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 7.02% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.75% and one month ago for the week of 2024-03-15, the average rate was 6.61%.

    The average rate one year ago was 6.3%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Champaign (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 $161,075 (8.0%) $213,404 (8.3%) 0.60 913
    2018-02-01 $169,900 (16.0%) $216,965 (8.7%) 0.62 867
    2018-03-01 $179,900 (14.3%) $227,353 (10.1%) 0.63 846
    2018-04-01 $182,450 (12.3%) $230,719 (6.2%) 0.62 869
    2018-05-01 $189,900 (16.9%) $229,921 (4.6%) 0.63 890
    2018-06-01 $179,900 (9.1%) $224,275 (0.4%) 0.60 951
    2018-07-01 $175,000 (3.0%) $222,682 (-1.6%) 0.58 977
    2018-08-01 $177,250 (4.2%) $222,468 (-0.7%) 0.59 1,000
    2018-09-01 $175,750 (3.4%) $222,799 (-1.8%) 0.59 990
    2018-10-01 $179,800 (8.0%) $221,632 (0.0%) 0.61 965
    2018-11-01 $178,575 (9.9%) $219,700 (2.0%) 0.61 947
    2018-12-01 $175,000 (9.4%) $213,694 (0.6%) 0.60 910
    2019-01-01 $177,000 (9.9%) $217,221 (1.8%) 0.61 828
    2019-02-01 $177,950 (4.7%) $225,021 (3.7%) 0.60 846
    2019-03-01 $188,471 (4.8%) $233,677 (2.8%) 0.62 823
    2019-04-01 $204,900 (12.3%) $241,521 (4.7%) 0.65 801
    2019-05-01 $199,400 (5.0%) $240,457 (4.6%) 0.62 841
    2019-06-01 $195,000 (8.4%) $239,200 (6.7%) 0.61 883
    2019-07-01 $191,400 (9.4%) $233,847 (5.0%) 0.60 933
    2019-08-01 $182,245 (2.8%) $227,226 (2.1%) 0.58 953
    2019-09-01 $178,114 (1.3%) $221,285 (-0.7%) 0.57 960
    2019-10-01 $175,909 (-2.2%) $217,866 (-1.7%) 0.57 963
    2019-11-01 $174,900 (-2.1%) $216,571 (-1.4%) 0.57 926
    2019-12-01 $169,675 (-3.0%) $218,550 (2.3%) 0.57 843
    2020-01-01 $173,700 (-1.9%) $217,755 (0.3%) 0.58 791
    2020-02-01 $185,900 (4.5%) $233,138 (3.6%) 0.61 730
    2020-03-01 $194,900 (3.4%) $241,694 (3.4%) 0.61 722
    2020-04-01 $197,675 (-3.5%) $243,735 (0.9%) 0.62 689
    2020-05-01 $209,000 (4.8%) $247,751 (3.0%) 0.64 602
    2020-06-01 $203,425 (4.3%) $251,729 (5.2%) 0.60 555
    2020-07-01 $223,650 (16.9%) $263,742 (12.8%) 0.65 532
    2020-08-01 $216,200 (18.6%) $258,680 (13.8%) 0.62 485
    2020-09-01 $212,400 (19.3%) $256,440 (15.9%) 0.61 481
    2020-10-01 $192,900 (9.7%) $247,854 (13.8%) 0.55 446
    2020-11-01 $185,625 (6.1%) $240,906 (11.2%) 0.54 426
    2020-12-01 $189,975 (12.0%) $241,779 (10.6%) 0.57 383
    2021-01-01 $189,900 (9.3%) $240,242 (10.3%) 0.57 328
    2021-02-01 $177,500 (-4.5%) $239,952 (2.9%) 0.52 271
    2021-03-01 $179,425 (-7.9%) $251,307 (4.0%) 0.51 247
    2021-04-01 $185,000 (-6.4%) $262,669 (7.8%) 0.50 231
    2021-05-01 $184,900 (-11.5%) $268,471 (8.4%) 0.49 245
    2021-06-01 $192,450 (-5.4%) $272,198 (8.1%) 0.51 267
    2021-07-01 $185,000 (-17.3%) $263,952 (0.1%) 0.49 330
    2021-08-01 $174,450 (-19.3%) $250,983 (-3.0%) 0.47 338
    2021-09-01 $164,300 (-22.7%) $250,038 (-2.5%) 0.44 328
    2021-10-01 $159,900 (-17.1%) $247,501 (-0.1%) 0.43 341
    2021-11-01 $152,225 (-18.0%) $256,465 (6.5%) 0.41 305
    2021-12-01 $151,950 (-20.0%) $253,663 (4.9%) 0.41 254
    2022-01-01 $140,950 (-25.8%) $252,576 (5.1%) 0.38 216
    2022-02-01 $152,050 (-14.3%) $265,756 (10.8%) 0.40 190
    2022-03-01 $167,450 (-6.7%) $258,720 (3.0%) 0.42 172
    2022-04-01 $165,000 (-10.8%) $261,718 (-0.4%) 0.39 190
    2022-05-01 $175,000 (-5.4%) $246,611 (-8.1%) 0.40 222
    2022-06-01 $184,450 (-4.2%) $260,409 (-4.3%) 0.41 254
    2022-07-01 $187,500 (1.4%) $253,339 (-4.0%) 0.42 328
    2022-08-01 $188,500 (8.1%) $250,786 (-0.1%) 0.44 338
    2022-09-01 $199,450 (21.4%) $260,273 (4.1%) 0.47 337
    2022-10-01 $199,900 (25.0%) $264,649 (6.9%) 0.47 328
    2022-11-01 $202,450 (33.0%) $260,188 (1.5%) 0.49 307
    2022-12-01 $203,500 (33.9%) $263,769 (4.0%) 0.50 268
    2023-01-01 $204,325 (45.0%) $272,906 (8.1%) 0.51 229
    2023-02-01 $224,450 (47.6%) $300,491 (13.1%) 0.54 194
    2023-03-01 $256,875 (53.4%) $332,133 (28.4%) 0.61 175
    2023-04-01 $274,900 (66.6%) $344,734 (31.7%) 0.64 184
    2023-05-01 $293,450 (67.7%) $352,714 (43.0%) 0.67 184
    2023-06-01 $281,175 (52.4%) $345,006 (32.5%) 0.63 214
    2023-07-01 $284,900 (52.0%) $349,833 (38.1%) 0.65 219
    2023-08-01 $278,725 (47.9%) $353,589 (41.0%) 0.64 242
    2023-09-01 $275,000 (37.9%) $351,061 (34.9%) 0.64 278
    2023-10-01 $256,225 (28.2%) $336,731 (27.2%) 0.60 279
    2023-11-01 $248,925 (23.0%) $323,231 (24.2%) 0.59 286
    2023-12-01 $237,900 (16.9%) $312,523 (18.5%) 0.58 277
    2024-01-01 $239,675 (17.3%) $320,228 (17.3%) 0.59 248
    2024-02-01 $279,900 (24.7%) $341,213 (13.6%) 0.67 215
    2024-03-01 $294,900 (14.8%) $369,535 (11.3%) 0.69 196
    Champaign's median listing price for 2024-03-01 was $294,900, a difference of $38,025 (14.8%) versus the prior year and $15,000 versus the prior month.

    Champaign's median listing price comes in at 69% of the national average.

    Champaign's average listing price for 2024-03-01 was $369,535, a difference of $37,402 (11.3%) versus the prior year and $28,322 versus the prior month.

    For the 2024-03-01 period, Champaign had 196 MLS listings, a difference of -19 listings (-9%) versus the prior month and 21 listings (12%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Champaign (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 109 days 1,654 sqft
    2018-02-01 108 days 1,666 sqft
    2018-03-01 78 days 1,715 sqft
    2018-04-01 59 days 1,760 sqft
    2018-05-01 61 days 1,800 sqft
    2018-06-01 62 days 1,782 sqft
    2018-07-01 65 days 1,768 sqft
    2018-08-01 68 days 1,781 sqft
    2018-09-01 72 days 1,764 sqft
    2018-10-01 80 days 1,770 sqft
    2018-11-01 88 days 1,757 sqft
    2018-12-01 100 days 1,736 sqft
    2019-01-01 113 days 1,712 sqft
    2019-02-01 107 days 1,717 sqft
    2019-03-01 90 days 1,743 sqft
    2019-04-01 67 days 1,802 sqft
    2019-05-01 59 days 1,822 sqft
    2019-06-01 65 days 1,800 sqft
    2019-07-01 67 days 1,824 sqft
    2019-08-01 68 days 1,776 sqft
    2019-09-01 72 days 1,751 sqft
    2019-10-01 77 days 1,746 sqft
    2019-11-01 92 days 1,744 sqft
    2019-12-01 104 days 1,744 sqft
    2020-01-01 110 days 1,742 sqft
    2020-02-01 113 days 1,783 sqft
    2020-03-01 75 days 1,833 sqft
    2020-04-01 74 days 1,861 sqft
    2020-05-01 78 days 1,835 sqft
    2020-06-01 74 days 1,851 sqft
    2020-07-01 61 days 1,888 sqft
    2020-08-01 58 days 1,842 sqft
    2020-09-01 61 days 1,845 sqft
    2020-10-01 64 days 1,776 sqft
    2020-11-01 60 days 1,749 sqft
    2020-12-01 72 days 1,762 sqft
    2021-01-01 78 days 1,704 sqft
    2021-02-01 68 days 1,676 sqft
    2021-03-01 58 days 1,670 sqft
    2021-04-01 47 days 1,700 sqft
    2021-05-01 41 days 1,700 sqft
    2021-06-01 41 days 1,708 sqft
    2021-07-01 43 days 1,678 sqft
    2021-08-01 45 days 1,581 sqft
    2021-09-01 46 days 1,533 sqft
    2021-10-01 46 days 1,517 sqft
    2021-11-01 57 days 1,498 sqft
    2021-12-01 64 days 1,467 sqft
    2022-01-01 74 days 1,442 sqft
    2022-02-01 62 days 1,495 sqft
    2022-03-01 43 days 1,591 sqft
    2022-04-01 38 days 1,549 sqft
    2022-05-01 34 days 1,533 sqft
    2022-06-01 35 days 1,603 sqft
    2022-07-01 37 days 1,636 sqft
    2022-08-01 40 days 1,665 sqft
    2022-09-01 48 days 1,729 sqft
    2022-10-01 51 days 1,713 sqft
    2022-11-01 59 days 1,728 sqft
    2022-12-01 71 days 1,711 sqft
    2023-01-01 77 days 1,728 sqft
    2023-02-01 68 days 1,770 sqft
    2023-03-01 55 days 1,867 sqft
    2023-04-01 38 days 1,862 sqft
    2023-05-01 39 days 1,867 sqft
    2023-06-01 43 days 1,812 sqft
    2023-07-01 43 days 1,813 sqft
    2023-08-01 44 days 1,806 sqft
    2023-09-01 44 days 1,818 sqft
    2023-10-01 48 days 1,797 sqft
    2023-11-01 50 days 1,789 sqft
    2023-12-01 57 days 1,745 sqft
    2024-01-01 67 days 1,739 sqft
    2024-02-01 58 days 1,783 sqft
    2024-03-01 46 days 1,827 sqft
    Champaign's median listing age (time on market) for 2024-03-01 was 46 days. This is -17% shorter than the same period one year ago.

    Champaign's median square footage for active listings during the 2024-03-01 period was 1,827 sqft. One year prior, the average listing was 1,867 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.