Cedar Rapids VA Loan Rates, Closing Costs & Stats

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 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 6.21% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.26% and one month ago for the week of 2024-10-04, the average rate was 5.49%.

    The average rate one year ago was 7.25%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.39%.

    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%).

    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.