Des Moines VA Loan Rates, Closing Costs & Stats

DES MOINES-WEST DES MOINES, IA

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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.

    Des Moines's 112 lenders originated 2,388 VA loans during 2021. The total origination value was $609,290,000, with an average VA loan value of $255,147.

    Des Moines VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Des Moines averaged 5.96% for the week of 2023-01-27, compared to the national average (all VA variants) of 5.952% for the same period.

    Des Moines's average VA mortgage closing costs are $4,587.

    The average rate for the prior week (2023-01-20) was 5.9% and one month ago for the week of 2022-12-23, the average rate was 6.57%.

    The average rate one year ago was 3.86%.

    For refis of the same type during the week of 2023-01-27, the average rate was 5.85%.

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

    Des Moines 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 Des Moines level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    Mortgage Research Center, LLC 232 2.89% $4,779
    QUICKEN LOANS, LLC 169 2.49% $3,697
    FREEDOM MORTGAGE CORPORATION 142 2.47% $2,449
    GERSHMAN INVESTMENT CORP. 124 2.60% $5,389
    HOMESERVICES LENDING, LLC 103 2.61% $4,939
    PENNYMAC LOAN SERVICES, LLC 93 2.46% $4,935
    Wells Fargo Bank 79 2.52% $3,287
    Fidelity Bank 65 2.38% $4,986
    VERIDIAN CREDIT UNION 62 2.27% $4,766
    Lincoln Savings Bank 57 2.60% $5,773
    U.S. Bank 55 2.45% $3,260
    CALIBER HOME LOANS, INC. 51 2.48% $3,696
    USAA Federal Savings Bank 47 2.83% $4,265
    NEW DAY FINANCIAL, LLC 45 2.86% $6,256
    GUILD MORTGAGE COMPANY 41 2.67% $5,906
    VILLAGE CAPITAL MORTGAGE 38 2.53% $2,950
    NAVY FEDERAL CREDIT UNION 32 2.48% $4,594
    Barrington Bank & Trust Company, N.A. 31 2.69% $3,987
    LAND HOME FINANCIAL SERVICES, INC. 28 2.45% $8,524
    The Federal Savings Bank 25 2.51% $6,511
    HOME POINT FINANCIAL CORPORATION 25 2.43% $2,677
    UNITED WHOLESALE MORTGAGE, LLC 25 2.55% $2,987
    DHI MORTGAGE COMPANY, LTD. 24 2.76% $7,348
    Flagstar Bank, FSB 24 2.69% $6,936
    Northwest Bank 24 2.52% $4,991
    GUARANTEED RATE, INC. 21 2.73% $4,628
    Mr. Cooper ( Nationstar Mortgage ) 21 2.93% $4,187
    Low VA Rates, LLC 20 2.36% $4,417
    LAKEVIEW LOAN SERVICING, LLC 19 2.55% $2,159
    INLANTA MORTGAGE, INC. 19 2.93% $8,136
    NP, Inc. 19 2.33% $3,851
    Servion, Inc. 19 2.66% $4,402
    Chickasaw Community Bank 19 2.96% $6,722
    Fortress Bank 18 2.62% $4,007
    LOANDEPOT.COM, LLC 18 2.63% $4,700
    IOWA BANKERS MORTGAGE CORPORATION 17 2.83% $7,549
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 2.86% $5,277
    Ixonia Bank 16 3.06% $4,519
    COMPASS MORTGAGE, INC. 14 2.62% $5,893
    The Central Trust Bank 13 2.84% $3,867
    UNION HOME MORTGAGE CORP. 12 2.58% $6,424
    AMERISAVE MORTGAGE CORPORATION 11 2.80% $8,012
    NEWREZ LLC 11 2.63% $4,434
    HOMESIDE FINANCIAL, LLC 11 3.05% $5,657
    BROKER SOLUTIONS, INC. 11 2.77% $5,875
    STEARNS LENDING, LLC 10 2.95% $8,083
    PENTAGON FEDERAL CREDIT UNION 9 2.36% $1,183
    DAS Acquisition Company, LLC 8 3.06% $4,518
    FRONTIER FINANCIAL, INC. 8 3.00% $4,956
    FINANCE OF AMERICA MORTGAGE LLC 7 2.66% $7,787
    PLANET HOME LENDING, LLC 7 2.32% $2,550
    CMG MORTGAGE, INC. 6 3.04% $7,897
    First Federal Bank 6 4.10% $10,750
    Collins Community Credit Union 6 2.33% $4,449
    Carrington Mortgage Services, LLC 5 3.38% $4,464
    AMCAP MORTGAGE, LTD. 5 2.53% $4,191
    First Guaranty Mortgage Corporation 5 2.45% $3,833
    Lakeview Community Capital, LLC 5 2.47% $2,814
    MUTUAL OF OMAHA MORTGAGE, INC. 5 2.65% $1,797
    SOVEREIGN LENDING GROUP INCORPORATED 4 2.59% $5,237
    RESIDENTIAL MORTGAGE NETWORK, INC. 4 2.41% $1,565
    MOVEMENT MORTGAGE, LLC 4 3.03% $2,860
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 2.84% $6,130
    Plains Commerce Bank 4 2.41% $7,291
    Great Southern Bank 4 2.53% $5,400
    Magnolia Bank 4 2.47% $6,629
    AMERICAN FINANCIAL NETWORK, INC. 3 2.42% $11,911
    PLAZA HOME MORTGAGE, INC. 3 2.58% $20,253
    LEADERONE FINANCIAL CORPORATION 3 2.92% $11,864
    NBKC BANK 3 2.58% $3,908
    Great Western Bank 3 2.42% $5,051
    SUN WEST MORTGAGE COMPANY, INC. 3 2.38% $2,293
    TOP FLITE FINANCIAL, INC. 3 3.04% $4,170
    Truist 3 2.67% $2,949
    CROSSCOUNTRY MORTGAGE, LLC 3 2.87% $3,603
    Paramount Bank 3 2.46% $2,090
    CITY FIRST MORTGAGE SERVICES, L.L.C. 3 3.17% $9,514
    Sunflower Bank 2 2.31% $8,135
    AmeriHome Mortgage Company, LLC 2 3.00% $900
    InterContinental Capital Group, Inc 2 2.31% $3,154
    North American Savings Bank, F.S.B. 2 2.75% $1,165
    M&T Bank 2 2.63% $3,413
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.50% $8,159
    Citizens Bank 2 2.31% $4,596
    CHURCHILL MORTGAGE CORPORATION 2 2.88% $11,120
    Waterstone Mortgage Corporation 1 3.00% $11,453
    KS StateBank 1 2.25% $1,882
    HOMESTEAD FUNDING CORP. 1 2.50% $1,485
    Gateway First Bank 1 2.75% $3,205
    MORIA DEVELOPMENT, INC. 1 2.63% $2,236
    Florida Capital Bank 1 2.25% $2,673
    First International Bank & Trust 1 2.75% $16,623
    Wyndham Capital Mortgage, Inc. 1 2.50% $1,176
    Nations Lending Corporation 1 2.75% $3,973
    First Dakota National Bank 1 2.38% $1,938
    FirstBank 1 2.50% $9,906
    EMBRACE HOME LOANS, INC. 1 2.25% $1,932
    Northpointe Bank 1 2.25% $1,203
    DELMAR FINANCIAL COMPANY 1 2.38% $9,440
    COMMUNITYAMERICA 1 2.75% $13,762
    Regent Financial Group, Inc. 1 2.75% $2,376
    ROYAL UNITED MORTGAGE LLC 1 2.63% $9,447
    CHERRY CREEK MORTGAGE, LLC 1 4.75% $11,890
    CHARTER WEST BANK 1 2.25% $2,124
    SUMMIT FUNDING, INC. 1 3.25% $3,438
    Texana Bank 1 2.63% $3,617
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.25% $8,065
    BNC National Bank 1 2.25% $1,336
    Bank of the West 1 3.88% $12,913
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.75% $7,020
    AMERICAN FINANCING CORPORATION 1 2.25% $2,502
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.25% $5,345

    The top Des Moines VA lender as defined by loan originations is Mortgage Research Center, LLC, with 232 VA loans originated. Their average total fees are $4,779, which is $1,083 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Des Moines VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,159), FREEDOM MORTGAGE CORPORATION ($2,449), HOME POINT FINANCIAL CORPORATION ($2,677), VILLAGE CAPITAL MORTGAGE ($2,950) and UNITED WHOLESALE MORTGAGE, LLC ($2,987).

    The lowest rate Des Moines VA lenders (with over 10 loans originated) are VERIDIAN CREDIT UNION (2.27%), NP, Inc. (2.33%), Low VA Rates, LLC (2.36%), Fidelity Bank (2.38%) and HOME POINT FINANCIAL CORPORATION (2.43%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Des Moines (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 $281,250 (6.0%) $296,297 (-0.3%) 1.04 2,919
    2018-02-01 $289,178 (5.7%) $306,338 (-0.4%) 1.05 2,845
    2018-03-01 $289,500 (5.1%) $310,723 (0.0%) 1.02 2,833
    2018-04-01 $292,416 (3.7%) $317,787 (0.0%) 0.99 2,836
    2018-05-01 $291,225 (2.0%) $321,301 (0.7%) 0.97 2,906
    2018-06-01 $289,900 (3.6%) $317,875 (2.0%) 0.97 3,149
    2018-07-01 $289,900 (5.3%) $316,746 (3.0%) 0.97 3,261
    2018-08-01 $283,950 (5.2%) $313,014 (4.0%) 0.95 3,396
    2018-09-01 $279,975 (3.3%) $308,391 (4.5%) 0.94 3,576
    2018-10-01 $281,359 (3.2%) $308,992 (5.6%) 0.95 3,554
    2018-11-01 $281,118 (2.2%) $307,995 (5.1%) 0.95 3,506
    2018-12-01 $279,900 (1.1%) $303,759 (3.3%) 0.97 3,320
    2019-01-01 $283,235 (0.7%) $306,573 (3.5%) 0.98 3,163
    2019-02-01 $287,400 (-0.6%) $310,791 (1.5%) 0.97 3,073
    2019-03-01 $288,862 (-0.2%) $314,410 (1.2%) 0.94 3,006
    2019-04-01 $288,762 (-1.3%) $317,580 (-0.1%) 0.92 3,015
    2019-05-01 $283,210 (-2.8%) $318,434 (-0.9%) 0.89 3,146
    2019-06-01 $279,900 (-3.5%) $317,167 (-0.2%) 0.87 3,291
    2019-07-01 $277,200 (-4.4%) $314,686 (-0.7%) 0.87 3,415
    2019-08-01 $271,796 (-4.3%) $310,798 (-0.7%) 0.86 3,542
    2019-09-01 $264,141 (-5.7%) $303,706 (-1.5%) 0.85 3,675
    2019-10-01 $259,894 (-7.6%) $299,405 (-3.1%) 0.84 3,739
    2019-11-01 $255,000 (-9.3%) $296,103 (-3.9%) 0.84 3,509
    2019-12-01 $255,000 (-8.9%) $294,537 (-3.0%) 0.85 3,326
    2020-01-01 $258,900 (-8.6%) $294,735 (-3.9%) 0.87 3,152
    2020-02-01 $264,900 (-7.8%) $301,293 (-3.1%) 0.87 3,038
    2020-03-01 $268,393 (-7.1%) $307,214 (-2.3%) 0.84 3,036
    2020-04-01 $268,404 (-7.1%) $306,888 (-3.4%) 0.84 3,077
    2020-05-01 $274,650 (-3.0%) $315,168 (-1.0%) 0.83 2,891
    2020-06-01 $277,776 (-0.8%) $324,078 (2.2%) 0.82 2,628
    2020-07-01 $274,808 (-0.9%) $325,228 (3.4%) 0.80 2,476
    2020-08-01 $272,800 (0.4%) $321,923 (3.6%) 0.78 2,439
    2020-09-01 $271,197 (2.7%) $317,137 (4.4%) 0.78 2,370
    2020-10-01 $270,500 (4.1%) $315,762 (5.5%) 0.78 2,369
    2020-11-01 $270,000 (5.9%) $313,208 (5.8%) 0.79 2,315
    2020-12-01 $272,481 (6.9%) $316,592 (7.5%) 0.81 2,116
    2021-01-01 $275,000 (6.2%) $324,926 (10.2%) 0.82 1,815
    2021-02-01 $280,448 (5.9%) $332,584 (10.4%) 0.82 1,656
    2021-03-01 $285,000 (6.2%) $337,525 (9.9%) 0.81 1,512
    2021-04-01 $298,382 (11.2%) $350,671 (14.3%) 0.81 1,454
    2021-05-01 $299,475 (9.0%) $357,617 (13.5%) 0.79 1,460
    2021-06-01 $302,400 (8.9%) $356,742 (10.1%) 0.80 1,566
    2021-07-01 $304,925 (11.0%) $350,195 (7.7%) 0.80 1,603
    2021-08-01 $302,072 (10.7%) $354,169 (10.0%) 0.81 1,757
    2021-09-01 $302,425 (11.5%) $356,714 (12.5%) 0.81 1,789
    2021-10-01 $303,275 (12.1%) $355,533 (12.6%) 0.81 1,810
    2021-11-01 $308,901 (14.4%) $357,293 (14.1%) 0.82 1,820
    2021-12-01 $313,215 (15.0%) $354,769 (12.1%) 0.85 1,729
    2022-01-01 $326,153 (18.6%) $365,405 (12.5%) 0.88 1,470
    2022-02-01 $349,900 (24.8%) $387,082 (16.4%) 0.91 1,299
    2022-03-01 $351,000 (23.2%) $391,758 (16.1%) 0.88 1,306
    2022-04-01 $359,900 (20.6%) $398,612 (13.7%) 0.86 1,350
    2022-05-01 $354,950 (18.5%) $402,124 (12.5%) 0.81 1,534
    2022-06-01 $356,675 (18.0%) $406,869 (14.1%) 0.79 1,696
    2022-07-01 $350,000 (14.8%) $400,977 (14.5%) 0.79 2,000
    2022-08-01 $350,500 (16.0%) $405,695 (14.6%) 0.81 2,102
    2022-09-01 $355,625 (17.6%) $409,092 (14.7%) 0.83 2,221
    2022-10-01 $350,000 (15.4%) $404,387 (13.7%) 0.82 2,436
    2022-11-01 $349,900 (13.3%) $399,190 (11.7%) 0.84 2,523
    2022-12-01 $348,000 (11.1%) $400,572 (12.9%) 0.87 2,328
    Des Moines's median listing price for 2022-12-01 was $348,000, a difference of $34,785 (11.1%) versus the prior year and $-1,900 versus the prior month.

    Des Moines's median listing price comes in at 87% of the national average.

    Des Moines's average listing price for 2022-12-01 was $400,572, a difference of $45,803 (12.9%) versus the prior year and $1,382 versus the prior month.

    For the 2022-12-01 period, Des Moines had 2,328 MLS listings, a difference of -195 listings (-8%) versus the prior month and 599 listings (35%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Des Moines (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 98 days 1,619 sqft
    2018-02-01 96 days 1,627 sqft
    2018-03-01 87 days 1,630 sqft
    2018-04-01 73 days 1,634 sqft
    2018-05-01 63 days 1,642 sqft
    2018-06-01 61 days 1,633 sqft
    2018-07-01 61 days 1,632 sqft
    2018-08-01 66 days 1,620 sqft
    2018-09-01 68 days 1,610 sqft
    2018-10-01 73 days 1,608 sqft
    2018-11-01 82 days 1,607 sqft
    2018-12-01 94 days 1,596 sqft
    2019-01-01 98 days 1,589 sqft
    2019-02-01 101 days 1,596 sqft
    2019-03-01 89 days 1,599 sqft
    2019-04-01 71 days 1,602 sqft
    2019-05-01 57 days 1,606 sqft
    2019-06-01 58 days 1,610 sqft
    2019-07-01 63 days 1,600 sqft
    2019-08-01 66 days 1,587 sqft
    2019-09-01 66 days 1,568 sqft
    2019-10-01 67 days 1,556 sqft
    2019-11-01 68 days 1,544 sqft
    2019-12-01 79 days 1,538 sqft
    2020-01-01 87 days 1,528 sqft
    2020-02-01 90 days 1,546 sqft
    2020-03-01 72 days 1,563 sqft
    2020-04-01 66 days 1,557 sqft
    2020-05-01 66 days 1,579 sqft
    2020-06-01 66 days 1,596 sqft
    2020-07-01 61 days 1,595 sqft
    2020-08-01 58 days 1,575 sqft
    2020-09-01 63 days 1,552 sqft
    2020-10-01 61 days 1,533 sqft
    2020-11-01 66 days 1,520 sqft
    2020-12-01 72 days 1,516 sqft
    2021-01-01 79 days 1,512 sqft
    2021-02-01 77 days 1,509 sqft
    2021-03-01 59 days 1,515 sqft
    2021-04-01 51 days 1,519 sqft
    2021-05-01 45 days 1,519 sqft
    2021-06-01 51 days 1,522 sqft
    2021-07-01 53 days 1,516 sqft
    2021-08-01 53 days 1,512 sqft
    2021-09-01 52 days 1,503 sqft
    2021-10-01 57 days 1,498 sqft
    2021-11-01 60 days 1,494 sqft
    2021-12-01 63 days 1,494 sqft
    2022-01-01 82 days 1,501 sqft
    2022-02-01 77 days 1,511 sqft
    2022-03-01 52 days 1,514 sqft
    2022-04-01 50 days 1,534 sqft
    2022-05-01 46 days 1,534 sqft
    2022-06-01 47 days 1,545 sqft
    2022-07-01 49 days 1,540 sqft
    2022-08-01 53 days 1,554 sqft
    2022-09-01 57 days 1,551 sqft
    2022-10-01 59 days 1,540 sqft
    2022-11-01 64 days 1,548 sqft
    2022-12-01 74 days 1,554 sqft
    Des Moines's median listing age (time on market) for 2022-12-01 was 74 days. This is 17% longer than the same period one year ago.

    Des Moines's median square footage for active listings during the 2022-12-01 period was 1,554 sqft. One year prior, the average listing was 1,494 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.