Rochester VA Loans

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 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 5.43% for the week of 2022-08-05, compared to the national average (all VA variants) of 5.013% for the same period.

The average rate for the prior week (2022-07-29) was 5.29% and one month ago for the week of 2022-07-01, the average rate was 5.91%.

The average rate one year ago was 2.99%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.05%.

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 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. Total Fees
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
The Federal Savings Bank 12 2.66% $4,680
1ST PRIORITY MORTGAGE, INC. 12 2.97% $5,408
Citizens Bank 8 2.69% $3,602
UNITED WHOLESALE MORTGAGE, LLC 8 2.59% $6,547
Manufacturers and Traders Trust Company 7 2.86% $5,540
First Federal Bank 7 3.71% $7,782
RESIDENTIAL MORTGAGE SERVICES, INC. 6 2.54% $6,943
PLAZA HOME MORTGAGE, INC. 6 2.81% $5,779
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 $161,498 (7.7%) $224,175 (6.7%) 0.59 2,161
2018-02-01 $172,400 (11.3%) $229,444 (5.2%) 0.62 2,112
2018-03-01 $179,900 (9.1%) $236,472 (5.8%) 0.62 2,174
2018-04-01 $195,000 (11.5%) $245,194 (5.9%) 0.65 2,324
2018-05-01 $198,800 (10.5%) $248,460 (4.6%) 0.66 2,561
2018-06-01 $197,500 (9.8%) $250,187 (5.7%) 0.66 2,792
2018-07-01 $189,900 (5.6%) $247,082 (2.8%) 0.63 2,947
2018-08-01 $189,450 (8.3%) $243,592 (3.6%) 0.63 3,053
2018-09-01 $189,900 (10.5%) $240,685 (3.6%) 0.64 3,006
2018-10-01 $182,400 (7.6%) $235,728 (1.7%) 0.61 2,930
2018-11-01 $179,900 (5.9%) $234,744 (1.8%) 0.60 2,718
2018-12-01 $184,900 (8.8%) $241,503 (4.9%) 0.63 2,338
2019-01-01 $189,900 (17.6%) $249,750 (11.4%) 0.65 1,982
2019-02-01 $199,900 (16.0%) $259,596 (13.1%) 0.67 1,906
2019-03-01 $212,814 (18.3%) $274,288 (16.0%) 0.69 1,882
2019-04-01 $232,450 (19.2%) $297,303 (21.3%) 0.73 1,885
2019-05-01 $231,250 (16.3%) $300,100 (20.8%) 0.71 1,979
2019-06-01 $229,900 (16.4%) $279,315 (11.6%) 0.71 2,158
2019-07-01 $229,900 (21.1%) $278,928 (12.9%) 0.71 2,271
2019-08-01 $220,280 (16.3%) $275,209 (13.0%) 0.69 2,285
2019-09-01 $209,950 (10.6%) $269,168 (11.8%) 0.67 2,292
2019-10-01 $202,500 (11.0%) $271,710 (15.3%) 0.65 2,334
2019-11-01 $202,900 (12.8%) $268,768 (14.5%) 0.65 2,102
2019-12-01 $199,900 (8.1%) $266,326 (10.3%) 0.67 1,827
2020-01-01 $206,400 (8.7%) $268,033 (7.3%) 0.69 1,566
2020-02-01 $226,500 (13.3%) $276,773 (6.6%) 0.73 1,428
2020-03-01 $237,300 (11.5%) $286,743 (4.5%) 0.74 1,466
2020-04-01 $250,900 (7.9%) $300,970 (1.2%) 0.78 1,392
2020-05-01 $254,900 (10.2%) $307,009 (2.3%) 0.77 1,383
2020-06-01 $249,200 (8.4%) $299,610 (7.3%) 0.73 1,483
2020-07-01 $249,900 (8.7%) $306,985 (10.1%) 0.72 1,445
2020-08-01 $246,100 (11.7%) $297,592 (8.1%) 0.70 1,389
2020-09-01 $226,950 (8.1%) $283,134 (5.2%) 0.65 1,394
2020-10-01 $229,000 (13.1%) $288,642 (6.2%) 0.65 1,322
2020-11-01 $229,450 (13.1%) $299,943 (11.6%) 0.66 1,190
2020-12-01 $232,595 (16.4%) $311,073 (16.8%) 0.68 949
2021-01-01 $259,900 (25.9%) $325,097 (21.3%) 0.76 826
2021-02-01 $274,900 (21.4%) $337,330 (21.9%) 0.79 748
2021-03-01 $264,900 (11.6%) $328,963 (14.7%) 0.74 773
2021-04-01 $249,581 (-0.5%) $317,821 (5.6%) 0.67 810
2021-05-01 $249,000 (-2.3%) $312,003 (1.6%) 0.66 860
2021-06-01 $244,450 (-1.9%) $317,702 (6.0%) 0.63 1,022
2021-07-01 $242,400 (-3.0%) $321,569 (4.8%) 0.63 1,097
2021-08-01 $229,250 (-6.9%) $316,301 (6.3%) 0.60 1,071
2021-09-01 $216,950 (-4.4%) $302,913 (7.0%) 0.57 1,077
2021-10-01 $211,000 (-7.9%) $297,290 (3.0%) 0.56 944
2021-11-01 $199,900 (-12.9%) $290,643 (-3.1%) 0.53 831
2021-12-01 $199,000 (-14.4%) $288,038 (-7.4%) 0.53 675
2022-01-01 $200,000 (-23.1%) $299,481 (-7.9%) 0.53 554
2022-02-01 $225,000 (-18.2%) $308,629 (-8.5%) 0.57 551
2022-03-01 $219,950 (-17.0%) $291,484 (-11.4%) 0.54 629
2022-04-01 $199,999 (-19.9%) $281,224 (-11.5%) 0.47 730
2022-05-01 $224,950 (-9.7%) $307,516 (-1.4%) 0.50 868
2022-06-01 $229,950 (-5.9%) $315,283 (-0.8%) 0.51 984
Rochester's median listing price for 2022-06-01 was $229,950, a difference of $-14,500 (-5.9%) versus the prior year and $5,000 versus the prior month.

Rochester's median listing price comes in at 51% of the national average.

Rochester's average listing price for 2022-06-01 was $315,283, a difference of $-2,419 (-0.8%) versus the prior year and $7,767 versus the prior month.

For the 2022-06-01 period, Rochester had 984 MLS listings, a difference of 116 listings (13%) versus the prior month and -38 listings (-4%) 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 1,715 sqft
2018-02-01 63 days 1,755 sqft
2018-03-01 46 days 1,766 sqft
2018-04-01 37 days 1,773 sqft
2018-05-01 37 days 1,774 sqft
2018-06-01 37 days 1,781 sqft
2018-07-01 40 days 1,773 sqft
2018-08-01 45 days 1,765 sqft
2018-09-01 48 days 1,757 sqft
2018-10-01 52 days 1,746 sqft
2018-11-01 58 days 1,728 sqft
2018-12-01 70 days 1,740 sqft
2019-01-01 72 days 1,729 sqft
2019-02-01 60 days 1,745 sqft
2019-03-01 46 days 1,769 sqft
2019-04-01 36 days 1,803 sqft
2019-05-01 32 days 1,816 sqft
2019-06-01 32 days 1,820 sqft
2019-07-01 36 days 1,818 sqft
2019-08-01 43 days 1,807 sqft
2019-09-01 43 days 1,793 sqft
2019-10-01 44 days 1,787 sqft
2019-11-01 50 days 1,772 sqft
2019-12-01 62 days 1,754 sqft
2020-01-01 64 days 1,741 sqft
2020-02-01 44 days 1,754 sqft
2020-03-01 36 days 1,772 sqft
2020-04-01 47 days 1,766 sqft
2020-05-01 56 days 1,823 sqft
2020-06-01 29 days 1,800 sqft
2020-07-01 29 days 1,802 sqft
2020-08-01 28 days 1,760 sqft
2020-09-01 28 days 1,736 sqft
2020-10-01 30 days 1,732 sqft
2020-11-01 35 days 1,721 sqft
2020-12-01 49 days 1,725 sqft
2021-01-01 55 days 1,733 sqft
2021-02-01 35 days 1,745 sqft
2021-03-01 22 days 1,719 sqft
2021-04-01 15 days 1,718 sqft
2021-05-01 11 days 1,702 sqft
2021-06-01 12 days 1,756 sqft
2021-07-01 17 days 1,739 sqft
2021-08-01 18 days 1,735 sqft
2021-09-01 21 days 1,704 sqft
2021-10-01 23 days 1,697 sqft
2021-11-01 26 days 1,682 sqft
2021-12-01 39 days 1,670 sqft
2022-01-01 41 days 1,696 sqft
2022-02-01 23 days 1,725 sqft
2022-03-01 12 days 1,677 sqft
2022-04-01 10 days 1,662 sqft
2022-05-01 10 days 1,707 sqft
2022-06-01 12 days 1,738 sqft
Rochester's median listing age (time on market) for 2022-06-01 was 12 days. This is 4% longer than the same period one year ago.

Rochester's median square footage for active listings during the 2022-06-01 period was 1,738 sqft. One year prior, the average listing was 1,756 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.