Waco VA Loan Rates, Closing Costs & Stats

WACO, TX

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    • 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.

    Waco's 83 lenders originated 478 VA loans during 2022. The total origination value was $158,270,000, with an average VA loan value of $331,109.

    Waco VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Waco averaged 6.41% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Waco's average VA mortgage closing costs are $5,501.

    The average rate for the prior week (2023-05-19) was 5.94% and one month ago for the week of 2023-04-21, the average rate was 5.96%.

    The average rate one year ago was 4.93%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.22%.

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

    Waco 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 Waco level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 69 5.19% $7,184
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 52 4.91% $9,391
    DHI MORTGAGE COMPANY, LTD. 32 4.09% $6,318
    SWBC MORTGAGE CORPORATION 27 4.65% $6,645
    GUARANTEED RATE, INC. 22 4.76% $8,203
    NAVY FEDERAL CREDIT UNION 20 3.76% $7,798
    First National Bank Texas 17 5.25% $7,776
    USAA Federal Savings Bank 15 4.28% $10,731
    UNITED WHOLESALE MORTGAGE, LLC 15 4.88% $5,869
    QUICKEN LOANS, LLC 12 4.22% $6,307
    Gateway First Bank 11 3.81% $9,995
    Wallick & Volk, Inc. 11 5.43% $8,909
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 5.63% $11,495
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 5.46% $11,778
    Trinity Oaks Mortgage, LLC 8 4.64% $9,858
    MORTGAGE SOLUTIONS OF COLORADO, LLC 7 6.32% $8,273
    GUILD MORTGAGE COMPANY 7 5.48% $12,193
    City Bank 5 5.88% $10,289
    CALIBER HOME LOANS, INC. 5 5.08% $7,523
    AMERISAVE MORTGAGE CORPORATION 5 5.08% $6,091
    CMG MORTGAGE, INC. 4 5.56% $14,825
    Mr. Cooper ( Nationstar Mortgage ) 4 3.66% $3,444
    Network Funding, L.P. 4 5.13% $8,449
    FREEDOM MORTGAGE CORPORATION 4 4.25% $10,117
    THRIVE MORTGAGE, LLC 4 5.44% $6,306
    CHURCHILL MORTGAGE CORPORATION 3 4.79% $18,685
    Austin Capital Bank SSB 3 4.65% $6,253
    PENNYMAC LOAN SERVICES, LLC 3 2.88% $4,332
    AMCAP MORTGAGE, LTD. 3 5.00% $8,746
    Low VA Rates, LLC 2 4.25% $15,143
    CORNERSTONE HOME LENDING, INC. 2 5.69% $13,718
    NFM, INC. 2 5.38% $11,277
    Barrington Bank & Trust Company, N.A. 2 5.50% $6,340
    Paramount Residential Mortgage Group, Inc. 2 6.19% $2,365
    PENTAGON FEDERAL CREDIT UNION 2 2.25% $9,730
    Equity Prime Mortgage LLC 2 6.69% $6,874
    EVERETT FINANCIAL, INC. 2 5.25% $7,232
    BROKER SOLUTIONS, INC. 2 6.44% $9,332
    FLAT BRANCH MORTGAGE, INC. 2 3.63% $4,289
    SUMMIT FUNDING, INC. 2 4.75% $17,346
    The Federal Savings Bank 2 5.31% $13,235
    Wells Fargo Bank 2 4.31% $10,589
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.06% $3,404
    Armed Forces Bank 2 4.31% $8,934
    LOANDEPOT.COM, LLC 2 4.94% $15,448
    Mid-Continent Funding, Inc. 2 6.19% $7,468
    West Town Bank & Trust 1 4.75% $9,536
    Amerifirst Financial, Inc. 1 5.03% $9,895
    ANGEL OAK HOME LOANS LLC 1 2.75% $12,389
    ASPIRE FINANCIAL, INC. 1 2.75% $3,661
    BancorpSouth Bank 1 4.00% $4,506
    BARTON CREEK LENDING GROUP, LLC 1 3.25% $4,864
    Cambria Financial Group, LLC 1 5.50% $5,394
    CARDINAL FINANCIAL 1 6.25% $6,652
    Carrington Mortgage Services, LLC 1 5.75% $5,314
    CONTOUR MORTGAGE CORPORATION 1 6.25% $17,008
    Credence Funding Corporation 1 2.50% $2,080
    CROSSCOUNTRY MORTGAGE, LLC 1 7.00% $7,846
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 3.75% $2,371
    First United Bank and Trust Company 1 6.38% $7,670
    Flagstar Bank, FSB 1 5.25% $17,396
    Franklin Loan Corporation 1 4.75% $1,031
    HOME POINT FINANCIAL CORPORATION 1 3.38% $10,546
    LAKEVIEW LOAN SERVICING, LLC 1 2.75% $2,277
    LEGEND LENDING CORPORATION 1 5.50% $5,874
    LOANPAL, LLC 1 2.88% $4,066
    MORTGAGEONE, INC. 1 4.50% $12,290
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $675
    NEWREZ LLC 1 3.50% $1,187
    NexBank 1 5.25% $6,230
    OVM FINANCIAL, INC. 1 5.63% $10,405
    PLANET HOME LENDING, LLC 1 3.38% $1,165
    PNC Bank 1 5.13% $18,439
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.50% $2,090
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $7,285
    Regions Bank 1 5.00% $5,876
    SFMC, LP 1 4.38% $8,059
    Sierra Pacific Mortgage Company, Inc. 1 4.63% $6,796
    Southside Bank 1 4.13% $8,889
    SOUTHWEST STAGE FUNDING, LLC 1 2.88% $289
    SUN WEST MORTGAGE COMPANY, INC. 1 4.50% $4,837
    VILLAGE CAPITAL MORTGAGE 1 3.25% $1,862
    ACADEMY MORTGAGE CORPORATION 1 6.25% $24,294

    The top Waco VA lender as defined by loan originations is Mortgage Research Center, LLC, with 69 VA loans originated. Their average total fees are $7,184, which is $2,206 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Waco VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($5,869), QUICKEN LOANS, LLC ($6,307), DHI MORTGAGE COMPANY, LTD. ($6,318), SWBC MORTGAGE CORPORATION ($6,645) and Mortgage Research Center, LLC ($7,184).

    The lowest rate Waco VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (3.76%), Gateway First Bank (3.81%), DHI MORTGAGE COMPANY, LTD. (4.09%), QUICKEN LOANS, LLC (4.22%) and USAA Federal Savings Bank (4.28%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Waco (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 $205,475 (14.2%) $261,888 (1.4%) 0.76 640
    2018-02-01 $206,450 (15.1%) $263,018 (1.4%) 0.75 655
    2018-03-01 $212,250 (9.3%) $274,832 (3.3%) 0.74 651
    2018-04-01 $220,945 (13.3%) $288,865 (12.0%) 0.75 654
    2018-05-01 $223,495 (6.9%) $290,318 (7.3%) 0.75 658
    2018-06-01 $226,839 (8.1%) $288,820 (3.5%) 0.76 723
    2018-07-01 $209,900 (-0.1%) $277,503 (-2.2%) 0.70 800
    2018-08-01 $207,563 (-1.1%) $275,907 (0.1%) 0.70 817
    2018-09-01 $212,500 (2.6%) $280,769 (4.1%) 0.71 811
    2018-10-01 $202,500 (-1.4%) $279,238 (6.0%) 0.69 842
    2018-11-01 $200,000 (0.0%) $277,776 (8.8%) 0.68 832
    2018-12-01 $200,000 (0.1%) $273,797 (7.1%) 0.69 789
    2019-01-01 $201,250 (-2.1%) $268,981 (2.7%) 0.70 746
    2019-02-01 $214,417 (3.9%) $269,261 (2.4%) 0.72 745
    2019-03-01 $227,000 (7.0%) $277,331 (0.9%) 0.76 696
    2019-04-01 $230,950 (4.5%) $285,886 (-1.0%) 0.73 692
    2019-05-01 $233,375 (4.4%) $289,488 (-0.3%) 0.73 695
    2019-06-01 $229,900 (1.4%) $286,962 (-0.6%) 0.72 724
    2019-07-01 $233,625 (11.3%) $292,295 (5.3%) 0.73 784
    2019-08-01 $229,500 (10.6%) $290,601 (5.3%) 0.72 794
    2019-09-01 $235,000 (10.6%) $286,197 (1.9%) 0.74 691
    2019-10-01 $222,450 (9.9%) $273,575 (-2.0%) 0.72 747
    2019-11-01 $225,000 (12.5%) $277,674 (0.0%) 0.74 717
    2019-12-01 $223,995 (12.0%) $275,431 (0.6%) 0.75 686
    2020-01-01 $220,000 (9.3%) $265,846 (-1.2%) 0.74 652
    2020-02-01 $224,900 (4.9%) $269,720 (0.2%) 0.74 678
    2020-03-01 $229,225 (1.0%) $271,285 (-2.2%) 0.72 667
    2020-04-01 $233,675 (1.2%) $274,852 (-3.9%) 0.73 685
    2020-05-01 $254,450 (9.0%) $299,900 (3.6%) 0.77 657
    2020-06-01 $258,650 (12.5%) $316,781 (10.4%) 0.76 577
    2020-07-01 $253,500 (8.5%) $319,085 (9.2%) 0.73 548
    2020-08-01 $250,000 (8.9%) $316,573 (8.9%) 0.72 516
    2020-09-01 $247,950 (5.5%) $314,958 (10.1%) 0.71 489
    2020-10-01 $249,900 (12.3%) $319,813 (16.9%) 0.72 453
    2020-11-01 $243,700 (8.3%) $316,720 (14.1%) 0.71 434
    2020-12-01 $244,950 (9.4%) $320,673 (16.4%) 0.73 393
    2021-01-01 $239,500 (8.9%) $332,308 (25.0%) 0.71 304
    2021-02-01 $236,250 (5.1%) $341,648 (26.7%) 0.69 245
    2021-03-01 $249,900 (9.0%) $343,679 (26.7%) 0.71 216
    2021-04-01 $254,450 (8.9%) $365,408 (33.0%) 0.69 202
    2021-05-01 $275,000 (8.1%) $388,538 (29.6%) 0.73 197
    2021-06-01 $276,500 (6.9%) $383,403 (21.0%) 0.73 251
    2021-07-01 $264,950 (4.5%) $370,177 (16.0%) 0.70 322
    2021-08-01 $272,450 (9.0%) $371,536 (17.4%) 0.73 378
    2021-09-01 $274,456 (10.7%) $377,290 (19.8%) 0.73 382
    2021-10-01 $270,000 (8.0%) $400,965 (25.4%) 0.72 341
    2021-11-01 $292,500 (20.0%) $411,530 (29.9%) 0.78 346
    2021-12-01 $299,250 (22.2%) $446,840 (39.3%) 0.81 331
    2022-01-01 $269,000 (12.3%) $439,233 (32.2%) 0.73 284
    2022-02-01 $276,250 (16.9%) $447,233 (30.9%) 0.72 245
    2022-03-01 $304,450 (21.8%) $463,145 (34.8%) 0.76 244
    2022-04-01 $300,000 (17.9%) $455,949 (24.8%) 0.72 272
    2022-05-01 $325,000 (18.2%) $485,991 (25.1%) 0.74 319
    2022-06-01 $349,850 (26.5%) $490,824 (28.0%) 0.78 387
    2022-07-01 $351,750 (32.8%) $477,981 (29.1%) 0.79 511
    2022-08-01 $350,000 (28.5%) $458,313 (23.4%) 0.81 614
    2022-09-01 $336,450 (22.6%) $419,792 (11.3%) 0.79 640
    2022-10-01 $325,000 (20.4%) $409,474 (2.1%) 0.76 700
    2022-11-01 $318,350 (8.8%) $426,991 (3.8%) 0.76 718
    2022-12-01 $319,900 (6.9%) $427,627 (-4.3%) 0.79 708
    2023-01-01 $319,950 (18.9%) $423,213 (-3.7%) 0.79 672
    2023-02-01 $309,450 (12.0%) $409,177 (-8.5%) 0.75 705
    2023-03-01 $310,400 (2.0%) $420,612 (-9.2%) 0.73 737
    2023-04-01 $325,000 (8.3%) $434,977 (-4.6%) 0.76 743
    Waco's median listing price for 2023-04-01 was $325,000, a difference of $25,000 (8.3%) versus the prior year and $14,600 versus the prior month.

    Waco's median listing price comes in at 76% of the national average.

    Waco's average listing price for 2023-04-01 was $434,977, a difference of $-20,972 (-4.6%) versus the prior year and $14,365 versus the prior month.

    For the 2023-04-01 period, Waco had 743 MLS listings, a difference of 6 listings (1%) versus the prior month and 471 listings (173%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Waco (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 79 days 1,961 sqft
    2018-02-01 76 days 1,949 sqft
    2018-03-01 63 days 1,975 sqft
    2018-04-01 59 days 2,063 sqft
    2018-05-01 55 days 2,056 sqft
    2018-06-01 49 days 2,029 sqft
    2018-07-01 46 days 1,986 sqft
    2018-08-01 51 days 2,002 sqft
    2018-09-01 63 days 2,031 sqft
    2018-10-01 67 days 1,967 sqft
    2018-11-01 73 days 2,004 sqft
    2018-12-01 81 days 1,997 sqft
    2019-01-01 87 days 1,991 sqft
    2019-02-01 84 days 2,007 sqft
    2019-03-01 66 days 2,012 sqft
    2019-04-01 60 days 2,032 sqft
    2019-05-01 54 days 2,035 sqft
    2019-06-01 50 days 2,028 sqft
    2019-07-01 48 days 2,034 sqft
    2019-08-01 61 days 2,031 sqft
    2019-09-01 72 days 2,055 sqft
    2019-10-01 64 days 1,969 sqft
    2019-11-01 68 days 1,976 sqft
    2019-12-01 76 days 1,960 sqft
    2020-01-01 77 days 1,943 sqft
    2020-02-01 62 days 1,950 sqft
    2020-03-01 58 days 2,009 sqft
    2020-04-01 60 days 1,987 sqft
    2020-05-01 56 days 2,046 sqft
    2020-06-01 55 days 2,067 sqft
    2020-07-01 57 days 2,083 sqft
    2020-08-01 52 days 2,065 sqft
    2020-09-01 53 days 2,018 sqft
    2020-10-01 57 days 2,047 sqft
    2020-11-01 56 days 2,002 sqft
    2020-12-01 56 days 1,997 sqft
    2021-01-01 68 days 1,995 sqft
    2021-02-01 55 days 1,812 sqft
    2021-03-01 41 days 1,847 sqft
    2021-04-01 31 days 1,853 sqft
    2021-05-01 25 days 1,952 sqft
    2021-06-01 18 days 1,939 sqft
    2021-07-01 21 days 1,858 sqft
    2021-08-01 25 days 1,886 sqft
    2021-09-01 32 days 1,884 sqft
    2021-10-01 43 days 1,958 sqft
    2021-11-01 44 days 2,006 sqft
    2021-12-01 43 days 1,979 sqft
    2022-01-01 50 days 1,796 sqft
    2022-02-01 43 days 1,843 sqft
    2022-03-01 33 days 1,893 sqft
    2022-04-01 27 days 1,784 sqft
    2022-05-01 23 days 1,829 sqft
    2022-06-01 24 days 1,915 sqft
    2022-07-01 29 days 1,986 sqft
    2022-08-01 37 days 1,972 sqft
    2022-09-01 42 days 1,912 sqft
    2022-10-01 48 days 1,837 sqft
    2022-11-01 52 days 1,811 sqft
    2022-12-01 63 days 1,842 sqft
    2023-01-01 69 days 1,833 sqft
    2023-02-01 64 days 1,772 sqft
    2023-03-01 52 days 1,803 sqft
    2023-04-01 54 days 1,837 sqft
    Waco's median listing age (time on market) for 2023-04-01 was 54 days. This is 100% longer than the same period one year ago.

    Waco's median square footage for active listings during the 2023-04-01 period was 1,837 sqft. One year prior, the average listing was 1,784 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.