Decatur VA Loan Rates, Closing Costs & Stats

DECATUR, 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.

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 6.79% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

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

The average rate for the prior week (2024-05-10) was 6.69% and one month ago for the week of 2024-04-12, the average rate was 6.87%.

The average rate one year ago was 6.18%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.3%.

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
2024-04-01 $159,950 (28.0%) $248,285 (18.2%) 0.00 132
Decatur's median listing price for 2024-04-01 was $159,950, a difference of $34,950 (28.0%) versus the prior year and $10,050 versus the prior month.

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

Decatur's average listing price for 2024-04-01 was $248,285, a difference of $38,309 (18.2%) versus the prior year and $16,444 versus the prior month.

For the 2024-04-01 period, Decatur had 132 MLS listings, a difference of 7 listings (6%) versus the prior month and 32 listings (32%) 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
2024-04-01 0 days 1,855 sqft
Decatur's median listing age (time on market) for 2024-04-01 was 0 days.

Decatur's median square footage for active listings during the 2024-04-01 period was 1,855 sqft. One year prior, the average listing was 1,648 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.