Burlington VA Loan Rates, Closing Costs & Stats

Burlington, IA-IL

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.

Burlington's 14 lenders originated 38 VA loans during 2023. The total origination value was $7,690,000, with an average VA loan value of $202,368.

Burlington VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Burlington averaged 0.42% for the week of 2024-11-29, compared to the national average (all VA variants) of 0% for the same period.

Burlington's average VA mortgage closing costs are $4,186.

The average rate for the prior week (2024-11-22) was 6.49% and one month ago for the week of 2024-10-25, the average rate was 6.18%.

The average rate one year ago was 6.92%.

For refis of the same type during the week of 2024-11-29, the average rate was 0%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Burlington 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 Burlington level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 15 6.92% $3,579
QUICKEN LOANS, LLC 5 6.07% $8,577
USAA Federal Savings Bank 3 6.75% $3,306
RUHL MORTGAGE, LLC 2 6.50% $4,719
NEWREZ LLC 2 6.50% $4,719
Plains Commerce Bank 2 6.63% $4,947
U.S. Bank 1 6.63% $2,744
BNC National Bank 1 6.75% $6,846
VERIDIAN CREDIT UNION 1 7.00% $3,139
CARDINAL FINANCIAL 1 7.25% $3,210
FREEDOM MORTGAGE CORPORATION 1 7.25% $5,812
IOWA BANKERS MORTGAGE CORPORATION 1 6.88% $6,448
MOVEMENT MORTGAGE, LLC 1 7.25% $1,852
RESIDENTIAL MORTGAGE NETWORK, INC. 1 7.25% $5,814

The top Burlington VA lender as defined by loan originations is Mortgage Research Center, LLC, with 15 VA loans originated. Their average total fees are $3,579, which is $4,998 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Burlington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,579), .

The lowest rate Burlington VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.92%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Burlington (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 $109,450 (-17.4%) $146,841 (-16.8%) 0.00 250
2018-02-01 $116,125 (-10.6%) $153,291 (-13.5%) 0.00 231
2018-03-01 $119,500 (-5.4%) $154,531 (-7.5%) 0.00 236
2018-04-01 $119,000 (-8.4%) $154,465 (-8.0%) 0.00 241
2018-05-01 $117,500 (-6.0%) $154,546 (-8.2%) 0.00 252
2018-06-01 $119,000 (-1.4%) $159,485 (-3.8%) 0.00 259
2018-07-01 $118,900 (-0.1%) $163,325 (-0.4%) 0.00 274
2018-08-01 $115,000 (1.1%) $160,939 (-0.5%) 0.00 270
2018-09-01 $109,900 (-4.0%) $156,231 (-0.1%) 0.00 282
2018-10-01 $112,450 (-2.2%) $158,365 (1.5%) 0.00 293
2018-11-01 $115,000 (-3.9%) $156,368 (-3.2%) 0.00 302
2018-12-01 $114,999 (4.6%) $160,570 (4.0%) 0.00 294
2019-01-01 $116,462 (6.4%) $161,639 (10.1%) 0.00 268
2019-02-01 $119,825 (3.2%) $165,998 (8.3%) 0.00 262
2019-03-01 $118,400 (-0.9%) $165,706 (7.2%) 0.00 254
2019-04-01 $117,125 (-1.6%) $167,131 (8.2%) 0.00 252
2019-05-01 $119,825 (2.0%) $165,421 (7.0%) 0.00 254
2019-06-01 $119,750 (0.6%) $165,914 (4.0%) 0.00 252
2019-07-01 $125,125 (5.2%) $164,647 (0.8%) 0.00 259
2019-08-01 $125,455 (9.1%) $159,265 (-1.0%) 0.00 272
2019-09-01 $125,761 (14.4%) $159,367 (2.0%) 0.00 287
2019-10-01 $127,950 (13.8%) $159,329 (0.6%) 0.00 293
2019-11-01 $129,900 (13.0%) $156,345 (0.0%) 0.00 282
2019-12-01 $129,900 (13.0%) $157,430 (-2.0%) 0.00 277
2020-01-01 $122,450 (5.1%) $158,064 (-2.2%) 0.00 290
2020-02-01 $119,950 (0.1%) $155,040 (-6.6%) 0.00 288
2020-03-01 $119,950 (1.3%) $158,846 (-4.1%) 0.00 299
2020-04-01 $124,900 (6.6%) $160,178 (-4.2%) 0.00 286
2020-05-01 $125,900 (5.1%) $165,414 (0.0%) 0.00 266
2020-06-01 $133,950 (11.9%) $171,841 (3.6%) 0.00 263
2020-07-01 $136,950 (9.5%) $175,261 (6.5%) 0.00 279
2020-08-01 $137,500 (9.6%) $175,653 (10.3%) 0.00 280
2020-09-01 $129,900 (3.3%) $172,106 (8.0%) 0.00 267
2020-10-01 $129,900 (1.5%) $167,314 (5.0%) 0.00 260
2020-11-01 $125,875 (-3.1%) $166,536 (6.5%) 0.00 248
2020-12-01 $122,200 (-5.9%) $164,770 (4.7%) 0.00 224
2021-01-01 $110,500 (-9.8%) $153,496 (-2.9%) 0.00 199
2021-02-01 $108,450 (-9.6%) $152,009 (-2.0%) 0.00 173
2021-03-01 $115,925 (-3.4%) $159,547 (0.4%) 0.00 170
2021-04-01 $122,925 (-1.6%) $160,005 (-0.1%) 0.00 171
2021-05-01 $139,900 (11.1%) $167,560 (1.3%) 0.00 165
2021-06-01 $136,925 (2.2%) $167,936 (-2.3%) 0.00 169
2021-07-01 $139,950 (2.2%) $169,371 (-3.4%) 0.00 164
2021-08-01 $134,900 (-1.9%) $161,265 (-8.2%) 0.00 163
2021-09-01 $132,675 (2.1%) $155,465 (-9.7%) 0.00 166
2021-10-01 $122,900 (-5.4%) $147,449 (-11.9%) 0.00 183
2021-11-01 $124,900 (-0.8%) $152,145 (-8.6%) 0.00 165
2021-12-01 $130,050 (6.4%) $152,130 (-7.7%) 0.00 124
2022-01-01 $138,400 (25.3%) $152,262 (-0.8%) 0.00 121
2022-02-01 $127,500 (17.6%) $153,042 (0.7%) 0.00 112
2022-03-01 $133,675 (15.3%) $153,352 (-3.9%) 0.00 93
2022-04-01 $135,000 (9.8%) $157,131 (-1.8%) 0.00 77
2022-05-01 $137,000 (-2.1%) $151,736 (-9.4%) 0.00 88
2022-06-01 $140,000 (2.3%) $154,914 (-7.8%) 0.00 111
2022-07-01 $139,950 (0.0%) $158,465 (-6.4%) 0.00 123
2022-08-01 $139,500 (3.4%) $167,641 (4.0%) 0.00 100
2022-09-01 $150,000 (13.1%) $175,917 (13.2%) 0.00 99
2022-10-01 $158,950 (29.3%) $187,337 (27.1%) 0.00 97
2022-11-01 $146,450 (17.3%) $169,351 (11.3%) 0.00 115
2022-12-01 $149,000 (14.6%) $168,357 (10.7%) 0.00 107
2023-01-01 $157,900 (14.1%) $170,426 (11.9%) 0.00 94
2023-02-01 $151,150 (18.6%) $165,714 (8.3%) 0.00 81
2023-03-01 $142,450 (6.6%) $163,204 (6.4%) 0.00 71
2023-04-01 $139,900 (3.6%) $169,011 (7.6%) 0.00 75
2023-05-01 $160,000 (16.8%) $189,559 (24.9%) 0.00 89
2023-06-01 $159,900 (14.2%) $186,956 (20.7%) 0.00 95
2023-07-01 $159,450 (13.9%) $189,146 (19.4%) 0.00 91
2023-08-01 $164,675 (18.1%) $187,598 (11.9%) 0.00 101
2023-09-01 $136,000 (-9.3%) $169,152 (-3.9%) 0.00 108
2023-10-01 $139,900 (-12.0%) $176,824 (-5.6%) 0.00 114
2023-11-01 $131,875 (-10.0%) $174,702 (3.2%) 0.00 109
2023-12-01 $129,950 (-12.8%) $170,475 (1.3%) 0.00 94
2024-01-01 $123,675 (-21.7%) $167,649 (-1.6%) 0.00 83
2024-02-01 $131,475 (-13.0%) $180,734 (9.1%) 0.00 74
2024-03-01 $154,900 (8.7%) $193,536 (18.6%) 0.00 87
2024-04-01 $147,450 (5.4%) $187,173 (10.8%) 0.00 102
2024-05-01 $152,450 (-4.7%) $187,866 (-0.9%) 0.00 107
2024-06-01 $160,000 (0.1%) $186,244 (-0.4%) 0.00 118
2024-07-01 $159,450 (0.0%) $188,228 (-0.5%) 0.00 123
2024-08-01 $149,900 (-9.0%) $186,121 (-0.8%) 0.00 125
2024-09-01 $145,950 (7.3%) $189,653 (12.1%) 0.00 129
2024-10-01 $148,950 (6.5%) $193,839 (9.6%) 0.00 157
Burlington's median listing price for 2024-10-01 was $148,950, a difference of $9,050 (6.5%) versus the prior year and $3,000 versus the prior month.

Burlington's median listing price comes in at 0% of the national average.

Burlington's average listing price for 2024-10-01 was $193,839, a difference of $17,015 (9.6%) versus the prior year and $4,186 versus the prior month.

For the 2024-10-01 period, Burlington had 157 MLS listings, a difference of 28 listings (22%) versus the prior month and 43 listings (38%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Burlington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,484 sqft
2018-02-01 0 days 1,513 sqft
2018-03-01 0 days 1,500 sqft
2018-04-01 0 days 1,523 sqft
2018-05-01 0 days 1,548 sqft
2018-06-01 0 days 1,600 sqft
2018-07-01 0 days 1,594 sqft
2018-08-01 0 days 1,561 sqft
2018-09-01 0 days 1,536 sqft
2018-10-01 0 days 1,518 sqft
2018-11-01 0 days 1,535 sqft
2018-12-01 0 days 1,500 sqft
2019-01-01 0 days 1,463 sqft
2019-02-01 0 days 1,484 sqft
2019-03-01 0 days 1,478 sqft
2019-04-01 0 days 1,505 sqft
2019-05-01 0 days 1,551 sqft
2019-06-01 0 days 1,598 sqft
2019-07-01 0 days 1,592 sqft
2019-08-01 0 days 1,587 sqft
2019-09-01 0 days 1,589 sqft
2019-10-01 0 days 1,594 sqft
2019-11-01 0 days 1,574 sqft
2019-12-01 0 days 1,500 sqft
2020-01-01 0 days 1,679 sqft
2020-02-01 0 days 1,473 sqft
2020-03-01 0 days 1,473 sqft
2020-04-01 0 days 1,487 sqft
2020-05-01 0 days 1,500 sqft
2020-06-01 0 days 1,561 sqft
2020-07-01 0 days 1,574 sqft
2020-08-01 0 days 1,590 sqft
2020-09-01 0 days 1,593 sqft
2020-10-01 0 days 1,585 sqft
2020-11-01 0 days 1,578 sqft
2020-12-01 0 days 1,491 sqft
2021-01-01 0 days 1,482 sqft
2021-02-01 0 days 1,484 sqft
2021-03-01 0 days 1,500 sqft
2021-04-01 0 days 1,500 sqft
2021-05-01 0 days 1,497 sqft
2021-06-01 0 days 1,487 sqft
2021-07-01 0 days 1,460 sqft
2021-08-01 0 days 1,407 sqft
2021-09-01 0 days 1,426 sqft
2021-10-01 0 days 1,406 sqft
2021-11-01 0 days 1,388 sqft
2021-12-01 0 days 1,395 sqft
2022-01-01 0 days 1,393 sqft
2022-02-01 0 days 1,450 sqft
2022-03-01 0 days 1,460 sqft
2022-04-01 0 days 1,440 sqft
2022-05-01 0 days 1,360 sqft
2022-06-01 0 days 1,336 sqft
2022-07-01 0 days 1,341 sqft
2022-08-01 0 days 1,434 sqft
2022-09-01 0 days 1,452 sqft
2022-10-01 0 days 1,470 sqft
2022-11-01 0 days 1,448 sqft
2022-12-01 0 days 1,486 sqft
2023-01-01 0 days 1,539 sqft
2023-02-01 0 days 1,524 sqft
2023-03-01 0 days 1,461 sqft
2023-04-01 0 days 1,486 sqft
2023-05-01 0 days 1,501 sqft
2023-06-01 0 days 1,481 sqft
2023-07-01 0 days 1,439 sqft
2023-08-01 0 days 1,441 sqft
2023-09-01 0 days 1,407 sqft
2023-10-01 0 days 1,432 sqft
2023-11-01 0 days 1,401 sqft
2023-12-01 0 days 1,438 sqft
2024-01-01 0 days 1,467 sqft
2024-02-01 0 days 1,512 sqft
2024-03-01 0 days 1,460 sqft
2024-04-01 0 days 1,484 sqft
2024-05-01 0 days 1,436 sqft
2024-06-01 0 days 1,444 sqft
2024-07-01 0 days 1,435 sqft
2024-08-01 0 days 1,488 sqft
2024-09-01 0 days 1,475 sqft
2024-10-01 0 days 1,479 sqft
Burlington's median listing age (time on market) for 2024-10-01 was 0 days.

Burlington's median square footage for active listings during the 2024-10-01 period was 1,479 sqft. One year prior, the average listing was 1,432 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.