Ames VA Loans

AMES, IA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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.