Bloomington VA Loan Rates, Closing Costs & Stats

BLOOMINGTON, IN

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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.

    Bloomington's 47 lenders originated 184 VA loans during 2022. The total origination value was $56,460,000, with an average VA loan value of $306,848.

    Bloomington VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Bloomington averaged -0.11% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Bloomington's average VA mortgage closing costs are $5,126.

    The average rate for the prior week (2023-11-17) was 6.83% and one month ago for the week of 2023-10-20, the average rate was 7.26%.

    The average rate one year ago was 6.28%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.26%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 31 4.75% $6,930
    RUOFF MORTGAGE COMPANY, INC. 22 5.17% $8,802
    QUICKEN LOANS, LLC 15 4.43% $11,469
    NAVY FEDERAL CREDIT UNION 11 3.47% $4,981
    FREEDOM MORTGAGE CORPORATION 11 4.49% $8,791
    PENNYMAC LOAN SERVICES, LLC 8 4.22% $6,402
    USAA Federal Savings Bank 7 4.38% $9,404
    AMERICAN MORTGAGE SERVICE COMPANY 5 4.18% $11,068
    UNITED WHOLESALE MORTGAGE, LLC 5 5.55% $4,391
    MORTGAGE MASTERS OF INDIANA, INC. 4 5.59% $5,376
    The Federal Savings Bank 4 3.59% $5,984
    NEW DAY FINANCIAL, LLC 4 4.90% $5,161
    HALLMARK HOME MORTGAGE, LLC 4 4.34% $6,951
    GVC MORTGAGE, INC. 3 4.63% $5,169
    CALIBER HOME LOANS, INC. 3 5.42% $7,859
    LOANDEPOT.COM, LLC 3 3.66% $11,864
    Mr. Cooper ( Nationstar Mortgage ) 3 5.71% $6,875
    LAKEVIEW LOAN SERVICING, LLC 2 3.38% $9,197
    Carrington Mortgage Services, LLC 2 4.00% $2,389
    FAIR WAY LENDING LLC 2 5.25% $15,120
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 4.75% $11,833
    MJW Financial LLC 2 5.44% $7,093
    1ST SIGNATURE LENDING, LLC 2 6.44% $6,344
    First Guaranty Mortgage Corporation 1 2.88% $6,483
    Fifth Third Bank 1 3.00% $11,072
    Wolfe Financial, Inc 1 5.25% $13,647
    MUTUAL OF OMAHA MORTGAGE, INC. 1 4.75% $9,419
    Nations Lending Corporation 1 6.00% $12,452
    Equity Prime Mortgage LLC 1 5.13% $9,329
    PENTAGON FEDERAL CREDIT UNION 1 2.63% $10,807
    PNC Bank 1 6.88% $11,305
    RELIANCE FIRST CAPITAL, LLC 1 5.63% $3,221
    ROYAL UNITED MORTGAGE LLC 1 6.75% $20,380
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $4,000
    S1L, Inc. 1 7.00% $4,356
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.75% $4,056
    THRIVE MORTGAGE, LLC 1 6.13% $10,598
    AMERICAN FINANCING CORPORATION 1 4.75% $12,609
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.50% $4,045
    FLAT BRANCH MORTGAGE, INC. 1 4.50% $8,512
    German American Bank 1 4.63% $3,429
    Flanagan State Bank 1 4.63% $0
    Flagstar Bank, FSB 1 7.75% $9,537
    LEGEND LENDING CORPORATION 1 6.50% $4,205
    U.S. Bank 1 6.13% $7,506
    LOANPAL, LLC 1 4.25% $9,690
    MILESTONE HOME LENDING, LLC 1 5.25% $11,622

    The top Bloomington VA lender as defined by loan originations is Mortgage Research Center, LLC, with 31 VA loans originated. Their average total fees are $6,930, which is $1,873 lower than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Bloomington VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($4,981), Mortgage Research Center, LLC ($6,930), FREEDOM MORTGAGE CORPORATION ($8,791), RUOFF MORTGAGE COMPANY, INC. ($8,802) and QUICKEN LOANS, LLC ($11,469).

    The lowest rate Bloomington VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (3.47%), QUICKEN LOANS, LLC (4.43%), FREEDOM MORTGAGE CORPORATION (4.49%), Mortgage Research Center, LLC (4.75%) and RUOFF MORTGAGE COMPANY, INC. (5.17%).

    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 (1.4%) 0.88 655
    2018-12-01 $259,900 (13.1%) $329,729 (8.6%) 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 $339,700 (-1.3%) $440,408 (8.7%) 0.90 158
    2021-06-01 $312,500 (-7.9%) $424,563 (4.2%) 0.82 210
    2021-07-01 $309,000 (-14.1%) $409,355 (-3.2%) 0.82 254
    2021-08-01 $307,975 (-14.4%) $413,600 (-1.7%) 0.82 270
    2021-09-01 $316,000 (-11.6%) $413,265 (0.8%) 0.84 253
    2021-10-01 $335,000 (4.7%) $424,000 (8.2%) 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%) 0.94 214
    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 (3.6%) $466,817 (6.0%) 0.80 233
    2022-06-01 $354,175 (13.3%) $452,596 (6.6%) 0.79 291
    2022-07-01 $339,450 (9.9%) $429,546 (4.9%) 0.76 342
    2022-08-01 $349,950 (13.6%) $434,338 (5.0%) 0.81 347
    2022-09-01 $357,450 (13.1%) $436,886 (5.7%) 0.84 360
    2022-10-01 $334,500 (-0.2%) $418,987 (-1.2%) 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 $344,700 (-4.9%) $406,799 (-15.0%) 0.81 231
    2023-04-01 $369,900 (1.3%) $433,778 (-10.0%) 0.86 237
    2023-05-01 $391,200 (11.1%) $459,773 (-1.5%) 0.89 286
    2023-06-01 $391,975 (10.7%) $466,628 (3.1%) 0.88 302
    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
    Bloomington's median listing price for 2023-10-01 was $394,000, a difference of $59,500 (17.8%) versus the prior year and $4,100 versus the prior month.

    Bloomington's median listing price comes in at 93% of the national average.

    Bloomington's average listing price for 2023-10-01 was $460,899, a difference of $41,912 (10.0%) versus the prior year and $-12,692 versus the prior month.

    For the 2023-10-01 period, Bloomington had 336 MLS listings, a difference of 15 listings (5%) versus the prior month and -53 listings (-14%) 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 55 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 2,005 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 37 days 1,886 sqft
    2021-06-01 29 days 1,844 sqft
    2021-07-01 33 days 1,880 sqft
    2021-08-01 39 days 1,830 sqft
    2021-09-01 38 days 1,886 sqft
    2021-10-01 45 days 1,918 sqft
    2021-11-01 55 days 1,873 sqft
    2021-12-01 60 days 1,890 sqft
    2022-01-01 63 days 1,901 sqft
    2022-02-01 46 days 1,932 sqft
    2022-03-01 38 days 1,922 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 1,833 sqft
    2023-04-01 40 days 1,902 sqft
    2023-05-01 38 days 1,947 sqft
    2023-06-01 44 days 2,014 sqft
    2023-07-01 51 days 2,097 sqft
    2023-08-01 54 days 2,075 sqft
    2023-09-01 47 days 2,047 sqft
    2023-10-01 51 days 2,050 sqft
    Bloomington's median listing age (time on market) for 2023-10-01 was 51 days. This is 1% longer than the same period one year ago.

    Bloomington's median square footage for active listings during the 2023-10-01 period was 2,050 sqft. One year prior, the average listing was 1,924 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.