Bloomington VA Loan Rates, Closing Costs & Stats

BLOOMINGTON, IN

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 119 VA loans during 2023. The total origination value was $37,175,000, with an average VA loan value of $312,395.

Bloomington VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Bloomington averaged 6.61% for the week of 2024-07-05, compared to the national average (all VA variants) of 6.475% for the same period.

Bloomington's average VA mortgage closing costs are $5,328.

The average rate for the prior week (2024-06-28) was 6.91% and one month ago for the week of 2024-05-31, the average rate was 6.93%.

The average rate one year ago was 6.88%.

For refis of the same type during the week of 2024-07-05, 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 6.62% $4,161
RUOFF MORTGAGE COMPANY, INC. 11 6.66% $3,829
NAVY FEDERAL CREDIT UNION 10 5.70% $5,501
QUICKEN LOANS, LLC 7 6.41% $11,353
UNITED WHOLESALE MORTGAGE, LLC 7 6.26% $7,402
USAA Federal Savings Bank 6 6.31% $7,373
The Federal Savings Bank 5 6.43% $13,871
THRIVE MORTGAGE, LLC 4 6.59% $4,236
FREEDOM MORTGAGE CORPORATION 3 6.75% $21,747
Mr. Cooper ( Nationstar Mortgage ) 3 5.92% $17,055
Paramount Residential Mortgage Group, Inc. 2 6.88% $9,008
FLAT BRANCH MORTGAGE, INC. 2 6.88% $2,338
NEW DAY FINANCIAL, LLC 2 7.12% $16,267
HALLMARK HOME MORTGAGE, LLC 2 6.94% $4,441
PENNYMAC LOAN SERVICES, LLC 2 6.25% $7,614
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $13,772
Nations Lending Corporation 1 5.63% $15,236
NEWREZ LLC 1 6.75% $10,025
Northpointe Bank 1 6.00% $12,226
Old National Bank 1 5.75% $7,882
Plains Commerce Bank 1 5.75% $14,413
RELIANCE FIRST CAPITAL, LLC 1 5.88% $9,285
Blue Ridge Bank 1 7.25% $3,312
VILLAGE CAPITAL MORTGAGE 1 5.25% $16,363
CHURCHILL MORTGAGE CORPORATION 1 6.75% $5,696
Citizens Bank 1 5.63% $6,602
CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $10,818
DAS Acquisition Company, LLC 1 6.75% $18,638
DIRECT MORTGAGE LOANS, LLC 1 6.75% $19,125
EVERETT FINANCIAL, INC. 1 7.63% $1,129
FAIR WAY LENDING LLC 1 5.75% $7,233
FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $6,240
JPMorgan Chase Bank 1 5.75% $7,969
LOANDEPOT.COM, LLC 1 5.38% $2,123
LOANPAL, LLC 1 5.75% $6,159
MILESTONE HOME LENDING, LLC 1 6.75% $17,689
MJW Financial LLC 1 6.62% $4,294
MORTGAGE MASTERS OF INDIANA, INC. 1 7.00% $1,685

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 $4,161, which is $332 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

The lowest fee Bloomington VA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($3,829), Mortgage Research Center, LLC ($4,161), NAVY FEDERAL CREDIT UNION ($5,501), .

The lowest rate Bloomington VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.70%), Mortgage Research Center, LLC (6.62%), RUOFF MORTGAGE COMPANY, INC. (6.66%), .


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 $239,168 (11.1%) $310,126 (2.2%) 0.89 595
2018-02-01 $254,950 (23.8%) $318,348 (4.7%) 0.93 620
2018-03-01 $265,000 (17.9%) $325,850 (4.2%) 0.93 672
2018-04-01 $266,725 (2.6%) $324,947 (-7.5%) 0.90 781
2018-05-01 $268,225 (7.3%) $331,483 (-3.2%) 0.90 792
2018-06-01 $266,350 (10.4%) $332,862 (2.2%) 0.89 775
2018-07-01 $267,475 (19.1%) $336,712 (11.0%) 0.89 732
2018-08-01 $257,700 (14.6%) $327,499 (4.5%) 0.86 702
2018-09-01 $255,000 (11.2%) $328,311 (1.3%) 0.86 686
2018-10-01 $262,400 (11.7%) $332,706 (1.4%) 0.89 704
2018-11-01 $259,900 (13.1%) $327,518 (1.5%) 0.88 655
2018-12-01 $259,900 (13.2%) $329,729 (8.8%) 0.90 582
2019-01-01 $259,675 (8.6%) $341,550 (10.1%) 0.90 558
2019-02-01 $261,000 (2.4%) $330,850 (3.9%) 0.88 599
2019-03-01 $286,229 (8.0%) $354,941 (8.9%) 0.94 535
2019-04-01 $308,500 (15.7%) $386,455 (18.9%) 0.98 430
2019-05-01 $299,800 (11.8%) $377,331 (13.8%) 0.94 453
2019-06-01 $300,000 (12.6%) $372,759 (12.0%) 0.94 453
2019-07-01 $289,925 (8.4%) $363,036 (7.8%) 0.91 483
2019-08-01 $284,255 (10.3%) $359,158 (9.7%) 0.90 486
2019-09-01 $275,786 (8.2%) $352,646 (7.4%) 0.88 490
2019-10-01 $273,041 (4.1%) $353,782 (6.3%) 0.88 473
2019-11-01 $277,000 (6.6%) $366,484 (11.9%) 0.91 401
2019-12-01 $291,000 (12.0%) $383,855 (16.4%) 0.97 338
2020-01-01 $295,950 (14.0%) $389,472 (14.0%) 0.99 308
2020-02-01 $309,000 (18.4%) $392,178 (18.5%) 1.01 322
2020-03-01 $330,000 (15.3%) $411,374 (15.9%) 1.03 341
2020-04-01 $324,975 (5.3%) $396,452 (2.6%) 1.02 367
2020-05-01 $344,000 (14.7%) $405,108 (7.4%) 1.05 351
2020-06-01 $339,350 (13.1%) $407,644 (9.4%) 1.00 342
2020-07-01 $359,700 (24.1%) $422,895 (16.5%) 1.04 332
2020-08-01 $359,700 (26.5%) $420,606 (17.1%) 1.03 318
2020-09-01 $357,300 (29.6%) $409,844 (16.2%) 1.02 319
2020-10-01 $320,000 (17.2%) $391,814 (10.8%) 0.92 316
2020-11-01 $304,950 (10.1%) $393,800 (7.5%) 0.89 294
2020-12-01 $299,950 (3.1%) $392,612 (2.3%) 0.89 236
2021-01-01 $340,000 (14.9%) $420,459 (8.0%) 1.01 193
2021-02-01 $367,000 (18.8%) $453,243 (15.6%) 1.07 157
2021-03-01 $362,000 (9.7%) $445,688 (8.3%) 1.03 159
2021-04-01 $345,250 (6.2%) $427,176 (7.8%) 0.93 168
2021-05-01 $339,350 (-1.4%) $433,902 (7.1%) 0.90 158
2021-06-01 $312,450 (-7.9%) $418,914 (2.8%) 0.82 209
2021-07-01 $306,950 (-14.7%) $404,792 (-4.3%) 0.81 253
2021-08-01 $306,950 (-14.7%) $409,119 (-2.7%) 0.82 269
2021-09-01 $315,000 (-11.8%) $408,913 (-0.2%) 0.84 252
2021-10-01 $335,000 (4.7%) $420,064 (7.2%) 0.89 269
2021-11-01 $334,900 (9.8%) $431,701 (9.6%) 0.90 236
2021-12-01 $344,950 (15.0%) $447,330 (13.9%) 0.93 214
2022-01-01 $352,450 (3.7%) $463,108 (10.1%) 0.95 186
2022-02-01 $352,400 (-4.0%) $476,896 (5.2%) 0.92 170
2022-03-01 $362,450 (0.1%) $478,585 (7.4%) 0.91 183
2022-04-01 $365,000 (5.7%) $481,704 (12.8%) 0.87 195
2022-05-01 $352,000 (3.7%) $466,817 (7.6%) 0.80 233
2022-06-01 $354,175 (13.4%) $452,596 (8.0%) 0.79 291
2022-07-01 $339,450 (10.6%) $429,546 (6.1%) 0.76 342
2022-08-01 $349,950 (14.0%) $434,338 (6.2%) 0.81 347
2022-09-01 $357,450 (13.5%) $436,886 (6.8%) 0.84 360
2022-10-01 $334,500 (-0.2%) $418,987 (-0.3%) 0.79 389
2022-11-01 $319,950 (-4.5%) $388,607 (-10.0%) 0.77 369
2022-12-01 $315,000 (-8.7%) $382,617 (-14.5%) 0.78 288
2023-01-01 $319,900 (-9.2%) $385,712 (-16.7%) 0.79 230
2023-02-01 $332,950 (-5.5%) $400,809 (-16.0%) 0.80 226
2023-03-01 $344,500 (-5.0%) $406,923 (-15.0%) 0.81 230
2023-04-01 $372,450 (2.0%) $434,084 (-9.9%) 0.87 236
2023-05-01 $391,200 (11.1%) $460,056 (-1.5%) 0.89 286
2023-06-01 $392,000 (10.7%) $467,159 (3.2%) 0.88 303
2023-07-01 $399,000 (17.5%) $477,342 (11.1%) 0.91 298
2023-08-01 $392,450 (12.1%) $475,571 (9.5%) 0.90 301
2023-09-01 $389,900 (9.1%) $473,591 (8.4%) 0.91 321
2023-10-01 $394,000 (17.8%) $460,899 (10.0%) 0.93 336
2023-11-01 $396,000 (23.8%) $457,696 (17.8%) 0.94 337
2023-12-01 $395,000 (25.4%) $445,946 (16.6%) 0.96 311
2024-01-01 $389,900 (21.9%) $441,125 (14.4%) 0.95 263
2024-02-01 $414,700 (24.6%) $482,590 (20.4%) 1.00 233
2024-03-01 $424,900 (23.3%) $510,369 (25.4%) 1.00 243
2024-04-01 $400,950 (7.7%) $496,911 (14.5%) 0.93 295
2024-05-01 $399,900 (2.2%) $492,582 (7.1%) 0.90 330
2024-06-01 $402,500 (2.7%) $494,481 (5.9%) 0.90 387
Bloomington's median listing price for 2024-06-01 was $402,500, a difference of $10,500 (2.7%) versus the prior year and $2,600 versus the prior month.

Bloomington's median listing price comes in at 90% of the national average.

Bloomington's average listing price for 2024-06-01 was $494,481, a difference of $27,322 (5.9%) versus the prior year and $1,899 versus the prior month.

For the 2024-06-01 period, Bloomington had 387 MLS listings, a difference of 57 listings (17%) versus the prior month and 84 listings (28%) 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 75 days 1,958 sqft
2018-02-01 70 days 2,021 sqft
2018-03-01 55 days 2,104 sqft
2018-04-01 47 days 2,088 sqft
2018-05-01 49 days 2,073 sqft
2018-06-01 50 days 2,113 sqft
2018-07-01 52 days 2,138 sqft
2018-08-01 57 days 2,078 sqft
2018-09-01 65 days 2,034 sqft
2018-10-01 65 days 2,045 sqft
2018-11-01 70 days 2,041 sqft
2018-12-01 78 days 2,032 sqft
2019-01-01 84 days 2,016 sqft
2019-02-01 68 days 2,016 sqft
2019-03-01 57 days 2,105 sqft
2019-04-01 51 days 2,210 sqft
2019-05-01 47 days 2,121 sqft
2019-06-01 51 days 2,106 sqft
2019-07-01 56 days 2,095 sqft
2019-08-01 58 days 2,097 sqft
2019-09-01 56 days 2,052 sqft
2019-10-01 55 days 2,023 sqft
2019-11-01 64 days 1,954 sqft
2019-12-01 83 days 1,970 sqft
2020-01-01 94 days 1,893 sqft
2020-02-01 43 days 1,917 sqft
2020-03-01 48 days 2,064 sqft
2020-04-01 54 days 2,025 sqft
2020-05-01 66 days 2,187 sqft
2020-06-01 62 days 2,170 sqft
2020-07-01 59 days 2,190 sqft
2020-08-01 66 days 2,235 sqft
2020-09-01 63 days 2,181 sqft
2020-10-01 54 days 2,061 sqft
2020-11-01 61 days 2,010 sqft
2020-12-01 71 days 1,909 sqft
2021-01-01 73 days 2,010 sqft
2021-02-01 66 days 2,028 sqft
2021-03-01 51 days 1,956 sqft
2021-04-01 38 days 1,909 sqft
2021-05-01 38 days 1,884 sqft
2021-06-01 29 days 1,839 sqft
2021-07-01 33 days 1,880 sqft
2021-08-01 39 days 1,829 sqft
2021-09-01 38 days 1,871 sqft
2021-10-01 45 days 1,901 sqft
2021-11-01 55 days 1,873 sqft
2021-12-01 60 days 1,890 sqft
2022-01-01 63 days 1,900 sqft
2022-02-01 46 days 1,925 sqft
2022-03-01 38 days 1,920 sqft
2022-04-01 34 days 1,940 sqft
2022-05-01 31 days 1,829 sqft
2022-06-01 32 days 1,888 sqft
2022-07-01 36 days 1,840 sqft
2022-08-01 44 days 1,879 sqft
2022-09-01 47 days 1,951 sqft
2022-10-01 50 days 1,924 sqft
2022-11-01 60 days 1,837 sqft
2022-12-01 74 days 1,798 sqft
2023-01-01 80 days 1,787 sqft
2023-02-01 43 days 1,799 sqft
2023-03-01 42 days 1,832 sqft
2023-04-01 40 days 1,894 sqft
2023-05-01 38 days 1,948 sqft
2023-06-01 44 days 2,017 sqft
2023-07-01 51 days 2,097 sqft
2023-08-01 54 days 2,074 sqft
2023-09-01 47 days 2,046 sqft
2023-10-01 51 days 2,050 sqft
2023-11-01 59 days 2,069 sqft
2023-12-01 72 days 2,052 sqft
2024-01-01 78 days 2,052 sqft
2024-02-01 56 days 2,077 sqft
2024-03-01 40 days 2,107 sqft
2024-04-01 37 days 1,995 sqft
2024-05-01 33 days 1,958 sqft
2024-06-01 39 days 1,968 sqft
Bloomington's median listing age (time on market) for 2024-06-01 was 39 days. This is -11% shorter than the same period one year ago.

Bloomington's median square footage for active listings during the 2024-06-01 period was 1,968 sqft. One year prior, the average listing was 2,017 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.