Rochester VA Loan Rates, Closing Costs & Stats

ROCHESTER, NY

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.

Rochester's 65 lenders originated 1,060 VA loans during 2021. The total origination value was $212,490,000, with an average VA loan value of $200,462.

Rochester VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Rochester averaged 0.42% for the week of 2022-11-25, compared to the national average (all VA variants) of 0% for the same period.

Rochester's average VA mortgage closing costs are $4,701.

The average rate for the prior week (2022-11-18) was 6.61% and one month ago for the week of 2022-10-21, the average rate was 7.15%.

The average rate one year ago was 3.14%.

For refis of the same type during the week of 2022-11-25, the average rate was 0.24%.

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

Rochester 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 Rochester level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 255 2.65% $4,543
Premium Mortgage Corporation 114 2.88% $5,436
Mortgage Research Center, LLC 73 2.96% $5,756
USAA Federal Savings Bank 45 2.96% $4,027
NAVY FEDERAL CREDIT UNION 41 2.49% $4,290
PRIMELENDING, A PLAINSCAPITAL COMPANY 38 3.12% $5,050
Mr. Cooper ( Nationstar Mortgage ) 30 3.09% $2,354
Genesee Regional Bank 28 3.09% $5,030
FREEDOM MORTGAGE CORPORATION 26 2.74% $2,972
HOME TOWN FUNDING, INC. 23 2.69% $4,402
Barrington Bank & Trust Company, N.A. 21 2.83% $3,831
HUNT MORTGAGE CORPORATION 17 3.08% $5,770
Wells Fargo Bank 16 2.72% $3,844
CALIBER HOME LOANS, INC. 15 2.67% $2,780
PENTAGON FEDERAL CREDIT UNION 14 2.32% $1,545
LOANDEPOT.COM, LLC 13 2.57% $5,250
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 3.07% $5,496
MOVEMENT MORTGAGE, LLC 13 3.42% $3,334
1ST PRIORITY MORTGAGE, INC. 12 2.97% $5,408
The Federal Savings Bank 12 2.66% $4,680
Citizens Bank 8 2.69% $3,602
UNITED WHOLESALE MORTGAGE, LLC 8 2.59% $6,547
M&T Bank 7 2.86% $5,540
First Federal Bank 7 3.71% $7,782
PLAZA HOME MORTGAGE, INC. 6 2.81% $5,779
RESIDENTIAL MORTGAGE SERVICES, INC. 6 2.54% $6,943
NEWREZ LLC 6 2.89% $3,186
Carrington Mortgage Services, LLC 5 3.25% $10,125
GUARANTEED RATE, INC. 5 2.88% $4,060
HOME POINT FINANCIAL CORPORATION 5 2.80% $5,547
FINANCE OF AMERICA MORTGAGE LLC 4 3.00% $6,579
AMERICAN FINANCIAL NETWORK, INC. 4 2.94% $8,114
KeyBank 4 2.69% $4,269
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.62% $5,658
RELIANCE FIRST CAPITAL, LLC 4 3.16% $7,876
NVR Mortgage Finance, Inc. 4 2.47% $4,388
HOMESTEAD FUNDING CORP. 3 2.92% $11,582
CROSSCOUNTRY MORTGAGE, LLC 3 2.82% $7,819
AMERICAN FINANCING CORPORATION 3 2.63% $4,579
Magnolia Bank 2 2.75% $3,319
North American Savings Bank, F.S.B. 2 2.50% $3,388
JPMorgan Chase Bank 2 3.00% $5,956
AMERICAN FINANCIAL RESOURCES, INC. 2 3.56% $3,221
SUN WEST MORTGAGE COMPANY, INC. 2 2.44% $2,486
ROYAL UNITED MORTGAGE LLC 2 3.00% $15,542
PHH Mortgage Corporation 1 3.13% $1,132
PLANET HOME LENDING, LLC 1 2.75% $2,201
U.S. Bank 1 3.25% $4,883
Congressional Bank 1 3.25% $4,423
COMMONFUND MORTGAGE CORP. 1 2.88% $5,963
Colonial Savings, F.A. 1 2.88% $12,882
BNC National Bank 1 2.25% $3,159
SEFCU SERVICES, LLC 1 2.63% $4,077
Stifel Bank and Trust 1 2.63% $1,769
Bank of America 1 2.50% $2,706
Tyndall Federal Credit Union 1 2.25% $2,410
UNITED MORTGAGE CORP. 1 3.13% $9,381
First Federal Bank of Kansas City 1 2.25% $2,831
ESL Federal Credit Union 1 2.75% $1,920
First Savings Bank 1 3.13% $7,279
NBKC BANK 1 2.25% $4,472
EQUITY NOW INC. 1 2.88% $2,925
GUARANTEED RATE AFFINITY, LLC 1 2.75% $2,803
PARAGON HOME LOANS INC. 1 3.38% $4,431
EMBRACE HOME LOANS, INC. 1 2.75% $3,444

The top Rochester VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 255 VA loans originated. Their average total fees are $4,543, which is $893 lower than the next largest lender, Premium Mortgage Corporation.

The lowest fee Rochester VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION ($1,545), Mr. Cooper ( Nationstar Mortgage ) ($2,354), CALIBER HOME LOANS, INC. ($2,780), FREEDOM MORTGAGE CORPORATION ($2,972) and MOVEMENT MORTGAGE, LLC ($3,334).

The lowest rate Rochester VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (2.32%), NAVY FEDERAL CREDIT UNION (2.49%), LOANDEPOT.COM, LLC (2.57%), QUICKEN LOANS, LLC (2.65%) and The Federal Savings Bank (2.66%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Rochester (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 $159,900 (7.2%) $222,645 (8.5%) 0.59 2,099
2018-02-01 $169,900 (10.8%) $227,260 (5.8%) 0.62 2,059
2018-03-01 $179,900 (10.8%) $235,482 (6.6%) 0.63 2,109
2018-04-01 $193,950 (14.1%) $243,792 (7.1%) 0.66 2,256
2018-05-01 $196,550 (9.3%) $248,406 (5.0%) 0.66 2,478
2018-06-01 $194,900 (8.5%) $252,190 (6.7%) 0.65 2,719
2018-07-01 $189,900 (5.6%) $245,600 (3.0%) 0.63 2,869
2018-08-01 $185,000 (5.9%) $241,633 (3.0%) 0.62 2,954
2018-09-01 $184,900 (8.8%) $236,949 (2.1%) 0.62 2,905
2018-10-01 $179,900 (6.5%) $233,235 (0.4%) 0.61 2,846
2018-11-01 $174,900 (4.9%) $231,889 (0.3%) 0.59 2,643
2018-12-01 $179,900 (9.0%) $236,703 (2.5%) 0.62 2,285
2019-01-01 $189,450 (18.5%) $243,675 (9.5%) 0.65 1,923
2019-02-01 $196,400 (15.6%) $254,368 (11.9%) 0.66 1,848
2019-03-01 $212,371 (18.1%) $272,168 (15.6%) 0.69 1,833
2019-04-01 $230,950 (19.1%) $294,129 (20.7%) 0.73 1,842
2019-05-01 $229,900 (17.0%) $295,497 (19.0%) 0.72 1,938
2019-06-01 $229,900 (18.0%) $275,136 (9.1%) 0.72 2,104
2019-07-01 $229,200 (20.7%) $276,164 (12.4%) 0.72 2,217
2019-08-01 $218,109 (17.9%) $275,254 (13.9%) 0.69 2,258
2019-09-01 $207,923 (12.5%) $271,841 (14.7%) 0.67 2,301
2019-10-01 $199,950 (11.2%) $269,007 (15.3%) 0.65 2,314
2019-11-01 $199,900 (14.3%) $266,486 (14.9%) 0.66 2,070
2019-12-01 $199,800 (11.1%) $263,952 (11.5%) 0.67 1,800
2020-01-01 $199,900 (5.5%) $264,208 (8.4%) 0.67 1,547
2020-02-01 $220,100 (12.1%) $272,764 (7.2%) 0.72 1,424
2020-03-01 $232,800 (9.6%) $283,542 (4.2%) 0.73 1,480
2020-04-01 $249,900 (8.2%) $299,027 (1.7%) 0.78 1,384
2020-05-01 $249,990 (8.7%) $305,731 (3.5%) 0.76 1,385
2020-06-01 $242,493 (5.5%) $298,386 (8.5%) 0.71 1,498
2020-07-01 $248,950 (8.6%) $303,701 (10.0%) 0.72 1,452
2020-08-01 $239,900 (10.0%) $292,507 (6.3%) 0.69 1,409
2020-09-01 $221,225 (6.4%) $278,297 (2.4%) 0.63 1,406
2020-10-01 $224,900 (12.5%) $284,491 (5.8%) 0.64 1,331
2020-11-01 $224,950 (12.5%) $297,011 (11.5%) 0.66 1,188
2020-12-01 $231,975 (16.1%) $309,622 (17.3%) 0.69 947
2021-01-01 $249,900 (25.0%) $322,034 (21.9%) 0.75 820
2021-02-01 $272,400 (23.8%) $333,706 (22.3%) 0.79 754
2021-03-01 $259,675 (11.5%) $323,422 (14.1%) 0.74 788
2021-04-01 $245,450 (-1.8%) $313,684 (4.9%) 0.66 821
2021-05-01 $239,900 (-4.0%) $309,885 (1.4%) 0.63 876
2021-06-01 $239,900 (-1.1%) $314,795 (5.5%) 0.63 1,037
2021-07-01 $235,000 (-5.6%) $315,021 (3.7%) 0.62 1,103
2021-08-01 $227,400 (-5.2%) $312,730 (6.9%) 0.61 1,097
2021-09-01 $209,950 (-5.1%) $299,897 (7.8%) 0.56 1,091
2021-10-01 $209,900 (-6.7%) $294,464 (3.5%) 0.56 970
2021-11-01 $199,900 (-11.1%) $289,743 (-2.5%) 0.53 834
2021-12-01 $196,950 (-15.1%) $287,758 (-7.1%) 0.53 682
2022-01-01 $199,900 (-20.0%) $299,695 (-6.9%) 0.54 562
2022-02-01 $222,450 (-18.3%) $305,569 (-8.4%) 0.58 559
2022-03-01 $217,425 (-16.3%) $288,501 (-10.8%) 0.54 646
2022-04-01 $199,900 (-18.6%) $278,220 (-11.3%) 0.48 751
2022-05-01 $222,400 (-7.3%) $304,084 (-1.9%) 0.51 880
2022-06-01 $229,394 (-4.4%) $312,180 (-0.8%) 0.51 983
2022-07-01 $233,639 (-0.6%) $317,792 (0.9%) 0.53 1,026
2022-08-01 $225,000 (-1.1%) $308,997 (-1.2%) 0.52 1,016
2022-09-01 $222,500 (6.0%) $304,727 (1.6%) 0.52 1,007
2022-10-01 $225,000 (7.2%) $315,046 (7.0%) 0.53 984
Rochester's median listing price for 2022-10-01 was $225,000, a difference of $15,100 (7.2%) versus the prior year and $2,500 versus the prior month.

Rochester's median listing price comes in at 53% of the national average.

Rochester's average listing price for 2022-10-01 was $315,046, a difference of $20,582 (7.0%) versus the prior year and $10,319 versus the prior month.

For the 2022-10-01 period, Rochester had 984 MLS listings, a difference of -23 listings (-2%) versus the prior month and 14 listings (1%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Rochester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 67 days 1,716 sqft
2018-02-01 62 days 1,759 sqft
2018-03-01 44 days 1,766 sqft
2018-04-01 37 days 1,770 sqft
2018-05-01 37 days 1,770 sqft
2018-06-01 37 days 1,780 sqft
2018-07-01 39 days 1,766 sqft
2018-08-01 44 days 1,755 sqft
2018-09-01 47 days 1,752 sqft
2018-10-01 51 days 1,743 sqft
2018-11-01 57 days 1,724 sqft
2018-12-01 68 days 1,730 sqft
2019-01-01 71 days 1,726 sqft
2019-02-01 59 days 1,730 sqft
2019-03-01 44 days 1,762 sqft
2019-04-01 34 days 1,797 sqft
2019-05-01 32 days 1,806 sqft
2019-06-01 32 days 1,812 sqft
2019-07-01 36 days 1,810 sqft
2019-08-01 40 days 1,800 sqft
2019-09-01 42 days 1,787 sqft
2019-10-01 44 days 1,777 sqft
2019-11-01 51 days 1,768 sqft
2019-12-01 63 days 1,750 sqft
2020-01-01 64 days 1,739 sqft
2020-02-01 43 days 1,744 sqft
2020-03-01 36 days 1,764 sqft
2020-04-01 50 days 1,760 sqft
2020-05-01 57 days 1,809 sqft
2020-06-01 29 days 1,786 sqft
2020-07-01 29 days 1,789 sqft
2020-08-01 29 days 1,752 sqft
2020-09-01 27 days 1,730 sqft
2020-10-01 31 days 1,728 sqft
2020-11-01 36 days 1,711 sqft
2020-12-01 50 days 1,717 sqft
2021-01-01 57 days 1,727 sqft
2021-02-01 35 days 1,740 sqft
2021-03-01 21 days 1,715 sqft
2021-04-01 14 days 1,712 sqft
2021-05-01 11 days 1,700 sqft
2021-06-01 12 days 1,757 sqft
2021-07-01 16 days 1,744 sqft
2021-08-01 17 days 1,733 sqft
2021-09-01 21 days 1,698 sqft
2021-10-01 23 days 1,697 sqft
2021-11-01 25 days 1,684 sqft
2021-12-01 39 days 1,668 sqft
2022-01-01 40 days 1,693 sqft
2022-02-01 24 days 1,712 sqft
2022-03-01 12 days 1,674 sqft
2022-04-01 11 days 1,662 sqft
2022-05-01 11 days 1,706 sqft
2022-06-01 12 days 1,732 sqft
2022-07-01 17 days 1,723 sqft
2022-08-01 23 days 1,695 sqft
2022-09-01 25 days 1,680 sqft
2022-10-01 25 days 1,687 sqft
Rochester's median listing age (time on market) for 2022-10-01 was 25 days. This is 9% longer than the same period one year ago.

Rochester's median square footage for active listings during the 2022-10-01 period was 1,687 sqft. One year prior, the average listing was 1,697 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.