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.