New Orleans VA Loans

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 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.