Decatur VA Loan Rates, Closing Costs & Stats

DECATUR, 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.

    Decatur's 28 lenders originated 85 VA loans during 2023. The total origination value was $15,795,000, with an average VA loan value of $185,824.

    Decatur VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Decatur averaged 6.52% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Decatur's average VA mortgage closing costs are $4,100.

    The average rate for the prior week (2024-11-01) was 6.68% and one month ago for the week of 2024-10-04, the average rate was 6.01%.

    The average rate one year ago was 7.66%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.24%.

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

    Decatur 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 Decatur level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 39 6.97% $4,179
    QUICKEN LOANS, LLC 5 6.42% $5,686
    FLAT BRANCH MORTGAGE, INC. 5 7.13% $10,028
    CROSSCOUNTRY MORTGAGE, LLC 4 6.88% $7,512
    FIRST STATE MORTGAGE SERVICES, LLC 3 6.25% $7,358
    Busey Bank 2 6.56% $3,087
    PENNYMAC LOAN SERVICES, LLC 2 5.81% $6,066
    DRAPER AND KRAMER MORTGAGE CORP. 2 7.25% $4,066
    NAVY FEDERAL CREDIT UNION 2 5.88% $3,621
    INB 1 6.25% $1,708
    Ixonia Bank 1 6.50% $4,911
    JPMorgan Chase Bank 1 6.63% $831
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $6,541
    NEW DAY FINANCIAL, LLC 1 6.99% $7,255
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $7,086
    PNC Bank 1 6.75% $1,080
    Regions Bank 1 5.50% $6,876
    U.S. Bank 1 6.75% $2,977
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $6,555
    Wells Fargo Bank 1 5.75% $8,943
    Armed Forces Bank 1 6.63% $6,579
    Barrington Bank & Trust Company, N.A. 1 5.75% $7,588
    BROKER SOLUTIONS, INC. 1 7.13% $5,584
    First Merchants Bank 1 6.25% $6,897
    Flagstar Bank, FSB 1 8.25% $1,854
    Goldwater Bank, N.A. 1 7.25% $15,252
    GUARANTEED RATE, INC. 1 5.65% $1,633
    Heartland Bank and Trust Company 1 6.25% $6,503

    The top Decatur VA lender as defined by loan originations is Mortgage Research Center, LLC, with 39 VA loans originated. Their average total fees are $4,179, which is $1,507 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Decatur VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,179), .

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