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 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.