Norfolk VA Loan Rates, Closing Costs & Stats

Norfolk, NE

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 0.46% for the week of 2024-11-29, compared to the national average (all VA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.53% and one month ago for the week of 2024-10-25, the average rate was 6.43%.

The average rate one year ago was 7.37%.

For refis of the same type during the week of 2024-11-29, the average rate was 0%.

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
2024-04-01 $283,650 (3.2%) $319,062 (-9.1%) 0.00 81
2024-05-01 $282,450 (11.9%) $324,903 (-1.8%) 0.00 90
2024-06-01 $285,000 (-4.4%) $318,022 (-10.5%) 0.00 104
2024-07-01 $284,725 (5.5%) $320,156 (-3.7%) 0.00 106
2024-08-01 $279,000 (9.5%) $307,637 (2.0%) 0.00 117
2024-09-01 $264,688 (5.9%) $296,376 (0.5%) 0.00 120
2024-10-01 $269,488 (-2.0%) $298,282 (-6.0%) 0.00 120
Norfolk's median listing price for 2024-10-01 was $269,488, a difference of $-5,512 (-2.0%) versus the prior year and $4,800 versus the prior month.

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

Norfolk's average listing price for 2024-10-01 was $298,282, a difference of $-19,132 (-6.0%) versus the prior year and $1,906 versus the prior month.

For the 2024-10-01 period, Norfolk had 120 MLS listings, a difference of 0 listings (0%) versus the prior month and 35 listings (41%) 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
2024-04-01 0 days 1,830 sqft
2024-05-01 0 days 1,859 sqft
2024-06-01 0 days 1,859 sqft
2024-07-01 0 days 1,941 sqft
2024-08-01 0 days 1,929 sqft
2024-09-01 0 days 1,860 sqft
2024-10-01 0 days 1,944 sqft
Norfolk's median listing age (time on market) for 2024-10-01 was 0 days.

Norfolk's median square footage for active listings during the 2024-10-01 period was 1,944 sqft. One year prior, the average listing was 1,835 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.