Bloomington VA Loan Rates, Closing Costs & Stats

BLOOMINGTON, IL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Bloomington's 38 lenders originated 107 VA loans during 2023. The total origination value was $28,455,000, with an average VA loan value of $265,935.

    Bloomington VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Bloomington averaged 6.62% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Bloomington's average VA mortgage closing costs are $4,700.

    The average rate for the prior week (2024-11-01) was 6.58% and one month ago for the week of 2024-10-04, the average rate was 5.71%.

    The average rate one year ago was 7.66%.

    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.

    Bloomington 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 Bloomington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 24 6.54% $7,067
    FIRST STATE MORTGAGE SERVICES, LLC 20 6.71% $7,309
    COMPASS MORTGAGE, INC. 5 6.75% $7,091
    NAVY FEDERAL CREDIT UNION 4 6.19% $5,730
    UNITED WHOLESALE MORTGAGE, LLC 4 6.37% $9,823
    FREEDOM MORTGAGE CORPORATION 4 6.50% $10,863
    QUICKEN LOANS, LLC 3 6.04% $8,823
    PNC Bank 3 6.54% $2,784
    FLAT BRANCH MORTGAGE, INC. 3 6.96% $5,008
    Wells Fargo Bank 2 5.81% $1,669
    DAS Acquisition Company, LLC 2 7.44% $10,926
    Ixonia Bank 2 6.63% $4,255
    USAA Federal Savings Bank 2 6.19% $9,392
    GUARANTEED RATE, INC. 2 6.25% $5,341
    Plains Commerce Bank 2 6.38% $6,259
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $668
    NEW DAY FINANCIAL, LLC 1 7.38% $10,992
    NEWREZ LLC 1 6.75% $3,687
    PENNYMAC LOAN SERVICES, LLC 1 5.25% $3,876
    Residential Mortgage Solutions, Inc. 1 7.75% $11,470
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.25% $16,102
    United Community Bank 1 7.50% $2,947
    VILLAGE CAPITAL MORTGAGE 1 5.75% $2,342
    Lakeview Community Capital, LLC 1 5.75% $9,488
    Busey Bank 1 7.50% $1,544
    CALIBER HOME LOANS, INC. 1 6.25% $8,511
    CARDINAL FINANCIAL 1 6.75% $11,825
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $5,637
    CIBM Bank 1 7.25% $16,616
    CROSSCOUNTRY MORTGAGE, LLC 1 6.63% $11,276
    First Federal Bank 1 5.75% $3,547
    First United Bank and Trust Company 1 6.88% $11,083
    Flagstar Bank, FSB 1 6.75% $10,307
    GUARANTEED RATE AFFINITY, LLC 1 5.75% $18,450
    JPMorgan Chase Bank 1 6.75% $5,777
    Armed Forces Bank 1 6.50% $13,220
    LEADERONE FINANCIAL CORPORATION 1 7.25% $6,245
    Marine Bank 1 6.25% $18,016

    The top Bloomington VA lender as defined by loan originations is Mortgage Research Center, LLC, with 24 VA loans originated. Their average total fees are $7,067, which is $242 lower than the next largest lender, FIRST STATE MORTGAGE SERVICES, LLC.

    The lowest fee Bloomington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,067), FIRST STATE MORTGAGE SERVICES, LLC ($7,309), .

    The lowest rate Bloomington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.54%), FIRST STATE MORTGAGE SERVICES, LLC (6.71%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bloomington (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 $171,950 (16.9%) $202,938 (3.7%) 0.64 716
    2018-02-01 $179,950 (19.2%) $213,189 (4.2%) 0.65 774
    2018-03-01 $184,900 (12.1%) $218,065 (2.4%) 0.65 855
    2018-04-01 $189,000 (8.0%) $221,125 (2.1%) 0.64 934
    2018-05-01 $188,050 (7.5%) $216,847 (1.9%) 0.63 963
    2018-06-01 $186,000 (6.7%) $215,032 (1.6%) 0.62 975
    2018-07-01 $182,450 (5.5%) $212,242 (1.0%) 0.61 997
    2018-08-01 $179,900 (8.6%) $209,457 (2.0%) 0.60 945
    2018-09-01 $174,900 (3.5%) $209,431 (1.3%) 0.59 900
    2018-10-01 $168,000 (-1.2%) $205,573 (-1.4%) 0.57 847
    2018-11-01 $162,400 (-3.4%) $204,031 (0.2%) 0.55 790
    2018-12-01 $157,250 (-4.7%) $193,801 (-3.9%) 0.54 680
    2019-01-01 $159,900 (-7.0%) $193,588 (-4.6%) 0.55 609
    2019-02-01 $163,700 (-9.0%) $197,782 (-7.2%) 0.55 553
    2019-03-01 $169,900 (-8.1%) $205,736 (-5.7%) 0.56 598
    2019-04-01 $169,900 (-10.1%) $204,835 (-7.4%) 0.54 657
    2019-05-01 $165,750 (-11.9%) $202,511 (-6.6%) 0.52 714
    2019-06-01 $167,250 (-10.1%) $203,448 (-5.4%) 0.52 736
    2019-07-01 $169,900 (-6.9%) $207,415 (-2.3%) 0.53 747
    2019-08-01 $167,173 (-7.1%) $206,131 (-1.6%) 0.53 718
    2019-09-01 $163,082 (-6.8%) $202,413 (-3.4%) 0.52 680
    2019-10-01 $159,900 (-4.8%) $200,411 (-2.5%) 0.52 654
    2019-11-01 $158,250 (-2.6%) $200,081 (-1.9%) 0.52 558
    2019-12-01 $149,950 (-4.6%) $197,303 (1.8%) 0.50 495
    2020-01-01 $149,950 (-6.2%) $199,928 (3.3%) 0.50 455
    2020-02-01 $159,250 (-2.7%) $199,223 (0.7%) 0.52 444
    2020-03-01 $166,625 (-1.9%) $212,557 (3.3%) 0.52 468
    2020-04-01 $173,675 (2.2%) $218,319 (6.6%) 0.54 430
    2020-05-01 $165,000 (-0.5%) $218,905 (8.1%) 0.50 401
    2020-06-01 $168,242 (0.6%) $217,022 (6.7%) 0.50 372
    2020-07-01 $170,600 (0.4%) $225,341 (8.6%) 0.49 349
    2020-08-01 $159,900 (-4.4%) $217,269 (5.4%) 0.46 335
    2020-09-01 $150,975 (-7.4%) $206,863 (2.2%) 0.43 320
    2020-10-01 $139,900 (-12.5%) $198,948 (-0.7%) 0.40 288
    2020-11-01 $142,750 (-9.8%) $198,205 (-0.9%) 0.42 273
    2020-12-01 $137,450 (-8.3%) $191,519 (-2.9%) 0.41 234
    2021-01-01 $135,000 (-10.0%) $186,380 (-6.8%) 0.40 199
    2021-02-01 $141,000 (-11.5%) $204,275 (2.5%) 0.41 170
    2021-03-01 $147,500 (-11.5%) $219,262 (3.2%) 0.42 152
    2021-04-01 $164,900 (-5.1%) $238,622 (9.3%) 0.45 148
    2021-05-01 $179,900 (9.0%) $253,087 (15.6%) 0.48 149
    2021-06-01 $177,425 (5.5%) $257,306 (18.6%) 0.47 157
    2021-07-01 $175,000 (2.6%) $256,729 (13.9%) 0.46 168
    2021-08-01 $164,825 (3.1%) $238,062 (9.6%) 0.44 186
    2021-09-01 $164,975 (9.3%) $237,430 (14.8%) 0.44 179
    2021-10-01 $149,750 (7.0%) $208,996 (5.1%) 0.40 167
    2021-11-01 $150,250 (5.3%) $222,718 (12.4%) 0.40 151
    2021-12-01 $147,450 (7.3%) $234,114 (22.2%) 0.40 130
    2022-01-01 $148,500 (10.0%) $237,873 (27.6%) 0.40 101
    2022-02-01 $152,425 (8.1%) $239,794 (17.4%) 0.40 87
    2022-03-01 $202,450 (37.3%) $276,655 (26.2%) 0.51 77
    2022-04-01 $220,000 (33.4%) $310,561 (30.2%) 0.52 89
    2022-05-01 $239,950 (33.4%) $314,133 (24.1%) 0.55 114
    2022-06-01 $247,450 (39.5%) $308,392 (19.9%) 0.55 143
    2022-07-01 $250,000 (42.9%) $307,374 (19.7%) 0.56 145
    2022-08-01 $211,075 (28.1%) $294,031 (23.5%) 0.49 149
    2022-09-01 $256,125 (55.3%) $309,728 (30.5%) 0.60 155
    2022-10-01 $280,000 (87.0%) $321,025 (53.6%) 0.66 180
    2022-11-01 $301,825 (100.9%) $329,794 (48.1%) 0.73 177
    2022-12-01 $304,900 (106.8%) $331,855 (41.8%) 0.75 163
    2023-01-01 $328,150 (121.0%) $352,816 (48.3%) 0.81 145
    2023-02-01 $354,225 (132.4%) $367,769 (53.4%) 0.85 138
    2023-03-01 $337,450 (66.7%) $348,626 (26.0%) 0.80 142
    2023-04-01 $339,900 (54.5%) $351,329 (13.1%) 0.79 172
    2023-05-01 $325,000 (35.4%) $351,689 (12.0%) 0.74 186
    2023-06-01 $331,225 (33.9%) $350,158 (13.5%) 0.74 186
    2023-07-01 $329,900 (32.0%) $366,500 (19.2%) 0.75 198
    2023-08-01 $347,400 (64.6%) $373,280 (27.0%) 0.80 208
    2023-09-01 $334,750 (30.7%) $392,663 (26.8%) 0.78 207
    2023-10-01 $311,225 (11.2%) $372,583 (16.1%) 0.73 218
    2023-11-01 $310,000 (2.7%) $364,776 (10.6%) 0.74 218
    2023-12-01 $324,900 (6.6%) $387,688 (16.8%) 0.79 169
    2024-01-01 $352,450 (7.4%) $408,884 (15.9%) 0.86 142
    2024-02-01 $344,900 (-2.6%) $397,749 (8.2%) 0.83 147
    2024-03-01 $355,000 (5.2%) $400,338 (14.8%) 0.84 158
    2024-04-01 $353,675 (4.1%) $399,147 (13.6%) 0.82 164
    2024-05-01 $380,000 (16.9%) $408,144 (16.1%) 0.86 174
    2024-06-01 $369,900 (11.7%) $402,196 (14.9%) 0.83 205
    2024-07-01 $353,675 (7.2%) $386,734 (5.5%) 0.81 214
    2024-08-01 $332,000 (-4.4%) $354,233 (-5.1%) 0.77 197
    2024-09-01 $305,950 (-8.6%) $329,109 (-16.2%) 0.72 206
    2024-10-01 $288,575 (-7.3%) $323,052 (-13.3%) 0.68 204
    Bloomington's median listing price for 2024-10-01 was $288,575, a difference of $-22,650 (-7.3%) versus the prior year and $-17,375 versus the prior month.

    Bloomington's median listing price comes in at 68% of the national average.

    Bloomington's average listing price for 2024-10-01 was $323,052, a difference of $-49,531 (-13.3%) versus the prior year and $-6,057 versus the prior month.

    For the 2024-10-01 period, Bloomington had 204 MLS listings, a difference of -2 listings (-1%) versus the prior month and -14 listings (-6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bloomington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 2,695 sqft
    2018-02-01 82 days 2,827 sqft
    2018-03-01 53 days 2,862 sqft
    2018-04-01 56 days 2,878 sqft
    2018-05-01 59 days 2,871 sqft
    2018-06-01 58 days 2,856 sqft
    2018-07-01 62 days 2,811 sqft
    2018-08-01 66 days 2,799 sqft
    2018-09-01 71 days 2,784 sqft
    2018-10-01 72 days 2,757 sqft
    2018-11-01 77 days 2,685 sqft
    2018-12-01 86 days 2,606 sqft
    2019-01-01 92 days 2,555 sqft
    2019-02-01 85 days 1,682 sqft
    2019-03-01 62 days 1,747 sqft
    2019-04-01 50 days 1,748 sqft
    2019-05-01 53 days 1,767 sqft
    2019-06-01 58 days 1,826 sqft
    2019-07-01 59 days 1,880 sqft
    2019-08-01 62 days 1,872 sqft
    2019-09-01 67 days 1,853 sqft
    2019-10-01 71 days 1,840 sqft
    2019-11-01 80 days 1,872 sqft
    2019-12-01 87 days 1,827 sqft
    2020-01-01 90 days 1,826 sqft
    2020-02-01 76 days 1,838 sqft
    2020-03-01 52 days 1,956 sqft
    2020-04-01 59 days 1,950 sqft
    2020-05-01 65 days 2,020 sqft
    2020-06-01 59 days 2,140 sqft
    2020-07-01 46 days 2,108 sqft
    2020-08-01 45 days 2,038 sqft
    2020-09-01 49 days 1,922 sqft
    2020-10-01 50 days 1,904 sqft
    2020-11-01 57 days 1,908 sqft
    2020-12-01 63 days 1,764 sqft
    2021-01-01 60 days 1,768 sqft
    2021-02-01 57 days 1,876 sqft
    2021-03-01 46 days 1,960 sqft
    2021-04-01 34 days 1,963 sqft
    2021-05-01 33 days 2,129 sqft
    2021-06-01 41 days 2,121 sqft
    2021-07-01 39 days 2,151 sqft
    2021-08-01 38 days 2,087 sqft
    2021-09-01 45 days 2,105 sqft
    2021-10-01 50 days 1,872 sqft
    2021-11-01 49 days 1,903 sqft
    2021-12-01 48 days 1,878 sqft
    2022-01-01 57 days 1,780 sqft
    2022-02-01 50 days 1,729 sqft
    2022-03-01 42 days 2,091 sqft
    2022-04-01 31 days 2,199 sqft
    2022-05-01 31 days 2,170 sqft
    2022-06-01 35 days 2,290 sqft
    2022-07-01 37 days 2,313 sqft
    2022-08-01 39 days 2,128 sqft
    2022-09-01 38 days 2,227 sqft
    2022-10-01 38 days 2,336 sqft
    2022-11-01 47 days 2,303 sqft
    2022-12-01 54 days 2,314 sqft
    2023-01-01 63 days 2,327 sqft
    2023-02-01 61 days 2,274 sqft
    2023-03-01 49 days 2,186 sqft
    2023-04-01 42 days 2,208 sqft
    2023-05-01 42 days 2,211 sqft
    2023-06-01 52 days 2,247 sqft
    2023-07-01 48 days 2,408 sqft
    2023-08-01 49 days 2,505 sqft
    2023-09-01 50 days 2,568 sqft
    2023-10-01 51 days 2,506 sqft
    2023-11-01 48 days 2,509 sqft
    2023-12-01 65 days 2,512 sqft
    2024-01-01 81 days 2,605 sqft
    2024-02-01 64 days 2,512 sqft
    2024-03-01 44 days 2,678 sqft
    2024-04-01 43 days 2,570 sqft
    2024-05-01 28 days 2,512 sqft
    2024-06-01 32 days 2,582 sqft
    2024-07-01 45 days 2,520 sqft
    2024-08-01 45 days 2,362 sqft
    2024-09-01 41 days 2,281 sqft
    2024-10-01 43 days 2,223 sqft
    Bloomington's median listing age (time on market) for 2024-10-01 was 43 days. This is -15% shorter than the same period one year ago.

    Bloomington's median square footage for active listings during the 2024-10-01 period was 2,223 sqft. One year prior, the average listing was 2,506 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.