Champaign VA Loan Rates, Closing Costs & Stats

CHAMPAIGN-URBANA, IL

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 38 lenders originated 185 VA loans during 2022. The total origination value was $45,545,000, with an average VA loan value of $246,189.

Champaign VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Champaign averaged -0.13% for the week of 2024-02-23, compared to the national average (all VA variants) of 0% for the same period.

Champaign's average VA mortgage closing costs are $4,364.

The average rate for the prior week (2024-02-16) was 6.54% and one month ago for the week of 2024-01-19, the average rate was 6.2%.

The average rate one year ago was 6.01%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.13%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 37 5.02% $6,682
FLAT BRANCH MORTGAGE, INC. 29 5.11% $5,253
QUICKEN LOANS, LLC 13 5.19% $8,674
UNITED WHOLESALE MORTGAGE, LLC 13 4.38% $3,404
PRIMELENDING, A PLAINSCAPITAL COMPANY 12 5.31% $6,814
NAVY FEDERAL CREDIT UNION 9 4.33% $5,648
USAA Federal Savings Bank 6 4.17% $5,900
FREEDOM MORTGAGE CORPORATION 6 5.52% $4,995
PENNYMAC LOAN SERVICES, LLC 6 3.27% $9,500
FIRST STATE MORTGAGE SERVICES, LLC 4 4.56% $6,284
INB 4 5.00% $3,597
The Federal Savings Bank 3 4.71% $11,786
Busey Bank 3 4.29% $4,632
Mr. Cooper ( Nationstar Mortgage ) 2 4.00% $4,307
GUARANTEED RATE, INC. 2 5.13% $5,228
HOME POINT FINANCIAL CORPORATION 2 3.44% $2,821
NEW DAY FINANCIAL, LLC 2 3.68% $9,907
Wells Fargo Bank 2 4.50% $11,776
GUARANTEED RATE AFFINITY, LLC 2 4.86% $4,882
M&T Bank 2 2.94% $3,889
Wyndham Capital Mortgage, Inc. 1 2.38% $1,033
BROKER SOLUTIONS, INC. 1 5.25% $23,042
COMPASS MORTGAGE, INC. 1 3.25% $2,768
FINANCE OF AMERICA MORTGAGE LLC 1 4.13% $4,409
Gateway First Bank 1 4.13% $16,846
LAKEVIEW LOAN SERVICING, LLC 1 4.75% $4,164
LOANDEPOT.COM, LLC 1 5.50% $8,801
Marine Bank 1 6.00% $5,048
Midland States Bank 1 2.75% $4,810
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $2,158
MUTUAL OF OMAHA MORTGAGE, INC. 1 4.50% $3,770
NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $4,136
PENTAGON FEDERAL CREDIT UNION 1 3.00% $26,994
PNC Bank 1 3.88% $8,310
ROYAL UNITED MORTGAGE LLC 1 4.75% $6,873
VILLAGE CAPITAL MORTGAGE 1 5.38% $8,709
Waterstone Mortgage Corporation 1 3.13% $3,183
AMERICAN FINANCING CORPORATION 1 5.13% $5,550

The top Champaign VA lender as defined by loan originations is Mortgage Research Center, LLC, with 37 VA loans originated. Their average total fees are $6,682, which is $1,429 higher than the next largest lender, FLAT BRANCH MORTGAGE, INC..

The lowest fee Champaign VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($3,404), FLAT BRANCH MORTGAGE, INC. ($5,253), Mortgage Research Center, LLC ($6,682), PRIMELENDING, A PLAINSCAPITAL COMPANY ($6,814) and QUICKEN LOANS, LLC ($8,674).

The lowest rate Champaign VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (4.38%), Mortgage Research Center, LLC (5.02%), FLAT BRANCH MORTGAGE, INC. (5.11%), QUICKEN LOANS, LLC (5.19%) and PRIMELENDING, A PLAINSCAPITAL COMPANY (5.31%).


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 $149,950 (7.2%) $203,856 (8.3%) 0.56 997
2018-02-01 $156,375 (12.4%) $206,268 (8.6%) 0.57 957
2018-03-01 $159,900 (10.6%) $215,003 (10.1%) 0.56 942
2018-04-01 $166,175 (7.3%) $218,451 (6.2%) 0.56 967
2018-05-01 $172,400 (12.2%) $218,261 (4.7%) 0.58 982
2018-06-01 $169,000 (8.7%) $214,354 (0.4%) 0.56 1,050
2018-07-01 $165,000 (3.2%) $211,874 (-2.1%) 0.55 1,081
2018-08-01 $167,350 (4.7%) $212,135 (-1.2%) 0.56 1,104
2018-09-01 $168,250 (5.2%) $211,521 (-2.4%) 0.57 1,081
2018-10-01 $169,900 (6.9%) $211,304 (-0.7%) 0.58 1,057
2018-11-01 $168,750 (8.9%) $209,585 (1.8%) 0.57 1,039
2018-12-01 $164,900 (7.9%) $203,251 (0.0%) 0.57 1,007
2019-01-01 $165,000 (10.0%) $205,371 (1.7%) 0.57 929
2019-02-01 $165,000 (5.5%) $212,104 (3.7%) 0.56 946
2019-03-01 $171,193 (7.1%) $220,801 (2.8%) 0.56 917
2019-04-01 $181,175 (9.0%) $228,952 (4.7%) 0.58 885
2019-05-01 $184,475 (7.0%) $229,677 (4.4%) 0.58 920
2019-06-01 $182,900 (8.2%) $228,062 (6.7%) 0.57 963
2019-07-01 $178,400 (8.1%) $223,145 (5.0%) 0.56 1,019
2019-08-01 $170,773 (2.1%) $217,736 (2.1%) 0.54 1,036
2019-09-01 $166,682 (-0.9%) $212,471 (-0.7%) 0.53 1,040
2019-10-01 $164,705 (-3.1%) $209,415 (-1.7%) 0.53 1,042
2019-11-01 $163,200 (-3.3%) $208,138 (-1.4%) 0.54 1,010
2019-12-01 $155,875 (-5.5%) $208,501 (2.3%) 0.52 929
2020-01-01 $159,400 (-3.4%) $208,784 (0.3%) 0.53 865
2020-02-01 $174,900 (6.0%) $223,056 (3.6%) 0.57 799
2020-03-01 $180,925 (5.7%) $231,312 (3.4%) 0.57 789
2020-04-01 $184,950 (2.1%) $232,704 (0.9%) 0.58 753
2020-05-01 $189,900 (2.9%) $237,821 (3.0%) 0.58 659
2020-06-01 $189,900 (3.8%) $239,822 (5.2%) 0.56 613
2020-07-01 $199,700 (11.9%) $250,859 (12.8%) 0.58 591
2020-08-01 $192,000 (12.4%) $246,258 (13.8%) 0.55 538
2020-09-01 $189,900 (13.9%) $243,428 (15.9%) 0.54 536
2020-10-01 $177,500 (7.8%) $236,532 (13.8%) 0.51 496
2020-11-01 $169,900 (4.1%) $228,513 (11.6%) 0.50 476
2020-12-01 $175,200 (12.4%) $229,997 (11.0%) 0.52 426
2021-01-01 $167,500 (5.1%) $226,330 (10.4%) 0.50 370
2021-02-01 $161,950 (-7.4%) $223,711 (3.0%) 0.47 310
2021-03-01 $162,450 (-10.2%) $236,633 (4.0%) 0.46 281
2021-04-01 $169,225 (-8.5%) $250,119 (7.7%) 0.46 255
2021-05-01 $174,900 (-7.9%) $256,738 (8.3%) 0.46 266
2021-06-01 $184,450 (-2.9%) $261,089 (8.1%) 0.49 292
2021-07-01 $175,000 (-12.4%) $254,187 (0.0%) 0.46 359
2021-08-01 $169,900 (-11.5%) $243,562 (-3.0%) 0.45 372
2021-09-01 $159,900 (-15.8%) $245,410 (-2.1%) 0.43 356
2021-10-01 $156,900 (-11.6%) $241,658 (0.3%) 0.42 376
2021-11-01 $148,000 (-12.9%) $247,425 (6.2%) 0.40 342
2021-12-01 $144,950 (-17.3%) $244,768 (4.6%) 0.39 290
2022-01-01 $134,900 (-19.5%) $244,556 (5.1%) 0.36 247
2022-02-01 $140,600 (-13.2%) $253,029 (10.8%) 0.37 220
2022-03-01 $156,075 (-3.9%) $245,344 (3.0%) 0.39 197
2022-04-01 $155,500 (-8.1%) $244,318 (-0.3%) 0.37 212
2022-05-01 $165,875 (-5.2%) $239,116 (-8.1%) 0.38 241
2022-06-01 $179,450 (-2.7%) $252,345 (-4.3%) 0.40 279
2022-07-01 $179,900 (2.8%) $244,483 (-4.0%) 0.41 355
2022-08-01 $182,450 (7.4%) $242,652 (0.0%) 0.42 370
2022-09-01 $182,450 (14.1%) $249,318 (3.7%) 0.43 364
2022-10-01 $189,900 (21.0%) $253,393 (6.5%) 0.45 358
2022-11-01 $196,925 (33.1%) $250,541 (1.0%) 0.47 333
2022-12-01 $197,000 (35.9%) $251,078 (4.0%) 0.49 295
2023-01-01 $191,150 (41.7%) $261,065 (8.1%) 0.47 251
2023-02-01 $206,200 (46.7%) $286,521 (13.1%) 0.50 212
2023-03-01 $239,825 (53.7%) $316,631 (28.4%) 0.57 192
2023-04-01 $239,900 (54.3%) $326,877 (31.7%) 0.56 202
2023-05-01 $257,500 (55.2%) $337,575 (43.0%) 0.58 197
2023-06-01 $260,450 (45.1%) $329,330 (32.5%) 0.59 230
2023-07-01 $269,400 (49.8%) $336,743 (38.1%) 0.61 234
2023-08-01 $256,225 (40.4%) $332,737 (41.0%) 0.59 269
2023-09-01 $256,000 (40.3%) $333,015 (34.9%) 0.60 309
2023-10-01 $245,900 (29.5%) $318,844 (27.2%) 0.58 308
2023-11-01 $239,500 (21.6%) $307,014 (24.8%) 0.57 315
2023-12-01 $227,400 (15.4%) $298,862 (0.0%) 0.55 305
Champaign's median listing price for 2023-12-01 was $227,400, a difference of $30,400 (15.4%) versus the prior year and $-12,100 versus the prior month.

Champaign's median listing price comes in at 55% of the national average.

Champaign's average listing price for 2023-12-01 was $298,862, a difference of $47,784 (0.0%) versus the prior year and $-8,152 versus the prior month.

For the 2023-12-01 period, Champaign had 305 MLS listings, a difference of -10 listings (-3%) versus the prior month and 10 listings (3%) 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
2018-01-01 111 days 1,640 sqft
2018-02-01 109 days 1,641 sqft
2018-03-01 80 days 1,666 sqft
2018-04-01 61 days 1,708 sqft
2018-05-01 64 days 1,745 sqft
2018-06-01 64 days 1,748 sqft
2018-07-01 65 days 1,739 sqft
2018-08-01 69 days 1,746 sqft
2018-09-01 73 days 1,737 sqft
2018-10-01 80 days 1,740 sqft
2018-11-01 88 days 1,729 sqft
2018-12-01 100 days 1,708 sqft
2019-01-01 113 days 1,673 sqft
2019-02-01 108 days 1,681 sqft
2019-03-01 92 days 1,710 sqft
2019-04-01 71 days 1,767 sqft
2019-05-01 61 days 1,779 sqft
2019-06-01 66 days 1,768 sqft
2019-07-01 67 days 1,782 sqft
2019-08-01 69 days 1,736 sqft
2019-09-01 73 days 1,715 sqft
2019-10-01 78 days 1,712 sqft
2019-11-01 93 days 1,715 sqft
2019-12-01 105 days 1,713 sqft
2020-01-01 110 days 1,700 sqft
2020-02-01 110 days 1,742 sqft
2020-03-01 83 days 1,785 sqft
2020-04-01 77 days 1,791 sqft
2020-05-01 78 days 1,780 sqft
2020-06-01 76 days 1,810 sqft
2020-07-01 62 days 1,840 sqft
2020-08-01 58 days 1,784 sqft
2020-09-01 61 days 1,776 sqft
2020-10-01 65 days 1,728 sqft
2020-11-01 63 days 1,706 sqft
2020-12-01 74 days 1,727 sqft
2021-01-01 85 days 1,639 sqft
2021-02-01 74 days 1,581 sqft
2021-03-01 60 days 1,590 sqft
2021-04-01 49 days 1,608 sqft
2021-05-01 41 days 1,648 sqft
2021-06-01 40 days 1,702 sqft
2021-07-01 42 days 1,672 sqft
2021-08-01 45 days 1,586 sqft
2021-09-01 48 days 1,538 sqft
2021-10-01 48 days 1,518 sqft
2021-11-01 56 days 1,500 sqft
2021-12-01 63 days 1,475 sqft
2022-01-01 74 days 1,445 sqft
2022-02-01 65 days 1,484 sqft
2022-03-01 48 days 1,566 sqft
2022-04-01 39 days 1,536 sqft
2022-05-01 36 days 1,533 sqft
2022-06-01 36 days 1,613 sqft
2022-07-01 37 days 1,623 sqft
2022-08-01 40 days 1,653 sqft
2022-09-01 48 days 1,698 sqft
2022-10-01 52 days 1,700 sqft
2022-11-01 59 days 1,713 sqft
2022-12-01 71 days 1,700 sqft
2023-01-01 79 days 1,708 sqft
2023-02-01 71 days 1,726 sqft
2023-03-01 57 days 1,843 sqft
2023-04-01 39 days 1,832 sqft
2023-05-01 39 days 1,854 sqft
2023-06-01 42 days 1,781 sqft
2023-07-01 43 days 1,798 sqft
2023-08-01 42 days 1,779 sqft
2023-09-01 41 days 1,800 sqft
2023-10-01 48 days 1,787 sqft
2023-11-01 49 days 1,782 sqft
2023-12-01 59 days 1,747 sqft
Champaign's median listing age (time on market) for 2023-12-01 was 59 days. This is -17% shorter than the same period one year ago.

Champaign's median square footage for active listings during the 2023-12-01 period was 1,747 sqft. One year prior, the average listing was 1,700 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.