Cedar Rapids VA Loan Rates, Closing Costs & Stats

CEDAR RAPIDS, IA

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.

Cedar Rapids's 44 lenders originated 256 VA loans during 2023. The total origination value was $62,710,000, with an average VA loan value of $244,961.

Cedar Rapids VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Cedar Rapids averaged 6.56% for the week of 2024-06-07, compared to the national average (all VA variants) of 6.387% for the same period.

Cedar Rapids's average VA mortgage closing costs are $4,848.

The average rate for the prior week (2024-05-31) was 6.77% and one month ago for the week of 2024-05-03, the average rate was 6.49%.

The average rate one year ago was 6.59%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.33%.

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

Cedar Rapids 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 Cedar Rapids level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 44 6.90% $5,083
RESIDENTIAL MORTGAGE NETWORK, INC. 36 6.11% $4,078
GREENSTATE CREDIT UNION 32 6.03% $5,665
UNITED WHOLESALE MORTGAGE, LLC 29 6.66% $3,710
QUICKEN LOANS, LLC 10 6.22% $11,286
BROKER SOLUTIONS, INC. 9 6.86% $6,264
FLAT BRANCH MORTGAGE, INC. 8 6.66% $8,283
IOWA BANKERS MORTGAGE CORPORATION 6 6.73% $3,083
DHI MORTGAGE COMPANY, LTD. 5 5.28% $8,735
GUILD MORTGAGE COMPANY 5 6.23% $10,647
VERIDIAN CREDIT UNION 5 5.98% $6,099
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 7.10% $9,213
The Federal Savings Bank 4 6.66% $18,014
NEWREZ LLC 4 6.22% $8,533
NAVY FEDERAL CREDIT UNION 4 6.03% $5,261
USAA Federal Savings Bank 4 6.09% $3,778
Barrington Bank & Trust Company, N.A. 3 6.50% $9,377
FREEDOM MORTGAGE CORPORATION 3 6.92% $17,984
PENNYMAC LOAN SERVICES, LLC 3 5.71% $8,782
HOMESERVICES LENDING, LLC 2 6.38% $4,009
BankIowa of Cedar Rapids 2 6.50% $6,230
AMERISAVE MORTGAGE CORPORATION 2 5.63% $16,839
Wells Fargo Bank 1 6.13% $6,839
American Mortgage & Equity Consultants, Inc. 1 6.25% $12,589
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.50% $10,497
CALIBER HOME LOANS, INC. 1 6.75% $7,788
COMPASS MORTGAGE, INC. 1 5.75% $4,350
DuTrac Community Credit Union 1 6.00% $5,912
Equity Prime Mortgage LLC 1 8.13% $3,360
GUARANTEED RATE AFFINITY, LLC 1 6.88% $7,000
GUARANTEED RATE, INC. 1 6.13% $650
HOMESIDE FINANCIAL, LLC 1 7.75% $14,927
Lincoln Savings Bank 1 7.50% $10,194
LOANDEPOT.COM, LLC 1 5.99% $17,005
Magnolia Bank 1 6.75% $19,748
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $1,061
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $6,438
NEW DAY FINANCIAL, LLC 1 6.38% $9,701
Paramount Residential Mortgage Group, Inc. 1 6.75% $3,487
PLANET HOME LENDING, LLC 1 6.75% $2,087
PLAZA HOME MORTGAGE, INC. 1 7.25% $3,555
TJC Mortgage, Inc. 1 5.38% $14,281
Waterstone Mortgage Corporation 1 6.13% $11,473
AMCAP MORTGAGE, LTD. 1 6.00% $5,860

The top Cedar Rapids VA lender as defined by loan originations is Mortgage Research Center, LLC, with 44 VA loans originated. Their average total fees are $5,083, which is $1,004 higher than the next largest lender, RESIDENTIAL MORTGAGE NETWORK, INC..

The lowest fee Cedar Rapids VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($3,710), RESIDENTIAL MORTGAGE NETWORK, INC. ($4,078), Mortgage Research Center, LLC ($5,083), GREENSTATE CREDIT UNION ($5,665) and QUICKEN LOANS, LLC ($11,286).

The lowest rate Cedar Rapids VA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION (6.03%), RESIDENTIAL MORTGAGE NETWORK, INC. (6.11%), QUICKEN LOANS, LLC (6.22%), UNITED WHOLESALE MORTGAGE, LLC (6.66%) and Mortgage Research Center, LLC (6.90%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Cedar Rapids (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 $189,913 (7.6%) $277,174 (11.1%) 0.70 838
2018-02-01 $192,450 (7.5%) $240,410 (-4.6%) 0.70 730
2018-03-01 $199,525 (9.8%) $243,423 (-8.3%) 0.70 664
2018-04-01 $204,400 (12.0%) $244,657 (-8.6%) 0.69 697
2018-05-01 $213,900 (15.8%) $255,685 (-5.4%) 0.71 700
2018-06-01 $205,000 (9.0%) $252,089 (-7.6%) 0.68 777
2018-07-01 $196,450 (7.4%) $243,964 (-9.2%) 0.66 859
2018-08-01 $193,150 (4.5%) $242,007 (-9.7%) 0.65 937
2018-09-01 $190,000 (4.4%) $238,235 (-9.7%) 0.64 977
2018-10-01 $190,000 (5.7%) $234,949 (-10.5%) 0.64 1,015
2018-11-01 $196,350 (6.7%) $237,340 (-10.5%) 0.67 1,008
2018-12-01 $200,000 (5.9%) $237,719 (-11.9%) 0.69 895
2019-01-01 $205,000 (7.9%) $240,232 (-13.3%) 0.71 799
2019-02-01 $215,000 (11.7%) $243,669 (1.4%) 0.73 755
2019-03-01 $219,286 (9.9%) $250,371 (2.9%) 0.72 751
2019-04-01 $224,950 (10.1%) $256,413 (4.8%) 0.71 771
2019-05-01 $224,900 (5.1%) $264,607 (3.5%) 0.70 843
2019-06-01 $229,950 (12.2%) $268,265 (6.4%) 0.72 883
2019-07-01 $229,950 (17.1%) $265,820 (9.0%) 0.72 920
2019-08-01 $225,070 (16.5%) $258,291 (6.7%) 0.71 977
2019-09-01 $217,676 (14.6%) $250,590 (5.2%) 0.70 1,005
2019-10-01 $212,685 (11.9%) $245,380 (4.4%) 0.69 1,018
2019-11-01 $209,900 (6.9%) $241,664 (1.8%) 0.69 977
2019-12-01 $206,500 (3.3%) $233,876 (-1.6%) 0.69 883
2020-01-01 $205,000 (0.0%) $231,327 (-3.7%) 0.69 830
2020-02-01 $214,975 (0.0%) $234,578 (-3.7%) 0.70 783
2020-03-01 $218,750 (-0.2%) $239,510 (-4.3%) 0.69 752
2020-04-01 $222,450 (-1.1%) $241,546 (-5.8%) 0.70 780
2020-05-01 $234,900 (4.5%) $255,680 (-3.4%) 0.71 731
2020-06-01 $234,900 (2.2%) $259,427 (-3.3%) 0.69 688
2020-07-01 $234,900 (2.2%) $258,495 (-2.8%) 0.68 654
2020-08-01 $225,000 (0.0%) $250,512 (-3.0%) 0.64 611
2020-09-01 $223,725 (2.8%) $244,849 (-2.3%) 0.64 561
2020-10-01 $219,900 (3.4%) $255,093 (4.0%) 0.63 546
2020-11-01 $213,750 (1.8%) $254,043 (5.1%) 0.63 500
2020-12-01 $210,000 (1.7%) $247,311 (5.7%) 0.62 429
2021-01-01 $210,000 (2.4%) $251,430 (8.7%) 0.63 360
2021-02-01 $232,925 (8.4%) $264,789 (12.9%) 0.68 314
2021-03-01 $234,900 (7.4%) $267,313 (11.6%) 0.67 308
2021-04-01 $227,000 (2.1%) $263,901 (9.3%) 0.61 314
2021-05-01 $239,900 (2.1%) $277,518 (8.5%) 0.64 340
2021-06-01 $219,975 (-6.4%) $269,512 (3.9%) 0.58 364
2021-07-01 $215,000 (-8.5%) $264,455 (2.3%) 0.57 401
2021-08-01 $211,250 (-6.1%) $257,407 (2.8%) 0.56 468
2021-09-01 $217,450 (-2.8%) $257,807 (5.3%) 0.58 490
2021-10-01 $219,900 (0.0%) $266,713 (4.6%) 0.59 525
2021-11-01 $232,475 (8.8%) $274,597 (8.1%) 0.62 487
2021-12-01 $236,500 (12.6%) $281,752 (13.9%) 0.64 434
2022-01-01 $249,725 (18.9%) $285,580 (13.6%) 0.68 375
2022-02-01 $259,675 (11.5%) $296,854 (12.1%) 0.68 300
2022-03-01 $290,575 (23.7%) $318,937 (19.3%) 0.73 278
2022-04-01 $299,000 (31.7%) $338,957 (28.4%) 0.71 301
2022-05-01 $312,475 (30.3%) $339,297 (22.3%) 0.71 398
2022-06-01 $299,950 (36.4%) $321,314 (19.2%) 0.67 458
2022-07-01 $280,000 (30.2%) $313,307 (18.5%) 0.63 553
2022-08-01 $274,426 (29.9%) $307,807 (19.6%) 0.63 582
2022-09-01 $292,813 (34.7%) $313,671 (21.7%) 0.68 596
2022-10-01 $289,950 (31.9%) $317,507 (19.0%) 0.68 625
2022-11-01 $270,588 (16.4%) $301,256 (9.7%) 0.65 666
2022-12-01 $279,000 (18.0%) $309,703 (9.9%) 0.69 617
2023-01-01 $299,900 (20.1%) $321,083 (12.4%) 0.74 538
2023-02-01 $317,111 (22.1%) $329,620 (11.0%) 0.77 496
2023-03-01 $334,900 (15.3%) $340,099 (6.6%) 0.79 484
2023-04-01 $335,000 (12.0%) $346,898 (2.3%) 0.78 482
2023-05-01 $339,548 (8.7%) $349,335 (3.0%) 0.77 493
2023-06-01 $339,945 (13.3%) $354,663 (10.4%) 0.76 519
2023-07-01 $325,000 (16.1%) $342,036 (9.2%) 0.74 540
2023-08-01 $312,500 (13.9%) $334,564 (8.7%) 0.72 550
2023-09-01 $286,450 (-2.2%) $316,615 (0.9%) 0.67 599
2023-10-01 $275,000 (-5.2%) $307,924 (-3.0%) 0.65 654
2023-11-01 $273,725 (1.2%) $308,213 (2.3%) 0.65 645
2023-12-01 $275,000 (-1.4%) $307,283 (-0.8%) 0.67 614
2024-01-01 $277,450 (-7.5%) $310,526 (-3.3%) 0.68 551
2024-02-01 $295,625 (-6.8%) $319,147 (-3.2%) 0.71 533
2024-03-01 $314,900 (-6.0%) $328,607 (-3.4%) 0.74 524
2024-04-01 $309,450 (-7.6%) $326,226 (-6.0%) 0.72 550
2024-05-01 $314,900 (-7.3%) $332,500 (-4.8%) 0.71 595
Cedar Rapids's median listing price for 2024-05-01 was $314,900, a difference of $-24,648 (-7.3%) versus the prior year and $5,450 versus the prior month.

Cedar Rapids's median listing price comes in at 71% of the national average.

Cedar Rapids's average listing price for 2024-05-01 was $332,500, a difference of $-16,835 (-4.8%) versus the prior year and $6,274 versus the prior month.

For the 2024-05-01 period, Cedar Rapids had 595 MLS listings, a difference of 45 listings (8%) versus the prior month and 102 listings (21%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Cedar Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 79 days 1,839 sqft
2018-02-01 75 days 1,849 sqft
2018-03-01 53 days 1,834 sqft
2018-04-01 36 days 1,796 sqft
2018-05-01 38 days 1,825 sqft
2018-06-01 38 days 1,786 sqft
2018-07-01 42 days 1,778 sqft
2018-08-01 43 days 1,789 sqft
2018-09-01 50 days 1,798 sqft
2018-10-01 53 days 1,805 sqft
2018-11-01 58 days 1,818 sqft
2018-12-01 67 days 1,814 sqft
2019-01-01 73 days 1,808 sqft
2019-02-01 73 days 1,781 sqft
2019-03-01 57 days 1,822 sqft
2019-04-01 37 days 1,879 sqft
2019-05-01 37 days 1,907 sqft
2019-06-01 43 days 1,948 sqft
2019-07-01 45 days 1,893 sqft
2019-08-01 48 days 1,808 sqft
2019-09-01 54 days 1,775 sqft
2019-10-01 58 days 1,754 sqft
2019-11-01 66 days 1,707 sqft
2019-12-01 74 days 1,687 sqft
2020-01-01 74 days 1,687 sqft
2020-02-01 61 days 1,687 sqft
2020-03-01 51 days 1,687 sqft
2020-04-01 46 days 1,718 sqft
2020-05-01 56 days 1,714 sqft
2020-06-01 55 days 1,729 sqft
2020-07-01 52 days 1,703 sqft
2020-08-01 56 days 1,705 sqft
2020-09-01 64 days 1,687 sqft
2020-10-01 53 days 1,646 sqft
2020-11-01 63 days 1,623 sqft
2020-12-01 72 days 1,600 sqft
2021-01-01 85 days 1,581 sqft
2021-02-01 63 days 1,585 sqft
2021-03-01 48 days 1,604 sqft
2021-04-01 30 days 1,628 sqft
2021-05-01 25 days 1,660 sqft
2021-06-01 24 days 1,627 sqft
2021-07-01 29 days 1,652 sqft
2021-08-01 28 days 1,613 sqft
2021-09-01 32 days 1,608 sqft
2021-10-01 33 days 1,616 sqft
2021-11-01 40 days 1,609 sqft
2021-12-01 53 days 1,587 sqft
2022-01-01 66 days 1,571 sqft
2022-02-01 69 days 1,553 sqft
2022-03-01 49 days 1,570 sqft
2022-04-01 23 days 1,720 sqft
2022-05-01 18 days 1,690 sqft
2022-06-01 25 days 1,702 sqft
2022-07-01 25 days 1,660 sqft
2022-08-01 41 days 1,646 sqft
2022-09-01 46 days 1,652 sqft
2022-10-01 43 days 1,705 sqft
2022-11-01 46 days 1,679 sqft
2022-12-01 66 days 1,660 sqft
2023-01-01 79 days 1,669 sqft
2023-02-01 65 days 1,663 sqft
2023-03-01 54 days 1,643 sqft
2023-04-01 45 days 1,672 sqft
2023-05-01 49 days 1,719 sqft
2023-06-01 43 days 1,769 sqft
2023-07-01 36 days 1,880 sqft
2023-08-01 38 days 1,800 sqft
2023-09-01 40 days 1,735 sqft
2023-10-01 40 days 1,730 sqft
2023-11-01 47 days 1,715 sqft
2023-12-01 54 days 1,721 sqft
2024-01-01 66 days 1,700 sqft
2024-02-01 61 days 1,738 sqft
2024-03-01 49 days 1,804 sqft
2024-04-01 45 days 1,814 sqft
2024-05-01 37 days 1,866 sqft
Cedar Rapids's median listing age (time on market) for 2024-05-01 was 37 days. This is -25% shorter than the same period one year ago.

Cedar Rapids's median square footage for active listings during the 2024-05-01 period was 1,866 sqft. One year prior, the average listing was 1,719 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.