Cedar Rapids VA Loans

CEDAR RAPIDS, IA

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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 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 71 lenders originated 640 VA loans during 2021. The total origination value was $139,660,000, with an average VA loan value of $218,219.

    Cedar Rapids VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Cedar Rapids averaged 5.57% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.4% and one month ago for the week of 2022-04-08, the average rate was 5.13%.

    The average rate one year ago was 3.04%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.05%.

    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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cedar Rapids level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 62 2.49% $4,128
    Mortgage Research Center, LLC 51 2.89% $4,117
    RESIDENTIAL MORTGAGE NETWORK, INC. 42 2.57% $4,478
    FREEDOM MORTGAGE CORPORATION 34 2.57% $2,048
    PENNYMAC LOAN SERVICES, LLC 33 2.56% $4,533
    Servion, Inc. 31 2.54% $4,067
    VERIDIAN CREDIT UNION 28 2.23% $4,081
    UNITED WHOLESALE MORTGAGE, LLC 26 2.60% $5,182
    NAVY FEDERAL CREDIT UNION 16 2.52% $3,844
    HOME POINT FINANCIAL CORPORATION 15 2.57% $4,072
    GUILD MORTGAGE COMPANY 12 2.63% $3,798
    NEW DAY FINANCIAL, LLC 12 3.31% $7,048
    Wells Fargo Bank 10 2.68% $2,907
    LAKEVIEW LOAN SERVICING, LLC 9 2.72% $3,515
    USAA Federal Savings Bank 9 2.96% $4,890
    The Federal Savings Bank 8 2.73% $7,108
    BROKER SOLUTIONS, INC. 8 2.77% $5,189
    BankIowa of Cedar Rapids 7 2.25% $1,782
    Barrington Bank & Trust Company, N.A. 7 2.64% $4,127
    CALIBER HOME LOANS, INC. 7 2.45% $3,665
    LOANDEPOT.COM, LLC 6 2.27% $3,723
    Mr. Cooper ( Nationstar Mortgage ) 6 3.04% $6,276
    Waterstone Mortgage Corporation 6 3.23% $4,638
    Low VA Rates, LLC 6 2.25% $4,015
    OPEN MORTGAGE, LLC 5 2.83% $4,848
    IOWA BANKERS MORTGAGE CORPORATION 5 2.75% $36,621
    VILLAGE CAPITAL & INVESTMENT LLC 5 2.23% $3,624
    INLANTA MORTGAGE, INC. 4 2.81% $2,928
    UNIVERSAL LENDING CORPORATION 4 2.72% $3,130
    PLANET HOME LENDING, LLC 4 2.41% $1,958
    Collins Community Credit Union 4 2.28% $4,324
    LINN AREA 3 2.38% $5,561
    AMERISAVE MORTGAGE CORPORATION 3 2.54% $7,797
    Citizens Bank 3 2.33% $4,133
    DAS Acquisition Company, LLC 3 3.21% $7,014
    Flagstar Bank, FSB 3 3.27% $9,783
    MUTUAL OF OMAHA MORTGAGE, INC. 2 2.94% $5,191
    NEWREZ LLC 2 2.88% $2,373
    Carrington Mortgage Services, LLC 2 3.06% $2,990
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.50% $9,120
    U.S. Bank 2 3.06% $3,183
    Atlantic Union Bank 2 2.88% $3,358
    HOMESERVICES LENDING, LLC 2 2.37% $6,659
    AMERICAN FINANCING CORPORATION 2 2.50% $5,764
    AMERICAN FINANCIAL NETWORK, INC. 2 2.31% $9,990
    Goldwater Bank, N.A. 1 3.38% $3,235
    Paramount Bank 1 2.25% $6,296
    GENEVA FINANCIAL, LLC 1 2.88% $19,024
    PENTAGON FEDERAL CREDIT UNION 1 2.25% $113
    First National Bank of Omaha 1 3.00% $2,377
    AMCAP MORTGAGE, LTD. 1 2.88% $3,468
    First Guaranty Mortgage Corporation 1 2.25% $3,194
    FINANCE OF AMERICA MORTGAGE LLC 1 2.25% $18,712
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.50% $2,195
    ROYAL UNITED MORTGAGE LLC 1 2.75% $14,607
    RUHL MORTGAGE, LLC 1 2.38% $4,698
    FBC MORTGAGE, LLC 1 2.25% $5,568
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $1,081
    SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $6,110
    CROSSCOUNTRY MORTGAGE, LLC 1 2.25% $4,096
    COMPASS MORTGAGE, INC. 1 3.75% $6,729
    Arbor Bank 1 2.25% $2,216
    PLAZA HOME MORTGAGE, INC. 1 2.88% $1,100
    KELLER MORTGAGE, LLC 1 2.88% $6,091
    Meridian Bank Corporation 1 2.50% $3,314
    InterContinental Capital Group, Inc 1 2.25% $3,381
    MOVEMENT MORTGAGE, LLC 1 2.50% $12,462
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $1,955
    GUARANTEED RATE, INC. 1 3.50% $1,319
    Northpointe Bank 1 2.25% $6,325
    NP, Inc. 1 2.25% $5,682

    The top Cedar Rapids VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 62 VA loans originated. Their average total fees are $4,128, which is $11 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Cedar Rapids VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,048), Wells Fargo Bank ($2,907), GUILD MORTGAGE COMPANY ($3,798), NAVY FEDERAL CREDIT UNION ($3,844) and Servion, Inc. ($4,067).

    The lowest rate Cedar Rapids VA lenders (with over 10 loans originated) are VERIDIAN CREDIT UNION (2.23%), QUICKEN LOANS, LLC (2.49%), NAVY FEDERAL CREDIT UNION (2.52%), Servion, Inc. (2.54%) and PENNYMAC LOAN SERVICES, LLC (2.56%).

    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.