Odessa VA Loan Rates, Closing Costs & Stats

ODESSA, TX

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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.

    Odessa's 32 lenders originated 98 VA loans during 2023. The total origination value was $28,990,000, with an average VA loan value of $295,816.

    Odessa VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Odessa averaged 6.87% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

    Odessa's average VA mortgage closing costs are $6,568.

    The average rate for the prior week (2024-04-05) was 6.72% and one month ago for the week of 2024-03-08, the average rate was 6.65%.

    The average rate one year ago was 6.14%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.77%.

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

    Odessa 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 Odessa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 16 6.68% $7,761
    DHI MORTGAGE COMPANY, LTD. 12 5.52% $5,543
    PRIMELENDING, A PLAINSCAPITAL COMPANY 10 6.39% $10,860
    UNITED WHOLESALE MORTGAGE, LLC 5 6.50% $7,955
    GUARANTEED RATE, INC. 4 6.56% $9,334
    EVERETT FINANCIAL, INC. 4 7.28% $6,402
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.94% $5,672
    CARDINAL FINANCIAL 4 6.75% $12,954
    PENNYMAC LOAN SERVICES, LLC 4 5.22% $4,895
    AMCAP MORTGAGE, LTD. 3 6.88% $21,979
    NATIONS RELIABLE LENDING, LLC 3 6.33% $13,560
    NAVY FEDERAL CREDIT UNION 3 5.88% $4,190
    SFMC, LP 3 6.38% $8,266
    INTEGRITY MORTGAGE CORPORATION OF TEXAS 1 5.75% $18,442
    DIRECTIONS EQUITY, LLC 1 6.63% $5,146
    Nations Lending Corporation 1 5.13% $29,415
    Barrington Bank & Trust Company, N.A. 1 6.25% $8,958
    Waterstone Mortgage Corporation 1 6.63% $5,732
    NEWREZ LLC 1 6.25% $23,793
    City Bank 1 6.75% $19,617
    Plains Commerce Bank 1 6.25% $6,052
    PLAZA HOME MORTGAGE, INC. 1 6.25% $12,511
    Century Mortgage Company DBA Century Lending Company 1 6.75% $7,441
    QUICKEN LOANS, LLC 1 5.75% $7,582
    ZILLOW HOME LOANS, LLC 1 6.25% $6,423
    SIWELL, INC. 1 6.25% $9,395
    T2 FINANCIAL LLC 1 7.13% $11,617
    The Central Trust Bank 1 5.13% $14,855
    THRIVE MORTGAGE, LLC 1 7.13% $11,136
    First United Bank 1 6.25% $23,793
    GERSHMAN INVESTMENT CORP. 1 6.75% $8,707
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $20,506

    The top Odessa VA lender as defined by loan originations is Mortgage Research Center, LLC, with 16 VA loans originated. Their average total fees are $7,761, which is $2,218 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Odessa VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($5,543), Mortgage Research Center, LLC ($7,761), PRIMELENDING, A PLAINSCAPITAL COMPANY ($10,860), .

    The lowest rate Odessa VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.52%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.39%), Mortgage Research Center, LLC (6.68%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Odessa (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 $199,450 (14.0%) $286,748 (14.1%) 0.74 217
    2018-02-01 $200,950 (12.2%) $321,187 (25.9%) 0.73 184
    2018-03-01 $210,000 (12.1%) $332,626 (31.2%) 0.74 163
    2018-04-01 $229,250 (22.0%) $347,549 (41.3%) 0.78 159
    2018-05-01 $235,000 (23.8%) $348,535 (37.8%) 0.78 184
    2018-06-01 $250,000 (31.7%) $409,745 (57.9%) 0.85 162
    2018-07-01 $254,500 (34.0%) $394,298 (54.0%) 0.86 176
    2018-08-01 $248,200 (29.6%) $381,978 (41.4%) 0.83 184
    2018-09-01 $252,500 (31.2%) $379,235 (39.5%) 0.85 195
    2018-10-01 $249,000 (31.6%) $361,344 (31.5%) 0.84 212
    2018-11-01 $249,900 (25.0%) $342,633 (22.2%) 0.85 219
    2018-12-01 $256,500 (28.4%) $348,719 (22.3%) 0.88 206
    2019-01-01 $245,750 (23.2%) $319,062 (11.3%) 0.85 200
    2019-02-01 $249,675 (24.3%) $329,387 (2.6%) 0.84 192
    2019-03-01 $262,500 (25.0%) $348,854 (4.9%) 0.86 173
    2019-04-01 $284,925 (24.3%) $362,494 (4.3%) 0.90 156
    2019-05-01 $277,000 (17.9%) $362,614 (4.0%) 0.87 172
    2019-06-01 $279,450 (11.8%) $357,821 (-12.7%) 0.87 203
    2019-07-01 $275,000 (8.1%) $360,302 (-8.6%) 0.86 236
    2019-08-01 $270,882 (9.1%) $352,737 (-7.7%) 0.86 261
    2019-09-01 $264,705 (4.8%) $337,862 (-10.9%) 0.85 298
    2019-10-01 $262,361 (5.4%) $328,569 (-9.1%) 0.85 329
    2019-11-01 $264,950 (6.0%) $332,003 (-3.1%) 0.87 327
    2019-12-01 $250,000 (-2.5%) $325,383 (-6.7%) 0.83 299
    2020-01-01 $249,950 (1.7%) $327,025 (2.5%) 0.84 301
    2020-02-01 $259,950 (4.1%) $319,141 (-3.1%) 0.85 294
    2020-03-01 $263,750 (0.5%) $316,872 (-9.2%) 0.83 315
    2020-04-01 $254,925 (-10.5%) $316,362 (-12.7%) 0.80 359
    2020-05-01 $259,900 (-6.2%) $313,932 (-13.4%) 0.79 374
    2020-06-01 $264,675 (-5.3%) $337,862 (-5.6%) 0.78 385
    2020-07-01 $259,950 (-5.5%) $342,261 (-5.0%) 0.75 407
    2020-08-01 $259,900 (-4.1%) $335,929 (-4.8%) 0.74 432
    2020-09-01 $247,300 (-6.6%) $318,122 (-5.8%) 0.71 453
    2020-10-01 $239,000 (-8.9%) $307,701 (-6.4%) 0.68 473
    2020-11-01 $230,000 (-13.2%) $294,973 (-11.2%) 0.67 532
    2020-12-01 $229,948 (-8.0%) $299,410 (-8.0%) 0.68 546
    2021-01-01 $225,000 (-10.0%) $286,597 (-12.4%) 0.67 537
    2021-02-01 $225,000 (-13.4%) $285,041 (-10.7%) 0.66 546
    2021-03-01 $229,000 (-13.2%) $291,652 (-8.0%) 0.65 549
    2021-04-01 $238,188 (-6.6%) $290,984 (-8.0%) 0.64 535
    2021-05-01 $239,000 (-8.0%) $296,616 (-5.5%) 0.64 530
    2021-06-01 $234,725 (-11.3%) $292,443 (-13.4%) 0.62 520
    2021-07-01 $238,000 (-8.4%) $302,335 (-11.7%) 0.63 537
    2021-08-01 $236,500 (-9.0%) $308,262 (-8.2%) 0.63 551
    2021-09-01 $237,450 (-4.0%) $307,285 (-3.4%) 0.63 558
    2021-10-01 $230,000 (-3.8%) $302,659 (-1.6%) 0.61 520
    2021-11-01 $232,425 (1.1%) $289,794 (-1.8%) 0.62 538
    2021-12-01 $227,875 (-0.9%) $290,573 (-3.0%) 0.61 499
    2022-01-01 $232,450 (3.3%) $303,937 (6.1%) 0.62 442
    2022-02-01 $242,475 (7.8%) $311,338 (9.2%) 0.62 413
    2022-03-01 $247,975 (8.3%) $309,755 (6.2%) 0.61 380
    2022-04-01 $260,000 (9.2%) $324,323 (11.5%) 0.61 375
    2022-05-01 $256,875 (7.5%) $329,106 (11.0%) 0.59 406
    2022-06-01 $257,175 (9.6%) $322,473 (10.3%) 0.57 459
    2022-07-01 $259,900 (9.2%) $319,527 (5.7%) 0.59 482
    2022-08-01 $257,038 (8.7%) $323,623 (5.0%) 0.60 497
    2022-09-01 $262,325 (10.5%) $331,462 (7.9%) 0.61 487
    2022-10-01 $255,000 (10.9%) $324,777 (7.3%) 0.60 496
    2022-11-01 $257,000 (10.6%) $320,905 (10.7%) 0.62 477
    2022-12-01 $260,000 (14.1%) $315,831 (8.7%) 0.64 432
    2023-01-01 $264,569 (13.8%) $313,483 (3.1%) 0.66 393
    2023-02-01 $258,975 (6.8%) $330,513 (6.2%) 0.63 370
    2023-03-01 $268,500 (8.3%) $339,888 (9.7%) 0.63 330
    2023-04-01 $276,000 (6.2%) $343,874 (6.0%) 0.64 315
    2023-05-01 $289,500 (12.7%) $351,356 (6.8%) 0.66 301
    2023-06-01 $285,500 (11.0%) $346,067 (7.3%) 0.64 313
    2023-07-01 $279,900 (7.7%) $337,645 (5.7%) 0.64 303
    2023-08-01 $285,000 (10.9%) $336,561 (4.0%) 0.65 302
    2023-09-01 $285,000 (8.6%) $335,721 (1.3%) 0.66 299
    2023-10-01 $297,000 (16.5%) $341,076 (5.0%) 0.70 322
    2023-11-01 $299,950 (16.7%) $349,170 (8.8%) 0.71 320
    2023-12-01 $301,090 (15.8%) $367,460 (16.4%) 0.00 294
    2024-01-01 $312,750 (18.2%) $382,357 (22.0%) 0.00 277
    2024-02-01 $315,071 (21.7%) $371,758 (12.5%) 0.00 261
    2024-03-01 $322,585 (20.1%) $390,107 (14.8%) 0.00 249
    Odessa's median listing price for 2024-03-01 was $322,585, a difference of $54,085 (20.1%) versus the prior year and $7,514 versus the prior month.

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

    Odessa's average listing price for 2024-03-01 was $390,107, a difference of $50,219 (14.8%) versus the prior year and $18,349 versus the prior month.

    For the 2024-03-01 period, Odessa had 249 MLS listings, a difference of -12 listings (-5%) versus the prior month and -81 listings (-25%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Odessa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 62 days 1,893 sqft
    2018-02-01 56 days 1,983 sqft
    2018-03-01 32 days 1,984 sqft
    2018-04-01 31 days 2,043 sqft
    2018-05-01 26 days 2,097 sqft
    2018-06-01 42 days 2,139 sqft
    2018-07-01 39 days 2,075 sqft
    2018-08-01 40 days 2,058 sqft
    2018-09-01 38 days 2,061 sqft
    2018-10-01 36 days 2,032 sqft
    2018-11-01 37 days 2,027 sqft
    2018-12-01 49 days 2,041 sqft
    2019-01-01 51 days 2,038 sqft
    2019-02-01 42 days 2,029 sqft
    2019-03-01 33 days 2,103 sqft
    2019-04-01 29 days 2,209 sqft
    2019-05-01 33 days 2,161 sqft
    2019-06-01 34 days 2,165 sqft
    2019-07-01 34 days 2,168 sqft
    2019-08-01 38 days 2,111 sqft
    2019-09-01 40 days 2,046 sqft
    2019-10-01 42 days 2,009 sqft
    2019-11-01 53 days 2,067 sqft
    2019-12-01 73 days 2,051 sqft
    2020-01-01 73 days 1,979 sqft
    2020-02-01 61 days 1,981 sqft
    2020-03-01 47 days 1,999 sqft
    2020-04-01 48 days 1,996 sqft
    2020-05-01 57 days 1,951 sqft
    2020-06-01 54 days 1,996 sqft
    2020-07-01 55 days 1,989 sqft
    2020-08-01 49 days 1,943 sqft
    2020-09-01 51 days 1,872 sqft
    2020-10-01 55 days 1,847 sqft
    2020-11-01 53 days 1,827 sqft
    2020-12-01 64 days 1,823 sqft
    2021-01-01 74 days 1,782 sqft
    2021-02-01 69 days 1,805 sqft
    2021-03-01 61 days 1,821 sqft
    2021-04-01 57 days 1,856 sqft
    2021-05-01 57 days 1,873 sqft
    2021-06-01 58 days 1,817 sqft
    2021-07-01 57 days 1,800 sqft
    2021-08-01 60 days 1,832 sqft
    2021-09-01 64 days 1,850 sqft
    2021-10-01 67 days 1,824 sqft
    2021-11-01 70 days 1,844 sqft
    2021-12-01 71 days 1,832 sqft
    2022-01-01 72 days 1,853 sqft
    2022-02-01 63 days 1,866 sqft
    2022-03-01 46 days 1,839 sqft
    2022-04-01 45 days 1,840 sqft
    2022-05-01 44 days 1,822 sqft
    2022-06-01 42 days 1,818 sqft
    2022-07-01 44 days 1,872 sqft
    2022-08-01 53 days 1,870 sqft
    2022-09-01 59 days 1,892 sqft
    2022-10-01 60 days 1,839 sqft
    2022-11-01 63 days 1,879 sqft
    2022-12-01 73 days 1,896 sqft
    2023-01-01 69 days 1,867 sqft
    2023-02-01 50 days 1,885 sqft
    2023-03-01 51 days 1,916 sqft
    2023-04-01 50 days 1,978 sqft
    2023-05-01 46 days 2,018 sqft
    2023-06-01 46 days 2,022 sqft
    2023-07-01 53 days 2,020 sqft
    2023-08-01 49 days 2,053 sqft
    2023-09-01 50 days 2,052 sqft
    2023-10-01 49 days 2,033 sqft
    2023-11-01 49 days 2,032 sqft
    2023-12-01 0 days 2,070 sqft
    2024-01-01 0 days 2,039 sqft
    2024-02-01 0 days 2,077 sqft
    2024-03-01 0 days 2,104 sqft
    Odessa's median listing age (time on market) for 2024-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Odessa's median square footage for active listings during the 2024-03-01 period was 2,104 sqft. One year prior, the average listing was 1,916 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.