Champaign VA Loan Rates, Closing Costs & Stats

CHAMPAIGN-URBANA, IL

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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.

    Champaign's 34 lenders originated 135 VA loans during 2023. The total origination value was $32,085,000, with an average VA loan value of $237,667.

    Champaign VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Champaign averaged 6.36% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Champaign's average VA mortgage closing costs are $4,536.

    The average rate for the prior week (2024-07-12) was 6.4% and one month ago for the week of 2024-06-14, the average rate was 6.77%.

    The average rate one year ago was 6.75%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.1%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Champaign 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 Champaign level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 47 6.83% $5,748
    FLAT BRANCH MORTGAGE, INC. 19 6.97% $6,554
    UNITED WHOLESALE MORTGAGE, LLC 8 6.13% $5,727
    NAVY FEDERAL CREDIT UNION 6 5.77% $3,334
    USAA Federal Savings Bank 5 6.38% $6,834
    BROKER SOLUTIONS, INC. 3 6.83% $9,644
    FREEDOM MORTGAGE CORPORATION 3 6.58% $11,233
    UNION HOME MORTGAGE CORP. 3 6.13% $6,985
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.38% $2,448
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.06% $9,009
    Barrington Bank & Trust Company, N.A. 2 6.50% $3,982
    Busey Bank 2 6.38% $2,025
    Citizens Bank 2 5.69% $1,719
    CROSSCOUNTRY MORTGAGE, LLC 2 6.69% $8,543
    LOANDEPOT.COM, LLC 2 6.44% $9,728
    Mr. Cooper ( Nationstar Mortgage ) 2 6.13% $11,505
    POINT Mortgage 2 6.50% $11,361
    QUICKEN LOANS, LLC 2 6.31% $5,880
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $3,003
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $3,628
    NEWREZ LLC 1 6.63% $3,903
    PENNYMAC LOAN SERVICES, LLC 1 6.63% $7,509
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $2,655
    PNC Bank 1 7.00% $2,211
    VILLAGE CAPITAL MORTGAGE 1 5.75% $9,767
    Equity Prime Mortgage LLC 1 6.75% $73
    Wells Fargo Bank 1 6.25% $12,065
    ROYAL UNITED MORTGAGE LLC 1 6.75% $9,640
    Service Federal Credit Union 1 5.63% $6,124
    COMPASS MORTGAGE, INC. 1 6.13% $6,921
    INB 1 6.63% $2,417
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.75% $7,555
    Marine Bank 1 6.25% $4,001
    GUARANTEED RATE, INC. 1 6.13% $5,537

    The top Champaign VA lender as defined by loan originations is Mortgage Research Center, LLC, with 47 VA loans originated. Their average total fees are $5,748, which is $805 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Champaign VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,748), FLAT BRANCH MORTGAGE, INC. ($6,554), .

    The lowest rate Champaign VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.83%), FLAT BRANCH MORTGAGE, INC. (6.97%), .

    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.