Odessa VA Loans

ODESSA, TX

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.