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 7.14% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.67% and one month ago for the week of 2024-03-15, the average rate was 6.74%.

    The average rate one year ago was 6.23%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    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%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Decatur (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 $89,950 (-0.5%) $117,494 (-9.5%) 0.00 601
    2018-02-01 $90,825 (1.0%) $122,312 (-4.9%) 0.00 577
    2018-03-01 $89,900 (0.0%) $122,802 (-5.1%) 0.00 566
    2018-04-01 $97,025 (2.5%) $128,191 (-3.8%) 0.00 563
    2018-05-01 $98,050 (0.2%) $130,039 (-6.4%) 0.00 569
    2018-06-01 $97,200 (-2.7%) $131,640 (-5.9%) 0.00 559
    2018-07-01 $97,000 (-1.9%) $131,579 (0.1%) 0.00 600
    2018-08-01 $97,200 (-2.4%) $138,199 (3.9%) 0.00 614
    2018-09-01 $89,900 (-8.9%) $133,747 (2.3%) 0.00 602
    2018-10-01 $90,750 (0.1%) $135,114 (8.7%) 0.00 580
    2018-11-01 $94,800 (1.5%) $134,431 (8.1%) 0.00 558
    2018-12-01 $93,500 (4.0%) $134,187 (12.5%) 0.00 512
    2019-01-01 $94,200 (4.7%) $135,809 (15.6%) 0.00 471
    2019-02-01 $104,675 (15.3%) $144,057 (17.8%) 0.00 432
    2019-03-01 $104,657 (16.4%) $143,316 (16.7%) 0.00 429
    2019-04-01 $112,949 (16.4%) $148,093 (15.5%) 0.00 428
    2019-05-01 $114,599 (16.9%) $157,527 (21.1%) 0.00 441
    2019-06-01 $112,500 (15.7%) $156,023 (18.5%) 0.00 472
    2019-07-01 $109,950 (13.4%) $150,792 (14.6%) 0.00 549
    2019-08-01 $109,740 (12.9%) $147,694 (6.9%) 0.00 549
    2019-09-01 $109,577 (21.9%) $146,502 (9.5%) 0.00 532
    2019-10-01 $107,225 (18.2%) $145,708 (7.8%) 0.00 519
    2019-11-01 $99,900 (5.4%) $139,844 (4.0%) 0.00 478
    2019-12-01 $99,375 (6.3%) $138,903 (3.5%) 0.00 418
    2020-01-01 $94,925 (0.8%) $131,532 (-3.2%) 0.00 380
    2020-02-01 $98,900 (-5.5%) $132,871 (-7.8%) 0.00 342
    2020-03-01 $108,625 (3.8%) $140,171 (-2.2%) 0.00 340
    2020-04-01 $106,725 (-5.5%) $139,147 (-6.0%) 0.00 321
    2020-05-01 $112,500 (-1.8%) $147,561 (-6.3%) 0.00 293
    2020-06-01 $116,700 (3.7%) $158,407 (1.5%) 0.00 255
    2020-07-01 $110,650 (0.6%) $150,328 (-0.3%) 0.00 284
    2020-08-01 $102,000 (-7.1%) $147,649 (0.0%) 0.00 267
    2020-09-01 $104,700 (-4.5%) $145,028 (-1.0%) 0.00 248
    2020-10-01 $100,000 (-6.7%) $143,406 (-1.6%) 0.00 226
    2020-11-01 $96,225 (-3.7%) $135,716 (-3.0%) 0.00 238
    2020-12-01 $89,900 (-9.5%) $129,456 (-6.8%) 0.00 230
    2021-01-01 $89,900 (-5.3%) $128,739 (-2.1%) 0.00 210
    2021-02-01 $91,750 (-7.2%) $133,378 (0.4%) 0.00 180
    2021-03-01 $97,425 (-10.3%) $140,546 (0.3%) 0.00 153
    2021-04-01 $86,125 (-19.3%) $142,293 (2.3%) 0.00 137
    2021-05-01 $99,899 (-11.2%) $168,052 (13.9%) 0.00 145
    2021-06-01 $99,650 (-14.6%) $178,860 (12.9%) 0.00 142
    2021-07-01 $87,000 (-21.4%) $171,271 (13.9%) 0.00 155
    2021-08-01 $89,900 (-11.9%) $169,423 (14.8%) 0.00 170
    2021-09-01 $99,900 (-4.6%) $176,105 (21.4%) 0.00 188
    2021-10-01 $109,900 (9.9%) $163,645 (14.1%) 0.00 182
    2021-11-01 $102,974 (7.0%) $155,653 (14.7%) 0.00 168
    2021-12-01 $98,897 (10.0%) $153,655 (18.7%) 0.00 166
    2022-01-01 $89,900 (0.0%) $140,101 (8.8%) 0.00 147
    2022-02-01 $89,900 (-2.0%) $144,897 (8.6%) 0.00 139
    2022-03-01 $87,225 (-10.5%) $148,165 (5.4%) 0.00 128
    2022-04-01 $89,897 (4.4%) $167,609 (17.8%) 0.00 140
    2022-05-01 $115,450 (15.6%) $181,056 (7.7%) 0.00 142
    2022-06-01 $124,925 (25.4%) $187,877 (5.0%) 0.00 146
    2022-07-01 $125,000 (43.7%) $183,767 (7.3%) 0.00 169
    2022-08-01 $126,550 (40.8%) $176,048 (3.9%) 0.00 174
    2022-09-01 $125,900 (26.0%) $174,441 (-0.9%) 0.00 184
    2022-10-01 $126,000 (14.7%) $176,076 (7.6%) 0.00 187
    2022-11-01 $127,450 (23.8%) $175,228 (12.6%) 0.00 173
    2022-12-01 $119,900 (21.2%) $168,424 (9.6%) 0.00 146
    2023-01-01 $118,675 (32.0%) $177,173 (26.5%) 0.00 136
    2023-02-01 $117,200 (30.4%) $189,880 (31.0%) 0.00 122
    2023-03-01 $123,700 (41.8%) $198,324 (33.9%) 0.00 104
    2023-04-01 $125,000 (39.1%) $209,976 (25.3%) 0.00 100
    2023-05-01 $160,675 (39.2%) $230,434 (27.3%) 0.00 105
    2023-06-01 $149,899 (20.0%) $224,173 (19.3%) 0.00 122
    2023-07-01 $144,897 (15.9%) $222,627 (21.2%) 0.00 125
    2023-08-01 $147,725 (16.7%) $213,318 (21.2%) 0.00 151
    2023-09-01 $156,950 (24.7%) $219,353 (25.8%) 0.00 147
    2023-10-01 $155,950 (23.8%) $221,671 (25.9%) 0.00 169
    2023-11-01 $164,225 (28.9%) $224,376 (28.1%) 0.00 166
    2023-12-01 $144,700 (20.7%) $206,609 (22.7%) 0.00 162
    2024-01-01 $146,075 (23.1%) $210,558 (18.8%) 0.00 154
    2024-02-01 $154,950 (32.2%) $210,614 (10.9%) 0.00 153
    2024-03-01 $149,900 (21.2%) $231,841 (16.9%) 0.00 125
    Decatur's median listing price for 2024-03-01 was $149,900, a difference of $26,200 (21.2%) versus the prior year and $-5,050 versus the prior month.

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

    Decatur's average listing price for 2024-03-01 was $231,841, a difference of $33,517 (16.9%) versus the prior year and $21,227 versus the prior month.

    For the 2024-03-01 period, Decatur had 125 MLS listings, a difference of -28 listings (-18%) versus the prior month and 21 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Decatur (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,612 sqft
    2018-02-01 0 days 1,638 sqft
    2018-03-01 0 days 1,649 sqft
    2018-04-01 0 days 1,720 sqft
    2018-05-01 0 days 1,692 sqft
    2018-06-01 0 days 1,717 sqft
    2018-07-01 0 days 1,665 sqft
    2018-08-01 0 days 1,665 sqft
    2018-09-01 0 days 1,656 sqft
    2018-10-01 0 days 1,663 sqft
    2018-11-01 0 days 1,655 sqft
    2018-12-01 0 days 1,636 sqft
    2019-01-01 0 days 1,639 sqft
    2019-02-01 0 days 1,742 sqft
    2019-03-01 0 days 1,751 sqft
    2019-04-01 0 days 1,788 sqft
    2019-05-01 0 days 1,795 sqft
    2019-06-01 0 days 1,795 sqft
    2019-07-01 0 days 1,767 sqft
    2019-08-01 0 days 1,763 sqft
    2019-09-01 0 days 1,766 sqft
    2019-10-01 0 days 1,765 sqft
    2019-11-01 0 days 1,728 sqft
    2019-12-01 0 days 1,696 sqft
    2020-01-01 0 days 1,665 sqft
    2020-02-01 0 days 1,691 sqft
    2020-03-01 0 days 1,790 sqft
    2020-04-01 0 days 1,739 sqft
    2020-05-01 0 days 1,777 sqft
    2020-06-01 0 days 1,847 sqft
    2020-07-01 0 days 1,757 sqft
    2020-08-01 0 days 1,760 sqft
    2020-09-01 0 days 1,799 sqft
    2020-10-01 0 days 1,797 sqft
    2020-11-01 0 days 1,714 sqft
    2020-12-01 0 days 1,634 sqft
    2021-01-01 0 days 1,561 sqft
    2021-02-01 0 days 1,594 sqft
    2021-03-01 0 days 1,628 sqft
    2021-04-01 0 days 1,623 sqft
    2021-05-01 0 days 1,709 sqft
    2021-06-01 0 days 1,674 sqft
    2021-07-01 0 days 1,661 sqft
    2021-08-01 0 days 1,654 sqft
    2021-09-01 0 days 1,628 sqft
    2021-10-01 0 days 1,633 sqft
    2021-11-01 0 days 1,513 sqft
    2021-12-01 0 days 1,595 sqft
    2022-01-01 0 days 1,488 sqft
    2022-02-01 0 days 1,443 sqft
    2022-03-01 0 days 1,427 sqft
    2022-04-01 0 days 1,316 sqft
    2022-05-01 0 days 1,530 sqft
    2022-06-01 0 days 1,780 sqft
    2022-07-01 0 days 1,758 sqft
    2022-08-01 0 days 1,874 sqft
    2022-09-01 0 days 2,125 sqft
    2022-10-01 0 days 2,082 sqft
    2022-11-01 0 days 1,735 sqft
    2022-12-01 0 days 1,712 sqft
    2023-01-01 0 days 1,634 sqft
    2023-02-01 0 days 1,605 sqft
    2023-03-01 0 days 1,573 sqft
    2023-04-01 0 days 1,648 sqft
    2023-05-01 0 days 1,847 sqft
    2023-06-01 0 days 1,781 sqft
    2023-07-01 0 days 1,740 sqft
    2023-08-01 0 days 1,710 sqft
    2023-09-01 0 days 1,740 sqft
    2023-10-01 0 days 1,828 sqft
    2023-11-01 0 days 1,866 sqft
    2023-12-01 0 days 1,680 sqft
    2024-01-01 0 days 1,749 sqft
    2024-02-01 0 days 1,739 sqft
    2024-03-01 0 days 1,745 sqft
    Decatur's median listing age (time on market) for 2024-03-01 was 0 days.

    Decatur's median square footage for active listings during the 2024-03-01 period was 1,745 sqft. One year prior, the average listing was 1,573 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.