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 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 6.92% for the week of 2024-05-10, compared to the national average (all VA variants) of 6.593% for the same period.

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

The average rate for the prior week (2024-05-03) was 6.75% and one month ago for the week of 2024-04-05, the average rate was 6.45%.

The average rate one year ago was 6.22%.

For refis of the same type during the week of 2024-05-10, the average rate was 6.87%.

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
New Orleans's median listing price for 2024-04-01 was $335,000, a difference of $-4,900 (-1.4%) versus the prior year and $6,000 versus the prior month.

New Orleans's median listing price comes in at 78% of the national average.

New Orleans's average listing price for 2024-04-01 was $464,310, a difference of $-5,695 (-1.2%) versus the prior year and $3,269 versus the prior month.

For the 2024-04-01 period, New Orleans had 4,749 MLS listings, a difference of 294 listings (7%) versus the prior month and 1,086 listings (30%) 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
New Orleans's median listing age (time on market) for 2024-04-01 was 60 days. This is 6% longer than the same period one year ago.

New Orleans's median square footage for active listings during the 2024-04-01 period was 1,837 sqft. One year prior, the average listing was 1,850 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.