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.