Odessa VA Loans

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 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 58 lenders originated 238 VA loans during 2021. The total origination value was $57,690,000, with an average VA loan value of $242,395.

    Odessa VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Odessa averaged 5.81% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.94% and one month ago for the week of 2022-04-08, the average rate was 5.37%.

    The average rate one year ago was 3.18%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.37%.

    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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Odessa level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Mortgage Research Center, LLC 30 2.94% $6,801
    FREEDOM MORTGAGE CORPORATION 21 2.51% $2,748
    QUICKEN LOANS, LLC 13 2.42% $3,344
    PRIMELENDING, A PLAINSCAPITAL COMPANY 12 3.45% $8,501
    AMCAP MORTGAGE, LTD. 9 3.31% $8,015
    USAA Federal Savings Bank 6 2.88% $2,825
    Mr. Cooper ( Nationstar Mortgage ) 6 2.73% $3,311
    PENNYMAC LOAN SERVICES, LLC 6 2.44% $7,547
    NAVY FEDERAL CREDIT UNION 6 2.38% $3,549
    NATIONS RELIABLE LENDING, LLC 5 3.33% $11,122
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 3.45% $7,485
    DHI MORTGAGE COMPANY, LTD. 5 2.65% $9,500
    Wells Fargo Bank 4 2.72% $3,072
    Gateway First Bank 4 3.03% $7,456
    Low VA Rates, LLC 4 2.34% $4,627
    CLEARPATH LENDING 4 2.28% $5,086
    The Federal Savings Bank 3 2.54% $3,522
    Barrington Bank & Trust Company, N.A. 3 2.83% $8,752
    CALIBER HOME LOANS, INC. 3 2.25% $6,481
    INFINITY MORTGAGE HOLDINGS, LLC 3 2.88% $7,452
    LAKEVIEW LOAN SERVICING, LLC 3 2.58% $3,129
    LOANDEPOT.COM, LLC 3 2.33% $2,787
    SFMC, LP 3 2.71% $5,770
    SUN WEST MORTGAGE COMPANY, INC. 3 2.83% $7,665
    VILLAGE CAPITAL & INVESTMENT LLC 3 2.67% $3,929
    Southwest Bank 2 2.94% $3,835
    NEW DAY FINANCIAL, LLC 2 2.38% $5,789
    InterContinental Capital Group, Inc 2 2.25% $4,119
    ACCELERATE MORTGAGE, LLC 2 1.87% $11,842
    MID AMERICA MORTGAGE, INC. 2 3.31% $4,472
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.50% $3,951
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.25% $1,574
    CONTOUR MORTGAGE CORPORATION 1 2.25% $2,514
    NATIONS DIRECT MORTGAGE, LLC 1 2.38% $2,038
    Community First National Bank 1 2.75% $3,079
    City Bank 1 2.30% $4,046
    NEWREZ LLC 1 2.38% $15,387
    NP, Inc. 1 2.25% $4,411
    UNITED WHOLESALE MORTGAGE, LLC 1 3.00% $5,879
    PILGRIM MORTGAGE LLC 1 3.75% $8,004
    PLANET HOME LENDING, LLC 1 2.63% $1,152
    BROKER SOLUTIONS, INC. 1 2.25% $4,161
    Bank of America 1 2.50% $0
    AMERICAN FINANCIAL NETWORK, INC. 1 2.25% $11,340
    Waterstone Mortgage Corporation 1 3.50% $6,069
    TEXAS TECH 1 2.75% $17,584
    UNION HOME MORTGAGE CORP. 1 2.88% $1,602
    First Guaranty Mortgage Corporation 1 2.75% $4,094
    First Bank & Trust 1 3.00% $6,706
    FBC MORTGAGE, LLC 1 3.50% $5,183
    GENEVA FINANCIAL, LLC 1 2.88% $22,663
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.25% $4,535
    Citizens Bank 1 2.88% $5,002
    Lakeview Community Capital, LLC 1 2.99% $1,699
    Amerifirst Financial, Inc. 1 2.75% $1,464
    U.S. Bank 1 2.99% $3,546
    Equity Prime Mortgage LLC 1 2.75% $2,774
    CROSSCOUNTRY MORTGAGE, LLC 1 2.99% $2,499

    The top Odessa VA lender as defined by loan originations is Mortgage Research Center, LLC, with 30 VA loans originated. Their average total fees are $6,801, which is $4,052 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

    The lowest fee Odessa VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,748), QUICKEN LOANS, LLC ($3,344), Mortgage Research Center, LLC ($6,801), PRIMELENDING, A PLAINSCAPITAL COMPANY ($8,501) and .

    The lowest rate Odessa VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.42%), FREEDOM MORTGAGE CORPORATION (2.51%), Mortgage Research Center, LLC (2.94%), PRIMELENDING, A PLAINSCAPITAL COMPANY (3.45%) and .

    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 $204,200 (13.5%) $310,892 (15.5%) 0.75 254
    2018-02-01 $212,500 (14.9%) $356,919 (30.7%) 0.77 217
    2018-03-01 $230,000 (19.2%) $386,877 (42.5%) 0.80 186
    2018-04-01 $252,450 (28.8%) $408,557 (53.8%) 0.85 184
    2018-05-01 $259,950 (32.5%) $407,270 (51.2%) 0.87 211
    2018-06-01 $287,500 (46.9%) $462,856 (64.4%) 0.96 203
    2018-07-01 $281,833 (44.5%) $431,506 (54.1%) 0.94 214
    2018-08-01 $285,950 (43.1%) $431,749 (40.4%) 0.96 222
    2018-09-01 $270,600 (35.4%) $403,910 (30.8%) 0.91 242
    2018-10-01 $266,000 (33.2%) $384,021 (22.8%) 0.89 271
    2018-11-01 $259,450 (25.3%) $354,797 (12.0%) 0.87 265
    2018-12-01 $270,000 (35.1%) $372,319 (19.4%) 0.92 249
    2019-01-01 $267,450 (31.0%) $368,400 (18.5%) 0.92 242
    2019-02-01 $267,450 (25.9%) $370,219 (3.7%) 0.90 234
    2019-03-01 $289,229 (25.8%) $384,169 (-0.7%) 0.94 212
    2019-04-01 $324,450 (28.5%) $407,613 (-0.2%) 1.02 205
    2019-05-01 $324,404 (24.8%) $433,116 (6.4%) 1.00 226
    2019-06-01 $315,000 (9.6%) $438,871 (-5.2%) 0.97 275
    2019-07-01 $326,750 (15.9%) $438,145 (1.5%) 1.02 303
    2019-08-01 $319,100 (11.6%) $420,252 (-2.7%) 1.00 325
    2019-09-01 $299,925 (10.8%) $393,038 (-2.7%) 0.95 364
    2019-10-01 $296,250 (11.4%) $383,417 (-0.2%) 0.95 421
    2019-11-01 $293,000 (12.9%) $381,167 (7.4%) 0.95 432
    2019-12-01 $294,875 (9.2%) $370,547 (-0.5%) 0.98 400
    2020-01-01 $284,950 (6.5%) $366,782 (-0.4%) 0.95 392
    2020-02-01 $294,000 (9.9%) $363,356 (-1.9%) 0.95 395
    2020-03-01 $291,950 (0.9%) $357,927 (-6.8%) 0.91 426
    2020-04-01 $284,950 (-12.2%) $349,796 (-14.2%) 0.89 472
    2020-05-01 $279,900 (-13.7%) $341,826 (-21.1%) 0.85 499
    2020-06-01 $281,000 (-10.8%) $357,711 (-18.5%) 0.82 510
    2020-07-01 $279,900 (-14.3%) $360,609 (-17.7%) 0.80 537
    2020-08-01 $275,000 (-13.8%) $353,549 (-15.9%) 0.79 561
    2020-09-01 $262,450 (-12.5%) $338,533 (-13.9%) 0.75 586
    2020-10-01 $254,900 (-14.0%) $329,365 (-14.1%) 0.73 622
    2020-11-01 $240,000 (-18.1%) $313,161 (-17.8%) 0.69 686
    2020-12-01 $240,000 (-18.6%) $311,707 (-15.9%) 0.70 702
    2021-01-01 $235,000 (-17.5%) $298,123 (-18.7%) 0.69 690
    2021-02-01 $237,450 (-19.2%) $297,351 (-18.2%) 0.68 700
    2021-03-01 $240,000 (-17.8%) $304,203 (-15.0%) 0.67 701
    2021-04-01 $243,950 (-14.4%) $301,680 (-13.8%) 0.66 685
    2021-05-01 $249,900 (-10.7%) $312,078 (-8.7%) 0.66 675
    2021-06-01 $244,000 (-13.2%) $311,236 (-13.0%) 0.63 656
    2021-07-01 $245,000 (-12.5%) $318,476 (-11.7%) 0.64 689
    2021-08-01 $242,500 (-11.8%) $329,477 (-6.8%) 0.64 693
    2021-09-01 $245,000 (-6.7%) $325,819 (-3.8%) 0.64 693
    2021-10-01 $244,900 (-3.9%) $320,128 (-2.8%) 0.64 663
    2021-11-01 $242,500 (1.0%) $309,730 (-1.1%) 0.64 687
    2021-12-01 $245,000 (2.1%) $308,822 (-0.9%) 0.65 636
    2022-01-01 $255,000 (8.5%) $331,330 (11.1%) 0.68 567
    2022-02-01 $262,450 (10.5%) $337,214 (13.4%) 0.67 539
    2022-03-01 $272,450 (13.5%) $338,058 (11.1%) 0.67 470
    2022-04-01 $283,155 (16.1%) $348,671 (15.6%) 0.67 480
    Odessa's median listing price for 2022-04-01 was $283,155, a difference of $39,205 (16.1%) versus the prior year and $10,705 versus the prior month.

    Odessa's median listing price comes in at 67% of the national average.

    Odessa's average listing price for 2022-04-01 was $348,671, a difference of $46,991 (15.6%) versus the prior year and $10,613 versus the prior month.

    For the 2022-04-01 period, Odessa had 480 MLS listings, a difference of 10 listings (2%) versus the prior month and -205 listings (-30%) 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 65 days 1,949 sqft
    2018-02-01 63 days 2,066 sqft
    2018-03-01 36 days 2,140 sqft
    2018-04-01 30 days 2,153 sqft
    2018-05-01 29 days 2,251 sqft
    2018-06-01 41 days 2,400 sqft
    2018-07-01 42 days 2,353 sqft
    2018-08-01 40 days 2,298 sqft
    2018-09-01 35 days 2,216 sqft
    2018-10-01 36 days 2,122 sqft
    2018-11-01 41 days 2,079 sqft
    2018-12-01 55 days 2,089 sqft
    2019-01-01 61 days 2,096 sqft
    2019-02-01 50 days 2,100 sqft
    2019-03-01 34 days 2,221 sqft
    2019-04-01 30 days 2,346 sqft
    2019-05-01 35 days 2,336 sqft
    2019-06-01 37 days 2,338 sqft
    2019-07-01 40 days 2,335 sqft
    2019-08-01 38 days 2,275 sqft
    2019-09-01 44 days 2,201 sqft
    2019-10-01 43 days 2,212 sqft
    2019-11-01 50 days 2,217 sqft
    2019-12-01 68 days 2,235 sqft
    2020-01-01 72 days 2,095 sqft
    2020-02-01 63 days 2,089 sqft
    2020-03-01 48 days 2,069 sqft
    2020-04-01 49 days 2,064 sqft
    2020-05-01 56 days 2,045 sqft
    2020-06-01 53 days 2,049 sqft
    2020-07-01 53 days 2,026 sqft
    2020-08-01 49 days 2,014 sqft
    2020-09-01 49 days 1,960 sqft
    2020-10-01 52 days 1,908 sqft
    2020-11-01 53 days 1,872 sqft
    2020-12-01 63 days 1,863 sqft
    2021-01-01 74 days 1,828 sqft
    2021-02-01 70 days 1,846 sqft
    2021-03-01 60 days 1,855 sqft
    2021-04-01 56 days 1,884 sqft
    2021-05-01 52 days 1,920 sqft
    2021-06-01 57 days 1,866 sqft
    2021-07-01 56 days 1,862 sqft
    2021-08-01 58 days 1,867 sqft
    2021-09-01 63 days 1,874 sqft
    2021-10-01 63 days 1,864 sqft
    2021-11-01 65 days 1,867 sqft
    2021-12-01 68 days 1,865 sqft
    2022-01-01 67 days 1,890 sqft
    2022-02-01 60 days 1,919 sqft
    2022-03-01 50 days 1,900 sqft
    2022-04-01 44 days 1,900 sqft
    Odessa's median listing age (time on market) for 2022-04-01 was 44 days. This is -21% shorter than the same period one year ago.

    Odessa's median square footage for active listings during the 2022-04-01 period was 1,900 sqft. One year prior, the average listing was 1,884 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.