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 57 lenders originated 316 VA loans during 2022. The total origination value was $72,570,000, with an average VA loan value of $229,652.

    Cedar Rapids VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Cedar Rapids averaged -0.49% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Cedar Rapids's average VA mortgage closing costs are $4,671.

    The average rate for the prior week (2023-11-17) was 6.46% and one month ago for the week of 2023-10-20, the average rate was 6.69%.

    The average rate one year ago was 5.8%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.31%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 61 5.15% $6,738
    RESIDENTIAL MORTGAGE NETWORK, INC. 29 4.73% $4,369
    UNITED WHOLESALE MORTGAGE, LLC 28 4.62% $6,902
    QUICKEN LOANS, LLC 20 4.13% $8,661
    Servion, Inc. 14 3.91% $7,227
    BankIowa of Cedar Rapids 11 4.25% $5,922
    BROKER SOLUTIONS, INC. 10 5.43% $7,513
    VERIDIAN CREDIT UNION 9 3.96% $4,701
    PENNYMAC LOAN SERVICES, LLC 9 3.06% $6,251
    FREEDOM MORTGAGE CORPORATION 9 4.93% $8,836
    NEW DAY FINANCIAL, LLC 8 5.34% $5,845
    NAVY FEDERAL CREDIT UNION 8 4.44% $4,678
    Mr. Cooper ( Nationstar Mortgage ) 7 4.77% $5,994
    USAA Federal Savings Bank 7 4.75% $5,488
    The Home Loan Expert LLC 5 5.05% $11,953
    GREENSTATE CREDIT UNION 5 4.78% $5,512
    Wells Fargo Bank 5 3.80% $3,487
    HOMESERVICES LENDING, LLC 4 5.19% $4,552
    OPEN MORTGAGE, LLC 3 5.25% $8,153
    Citizens Bank 3 3.71% $5,474
    VILLAGE CAPITAL MORTGAGE 3 4.63% $5,283
    Carrington Mortgage Services, LLC 3 4.50% $8,790
    NP, Inc. 2 2.75% $11,300
    GUARANTEED RATE, INC. 2 4.94% $11,068
    GUILD MORTGAGE COMPANY 2 3.00% $2,228
    HOME POINT FINANCIAL CORPORATION 2 3.63% $1,876
    IOWA BANKERS MORTGAGE CORPORATION 2 4.31% $5,370
    LOANDEPOT.COM, LLC 2 5.13% $8,265
    MOVEMENT MORTGAGE, LLC 2 5.00% $8,389
    U.S. Bank 2 4.31% $4,077
    Waterstone Mortgage Corporation 2 5.31% $7,567
    M&T Bank 1 4.75% $9,422
    JPMorgan Chase Bank 1 5.99% $2,052
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.88% $5,109
    NEWREZ LLC 1 5.99% $1,853
    AMCAP MORTGAGE, LTD. 1 4.63% $38,426
    GUARANTEED RATE AFFINITY, LLC 1 4.13% $6,228
    Flagstar Bank, FSB 1 2.58% $1,725
    Plains Commerce Bank 1 6.50% $6,694
    PLAZA HOME MORTGAGE, INC. 1 3.25% $1,747
    FINANCE OF AMERICA MORTGAGE LLC 1 4.38% $6,368
    Equity Prime Mortgage LLC 1 3.88% $6,321
    RUHL MORTGAGE, LLC 1 2.63% $6,405
    S1L, Inc. 1 4.13% $8,325
    DHI MORTGAGE COMPANY, LTD. 1 5.00% $9,579
    The Federal Savings Bank 1 5.13% $13,565
    DAS Acquisition Company, LLC 1 3.75% $8,981
    THOMPSON KANE & COMPANY, LLC 1 3.50% $9,303
    UNION HOME MORTGAGE CORP. 1 4.00% $3,690
    Barrington Bank & Trust Company, N.A. 1 5.75% $4,256
    UNIVERSAL LENDING CORPORATION 1 4.75% $10,593
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.13% $7,797
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.25% $3,272
    AMERISAVE MORTGAGE CORPORATION 1 3.25% $10,862
    Low VA Rates, LLC 1 4.75% $5,845
    Amerifirst Financial, Inc. 1 5.50% $8,540
    LAKEVIEW LOAN SERVICING, LLC 1 2.63% $2,378

    The top Cedar Rapids VA lender as defined by loan originations is Mortgage Research Center, LLC, with 61 VA loans originated. Their average total fees are $6,738, which is $2,369 higher than the next largest lender, RESIDENTIAL MORTGAGE NETWORK, INC..

    The lowest fee Cedar Rapids VA lenders (with over 10 loans originated) are RESIDENTIAL MORTGAGE NETWORK, INC. ($4,369), BankIowa of Cedar Rapids ($5,922), Mortgage Research Center, LLC ($6,738), UNITED WHOLESALE MORTGAGE, LLC ($6,902) and Servion, Inc. ($7,227).

    The lowest rate Cedar Rapids VA lenders (with over 10 loans originated) are Servion, Inc. (3.91%), QUICKEN LOANS, LLC (4.13%), BankIowa of Cedar Rapids (4.25%), UNITED WHOLESALE MORTGAGE, LLC (4.62%) and RESIDENTIAL MORTGAGE NETWORK, INC. (4.73%).

    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 $196,213 (6.6%) $237,206 (-10.5%) 0.67 1,009
    2018-12-01 $200,000 (5.9%) $237,575 (-12.0%) 0.69 896
    2019-01-01 $204,625 (7.8%) $240,067 (-13.4%) 0.71 800
    2019-02-01 $215,000 (11.7%) $243,490 (1.3%) 0.73 756
    2019-03-01 $219,286 (9.9%) $250,265 (2.8%) 0.72 751
    2019-04-01 $224,950 (10.1%) $256,400 (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 $229,725 (16.9%) $265,766 (8.9%) 0.72 921
    2019-08-01 $225,050 (16.5%) $258,245 (6.7%) 0.71 978
    2019-09-01 $217,625 (14.5%) $250,552 (5.2%) 0.70 1,006
    2019-10-01 $212,425 (11.8%) $245,348 (4.4%) 0.69 1,019
    2019-11-01 $209,900 (7.0%) $241,634 (1.9%) 0.69 978
    2019-12-01 $206,750 (3.4%) $233,864 (-1.6%) 0.69 883
    2020-01-01 $205,000 (0.2%) $231,309 (-3.7%) 0.69 831
    2020-02-01 $214,950 (0.0%) $234,554 (-3.7%) 0.70 784
    2020-03-01 $218,475 (-0.4%) $239,463 (-4.3%) 0.68 753
    2020-04-01 $222,450 (-1.1%) $241,358 (-5.9%) 0.70 782
    2020-05-01 $234,900 (4.5%) $255,409 (-3.5%) 0.71 733
    2020-06-01 $234,900 (2.2%) $259,101 (-3.4%) 0.69 690
    2020-07-01 $234,900 (2.3%) $258,253 (-2.8%) 0.68 655
    2020-08-01 $225,000 (0.0%) $250,395 (-3.0%) 0.64 612
    2020-09-01 $223,725 (2.8%) $244,849 (-2.3%) 0.64 561
    2020-10-01 $219,900 (3.5%) $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 (1.6%) $247,311 (5.8%) 0.63 429
    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 (7.5%) $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 (8.7%) 0.64 340
    2021-06-01 $219,975 (-6.4%) $269,512 (4.0%) 0.58 364
    2021-07-01 $215,000 (-8.5%) $264,455 (2.4%) 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 $339,958 (13.3%) $354,707 (10.4%) 0.76 520
    2023-07-01 $325,000 (16.1%) $342,106 (9.2%) 0.74 541
    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
    Cedar Rapids's median listing price for 2023-10-01 was $275,000, a difference of $-14,950 (-5.2%) versus the prior year and $-11,450 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 2023-10-01 was $307,924, a difference of $-9,583 (-3.0%) versus the prior year and $-8,691 versus the prior month.

    For the 2023-10-01 period, Cedar Rapids had 654 MLS listings, a difference of 55 listings (9%) versus the prior month and 29 listings (5%) 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 1,822 sqft
    2018-02-01 75 days 1,843 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 1,817 sqft
    2018-12-01 67 days 1,813 sqft
    2019-01-01 74 days 1,808 sqft
    2019-02-01 73 days 1,779 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 1,892 sqft
    2019-08-01 48 days 1,807 sqft
    2019-09-01 53 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 1,706 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 1,631 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 42 days 1,770 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
    Cedar Rapids's median listing age (time on market) for 2023-10-01 was 40 days. This is -7% shorter than the same period one year ago.

    Cedar Rapids's median square footage for active listings during the 2023-10-01 period was 1,730 sqft. One year prior, the average listing was 1,705 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.