Vernon VA Loan Rates, Closing Costs & Stats

Vernon, 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 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.

Vernon's 4 lenders originated 8 VA loans during 2022. The total origination value was $1,580,000, with an average VA loan value of $197,500.

Vernon VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Vernon averaged 0.08% for the week of 2024-02-23, compared to the national average (all VA variants) of 0% for the same period.

Vernon's average VA mortgage closing costs are $4,436.

The average rate for the prior week (2024-02-16) was 6.86% and one month ago for the week of 2024-01-19, the average rate was 6.61%.

The average rate one year ago was 6.23%.

For refis of the same type during the week of 2024-02-23, the average rate was -0.1%.

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

Vernon 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 Vernon level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 4 5.38% $8,172
Network Funding, L.P. 2 6.63% $6,440
CARDINAL FINANCIAL 1 4.99% $13,502
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $1,375

The top Vernon VA lender as defined by loan originations is Mortgage Research Center, LLC, with 4 VA loans originated. Their average total fees are $8,172, which is $1,732 higher than the next largest lender, Network Funding, L.P..

The lowest fee Vernon VA lenders (with over 10 loans originated) are .

The lowest rate Vernon VA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Vernon (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 $101,750 (27.4%) $116,633 (13.0%) 0.00 12
2018-02-01 $109,900 (37.6%) $143,399 (36.1%) 0.00 9
2018-03-01 $169,500 (38.9%) $173,125 (34.2%) 0.00 10
2018-04-01 $162,300 (20.3%) $166,189 (-14.4%) 0.00 18
2018-05-01 $142,350 (-50.7%) $141,125 (-51.1%) 0.00 28
2018-06-01 $133,450 (-47.7%) $135,471 (-46.9%) 0.00 25
2018-07-01 $109,000 (-39.3%) $126,186 (-39.1%) 0.00 27
2018-08-01 $82,000 (-24.4%) $113,581 (-28.0%) 0.00 24
2018-09-01 $99,000 (-16.8%) $132,152 (-20.1%) 0.00 24
2018-10-01 $120,975 (11.5%) $133,067 (-13.2%) 0.00 30
2018-11-01 $107,475 (8.0%) $126,396 (4.2%) 0.00 33
2018-12-01 $117,500 (8.3%) $127,557 (1.0%) 0.00 36
2019-01-01 $125,750 (23.6%) $129,306 (10.9%) 0.00 32
2019-02-01 $130,375 (18.6%) $134,721 (-6.1%) 0.00 26
2019-03-01 $120,000 (-29.2%) $129,487 (-25.2%) 0.00 25
2019-04-01 $120,000 (-26.1%) $129,809 (-21.9%) 0.00 21
2019-05-01 $141,850 (-0.4%) $159,166 (12.8%) 0.00 16
2019-06-01 $134,700 (0.9%) $152,252 (12.4%) 0.00 18
2019-07-01 $132,450 (21.5%) $149,370 (18.4%) 0.00 20
2019-08-01 $126,964 (54.8%) $143,511 (26.4%) 0.00 19
2019-09-01 $122,484 (23.7%) $142,069 (7.5%) 0.00 19
2019-10-01 $118,625 (-1.9%) $137,209 (3.1%) 0.00 18
2019-11-01 $116,700 (8.6%) $122,720 (-2.9%) 0.00 15
2019-12-01 $116,300 (-1.0%) $121,996 (-4.4%) 0.00 13
2020-01-01 $86,225 (-31.4%) $112,400 (-13.1%) 0.00 19
2020-02-01 $87,000 (-33.3%) $112,104 (-16.8%) 0.00 24
2020-03-01 $87,000 (-27.5%) $111,383 (-14.0%) 0.00 26
2020-04-01 $83,000 (-30.8%) $112,760 (-13.1%) 0.00 25
2020-05-01 $80,900 (-43.0%) $107,992 (-32.2%) 0.00 20
2020-06-01 $88,250 (-34.5%) $108,054 (-29.0%) 0.00 15
2020-07-01 $95,750 (-27.7%) $116,113 (-22.3%) 0.00 14
2020-08-01 $98,750 (-22.2%) $123,087 (-14.2%) 0.00 15
2020-09-01 $93,500 (-23.7%) $118,208 (-16.8%) 0.00 13
2020-10-01 $95,000 (-19.9%) $135,146 (-1.5%) 0.00 12
2020-11-01 $84,475 (-27.6%) $138,733 (13.1%) 0.00 10
2020-12-01 $89,875 (-22.7%) $137,038 (12.3%) 0.00 9
2021-01-01 $74,500 (-13.6%) $119,880 (6.7%) 0.00 7
2021-02-01 $129,375 (48.7%) $154,915 (38.2%) 0.00 4
2021-03-01 $113,125 (30.0%) $121,600 (9.2%) 0.00 6
2021-04-01 $105,000 (26.5%) $108,140 (-4.1%) 0.00 9
2021-05-01 $98,000 (21.1%) $96,780 (-10.4%) 0.00 6
2021-06-01 $89,000 (0.9%) $103,047 (-4.6%) 0.00 10
2021-07-01 $82,000 (-14.4%) $110,981 (-4.4%) 0.00 13
2021-08-01 $83,500 (-15.4%) $115,732 (-6.0%) 0.00 17
2021-09-01 $79,000 (-15.5%) $102,383 (-13.4%) 0.00 16
2021-10-01 $79,000 (-16.8%) $98,300 (-27.3%) 0.00 15
2021-11-01 $85,625 (1.4%) $129,089 (-7.0%) 0.00 16
2021-12-01 $85,000 (-5.4%) $106,065 (-22.6%) 0.00 16
2022-01-01 $86,250 (15.8%) $128,900 (7.5%) 0.00 14
2022-02-01 $137,450 (6.2%) $129,387 (-16.5%) 0.00 13
2022-03-01 $116,500 (3.0%) $121,808 (0.2%) 0.00 13
2022-04-01 $133,950 (27.6%) $159,883 (47.9%) 0.00 17
2022-05-01 $153,750 (56.9%) $193,943 (100.4%) 0.00 14
2022-06-01 $145,000 (62.9%) $184,745 (79.3%) 0.00 15
2022-07-01 $161,250 (96.7%) $206,193 (85.8%) 0.00 18
2022-08-01 $179,450 (114.9%) $205,939 (77.9%) 0.00 22
2022-09-01 $177,500 (124.7%) $206,522 (101.7%) 0.00 25
2022-10-01 $127,000 (60.8%) $156,913 (59.6%) 0.00 29
2022-11-01 $100,737 (17.7%) $138,433 (7.2%) 0.00 32
2022-12-01 $99,316 (16.8%) $157,300 (48.3%) 0.00 28
2023-01-01 $96,908 (12.4%) $141,329 (9.6%) 0.00 27
2023-02-01 $85,750 (-37.6%) $146,588 (13.3%) 0.00 21
2023-03-01 $82,000 (-29.6%) $156,969 (28.9%) 0.00 18
2023-04-01 $109,250 (-18.4%) $161,494 (1.0%) 0.00 19
2023-05-01 $120,625 (-21.5%) $161,259 (-16.9%) 0.00 25
2023-06-01 $97,475 (-32.8%) $126,010 (-31.8%) 0.00 32
2023-07-01 $105,000 (-34.9%) $137,880 (-33.1%) 0.00 40
2023-08-01 $105,000 (-41.5%) $144,212 (-30.0%) 0.00 42
2023-09-01 $107,500 (-39.4%) $145,785 (-29.4%) 0.00 42
2023-10-01 $135,975 (7.1%) $168,236 (7.2%) 0.00 42
2023-11-01 $136,000 (35.0%) $174,730 (26.2%) 0.00 35
2023-12-01 $140,000 (41.0%) $184,128 (17.1%) 0.00 31
Vernon's median listing price for 2023-12-01 was $140,000, a difference of $40,684 (41.0%) versus the prior year and $4,000 versus the prior month.

Vernon's median listing price comes in at 0% of the national average.

Vernon's average listing price for 2023-12-01 was $184,128, a difference of $26,828 (17.1%) versus the prior year and $9,398 versus the prior month.

For the 2023-12-01 period, Vernon had 31 MLS listings, a difference of -4 listings (-11%) versus the prior month and 3 listings (11%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Vernon (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,038 sqft
2018-02-01 0 days 1,994 sqft
2018-03-01 0 days 2,162 sqft
2018-04-01 0 days 2,325 sqft
2018-05-01 0 days 2,229 sqft
2018-06-01 0 days 2,222 sqft
2018-07-01 0 days 2,076 sqft
2018-08-01 0 days 1,964 sqft
2018-09-01 0 days 1,772 sqft
2018-10-01 0 days 1,789 sqft
2018-11-01 0 days 1,778 sqft
2018-12-01 0 days 1,775 sqft
2019-01-01 0 days 1,850 sqft
2019-02-01 0 days 1,929 sqft
2019-03-01 0 days 1,890 sqft
2019-04-01 0 days 1,865 sqft
2019-05-01 0 days 2,044 sqft
2019-06-01 0 days 2,160 sqft
2019-07-01 0 days 2,134 sqft
2019-08-01 0 days 2,107 sqft
2019-09-01 0 days 2,028 sqft
2019-10-01 0 days 1,976 sqft
2019-11-01 0 days 1,986 sqft
2019-12-01 0 days 1,995 sqft
2020-01-01 0 days 1,953 sqft
2020-02-01 0 days 1,909 sqft
2020-03-01 0 days 1,924 sqft
2020-04-01 0 days 1,967 sqft
2020-05-01 0 days 2,004 sqft
2020-06-01 0 days 1,931 sqft
2020-07-01 0 days 1,978 sqft
2020-08-01 0 days 1,863 sqft
2020-09-01 0 days 1,901 sqft
2020-10-01 0 days 2,046 sqft
2020-11-01 0 days 2,062 sqft
2020-12-01 0 days 2,016 sqft
2021-01-01 0 days 2,139 sqft
2021-02-01 0 days 2,416 sqft
2021-03-01 0 days 2,197 sqft
2021-04-01 0 days 1,792 sqft
2021-05-01 0 days 1,520 sqft
2021-06-01 0 days 1,502 sqft
2021-07-01 0 days 1,379 sqft
2021-08-01 0 days 1,552 sqft
2021-09-01 0 days 1,293 sqft
2021-10-01 0 days 1,237 sqft
2021-11-01 0 days 1,565 sqft
2021-12-01 0 days 1,288 sqft
2022-01-01 0 days 1,360 sqft
2022-02-01 0 days 1,731 sqft
2022-03-01 0 days 1,704 sqft
2022-04-01 0 days 1,728 sqft
2022-05-01 0 days 2,181 sqft
2022-06-01 0 days 2,108 sqft
2022-07-01 0 days 2,371 sqft
2022-08-01 0 days 2,640 sqft
2022-09-01 0 days 2,246 sqft
2022-10-01 0 days 1,711 sqft
2022-11-01 0 days 1,653 sqft
2022-12-01 0 days 1,583 sqft
2023-01-01 0 days 1,416 sqft
2023-02-01 0 days 1,421 sqft
2023-03-01 0 days 1,408 sqft
2023-04-01 0 days 1,456 sqft
2023-05-01 0 days 1,564 sqft
2023-06-01 0 days 1,464 sqft
2023-07-01 0 days 1,460 sqft
2023-08-01 0 days 1,525 sqft
2023-09-01 0 days 1,605 sqft
2023-10-01 0 days 1,666 sqft
2023-11-01 0 days 1,700 sqft
2023-12-01 0 days 1,723 sqft
Vernon's median listing age (time on market) for 2023-12-01 was 0 days.

Vernon's median square footage for active listings during the 2023-12-01 period was 1,723 sqft. One year prior, the average listing was 1,583 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.