Norfolk VA Loan Rates, Closing Costs & Stats

Norfolk, NE

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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.

    Norfolk's 14 lenders originated 32 VA loans during 2023. The total origination value was $8,330,000, with an average VA loan value of $260,313.

    Norfolk VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Norfolk averaged 6.84% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

    Norfolk's average VA mortgage closing costs are $4,956.

    The average rate for the prior week (2024-04-05) was 6.49% and one month ago for the week of 2024-03-08, the average rate was 6.82%.

    The average rate one year ago was 5.91%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.37%.

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

    Norfolk 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 Norfolk level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 7 6.82% $8,178
    GUARANTEED RATE, INC. 4 6.06% $5,219
    NAVY FEDERAL CREDIT UNION 3 5.58% $3,590
    USAA Federal Savings Bank 3 7.42% $3,648
    PENNYMAC LOAN SERVICES, LLC 2 5.13% $8,196
    QUICKEN LOANS, LLC 2 5.62% $10,318
    Regent Financial Group, Inc. 1 7.13% $8,862
    CROSSCOUNTRY MORTGAGE, LLC 1 6.63% $22,820
    West Gate Bank 1 5.63% $2,352
    First National Bank of Omaha 1 6.13% $1,451
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.38% $12,950
    LOANDEPOT.COM, LLC 1 5.00% $17,709
    NEW DAY FINANCIAL, LLC 1 6.99% $6,106
    Pinnacle Bank 1 5.63% $3,216

    The top Norfolk VA lender as defined by loan originations is Mortgage Research Center, LLC, with 7 VA loans originated. Their average total fees are $8,178, which is $2,958 higher than the next largest lender, GUARANTEED RATE, INC..

    The lowest fee Norfolk VA lenders (with over 10 loans originated) are .

    The lowest rate Norfolk VA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Norfolk (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 $187,175 (1.4%) $210,332 (-1.9%) 0.00 92
    2018-02-01 $184,550 (1.4%) $217,632 (2.5%) 0.00 89
    2018-03-01 $179,925 (-4.2%) $213,386 (-4.3%) 0.00 89
    2018-04-01 $188,950 (-5.5%) $217,428 (-9.1%) 0.00 88
    2018-05-01 $192,681 (7.1%) $227,060 (5.2%) 0.00 107
    2018-06-01 $199,500 (9.0%) $241,120 (4.1%) 0.00 123
    2018-07-01 $191,438 (6.4%) $236,766 (4.7%) 0.00 120
    2018-08-01 $187,463 (5.1%) $225,985 (1.1%) 0.00 129
    2018-09-01 $187,225 (7.2%) $237,500 (16.2%) 0.00 140
    2018-10-01 $179,788 (7.7%) $229,459 (11.0%) 0.00 160
    2018-11-01 $179,250 (-3.2%) $228,353 (9.5%) 0.00 156
    2018-12-01 $174,950 (-9.6%) $224,615 (7.4%) 0.00 136
    2019-01-01 $173,625 (-7.2%) $220,496 (4.8%) 0.00 134
    2019-02-01 $182,400 (-1.2%) $230,651 (6.0%) 0.00 120
    2019-03-01 $190,318 (5.8%) $237,064 (11.1%) 0.00 118
    2019-04-01 $186,668 (-1.2%) $235,393 (8.3%) 0.00 117
    2019-05-01 $183,950 (-4.5%) $232,603 (2.4%) 0.00 117
    2019-06-01 $194,500 (-2.5%) $235,904 (-2.2%) 0.00 126
    2019-07-01 $199,850 (4.4%) $234,935 (-0.8%) 0.00 129
    2019-08-01 $200,509 (7.0%) $238,400 (5.5%) 0.00 138
    2019-09-01 $201,348 (7.5%) $241,031 (1.5%) 0.00 145
    2019-10-01 $195,857 (8.9%) $236,670 (3.1%) 0.00 158
    2019-11-01 $189,000 (5.4%) $225,446 (-1.3%) 0.00 160
    2019-12-01 $195,375 (11.7%) $219,990 (-2.1%) 0.00 147
    2020-01-01 $204,963 (18.1%) $223,976 (1.6%) 0.00 130
    2020-02-01 $219,900 (20.6%) $236,336 (2.5%) 0.00 118
    2020-03-01 $219,100 (15.1%) $239,582 (1.1%) 0.00 124
    2020-04-01 $210,500 (12.8%) $232,930 (-1.1%) 0.00 116
    2020-05-01 $194,350 (5.7%) $230,500 (-0.9%) 0.00 100
    2020-06-01 $210,000 (8.0%) $236,857 (0.4%) 0.00 92
    2020-07-01 $207,925 (4.0%) $236,111 (0.5%) 0.00 98
    2020-08-01 $192,700 (-3.9%) $233,619 (-2.0%) 0.00 99
    2020-09-01 $222,400 (10.5%) $244,275 (1.4%) 0.00 107
    2020-10-01 $225,000 (14.9%) $250,090 (5.7%) 0.00 102
    2020-11-01 $224,950 (19.0%) $249,009 (10.5%) 0.00 88
    2020-12-01 $219,900 (12.6%) $242,561 (10.3%) 0.00 82
    2021-01-01 $219,900 (7.3%) $241,491 (7.8%) 0.00 74
    2021-02-01 $216,200 (-1.7%) $247,091 (4.6%) 0.00 61
    2021-03-01 $227,425 (3.8%) $262,722 (9.7%) 0.00 51
    2021-04-01 $206,673 (-1.8%) $239,446 (2.8%) 0.00 51
    2021-05-01 $189,999 (-2.2%) $219,447 (-4.8%) 0.00 48
    2021-06-01 $207,450 (-1.2%) $261,097 (10.2%) 0.00 50
    2021-07-01 $199,925 (-3.9%) $269,774 (14.3%) 0.00 54
    2021-08-01 $210,700 (9.3%) $264,559 (13.2%) 0.00 68
    2021-09-01 $217,500 (-2.2%) $266,873 (9.3%) 0.00 76
    2021-10-01 $259,250 (15.2%) $303,580 (21.4%) 0.00 72
    2021-11-01 $242,338 (7.7%) $283,683 (13.9%) 0.00 71
    2021-12-01 $247,600 (12.6%) $294,188 (21.3%) 0.00 60
    2022-01-01 $230,000 (4.6%) $269,329 (11.5%) 0.00 51
    2022-02-01 $264,250 (22.2%) $274,909 (11.3%) 0.00 47
    2022-03-01 $231,225 (1.7%) $273,764 (4.2%) 0.00 54
    2022-04-01 $270,000 (30.6%) $294,141 (22.8%) 0.00 50
    2022-05-01 $254,000 (33.7%) $292,666 (33.4%) 0.00 49
    2022-06-01 $236,975 (14.2%) $272,467 (4.4%) 0.00 57
    2022-07-01 $248,600 (24.4%) $302,567 (12.2%) 0.00 67
    2022-08-01 $268,750 (27.6%) $318,839 (20.5%) 0.00 77
    2022-09-01 $267,325 (22.9%) $316,684 (18.7%) 0.00 83
    2022-10-01 $258,500 (-0.3%) $314,588 (3.6%) 0.00 92
    2022-11-01 $233,625 (-3.6%) $307,961 (8.6%) 0.00 89
    2022-12-01 $239,250 (-3.4%) $332,984 (13.2%) 0.00 77
    2023-01-01 $244,350 (6.2%) $338,970 (25.9%) 0.00 65
    2023-02-01 $249,750 (-5.5%) $347,884 (26.6%) 0.00 71
    2023-03-01 $249,700 (8.0%) $345,287 (26.1%) 0.00 64
    2023-04-01 $275,000 (1.9%) $350,978 (19.3%) 0.00 50
    2023-05-01 $252,350 (-0.7%) $330,954 (13.1%) 0.00 53
    2023-06-01 $298,100 (25.8%) $355,332 (30.4%) 0.00 61
    2023-07-01 $270,000 (8.6%) $332,597 (9.9%) 0.00 56
    2023-08-01 $254,850 (-5.2%) $301,506 (-5.4%) 0.00 62
    2023-09-01 $249,900 (-6.5%) $294,880 (-6.9%) 0.00 65
    2023-10-01 $275,000 (6.4%) $317,414 (0.9%) 0.00 85
    2023-11-01 $286,000 (22.4%) $330,499 (7.3%) 0.00 91
    2023-12-01 $294,900 (23.3%) $317,692 (-4.6%) 0.00 78
    2024-01-01 $273,450 (11.9%) $303,045 (-10.6%) 0.00 79
    2024-02-01 $272,425 (9.1%) $293,657 (-15.6%) 0.00 73
    2024-03-01 $285,000 (14.1%) $304,865 (-11.7%) 0.00 73
    Norfolk's median listing price for 2024-03-01 was $285,000, a difference of $35,300 (14.1%) versus the prior year and $12,575 versus the prior month.

    Norfolk's median listing price comes in at 0% of the national average.

    Norfolk's average listing price for 2024-03-01 was $304,865, a difference of $-40,422 (-11.7%) versus the prior year and $11,208 versus the prior month.

    For the 2024-03-01 period, Norfolk had 73 MLS listings, a difference of 0 listings (0%) versus the prior month and 9 listings (14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Norfolk (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,213 sqft
    2018-02-01 0 days 2,127 sqft
    2018-03-01 0 days 1,981 sqft
    2018-04-01 0 days 1,978 sqft
    2018-05-01 0 days 2,205 sqft
    2018-06-01 0 days 2,294 sqft
    2018-07-01 0 days 2,326 sqft
    2018-08-01 0 days 2,251 sqft
    2018-09-01 0 days 2,203 sqft
    2018-10-01 0 days 2,154 sqft
    2018-11-01 0 days 2,116 sqft
    2018-12-01 0 days 2,060 sqft
    2019-01-01 0 days 2,057 sqft
    2019-02-01 0 days 2,016 sqft
    2019-03-01 0 days 2,137 sqft
    2019-04-01 0 days 2,103 sqft
    2019-05-01 0 days 2,093 sqft
    2019-06-01 0 days 2,161 sqft
    2019-07-01 0 days 2,154 sqft
    2019-08-01 0 days 2,212 sqft
    2019-09-01 0 days 2,266 sqft
    2019-10-01 0 days 2,274 sqft
    2019-11-01 0 days 2,273 sqft
    2019-12-01 0 days 2,256 sqft
    2020-01-01 0 days 2,267 sqft
    2020-02-01 0 days 2,198 sqft
    2020-03-01 0 days 2,096 sqft
    2020-04-01 0 days 1,955 sqft
    2020-05-01 0 days 1,888 sqft
    2020-06-01 0 days 1,828 sqft
    2020-07-01 0 days 1,814 sqft
    2020-08-01 0 days 1,986 sqft
    2020-09-01 0 days 2,143 sqft
    2020-10-01 0 days 1,920 sqft
    2020-11-01 0 days 1,902 sqft
    2020-12-01 0 days 1,882 sqft
    2021-01-01 0 days 1,722 sqft
    2021-02-01 0 days 1,621 sqft
    2021-03-01 0 days 1,708 sqft
    2021-04-01 0 days 1,700 sqft
    2021-05-01 0 days 1,596 sqft
    2021-06-01 0 days 1,684 sqft
    2021-07-01 0 days 1,836 sqft
    2021-08-01 0 days 1,810 sqft
    2021-09-01 0 days 1,999 sqft
    2021-10-01 0 days 2,172 sqft
    2021-11-01 0 days 1,944 sqft
    2021-12-01 0 days 2,111 sqft
    2022-01-01 0 days 2,130 sqft
    2022-02-01 0 days 2,105 sqft
    2022-03-01 0 days 2,008 sqft
    2022-04-01 0 days 2,305 sqft
    2022-05-01 0 days 1,961 sqft
    2022-06-01 0 days 1,835 sqft
    2022-07-01 0 days 1,977 sqft
    2022-08-01 0 days 2,160 sqft
    2022-09-01 0 days 2,047 sqft
    2022-10-01 0 days 2,121 sqft
    2022-11-01 0 days 2,103 sqft
    2022-12-01 0 days 2,205 sqft
    2023-01-01 0 days 2,147 sqft
    2023-02-01 0 days 2,015 sqft
    2023-03-01 0 days 1,889 sqft
    2023-04-01 0 days 1,943 sqft
    2023-05-01 0 days 1,838 sqft
    2023-06-01 0 days 1,927 sqft
    2023-07-01 0 days 1,872 sqft
    2023-08-01 0 days 1,789 sqft
    2023-09-01 0 days 1,737 sqft
    2023-10-01 0 days 1,835 sqft
    2023-11-01 0 days 1,865 sqft
    2023-12-01 0 days 1,896 sqft
    2024-01-01 0 days 1,832 sqft
    2024-02-01 0 days 1,918 sqft
    2024-03-01 0 days 1,886 sqft
    Norfolk's median listing age (time on market) for 2024-03-01 was 0 days.

    Norfolk's median square footage for active listings during the 2024-03-01 period was 1,886 sqft. One year prior, the average listing was 1,889 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.