New York VA Loans

NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ

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 York's 191 lenders originated 6,371 VA loans during 2021. The total origination value was $2,528,585,000, with an average VA loan value of $396,890.

New York VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in New York averaged 4.84% for the week of 2022-03-25, compared to the national average (all VA variants) of 4.399% for the same period.

The average rate for the prior week (2022-03-18) was 4.42% and one month ago for the week of 2022-02-18, the average rate was 4.04%.

The average rate one year ago was 3.32%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.55%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

New York 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 York level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 751 2.46% $6,702
Mortgage Research Center, LLC 543 2.78% $8,656
FREEDOM MORTGAGE CORPORATION 467 2.48% $4,632
LOANDEPOT.COM, LLC 270 2.52% $8,060
NAVY FEDERAL CREDIT UNION 257 2.48% $8,719
USAA Federal Savings Bank 169 2.89% $7,579
UNITED WHOLESALE MORTGAGE, LLC 158 2.55% $8,044
The Federal Savings Bank 157 2.62% $11,182
PENNYMAC LOAN SERVICES, LLC 152 2.34% $7,349
NEW DAY FINANCIAL, LLC 147 2.80% $9,928
CALIBER HOME LOANS, INC. 118 2.45% $7,229
Mr. Cooper ( Nationstar Mortgage ) 113 2.65% $4,932
CROSSCOUNTRY MORTGAGE, LLC 111 2.82% $11,078
HOME POINT FINANCIAL CORPORATION 96 2.48% $8,410
Advisors Mortgage Group, L.L.C. 92 2.72% $8,509
HOMEBRIDGE FINANCIAL SERVICES, INC. 87 2.66% $10,852
CLEARPATH LENDING 82 2.28% $4,706
LAKEVIEW LOAN SERVICING, LLC 80 2.46% $2,887
Wells Fargo Bank 78 2.53% $6,490
NJ LENDERS CORP. 73 2.58% $8,883
PENTAGON FEDERAL CREDIT UNION 66 2.36% $4,157
NEWREZ LLC 65 2.66% $7,099
FAMILY FIRST FUNDING LLC 53 2.77% $10,612
Barrington Bank & Trust Company, N.A. 50 2.79% $9,682
Equity Prime Mortgage LLC 49 2.84% $7,289
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 48 2.87% $13,009
GUARANTEED RATE, INC. 47 2.66% $8,287
Carrington Mortgage Services, LLC 46 2.83% $6,329
AMERICAN FINANCIAL NETWORK, INC. 46 2.74% $19,281
InterContinental Capital Group, Inc 39 2.59% $6,660
Paramount Residential Mortgage Group, Inc. 33 2.77% $9,176
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 33 2.92% $7,778
Low VA Rates, LLC 31 2.33% $4,201
AMERISAVE MORTGAGE CORPORATION 28 2.69% $10,765
CONTOUR MORTGAGE CORPORATION 27 2.75% $12,429
NBKC BANK 26 2.56% $8,138
FINANCE OF AMERICA MORTGAGE LLC 25 2.64% $7,133
NP, Inc. 25 2.56% $7,050
North American Savings Bank, F.S.B. 24 2.39% $4,253
BROKER SOLUTIONS, INC. 24 2.68% $7,497
DHI MORTGAGE COMPANY, LTD. 22 2.64% $10,541
Flagstar Bank, FSB 22 2.77% $10,652
ENVOY MORTGAGE, LTD 20 2.81% $10,945
UNITED MORTGAGE CORP. 20 2.82% $10,336
GUARANTEED RATE AFFINITY, LLC 19 2.57% $10,255
MORTGAGE ACCESS CORP. 18 3.03% $9,335
VILLAGE CAPITAL & INVESTMENT LLC 18 2.32% $4,272
GREENTREE MORTGAGE COMPANY, L.P. 18 2.67% $10,968
BOND STREET MORTGAGE, LLC 17 2.71% $5,955
SUN WEST MORTGAGE COMPANY, INC. 17 2.71% $6,222
ABSOLUTE HOME MORTGAGE CORPORATION 17 2.76% $8,580
MUTUAL OF OMAHA MORTGAGE, INC. 16 2.66% $7,421
MOVEMENT MORTGAGE, LLC 16 2.64% $10,109
ACCELERATE MORTGAGE, LLC 16 2.30% $8,895
BNC National Bank 16 2.37% $8,112
NATIONWIDE MORTGAGE BANKERS, INC. 15 3.01% $19,205
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 2.97% $9,548
Citizens Bank 15 2.72% $7,732
Plains Commerce Bank 14 2.52% $7,373
First Home Bank 14 2.70% $6,836
RELIANCE FIRST CAPITAL, LLC 14 2.87% $13,040
Magnolia Bank 14 2.63% $10,670
First Federal Bank 11 2.86% $9,783
Gateway First Bank 11 2.86% $7,685
DRAPER AND KRAMER MORTGAGE CORP. 10 2.56% $4,472
First Guaranty Mortgage Corporation 10 2.48% $4,828
PANORAMA MORTGAGE GROUP, LLC 10 2.74% $14,578
U.S. Bank 10 2.81% $12,534
AmeriHome Mortgage Company, LLC 10 2.85% $3,211
Nations Lending Corporation 9 2.75% $7,861
Atlantic Home Loans, Inc. 9 2.81% $5,871
GLENDENNING MORTGAGE CORPORATION 9 2.68% $6,220
Manufacturers and Traders Trust Company 9 2.81% $7,013
PLANET HOME LENDING, LLC 9 2.49% $3,913
PLAZA HOME MORTGAGE, INC. 9 2.76% $7,040
RESIDENTIAL HOME FUNDING CORP. 9 2.83% $12,676
SOVEREIGN LENDING GROUP INCORPORATED 9 2.49% $6,470
EMBRACE HOME LOANS, INC. 8 2.53% $17,189
NETWORK CAPITAL FUNDING CORPORATION 8 2.45% $11,689
CMG MORTGAGE, INC. 8 2.89% $11,860
Prosperity Home Mortgage, LLC 8 2.70% $5,884
Northpointe Bank 8 2.58% $6,307
GET A RATE LLC 7 2.61% $6,980
GREENWAY MORTGAGE FUNDING CORP. 7 2.80% $7,874
UNION HOME MORTGAGE CORP. 7 2.64% $6,173
Mid-Continent Funding, Inc. 7 2.75% $10,210
Wyndham Capital Mortgage, Inc. 7 2.41% $1,969
ROUNDPOINT MORTGAGE SERVICING CORPORATION 7 2.89% $13,144
UNITED NORTHERN MORTGAGE BANKERS LIMITED 7 2.86% $15,074
PNC Bank 7 2.95% $5,488
MLB RESIDENTIAL LENDING, LLC 6 2.69% $14,373
ALLIED MORTGAGE GROUP, INC. 6 2.83% $7,982
Bank of England 6 3.00% $13,414
SUCCESS MORTGAGE PARTNERS, INC. 6 3.17% $9,748
MID-ISLAND MORTGAGE CORP. 5 2.43% $9,434
OCMBC, INC. 5 2.65% $5,928
First Mortgage Solutions, LLC 5 2.25% $3,744
TD Bank 5 2.90% $6,596
First Federal Bank of Kansas City 5 2.25% $9,345
KS StateBank 5 2.30% $2,215
Prime Choice Funding Inc. 5 2.33% $6,796
EAGLE HOME MORTGAGE, LLC 5 2.85% $6,542
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 2.84% $16,137
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 4 3.56% $7,706
JPMorgan Chase Bank 4 2.91% $6,559
Keystone Funding, Inc. 4 2.53% $8,226
Meridian Bank Corporation 4 2.72% $4,798
MORIA DEVELOPMENT, INC. 4 3.00% $6,367
Community First National Bank 4 2.38% $3,937
BAYSHORE MORTGAGE FUNDING, LLC 4 2.56% $6,690
VAN DYK MORTGAGE CORPORATION 4 3.34% $11,596
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 2.63% $4,856
Paramount Bank 3 2.63% $4,734
FirstBank 3 2.33% $1,328
Lakeview Community Capital, LLC 3 2.63% $3,659
East Coast Capital Corp. 3 2.75% $8,779
Capital Bank 3 2.33% $8,209
AMERICA'S CHOICE HOME LOANS LP 3 3.08% $7,564
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 3 3.33% $24,276
AMERICAN FINANCING CORPORATION 3 2.13% $6,115
TOTAL MORTGAGE SERVICES, LLC 3 3.21% $13,382
Strong Home Mortgage, LLC 3 2.29% $1,813
Credence Funding Corporation 3 2.25% $3,590
PHH Mortgage Corporation 3 3.00% $5,285
Evesham Mortgage, LLC 3 3.17% $5,858
Valley National Bank 3 2.67% $15,447
Santander Bank, N.A. 2 2.75% $5,752
HomePromise Corporation 2 3.31% $9,138
Mortgage Unlimited, L.L.C. 2 2.88% $6,288
FM Home Loans, LLC 2 2.81% $11,133
ARC HOME LLC 2 2.31% $2,015
OceanFirst Bank 2 3.00% $9,039
Presidential Bank, FSB 2 3.06% $7,835
AmRes Corporation 2 2.31% $9,053
EVERETT FINANCIAL, INC. 2 3.13% $10,140
Kwik Mortgage Corporation 2 2.25% $2,480
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.06% $10,624
TOWNE MORTGAGE COMPANY 2 3.38% $7,278
Citibank 2 2.50% $6,552
Reliant Bank 2 2.69% $12,209
CLIFFCO, INC. 2 2.75% $11,577
US MORTGAGE CORPORATION 2 3.44% $5,116
Florida Capital Bank 1 2.63% $8,130
STEARNS LENDING, LLC 1 2.25% $2,573
Stifel Bank and Trust 1 2.63% $3,830
INTERCAP LENDING INC. 1 2.50% $17,008
INTELLILOAN, INC. 1 2.50% $5,967
The Central Trust Bank 1 2.38% $16,283
The Huntington National Bank 1 2.63% $2,250
The Union Bank Company 1 2.38% $10,888
TIAA, FSB 1 2.88% $15,238
TIDEWATER MORTGAGE SERVICES, INC. 1 2.50% $8,077
Triumph Bank 1 2.38% $2,031
Truist Bank 1 2.90% $2,140
HOMESTEAD FUNDING CORP. 1 2.38% $4,414
Union Savings Bank 1 2.75% $0
Ameris Bank 1 2.25% $3,498
HOMESIDE FINANCIAL, LLC 1 2.62% $3,982
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.13% $7,626
MID AMERICA MORTGAGE, INC. 1 3.25% $8,391
Financial Funding Solutions, Inc. 1 2.75% $15,134
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.50% $525
Mortgage World Bankers, Inc. 1 2.88% $4,363
EMM LOANS LLC 1 2.50% $16,000
NATION ONE MORTGAGE CORPORATION 1 3.25% $16,413
MDE Home Loans, LLC 1 3.00% $4,308
DEVELOPER'S MORTGAGE COMPANY 1 2.88% $9,545
NBH Bank 1 2.63% $17,087
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 2.88% $8,296
GSF Mortgage Corporation 1 2.25% $4,085
NFM, INC. 1 2.88% $18,478
LOANPAL, LLC 1 2.75% $16,414
NORWICH COMMERCIAL GROUP, INC. 1 2.25% $19,282
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 3.75% $6,582
OCEANSIDE MORTGAGE COMPANY 1 2.25% $2,326
First Savings Bank 1 2.75% $4,365
Century Mortgage Company DBA Century Lending Company 1 2.75% $5,149
PARKSIDE LENDING, LLC 1 2.75% $19,894
CANOPY MORTGAGE, LLC 1 2.25% $3,470
Goldwater Bank, N.A. 1 2.25% $6,388
LADERA LENDING, INC. 1 2.38% $6,497
PREMIA MORTGAGE, LLC 1 2.63% $5,429
GENEVA FINANCIAL, LLC 1 3.00% $8,024
Princeton Mortgage Corporation 1 2.75% $21,791
JET DIRECT FUNDING CORP 1 3.25% $9,242
JAMES B. NUTTER & COMPANY 1 2.38% $1,709
HARTFORD FUNDING, LTD. 1 3.50% $8,373
Academy Bank 1 2.25% $4,734
RESIDENTIAL HOME MORTGAGE CORPORATION 1 2.88% $3,823
Ixonia Bank 1 2.63% $8,596
Sierra Pacific Mortgage Company, Inc. 1 2.50% $1,132

The top New York VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 751 VA loans originated. Their average total fees are $6,702, which is $1,954 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee New York VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,887), AmeriHome Mortgage Company, LLC ($3,211), PENTAGON FEDERAL CREDIT UNION ($4,157), Low VA Rates, LLC ($4,201) and North American Savings Bank, F.S.B. ($4,253).

The lowest rate New York VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.28%), ACCELERATE MORTGAGE, LLC (2.30%), VILLAGE CAPITAL & INVESTMENT LLC (2.32%), Low VA Rates, LLC (2.33%) and PENNYMAC LOAN SERVICES, LLC (2.34%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - New York (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 $479,990 (11.9%) $1,120,433 (11.2%) 1.77 57,187
2018-02-01 $499,950 (11.9%) $1,143,135 (8.6%) 1.80 60,843
2018-03-01 $520,000 (13.3%) $1,127,161 (6.0%) 1.80 64,252
2018-04-01 $534,450 (12.5%) $1,117,910 (-0.1%) 1.79 69,662
2018-05-01 $549,000 (11.1%) $1,125,466 (1.1%) 1.83 76,071
2018-06-01 $549,000 (10.9%) $1,100,381 (0.9%) 1.83 79,722
2018-07-01 $549,000 (12.3%) $1,089,758 (2.1%) 1.83 80,369
2018-08-01 $532,450 (11.0%) $1,037,144 (-2.0%) 1.78 79,480
2018-09-01 $535,000 (10.3%) $1,040,837 (-2.6%) 1.79 80,337
2018-10-01 $538,312 (10.2%) $1,047,397 (-1.4%) 1.80 80,917
2018-11-01 $535,000 (10.3%) $1,059,739 (0.1%) 1.79 78,103
2018-12-01 $525,000 (9.4%) $1,060,260 (-0.8%) 1.80 70,729
2019-01-01 $520,000 (8.3%) $1,060,952 (-5.3%) 1.79 65,203
2019-02-01 $528,500 (5.7%) $1,068,687 (-6.5%) 1.77 67,311
2019-03-01 $540,714 (4.0%) $1,081,156 (-4.1%) 1.76 71,501
2019-04-01 $556,500 (4.1%) $1,091,209 (-2.4%) 1.75 76,385
2019-05-01 $569,500 (3.7%) $1,091,152 (-3.1%) 1.76 82,849
2019-06-01 $569,000 (3.6%) $1,083,706 (-1.5%) 1.75 85,761
2019-07-01 $559,500 (1.9%) $1,066,914 (-2.1%) 1.74 84,579
2019-08-01 $553,989 (4.1%) $1,045,028 (0.8%) 1.74 82,599
2019-09-01 $550,461 (2.9%) $1,041,042 (0.0%) 1.75 80,488
2019-10-01 $558,028 (3.7%) $1,070,885 (2.2%) 1.78 80,248
2019-11-01 $550,000 (2.8%) $1,081,547 (2.1%) 1.77 75,510
2019-12-01 $553,528 (5.4%) $1,114,237 (5.1%) 1.85 65,625
2020-01-01 $549,000 (5.6%) $1,113,984 (5.0%) 1.83 59,940
2020-02-01 $559,900 (5.9%) $1,115,474 (4.4%) 1.81 61,312
2020-03-01 $569,450 (5.3%) $1,116,442 (3.3%) 1.78 63,346
2020-04-01 $580,000 (4.2%) $1,187,911 (8.9%) 1.81 61,178
2020-05-01 $579,000 (1.7%) $1,135,762 (4.1%) 1.75 58,452
2020-06-01 $589,500 (3.6%) $1,136,559 (4.9%) 1.72 61,210
2020-07-01 $599,500 (7.2%) $1,149,009 (7.7%) 1.72 64,394
2020-08-01 $635,000 (14.6%) $1,227,096 (17.4%) 1.81 66,679
2020-09-01 $644,450 (17.1%) $1,236,828 (18.8%) 1.84 67,133
2020-10-01 $655,360 (17.4%) $1,300,695 (21.5%) 1.87 68,637
2020-11-01 $649,000 (18.0%) $1,284,039 (18.7%) 1.86 65,676
2020-12-01 $649,450 (17.3%) $1,317,463 (18.2%) 1.90 57,196
2021-01-01 $649,000 (18.2%) $1,356,030 (21.7%) 1.91 49,631
2021-02-01 $649,108 (15.9%) $1,370,351 (22.9%) 1.87 46,629
2021-03-01 $648,500 (13.9%) $1,361,646 (22.0%) 1.82 46,573
2021-04-01 $649,694 (12.0%) $1,374,697 (15.7%) 1.75 48,615
2021-05-01 $649,000 (12.1%) $1,356,538 (19.4%) 1.71 51,469
2021-06-01 $640,060 (8.6%) $1,320,359 (16.2%) 1.66 54,695
2021-07-01 $622,500 (3.8%) $1,276,979 (11.1%) 1.62 55,033
2021-08-01 $627,000 (-1.3%) $1,376,032 (12.1%) 1.65 57,049
2021-09-01 $631,868 (-2.0%) $1,410,300 (14.0%) 1.66 56,921
2021-10-01 $639,000 (-2.5%) $1,439,479 (10.7%) 1.68 57,262
2021-11-01 $655,000 (0.9%) $1,557,436 (21.3%) 1.73 54,263
2021-12-01 $664,000 (2.2%) $1,631,077 (23.8%) 1.77 46,763
2022-01-01 $675,000 (4.0%) $1,713,536 (26.4%) 1.80 40,031
New York's median listing price for 2022-01-01 was $675,000, a difference of $26,000 (4.0%) versus the prior year and $11,000 versus the prior month.

New York's median listing price comes in at 180% of the national average.

New York's average listing price for 2022-01-01 was $1,713,536, a difference of $357,506 (26.4%) versus the prior year and $82,459 versus the prior month.

For the 2022-01-01 period, New York had 40,031 MLS listings, a difference of -6,732 listings (-14%) versus the prior month and -9,600 listings (-19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - New York (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 90 days 1,926 sqft
2018-02-01 82 days 1,910 sqft
2018-03-01 58 days 1,900 sqft
2018-04-01 56 days 1,918 sqft
2018-05-01 52 days 1,923 sqft
2018-06-01 53 days 1,944 sqft
2018-07-01 63 days 1,959 sqft
2018-08-01 67 days 1,950 sqft
2018-09-01 71 days 1,932 sqft
2018-10-01 69 days 1,912 sqft
2018-11-01 70 days 1,888 sqft
2018-12-01 82 days 1,872 sqft
2019-01-01 88 days 1,847 sqft
2019-02-01 82 days 1,850 sqft
2019-03-01 57 days 1,887 sqft
2019-04-01 52 days 1,931 sqft
2019-05-01 52 days 1,935 sqft
2019-06-01 57 days 1,964 sqft
2019-07-01 64 days 1,960 sqft
2019-08-01 72 days 1,952 sqft
2019-09-01 71 days 1,932 sqft
2019-10-01 67 days 1,924 sqft
2019-11-01 66 days 1,872 sqft
2019-12-01 84 days 1,854 sqft
2020-01-01 92 days 1,845 sqft
2020-02-01 77 days 1,860 sqft
2020-03-01 56 days 1,881 sqft
2020-04-01 56 days 1,872 sqft
2020-05-01 74 days 1,860 sqft
2020-06-01 77 days 1,888 sqft
2020-07-01 49 days 1,812 sqft
2020-08-01 45 days 1,734 sqft
2020-09-01 50 days 1,690 sqft
2020-10-01 49 days 1,645 sqft
2020-11-01 63 days 1,635 sqft
2020-12-01 75 days 1,588 sqft
2021-01-01 85 days 1,536 sqft
2021-02-01 84 days 1,515 sqft
2021-03-01 60 days 1,510 sqft
2021-04-01 49 days 1,514 sqft
2021-05-01 44 days 1,532 sqft
2021-06-01 45 days 1,550 sqft
2021-07-01 50 days 1,568 sqft
2021-08-01 49 days 1,547 sqft
2021-09-01 49 days 1,528 sqft
2021-10-01 53 days 1,504 sqft
2021-11-01 57 days 1,494 sqft
2021-12-01 68 days 1,449 sqft
2022-01-01 79 days 1,410 sqft
New York's median listing age (time on market) for 2022-01-01 was 79 days. This is -7% shorter than the same period one year ago.

New York's median square footage for active listings during the 2022-01-01 period was 1,410 sqft. One year prior, the average listing was 1,536 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.