Ames VA Loan Rates, Closing Costs & Stats

AMES, IA

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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.

    Ames's 27 lenders originated 79 VA loans during 2023. The total origination value was $18,905,000, with an average VA loan value of $239,304.

    Ames VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Ames averaged 6.35% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Ames's average VA mortgage closing costs are $5,074.

    The average rate for the prior week (2024-11-01) was 6.21% and one month ago for the week of 2024-10-04, the average rate was 5.93%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Ames level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 17 7.01% $4,308
    QUICKEN LOANS, LLC 6 5.79% $12,504
    IOWA BANKERS MORTGAGE CORPORATION 5 6.20% $6,656
    HOMESIDE FINANCIAL, LLC 4 6.53% $5,796
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.47% $11,790
    HOMESERVICES LENDING, LLC 4 6.19% $5,383
    NAVY FEDERAL CREDIT UNION 3 6.38% $1,625
    PENNYMAC LOAN SERVICES, LLC 3 6.29% $7,527
    GUILD MORTGAGE COMPANY 3 6.29% $9,114
    NEWREZ LLC 3 6.38% $10,700
    Lincoln Savings Bank 2 6.06% $6,797
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.81% $11,338
    FREEDOM MORTGAGE CORPORATION 2 6.50% $19,963
    GUARANTEED RATE, INC. 2 7.25% $5,637
    UNITED WHOLESALE MORTGAGE, LLC 2 5.87% $9,334
    U.S. Bank 2 6.00% $2,735
    GREENSTATE CREDIT UNION 1 5.50% $6,313
    GERSHMAN INVESTMENT CORP. 1 5.63% $3,783
    Northwest Bank 1 6.75% $2,830
    FRONTIER FINANCIAL, INC. 1 6.25% $5,982
    CROSSCOUNTRY MORTGAGE, LLC 1 7.75% $11,748
    VILLAGE CAPITAL MORTGAGE 1 5.75% $3,701
    USAA Federal Savings Bank 1 6.00% $5,792
    Wells Fargo Bank 1 6.50% $1,922
    VERIDIAN CREDIT UNION 1 5.88% $8,529
    LAND HOME FINANCIAL SERVICES, INC. 1 7.00% $3,979
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $15,949

    The top Ames VA lender as defined by loan originations is Mortgage Research Center, LLC, with 17 VA loans originated. Their average total fees are $4,308, which is $8,196 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Ames VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,308), .

    The lowest rate Ames VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (7.01%), .

    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.