Cedar Rapids VA Loan Rates, Closing Costs & Stats

CEDAR RAPIDS, IA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 5.85% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.28% and one month ago for the week of 2024-11-08, the average rate was 6.28%.

    The average rate one year ago was 6.72%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.82%.

    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
    2024-06-01 $299,000 (-12.0%) $332,285 (-6.3%) 0.67 621
    2024-07-01 $283,000 (-12.9%) $320,959 (-6.2%) 0.65 695
    2024-08-01 $280,000 (-10.4%) $318,647 (-4.8%) 0.65 709
    2024-09-01 $282,394 (-1.4%) $309,152 (-2.4%) 0.66 745
    2024-10-01 $275,000 (0.0%) $302,638 (-1.7%) 0.65 796
    2024-11-01 $270,000 (-1.4%) $300,143 (-2.6%) 0.65 802
    Cedar Rapids's median listing price for 2024-11-01 was $270,000, a difference of $-3,725 (-1.4%) versus the prior year and $-5,000 versus the prior month.

    Cedar Rapids's median listing price comes in at 65% of the national average.

    Cedar Rapids's average listing price for 2024-11-01 was $300,143, a difference of $-8,070 (-2.6%) versus the prior year and $-2,495 versus the prior month.

    For the 2024-11-01 period, Cedar Rapids had 802 MLS listings, a difference of 6 listings (1%) versus the prior month and 157 listings (24%) 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
    2024-06-01 40 days 1,880 sqft
    2024-07-01 40 days 1,854 sqft
    2024-08-01 46 days 1,827 sqft
    2024-09-01 47 days 1,787 sqft
    2024-10-01 45 days 1,753 sqft
    2024-11-01 52 days 1,690 sqft
    Cedar Rapids's median listing age (time on market) for 2024-11-01 was 52 days. This is 12% longer than the same period one year ago.

    Cedar Rapids's median square footage for active listings during the 2024-11-01 period was 1,690 sqft. One year prior, the average listing was 1,715 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.