $267,000 (5.4%) $380,898 (6.0%) 0.97 4,567
2018-03-01 $274,600 (4.6%) $385,939 (5.6%) 0.96 4,793
2018-04-01 $282,450 (4.9%) $394,680 (6.6%) 0.96 4,890
2018-05-01 $289,000 (5.1%) $399,546 (5.1%) 0.97 4,961
2018-06-01 $285,000 (3.0%) $394,082 (2.4%) 0.95 5,050
2018-07-01 $279,450 (1.6%) $393,420 (3.6%) 0.93 4,964
2018-08-01 $279,950 (1.8%) $393,197 (4.0%) 0.94 4,960
2018-09-01 $279,000 (2.6%) $391,225 (4.8%) 0.94 4,861
2018-10-01 $279,900 (2.7%) $391,258 (3.4%) 0.95 4,900
2018-11-01 $279,250 (2.5%) $386,465 (1.2%) 0.95 4,874
2018-12-01 $275,000 (2.2%) $380,949 (0.4%) 0.95 4,786
2019-01-01 $269,975 (0.4%) $376,916 (-0.1%) 0.93 4,563
2019-02-01 $275,000 (3.0%) $384,234 (0.9%) 0.93 4,582
2019-03-01 $283,671 (3.3%) $393,845 (2.1%) 0.93 4,500
2019-04-01 $289,950 (2.7%) $404,016 (2.4%) 0.92 4,494
2019-05-01 $291,625 (0.9%) $409,192 (2.4%) 0.91 4,536
2019-06-01 $290,000 (1.8%) $406,811 (3.2%) 0.91 4,589
2019-07-01 $289,900 (3.7%) $403,284 (2.5%) 0.91 4,637
2019-08-01 $285,000 (1.8%) $395,277 (0.5%) 0.90 4,680
2019-09-01 $285,000 (2.2%) $395,082 (1.0%) 0.91 4,649
2019-10-01 $284,500 (1.6%) $394,321 (0.8%) 0.92 4,595
2019-11-01 $282,000 (1.0%) $395,132 (2.2%) 0.92 4,486
2019-12-01 $278,349 (1.2%) $391,996 (2.9%) 0.93 4,267
2020-01-01 $277,450 (2.8%) $391,457 (3.9%) 0.93 4,025
2020-02-01 $280,000 (1.8%) $392,010 (2.0%) 0.92 3,950
2020-03-01 $289,125 (1.9%) $396,513 (0.7%) 0.91 4,101
2020-04-01 $289,450 (-0.2%) $395,883 (-2.0%) 0.91 4,137
2020-05-01 $299,000 (2.5%) $411,424 (0.6%) 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%) $439,940 (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 (16.4%) $461,924 (16.9%) 0.96 2,758
2020-12-01 $325,000 (16.8%) $459,660 (17.3%) 0.97 2,622
2021-01-01 $314,900 (13.5%) $449,330 (14.8%) 0.94 2,502
2021-02-01 $317,000 (13.2%) $460,275 (17.4%) 0.92 2,300
2021-03-01 $326,725 (13.0%) $469,898 (18.5%) 0.93 2,201
2021-04-01 $338,875 (17.1%) $487,050 (23.0%) 0.92 2,058
2021-05-01 $339,900 (13.7%) $491,582 (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%) $472,709 (4.4%) 0.90 2,495
2021-09-01 $337,250 (3.8%) $474,905 (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%) $481,322 (4.7%) 0.93 1,796
2022-01-01 $345,000 (9.6%) $486,985 (8.4%) 0.93 1,620
2022-02-01 $348,750 (10.0%) $486,293 (5.7%) 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 (-3.0%) 0.80 2,149
2022-06-01 $349,950 (2.8%) $475,946 (-2.5%) 0.78 2,492
2022-07-01 $342,900 (1.2%) $464,953 (-2.9%) 0.77 3,005
2022-08-01 $333,450 (-0.8%) $451,597 (-4.5%) 0.77 3,318
2022-09-01 $329,450 (-2.3%) $447,737 (-5.7%) 0.77 3,432
2022-10-01 $329,000 (-3.0%) $447,488 (-6.0%) 0.77 3,650
2022-11-01 $327,000 (-5.8%) $450,037 (-7.9%) 0.79 3,737
2022-12-01 $325,000 (-4.7%) $444,213 (-7.7%) 0.80 3,544
2023-01-01 $324,950 (-5.8%) $446,043 (-8.4%) 0.81 3,397
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 3,664
2023-05-01 $345,000 (-1.2%) $483,142 (1.4%) 0.78 3,891
2023-06-01 $345,000 (-1.4%) $477,174 (0.3%) 0.78 3,986
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
New Orleans's median listing price for 2023-10-01 was $334,500, a difference of $5,500 (1.7%) versus the prior year and $-500 versus the prior month.

New Orleans's median listing price comes in at 79% of the national average.

New Orleans's average listing price for 2023-10-01 was $466,116, a difference of $18,628 (4.2%) versus the prior year and $1,499 versus the prior month.

For the 2023-10-01 period, New Orleans had 4,601 MLS listings, a difference of 194 listings (4%) versus the prior month and 951 listings (26%) 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 60 days 1,905 sqft
2018-06-01 59 days 1,896 sqft
2018-07-01 65 days 1,890 sqft
2018-08-01 68 days 1,884 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 1,863 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 71 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 1,809 sqft
2021-02-01 69 days 1,814 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 75 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 1,838 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 1,818 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
New Orleans's median listing age (time on market) for 2023-10-01 was 67 days. This is 16% longer than the same period one year ago.

New Orleans's median square footage for active listings during the 2023-10-01 period was 1,833 sqft. One year prior, the average listing was 1,836 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.