Danville VA Loan Rates, Closing Costs & Stats

DANVILLE, 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.

    Danville's 21 lenders originated 57 VA loans during 2023. The total origination value was $10,425,000, with an average VA loan value of $182,895.

    Danville VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Danville averaged 7.04% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Danville's average VA mortgage closing costs are $3,818.

    The average rate for the prior week (2024-04-12) was 6.98% and one month ago for the week of 2024-03-15, the average rate was 6.64%.

    The average rate one year ago was 6.33%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Danville 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 Danville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 22 6.91% $3,770
    FLAT BRANCH MORTGAGE, INC. 6 6.88% $5,874
    NEW DAY FINANCIAL, LLC 4 7.46% $6,737
    CROSSCOUNTRY MORTGAGE, LLC 3 7.52% $3,147
    NAVY FEDERAL CREDIT UNION 3 5.33% $4,130
    Magnolia Bank 2 6.38% $3,440
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $10,100
    NEWREZ LLC 1 7.25% $3,064
    PENNYMAC LOAN SERVICES, LLC 1 7.63% $4,568
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $3,120
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $2,730
    ROYAL UNITED MORTGAGE LLC 1 6.88% $22,935
    SOVEREIGN LENDING GROUP INCORPORATED 1 6.25% $10,442
    UNITED WHOLESALE MORTGAGE, LLC 1 5.48% $520
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.63% $11,180
    USAA Federal Savings Bank 1 6.75% $2,769
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $2,733
    Barrington Bank & Trust Company, N.A. 1 6.75% $4,822
    CARDINAL FINANCIAL 1 6.75% $5,463
    Equity Prime Mortgage LLC 1 7.75% $60
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $4,415

    The top Danville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 22 VA loans originated. Their average total fees are $3,770, which is $2,105 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Danville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,770), .

    The lowest rate Danville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.91%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Danville (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 $69,900 (7.9%) $100,306 (12.9%) 0.00 286
    2018-02-01 $72,700 (12.0%) $101,759 (12.2%) 0.00 286
    2018-03-01 $73,500 (13.2%) $105,178 (12.5%) 0.00 296
    2018-04-01 $77,250 (19.0%) $109,535 (18.4%) 0.00 296
    2018-05-01 $83,750 (21.2%) $110,563 (9.9%) 0.00 307
    2018-06-01 $85,000 (25.2%) $110,115 (10.5%) 0.00 312
    2018-07-01 $84,900 (23.1%) $111,237 (8.1%) 0.00 322
    2018-08-01 $83,850 (17.7%) $110,002 (4.4%) 0.00 334
    2018-09-01 $79,945 (14.5%) $110,200 (8.2%) 0.00 327
    2018-10-01 $80,000 (15.9%) $109,042 (6.1%) 0.00 334
    2018-11-01 $82,125 (20.8%) $112,224 (9.4%) 0.00 317
    2018-12-01 $79,900 (14.3%) $112,647 (11.3%) 0.00 316
    2019-01-01 $77,125 (10.3%) $111,566 (11.2%) 0.00 310
    2019-02-01 $79,700 (9.6%) $115,476 (13.5%) 0.00 295
    2019-03-01 $82,900 (12.8%) $116,367 (10.6%) 0.00 288
    2019-04-01 $86,425 (11.9%) $117,184 (7.0%) 0.00 291
    2019-05-01 $84,900 (1.4%) $119,015 (7.6%) 0.00 297
    2019-06-01 $87,250 (2.7%) $120,180 (9.1%) 0.00 302
    2019-07-01 $88,300 (4.0%) $118,710 (6.7%) 0.00 300
    2019-08-01 $86,291 (2.9%) $117,505 (6.8%) 0.00 295
    2019-09-01 $83,877 (4.9%) $115,508 (4.8%) 0.00 290
    2019-10-01 $82,268 (2.8%) $114,177 (4.7%) 0.00 283
    2019-11-01 $84,400 (2.8%) $113,686 (1.3%) 0.00 273
    2019-12-01 $75,000 (-6.1%) $106,960 (-5.1%) 0.00 268
    2020-01-01 $79,000 (2.4%) $109,821 (-1.6%) 0.00 255
    2020-02-01 $79,900 (0.3%) $109,685 (-5.0%) 0.00 239
    2020-03-01 $78,750 (-5.0%) $112,082 (-3.7%) 0.00 207
    2020-04-01 $81,475 (-5.7%) $117,672 (0.4%) 0.00 200
    2020-05-01 $85,000 (0.1%) $119,176 (0.1%) 0.00 182
    2020-06-01 $91,225 (4.6%) $121,803 (1.4%) 0.00 172
    2020-07-01 $93,850 (6.3%) $119,751 (0.9%) 0.00 167
    2020-08-01 $93,750 (8.6%) $123,022 (4.7%) 0.00 171
    2020-09-01 $89,600 (6.8%) $120,035 (3.9%) 0.00 180
    2020-10-01 $89,000 (8.2%) $118,074 (3.4%) 0.00 181
    2020-11-01 $92,175 (9.2%) $124,041 (9.1%) 0.00 160
    2020-12-01 $87,875 (17.2%) $124,756 (16.6%) 0.00 140
    2021-01-01 $87,750 (11.1%) $127,536 (16.1%) 0.00 117
    2021-02-01 $86,625 (8.4%) $134,726 (22.8%) 0.00 100
    2021-03-01 $94,925 (20.5%) $134,907 (20.4%) 0.00 87
    2021-04-01 $84,125 (3.3%) $132,985 (13.0%) 0.00 72
    2021-05-01 $89,450 (5.2%) $133,873 (12.3%) 0.00 79
    2021-06-01 $97,375 (6.7%) $136,972 (12.5%) 0.00 98
    2021-07-01 $104,900 (11.8%) $135,734 (13.4%) 0.00 92
    2021-08-01 $99,050 (5.7%) $122,900 (-0.1%) 0.00 97
    2021-09-01 $99,900 (11.5%) $118,606 (-1.2%) 0.00 107
    2021-10-01 $109,000 (22.5%) $130,473 (10.5%) 0.00 102
    2021-11-01 $102,475 (11.2%) $128,280 (3.4%) 0.00 103
    2021-12-01 $92,200 (4.9%) $119,014 (-4.6%) 0.00 84
    2022-01-01 $85,000 (-3.1%) $114,150 (-10.5%) 0.00 72
    2022-02-01 $80,000 (-7.7%) $112,683 (-16.4%) 0.00 58
    2022-03-01 $79,900 (-15.8%) $128,861 (-4.5%) 0.00 59
    2022-04-01 $94,950 (12.9%) $140,690 (5.8%) 0.00 64
    2022-05-01 $117,500 (31.4%) $156,928 (17.2%) 0.00 65
    2022-06-01 $103,225 (6.0%) $167,534 (22.3%) 0.00 69
    2022-07-01 $110,000 (4.9%) $156,436 (15.3%) 0.00 90
    2022-08-01 $119,900 (21.1%) $167,529 (36.3%) 0.00 99
    2022-09-01 $100,975 (1.1%) $153,957 (29.8%) 0.00 116
    2022-10-01 $99,900 (-8.4%) $141,084 (8.1%) 0.00 121
    2022-11-01 $110,975 (8.3%) $124,913 (-2.6%) 0.00 133
    2022-12-01 $110,000 (19.3%) $126,200 (6.0%) 0.00 116
    2023-01-01 $99,900 (17.5%) $124,578 (9.1%) 0.00 103
    2023-02-01 $102,400 (28.0%) $128,283 (13.8%) 0.00 86
    2023-03-01 $109,850 (37.5%) $130,271 (1.1%) 0.00 81
    2023-04-01 $99,900 (5.2%) $129,754 (-7.8%) 0.00 83
    2023-05-01 $96,150 (-18.2%) $127,314 (-18.9%) 0.00 86
    2023-06-01 $99,900 (-3.2%) $133,468 (-20.3%) 0.00 87
    2023-07-01 $94,900 (-13.7%) $123,868 (-20.8%) 0.00 94
    2023-08-01 $97,450 (-18.7%) $124,961 (-25.4%) 0.00 89
    2023-09-01 $105,000 (4.0%) $142,400 (-7.5%) 0.00 106
    2023-10-01 $105,000 (5.1%) $137,730 (-2.4%) 0.00 119
    2023-11-01 $105,125 (-5.3%) $130,863 (4.8%) 0.00 121
    2023-12-01 $104,900 (-4.6%) $129,760 (2.8%) 0.00 115
    2024-01-01 $96,950 (-3.0%) $126,357 (1.4%) 0.00 107
    2024-02-01 $88,700 (-13.4%) $123,489 (-3.7%) 0.00 110
    2024-03-01 $89,450 (-18.6%) $117,855 (-9.5%) 0.00 107
    Danville's median listing price for 2024-03-01 was $89,450, a difference of $-20,400 (-18.6%) versus the prior year and $750 versus the prior month.

    Danville's median listing price comes in at 0% of the national average.

    Danville's average listing price for 2024-03-01 was $117,855, a difference of $-12,416 (-9.5%) versus the prior year and $-5,634 versus the prior month.

    For the 2024-03-01 period, Danville had 107 MLS listings, a difference of -3 listings (-3%) versus the prior month and 26 listings (32%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Danville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,477 sqft
    2018-02-01 0 days 1,465 sqft
    2018-03-01 0 days 1,531 sqft
    2018-04-01 0 days 1,571 sqft
    2018-05-01 0 days 1,591 sqft
    2018-06-01 0 days 1,600 sqft
    2018-07-01 0 days 1,594 sqft
    2018-08-01 0 days 1,600 sqft
    2018-09-01 0 days 1,554 sqft
    2018-10-01 0 days 1,572 sqft
    2018-11-01 0 days 1,590 sqft
    2018-12-01 0 days 1,580 sqft
    2019-01-01 0 days 1,571 sqft
    2019-02-01 0 days 1,561 sqft
    2019-03-01 0 days 1,565 sqft
    2019-04-01 0 days 1,600 sqft
    2019-05-01 0 days 1,600 sqft
    2019-06-01 0 days 1,610 sqft
    2019-07-01 0 days 1,635 sqft
    2019-08-01 0 days 1,621 sqft
    2019-09-01 0 days 1,593 sqft
    2019-10-01 0 days 1,577 sqft
    2019-11-01 0 days 1,600 sqft
    2019-12-01 0 days 1,560 sqft
    2020-01-01 0 days 1,622 sqft
    2020-02-01 0 days 1,611 sqft
    2020-03-01 0 days 1,603 sqft
    2020-04-01 0 days 1,689 sqft
    2020-05-01 0 days 1,688 sqft
    2020-06-01 0 days 1,650 sqft
    2020-07-01 0 days 1,603 sqft
    2020-08-01 0 days 1,624 sqft
    2020-09-01 0 days 1,557 sqft
    2020-10-01 0 days 1,580 sqft
    2020-11-01 0 days 1,649 sqft
    2020-12-01 0 days 1,600 sqft
    2021-01-01 0 days 1,657 sqft
    2021-02-01 0 days 1,600 sqft
    2021-03-01 0 days 1,716 sqft
    2021-04-01 0 days 1,642 sqft
    2021-05-01 0 days 1,558 sqft
    2021-06-01 0 days 1,565 sqft
    2021-07-01 0 days 1,620 sqft
    2021-08-01 0 days 1,522 sqft
    2021-09-01 0 days 1,532 sqft
    2021-10-01 0 days 1,611 sqft
    2021-11-01 0 days 1,529 sqft
    2021-12-01 0 days 1,465 sqft
    2022-01-01 0 days 1,451 sqft
    2022-02-01 0 days 1,440 sqft
    2022-03-01 0 days 1,383 sqft
    2022-04-01 0 days 1,390 sqft
    2022-05-01 0 days 1,509 sqft
    2022-06-01 0 days 1,432 sqft
    2022-07-01 0 days 1,500 sqft
    2022-08-01 0 days 1,643 sqft
    2022-09-01 0 days 1,785 sqft
    2022-10-01 0 days 1,800 sqft
    2022-11-01 0 days 1,573 sqft
    2022-12-01 0 days 1,556 sqft
    2023-01-01 0 days 1,549 sqft
    2023-02-01 0 days 1,589 sqft
    2023-03-01 0 days 1,671 sqft
    2023-04-01 0 days 1,612 sqft
    2023-05-01 0 days 1,580 sqft
    2023-06-01 0 days 1,619 sqft
    2023-07-01 0 days 1,620 sqft
    2023-08-01 0 days 1,632 sqft
    2023-09-01 0 days 1,620 sqft
    2023-10-01 0 days 1,598 sqft
    2023-11-01 0 days 1,535 sqft
    2023-12-01 0 days 1,498 sqft
    2024-01-01 0 days 1,521 sqft
    2024-02-01 0 days 1,531 sqft
    2024-03-01 0 days 1,584 sqft
    Danville's median listing age (time on market) for 2024-03-01 was 0 days.

    Danville's median square footage for active listings during the 2024-03-01 period was 1,584 sqft. One year prior, the average listing was 1,671 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.