New York VA Loans
New York-Newark-Jersey City, NY-NJ-PA
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 216 lenders originated 10,871 VA loans during 2021. The total origination value was $4,371,695,000, with an average VA loan value of $402,143.
New York VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in New York
averaged
5.36%
for the week of 2022-08-05, compared to the national average (all VA variants) of
5.013% for the same period.
The average rate for the prior week (2022-07-29) was
5.21% and
one month ago for the week of 2022-07-01, the
average rate was 5.63%.
The average rate one year ago was 3.02%.
For refis of the same type during the week of 2022-08-05, the average rate
was 5.26%.
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.
The top New York VA lender as defined by loan originations is QUICKEN LOANS, LLC, with
1,342 VA loans originated. Their average total fees are
$7,045, which is $1,913
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 ($3,042), AmeriHome Mortgage Company, LLC ($4,010), PLANET HOME LENDING, LLC ($4,144), PENTAGON FEDERAL CREDIT UNION ($4,514) and Mr. Cooper ( Nationstar Mortgage ) ($4,683).
The lowest rate New York VA lenders (with over 10 loans originated) are
ACCELERATE MORTGAGE, LLC (2.22%), CLEARPATH LENDING (2.28%), VILLAGE CAPITAL & INVESTMENT LLC (2.31%), PENTAGON FEDERAL CREDIT UNION (2.34%) and BNC National Bank (2.35%).
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 |
| 2022-02-01 | $697,000 (7.4%) | $1,699,961 (24.1%) | 1.78 | 40,529 |
| 2022-03-01 | $699,000 (7.8%) | $1,700,187 (24.9%) | 1.73 | 42,816 |
| 2022-04-01 | $715,000 (10.1%) | $1,684,560 (22.5%) | 1.68 | 45,562 |
| 2022-05-01 | $720,000 (10.9%) | $1,667,529 (22.9%) | 1.61 | 51,069 |
| 2022-06-01 | $700,208 (9.4%) | $1,599,569 (21.2%) | 1.56 | 54,860 |
New York's median listing price comes in at 156% of the national average.
New York's average listing price for 2022-06-01 was $1,599,569, a difference of $279,210 (21.2%) versus the prior year and $-67,960 versus the prior month.
For the 2022-06-01 period, New York had 54,860 MLS listings, a difference of 3,791 listings (7%) versus the prior month and 165 listings (0%) 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 |
| 2022-02-01 | 64 days | 1,400 sqft |
| 2022-03-01 | 47 days | 1,402 sqft |
| 2022-04-01 | 44 days | 1,424 sqft |
| 2022-05-01 | 43 days | 1,494 sqft |
| 2022-06-01 | 45 days | 1,536 sqft |
New York's median square footage for active listings during the 2022-06-01 period was 1,536 sqft. One year prior, the average listing was 1,550 sqft.
