Ames VA Loans

AMES, IA

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.

Ames's 73 lenders originated 295 VA loans during 2021. The total origination value was $66,645,000, with an average VA loan value of $225,915.

Ames VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Ames averaged 5.41% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.64% and one month ago for the week of 2022-04-08, the average rate was 5.16%.

The average rate one year ago was 2.98%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.39%.

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

Ames 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 Ames level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 36 2.89% $4,118
QUICKEN LOANS, LLC 26 2.54% $5,499
Wells Fargo Bank 21 2.55% $4,380
INLANTA MORTGAGE, INC. 17 2.79% $3,943
FREEDOM MORTGAGE CORPORATION 14 2.58% $2,394
CALIBER HOME LOANS, INC. 8 2.55% $3,769
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 2.71% $6,178
PENNYMAC LOAN SERVICES, LLC 6 2.75% $3,415
USAA Federal Savings Bank 6 2.85% $3,806
NEW DAY FINANCIAL, LLC 6 2.63% $7,816
NAVY FEDERAL CREDIT UNION 5 2.50% $8,464
AMERICAN PACIFIC MORTGAGE CORPORATION 5 2.73% $3,040
Low VA Rates, LLC 5 2.28% $4,624
Barrington Bank & Trust Company, N.A. 5 2.55% $3,863
LAKEVIEW LOAN SERVICING, LLC 4 2.66% $1,855
Great Western Bank 4 2.78% $5,207
Mr. Cooper ( Nationstar Mortgage ) 4 2.84% $3,873
Northwest Bank 4 2.59% $5,231
HOMESERVICES LENDING, LLC 4 2.59% $7,937
The Federal Savings Bank 4 2.47% $4,613
VILLAGE CAPITAL & INVESTMENT LLC 4 2.44% $1,360
GUILD MORTGAGE COMPANY 3 3.21% $2,320
BROKER SOLUTIONS, INC. 3 2.75% $5,273
LAND HOME FINANCIAL SERVICES, INC. 3 2.83% $5,948
Fortress Bank 3 2.71% $1,524
Lincoln Savings Bank 3 2.50% $5,477
U.S. Bank 3 2.46% $5,461
Chickasaw Community Bank 3 3.00% $4,911
IOWA BANKERS MORTGAGE CORPORATION 3 2.83% $2,350
AMERICAN FINANCING CORPORATION 2 2.63% $2,434
Servion, Inc. 2 2.75% $4,800
NEWREZ LLC 2 3.06% $7,967
VERIDIAN CREDIT UNION 2 2.19% $2,140
EMBRACE HOME LOANS, INC. 2 2.25% $1,704
NP, Inc. 2 2.25% $2,401
The Central Trust Bank 1 2.25% $1,570
UNION HOME MORTGAGE CORP. 1 2.75% $8,786
UNITED WHOLESALE MORTGAGE, LLC 1 2.25% $6,702
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.75% $573
AMERISAVE MORTGAGE CORPORATION 1 3.00% $4,597
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.75% $1,522
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.13% $12,370
Citizens Bank 1 2.38% $6,740
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 3.25% $14,457
Collins Community Credit Union 1 2.38% $6,740
CROSSCOUNTRY MORTGAGE, LLC 1 2.75% $1,415
FBC MORTGAGE, LLC 1 2.25% $5,407
Fidelity Bank 1 2.75% $2,300
FINANCE OF AMERICA MORTGAGE LLC 1 2.63% $1,190
First Guaranty Mortgage Corporation 1 2.25% $6,459
Flagstar Bank, FSB 1 4.13% $25,044
Gateway First Bank 1 3.75% $11,610
GERSHMAN INVESTMENT CORP. 1 3.25% $1,629
Great Southern Bank 1 2.75% $1,346
GUARANTEED RATE, INC. 1 2.38% $1,104
HOME POINT FINANCIAL CORPORATION 1 2.99% $1,983
HOMESIDE FINANCIAL, LLC 1 3.25% $10,085
InterContinental Capital Group, Inc 1 2.25% $1,989
Ixonia Bank 1 3.13% $2,038
KS StateBank 1 2.38% $6,621
Lakeview Community Capital, LLC 1 2.25% $3,187
Magnolia Bank 1 2.25% $4,893
MID AMERICA MORTGAGE, INC. 1 2.25% $1,537
AMCAP MORTGAGE, LTD. 1 2.75% $3,944
MOVEMENT MORTGAGE, LLC 1 3.50% $9,499
North American Savings Bank, F.S.B. 1 2.25% $1,493
PENTAGON FEDERAL CREDIT UNION 1 2.38% $0
Plains Commerce Bank 1 2.50% $7,795
PLAZA HOME MORTGAGE, INC. 1 2.25% $1,900
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.50% $2,044
RESIDENTIAL MORTGAGE NETWORK, INC. 1 2.38% $2,475
SOVEREIGN LENDING GROUP INCORPORATED 1 2.88% $7,426
SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $2,355

The top Ames VA lender as defined by loan originations is Mortgage Research Center, LLC, with 36 VA loans originated. Their average total fees are $4,118, which is $1,382 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Ames VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,394), INLANTA MORTGAGE, INC. ($3,943), Mortgage Research Center, LLC ($4,118), Wells Fargo Bank ($4,380) and QUICKEN LOANS, LLC ($5,499).

The lowest rate Ames VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.54%), Wells Fargo Bank (2.55%), FREEDOM MORTGAGE CORPORATION (2.58%), INLANTA MORTGAGE, INC. (2.79%) and Mortgage Research Center, LLC (2.89%).

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.