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 43 lenders originated 353 VA loans during 2024. The total origination value was $95,435,000, with an average VA loan value of $270,354.

    Cedar Rapids VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Cedar Rapids averaged 0.18% for the week of 2025-07-04, compared to the national average (all VA variants) of 0% for the same period.

    Cedar Rapids's average VA mortgage closing costs are $4,957.

    The average rate for the prior week (2025-06-27) was 6.41% and one month ago for the week of 2025-05-30, the average rate was 6.74%.

    The average rate one year ago was 6.45%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.3%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    GREENSTATE CREDIT UNION 50 5.83% $4,569
    Mortgage Research Center, LLC 49 6.42% $5,036
    RESIDENTIAL MORTGAGE NETWORK, INC. 48 6.18% $4,179
    UNITED WHOLESALE MORTGAGE, LLC 47 6.10% $4,951
    FLAT BRANCH MORTGAGE, INC. 18 6.40% $6,702
    NEWREZ LLC 14 5.87% $5,196
    BROKER SOLUTIONS, INC. 12 6.32% $7,562
    NAVY FEDERAL CREDIT UNION 11 5.88% $3,068
    DHI MORTGAGE COMPANY, LTD. 11 5.30% $9,489
    QUICKEN LOANS, LLC 10 6.42% $10,199
    PENNYMAC LOAN SERVICES, LLC 6 5.94% $7,709
    USAA Federal Savings Bank 6 6.33% $5,498
    IOWA BANKERS MORTGAGE CORPORATION 5 6.13% $2,724
    VERIDIAN CREDIT UNION 5 5.83% $3,588
    LOANDEPOT.COM, LLC 4 5.90% $10,746
    HOMESERVICES LENDING, LLC 3 6.04% $5,007
    Barrington Bank & Trust Company, N.A. 3 6.42% $5,327
    FREEDOM MORTGAGE CORPORATION 3 6.21% $5,186
    U.S. Bank 2 6.06% $6,370
    GUARANTEED RATE AFFINITY, LLC 2 5.81% $560
    VILLAGE CAPITAL MORTGAGE 2 5.50% $7,060
    Waterstone Mortgage Corporation 2 6.88% $12,178
    Wells Fargo Bank 2 6.25% $7,344
    Willamette Valley Bank 2 6.63% $3,886
    PLANET HOME LENDING, LLC 2 5.93% $3,887
    AMERISAVE MORTGAGE CORPORATION 2 5.38% $21,505
    ROYAL UNITED MORTGAGE LLC 1 7.25% $5,329
    RUHL MORTGAGE, LLC 1 6.63% $5,744
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.88% $27,077
    The Federal Savings Bank 1 6.63% $20,383
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 8.00% $3,610
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $5,222
    Equity Prime Mortgage LLC 1 6.75% $4,208
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.38% $17,758
    HOMESIDE FINANCIAL, LLC 1 5.99% $5,338
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $6,267
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $4,145
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.00% $33,843
    PENTAGON FEDERAL CREDIT UNION 1 6.63% $4,417
    PREMIA MORTGAGE, LLC 1 6.13% $8,003
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.50% $5,593
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $11,028
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $4,450

    The top Cedar Rapids VA lender as defined by loan originations is GREENSTATE CREDIT UNION, with 50 VA loans originated. Their average total fees are $4,569, which is $467 lower than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Cedar Rapids VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,068), RESIDENTIAL MORTGAGE NETWORK, INC. ($4,179), GREENSTATE CREDIT UNION ($4,569), UNITED WHOLESALE MORTGAGE, LLC ($4,951) and Mortgage Research Center, LLC ($5,036).

    The lowest rate Cedar Rapids VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.30%), GREENSTATE CREDIT UNION (5.83%), NEWREZ LLC (5.87%), NAVY FEDERAL CREDIT UNION (5.88%) and UNITED WHOLESALE MORTGAGE, LLC (6.10%).

    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.