Cape Girardeau VA Loan Rates, Closing Costs & Stats

CAPE GIRARDEAU, MO-IL

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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.

    Cape Girardeau's 31 lenders originated 116 VA loans during 2023. The total origination value was $28,650,000, with an average VA loan value of $246,983.

    Cape Girardeau VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Cape Girardeau averaged 6.84% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Cape Girardeau's average VA mortgage closing costs are $4,431.

    The average rate for the prior week (2024-11-01) was 6.69% and one month ago for the week of 2024-10-04, the average rate was 5.72%.

    The average rate one year ago was 7.38%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.14%.

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

    Cape Girardeau 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 Cape Girardeau level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 42 6.78% $5,330
    DAS Acquisition Company, LLC 10 7.34% $3,668
    FLAT BRANCH MORTGAGE, INC. 7 6.93% $4,646
    NAVY FEDERAL CREDIT UNION 7 5.73% $4,513
    UNITED WHOLESALE MORTGAGE, LLC 6 6.69% $11,788
    USAA Federal Savings Bank 5 6.60% $4,671
    GUARANTEED RATE, INC. 3 6.67% $2,076
    Midwest Mortgage Associates Corporation 3 6.00% $3,769
    FREEDOM MORTGAGE CORPORATION 3 6.00% $13,268
    VILLAGE CAPITAL MORTGAGE 2 6.63% $5,857
    BROKER SOLUTIONS, INC. 2 6.69% $8,931
    Equity Prime Mortgage LLC 2 7.50% $1,499
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $0
    NEW DAY FINANCIAL, LLC 2 7.24% $5,566
    NP, Inc. 2 7.19% $3,996
    U.S. Bank 2 6.75% $3,004
    ENDEAVOR CAPITAL, LLC. 1 6.25% $4,424
    MOVEMENT MORTGAGE, LLC 1 6.75% $3,129
    Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $8,667
    FIDELITY BANK 1 6.63% $3,685
    Citizens Bank 1 6.25% $2,808
    Barrington Bank & Trust Company, N.A. 1 5.00% $9,599
    PENNYMAC LOAN SERVICES, LLC 1 5.00% $4,933
    PENTAGON FEDERAL CREDIT UNION 1 6.75% $16,931
    PLANET HOME LENDING, LLC 1 7.25% $2,546
    QUICKEN LOANS, LLC 1 5.88% $11,320
    The Federal Savings Bank 1 7.25% $8,158
    GERSHMAN INVESTMENT CORP. 1 7.13% $1,289
    Magnolia Bank 1 6.75% $9,082
    GENEVA FINANCIAL, LLC 1 7.50% $4,590
    Gateway First Bank 1 7.75% $3,534

    The top Cape Girardeau VA lender as defined by loan originations is Mortgage Research Center, LLC, with 42 VA loans originated. Their average total fees are $5,330, which is $1,661 higher than the next largest lender, DAS Acquisition Company, LLC.

    The lowest fee Cape Girardeau VA lenders (with over 10 loans originated) are DAS Acquisition Company, LLC ($3,668), Mortgage Research Center, LLC ($5,330), .

    The lowest rate Cape Girardeau VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.78%), DAS Acquisition Company, LLC (7.34%), .

    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.