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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.