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 53 lenders originated 401 VA loans during 2023. The total origination value was $94,365,000, with an average VA loan value of $235,324.

Rochester VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Rochester averaged 0.08% for the week of 2024-11-29, compared to the national average (all VA variants) of 0% for the same period.

Rochester's average VA mortgage closing costs are $5,269.

The average rate for the prior week (2024-11-22) was 6.65% and one month ago for the week of 2024-10-25, the average rate was 6.44%.

The average rate one year ago was 7.29%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.18%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Premium Mortgage Corporation 61 6.67% $5,805
QUICKEN LOANS, LLC 58 6.39% $9,306
Mortgage Research Center, LLC 53 6.74% $6,063
NAVY FEDERAL CREDIT UNION 27 5.80% $5,578
PRIMELENDING, A PLAINSCAPITAL COMPANY 19 6.86% $6,150
Genesee Regional Bank 16 7.13% $8,758
Barrington Bank & Trust Company, N.A. 13 6.64% $7,132
UNITED WHOLESALE MORTGAGE, LLC 11 6.65% $6,190
MOVEMENT MORTGAGE, LLC 10 6.81% $5,887
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 7.23% $6,885
NVR Mortgage Finance, Inc. 7 5.05% $9,448
PLAZA HOME MORTGAGE, INC. 7 6.68% $5,247
Mr. Cooper ( Nationstar Mortgage ) 6 6.06% $13,020
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 6.85% $8,071
USAA Federal Savings Bank 5 7.05% $9,135
RELIANCE FIRST CAPITAL, LLC 5 6.88% $8,150
FREEDOM MORTGAGE CORPORATION 5 6.85% $23,190
HOME TOWN FUNDING, INC. 4 6.88% $5,945
ESL Federal Credit Union 4 6.84% $6,021
Wells Fargo Bank 3 5.92% $3,661
AMERICAN FINANCIAL RESOURCES, INC. 3 6.33% $8,217
Flagstar Bank, FSB 3 6.71% $3,297
HUNT MORTGAGE CORPORATION 3 7.33% $7,152
JPMorgan Chase Bank 3 5.96% $1,397
M&T Bank 3 6.83% $9,288
NBKC BANK 3 6.71% $5,484
1ST PRIORITY MORTGAGE, INC. 2 6.31% $7,285
KeyBank 2 6.38% $10,456
Citizens Bank 2 5.63% $13,902
U.S. Bank 2 7.50% $5,455
LOANDEPOT.COM, LLC 2 6.88% $6,868
AMERICAN FINANCIAL NETWORK, INC. 2 6.63% $7,591
CMG MORTGAGE, INC. 1 7.25% $7,842
NEWREZ LLC 1 6.75% $6,073
PHH Mortgage Corporation 1 5.63% $6,794
PLANET HOME LENDING, LLC 1 6.25% $6,142
Carrington Mortgage Services, LLC 1 6.13% $1,169
PREMIA MORTGAGE, LLC 1 6.75% $5,155
CARDINAL FINANCIAL 1 6.25% $4,798
Bank of America 1 6.88% $0
AMERICAN FINANCING CORPORATION 1 7.50% $11,465
ROYAL UNITED MORTGAGE LLC 1 7.25% $7,231
The Federal Savings Bank 1 5.75% $8,875
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.99% $11,203
HOMESTEAD FUNDING CORP. 1 5.63% $7,751
First Federal Bank 1 5.75% $10,367
Academy Bank 1 7.00% $20,524
ALLIED MORTGAGE GROUP, INC. 1 7.13% $5,716
Magnolia Bank 1 6.75% $12,886
Meridian Bank Corporation 1 7.63% $19,883
FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.75% $8,394
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $580
CONTOUR MORTGAGE CORPORATION 1 7.00% $4,799

The top Rochester VA lender as defined by loan originations is Premium Mortgage Corporation, with 61 VA loans originated. Their average total fees are $5,805, which is $3,501 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Rochester VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,578), Premium Mortgage Corporation ($5,805), MOVEMENT MORTGAGE, LLC ($5,887), Mortgage Research Center, LLC ($6,063) and PRIMELENDING, A PLAINSCAPITAL COMPANY ($6,150).

The lowest rate Rochester VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.80%), QUICKEN LOANS, LLC (6.39%), Barrington Bank & Trust Company, N.A. (6.64%), UNITED WHOLESALE MORTGAGE, LLC (6.65%) and Premium Mortgage Corporation (6.67%).


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%) $222,730 (8.6%) 0.59 2,098
2018-02-01 $169,900 (11.5%) $227,348 (5.9%) 0.62 2,058
2018-03-01 $179,900 (10.8%) $235,666 (6.8%) 0.63 2,108
2018-04-01 $194,700 (14.5%) $243,964 (7.2%) 0.66 2,255
2018-05-01 $196,550 (9.3%) $247,206 (5.7%) 0.66 2,477
2018-06-01 $194,900 (8.6%) $249,512 (6.8%) 0.65 2,716
2018-07-01 $189,900 (5.9%) $245,604 (4.2%) 0.63 2,867
2018-08-01 $185,000 (6.2%) $241,703 (4.2%) 0.62 2,953
2018-09-01 $184,900 (8.8%) $236,971 (3.2%) 0.62 2,904
2018-10-01 $179,900 (6.7%) $233,256 (1.5%) 0.61 2,845
2018-11-01 $174,900 (5.1%) $231,912 (1.5%) 0.59 2,641
2018-12-01 $179,900 (9.0%) $236,774 (3.9%) 0.62 2,284
2019-01-01 $189,450 (18.5%) $243,764 (9.4%) 0.65 1,922
2019-02-01 $196,425 (15.6%) $254,429 (11.9%) 0.66 1,847
2019-03-01 $212,371 (18.1%) $271,313 (15.1%) 0.69 1,831
2019-04-01 $230,950 (18.6%) $291,986 (19.7%) 0.73 1,837
2019-05-01 $229,900 (17.0%) $293,741 (18.8%) 0.72 1,931
2019-06-01 $229,900 (18.0%) $274,637 (10.1%) 0.72 2,098
2019-07-01 $229,450 (20.8%) $276,310 (12.5%) 0.72 2,209
2019-08-01 $218,109 (17.9%) $275,383 (13.9%) 0.69 2,250
2019-09-01 $207,923 (12.5%) $271,950 (14.8%) 0.67 2,293
2019-10-01 $199,950 (11.2%) $269,100 (15.4%) 0.65 2,306
2019-11-01 $199,900 (14.3%) $266,591 (15.0%) 0.66 2,061
2019-12-01 $199,900 (11.1%) $264,053 (11.5%) 0.67 1,792
2020-01-01 $199,950 (5.5%) $264,322 (8.4%) 0.67 1,539
2020-02-01 $224,900 (14.5%) $272,929 (7.3%) 0.74 1,416
2020-03-01 $234,900 (10.6%) $283,623 (4.5%) 0.74 1,472
2020-04-01 $249,900 (8.2%) $299,214 (2.5%) 0.78 1,375
2020-05-01 $249,999 (8.7%) $306,059 (4.2%) 0.76 1,376
2020-06-01 $243,544 (5.9%) $298,593 (8.7%) 0.72 1,491
2020-07-01 $249,125 (8.6%) $303,932 (10.0%) 0.72 1,445
2020-08-01 $239,900 (10.0%) $292,701 (6.3%) 0.69 1,402
2020-09-01 $222,400 (7.0%) $278,434 (2.4%) 0.64 1,399
2020-10-01 $224,900 (12.5%) $284,662 (5.8%) 0.64 1,324
2020-11-01 $225,000 (12.6%) $297,271 (11.5%) 0.66 1,181
2020-12-01 $232,125 (16.1%) $310,034 (17.4%) 0.69 940
2021-01-01 $250,000 (25.0%) $322,584 (22.0%) 0.75 813
2021-02-01 $274,675 (22.1%) $334,347 (22.5%) 0.80 748
2021-03-01 $262,194 (11.6%) $323,955 (14.2%) 0.74 782
2021-04-01 $246,950 (-1.2%) $314,150 (5.0%) 0.67 815
2021-05-01 $242,900 (-2.8%) $310,050 (1.3%) 0.65 871
2021-06-01 $239,900 (-1.5%) $314,934 (5.5%) 0.63 1,033
2021-07-01 $238,500 (-4.3%) $315,198 (3.7%) 0.63 1,098
2021-08-01 $227,400 (-5.2%) $313,129 (7.0%) 0.61 1,093
2021-09-01 $212,400 (-4.5%) $300,260 (7.8%) 0.57 1,086
2021-10-01 $210,000 (-6.6%) $294,758 (3.6%) 0.56 964
2021-11-01 $199,900 (-11.2%) $290,055 (-2.4%) 0.53 828
2021-12-01 $197,400 (-15.0%) $288,289 (-7.0%) 0.53 676
2022-01-01 $199,999 (-20.0%) $299,942 (-7.0%) 0.54 557
2022-02-01 $224,950 (-18.1%) $306,469 (-8.3%) 0.59 554
2022-03-01 $219,900 (-16.1%) $289,147 (-10.7%) 0.55 641
2022-04-01 $199,900 (-19.1%) $278,479 (-11.4%) 0.48 745
2022-05-01 $222,400 (-8.4%) $304,422 (-1.8%) 0.51 874
2022-06-01 $229,450 (-4.4%) $312,467 (-0.8%) 0.51 977
2022-07-01 $234,900 (-1.5%) $318,018 (0.9%) 0.53 1,021
2022-08-01 $225,000 (-1.1%) $309,191 (-1.3%) 0.52 1,011
2022-09-01 $223,900 (5.4%) $304,896 (1.5%) 0.52 1,002
2022-10-01 $225,000 (7.1%) $315,266 (7.0%) 0.53 979
2022-11-01 $226,950 (13.5%) $317,738 (9.5%) 0.55 916
2022-12-01 $242,400 (22.8%) $333,546 (15.7%) 0.60 785
2023-01-01 $233,450 (16.7%) $329,746 (9.9%) 0.58 692
2023-02-01 $232,450 (3.3%) $328,826 (7.3%) 0.56 692
2023-03-01 $257,400 (17.1%) $338,577 (17.1%) 0.61 694
2023-04-01 $264,900 (32.5%) $336,160 (20.7%) 0.62 735
2023-05-01 $264,975 (19.1%) $333,533 (9.6%) 0.60 761
2023-06-01 $274,338 (19.6%) $344,660 (10.3%) 0.62 866
2023-07-01 $259,450 (10.5%) $355,785 (11.9%) 0.59 892
2023-08-01 $249,900 (11.1%) $339,043 (9.7%) 0.57 894
2023-09-01 $249,900 (11.6%) $349,858 (14.8%) 0.58 886
2023-10-01 $249,949 (11.1%) $349,733 (10.9%) 0.59 907
2023-11-01 $239,450 (5.5%) $334,173 (5.2%) 0.57 851
2023-12-01 $249,900 (3.1%) $338,578 (1.5%) 0.61 734
2024-01-01 $247,400 (6.0%) $331,206 (0.4%) 0.60 636
2024-02-01 $249,950 (7.5%) $335,172 (1.9%) 0.60 654
2024-03-01 $279,900 (8.7%) $355,064 (4.9%) 0.66 666
2024-04-01 $295,000 (11.4%) $361,150 (7.4%) 0.69 727
2024-05-01 $309,869 (16.9%) $395,617 (18.6%) 0.70 888
2024-06-01 $279,900 (2.0%) $389,892 (13.1%) 0.63 888
2024-07-01 $277,450 (6.9%) $371,046 (4.3%) 0.63 966
2024-08-01 $284,900 (14.0%) $373,919 (10.3%) 0.66 971
2024-09-01 $282,500 (13.1%) $369,461 (5.6%) 0.66 1,033
2024-10-01 $277,450 (11.0%) $385,422 (10.2%) 0.65 1,067
Rochester's median listing price for 2024-10-01 was $277,450, a difference of $27,501 (11.0%) versus the prior year and $-5,050 versus the prior month.

Rochester's median listing price comes in at 65% of the national average.

Rochester's average listing price for 2024-10-01 was $385,422, a difference of $35,689 (10.2%) versus the prior year and $15,961 versus the prior month.

For the 2024-10-01 period, Rochester had 1,067 MLS listings, a difference of 34 listings (3%) versus the prior month and 160 listings (18%) 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 65 days 1,716 sqft
2018-02-01 57 days 1,759 sqft
2018-03-01 42 days 1,766 sqft
2018-04-01 35 days 1,770 sqft
2018-05-01 33 days 1,770 sqft
2018-06-01 34 days 1,780 sqft
2018-07-01 38 days 1,766 sqft
2018-08-01 43 days 1,755 sqft
2018-09-01 46 days 1,752 sqft
2018-10-01 47 days 1,743 sqft
2018-11-01 52 days 1,724 sqft
2018-12-01 64 days 1,730 sqft
2019-01-01 66 days 1,726 sqft
2019-02-01 50 days 1,730 sqft
2019-03-01 40 days 1,763 sqft
2019-04-01 32 days 1,797 sqft
2019-05-01 30 days 1,807 sqft
2019-06-01 30 days 1,813 sqft
2019-07-01 33 days 1,812 sqft
2019-08-01 37 days 1,801 sqft
2019-09-01 38 days 1,788 sqft
2019-10-01 41 days 1,778 sqft
2019-11-01 47 days 1,768 sqft
2019-12-01 58 days 1,751 sqft
2020-01-01 59 days 1,739 sqft
2020-02-01 36 days 1,747 sqft
2020-03-01 31 days 1,766 sqft
2020-04-01 45 days 1,760 sqft
2020-05-01 46 days 1,812 sqft
2020-06-01 24 days 1,788 sqft
2020-07-01 25 days 1,791 sqft
2020-08-01 25 days 1,752 sqft
2020-09-01 25 days 1,730 sqft
2020-10-01 26 days 1,728 sqft
2020-11-01 32 days 1,713 sqft
2020-12-01 44 days 1,719 sqft
2021-01-01 46 days 1,729 sqft
2021-02-01 29 days 1,742 sqft
2021-03-01 16 days 1,715 sqft
2021-04-01 11 days 1,713 sqft
2021-05-01 10 days 1,700 sqft
2021-06-01 11 days 1,757 sqft
2021-07-01 15 days 1,744 sqft
2021-08-01 16 days 1,736 sqft
2021-09-01 19 days 1,701 sqft
2021-10-01 22 days 1,699 sqft
2021-11-01 23 days 1,687 sqft
2021-12-01 35 days 1,671 sqft
2022-01-01 37 days 1,695 sqft
2022-02-01 18 days 1,718 sqft
2022-03-01 10 days 1,678 sqft
2022-04-01 10 days 1,664 sqft
2022-05-01 10 days 1,709 sqft
2022-06-01 11 days 1,733 sqft
2022-07-01 16 days 1,727 sqft
2022-08-01 22 days 1,696 sqft
2022-09-01 23 days 1,683 sqft
2022-10-01 24 days 1,689 sqft
2022-11-01 30 days 1,705 sqft
2022-12-01 39 days 1,721 sqft
2023-01-01 44 days 1,699 sqft
2023-02-01 28 days 1,711 sqft
2023-03-01 24 days 1,711 sqft
2023-04-01 16 days 1,727 sqft
2023-05-01 13 days 1,708 sqft
2023-06-01 12 days 1,741 sqft
2023-07-01 15 days 1,748 sqft
2023-08-01 16 days 1,727 sqft
2023-09-01 17 days 1,700 sqft
2023-10-01 19 days 1,704 sqft
2023-11-01 25 days 1,675 sqft
2023-12-01 35 days 1,674 sqft
2024-01-01 33 days 1,666 sqft
2024-02-01 24 days 1,675 sqft
2024-03-01 22 days 1,733 sqft
2024-04-01 16 days 1,716 sqft
2024-05-01 17 days 1,746 sqft
2024-06-01 17 days 1,736 sqft
2024-07-01 36 days 1,723 sqft
2024-08-01 39 days 1,728 sqft
2024-09-01 38 days 1,731 sqft
2024-10-01 38 days 1,730 sqft
Rochester's median listing age (time on market) for 2024-10-01 was 38 days. This is 105% longer than the same period one year ago.

Rochester's median square footage for active listings during the 2024-10-01 period was 1,730 sqft. One year prior, the average listing was 1,704 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.