Cedar Rapids VA Loans
CEDAR RAPIDS, IA
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.