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 104 lenders originated 1,059 VA loans during 2022. The total origination value was $298,085,000, with an average VA loan value of $281,478.

    Des Moines VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Des Moines averaged -0.35% for the week of 2023-06-02, compared to the national average (all VA variants) of 0% for the same period.

    Des Moines's average VA mortgage closing costs are $4,905.

    The average rate for the prior week (2023-05-26) was 5.68% and one month ago for the week of 2023-04-28, the average rate was 5.44%.

    The average rate one year ago was 4.29%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.14%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 146 4.95% $4,957
    GERSHMAN INVESTMENT CORP. 63 4.50% $7,540
    HOMESERVICES LENDING, LLC 55 4.54% $7,311
    QUICKEN LOANS, LLC 42 4.37% $10,715
    Lincoln Savings Bank 38 4.36% $6,213
    FREEDOM MORTGAGE CORPORATION 38 4.32% $9,663
    VERIDIAN CREDIT UNION 36 3.74% $4,283
    PENNYMAC LOAN SERVICES, LLC 32 3.54% $7,264
    NEWREZ LLC 28 4.20% $6,359
    Wells Fargo Bank 27 3.95% $7,046
    Flagstar Bank, FSB 25 3.97% $6,664
    NEW DAY FINANCIAL, LLC 23 5.23% $7,729
    DHI MORTGAGE COMPANY, LTD. 22 4.11% $5,634
    Fidelity Bank 21 4.42% $6,448
    Barrington Bank & Trust Company, N.A. 19 4.61% $6,588
    U.S. Bank 19 4.28% $3,916
    NAVY FEDERAL CREDIT UNION 18 4.22% $4,630
    GUILD MORTGAGE COMPANY 18 4.53% $5,595
    HOMESIDE FINANCIAL, LLC 18 4.91% $9,217
    The Central Trust Bank 17 4.69% $9,449
    LAND HOME FINANCIAL SERVICES, INC. 16 4.57% $9,214
    Ixonia Bank 16 5.13% $8,264
    USAA Federal Savings Bank 15 4.59% $4,937
    LOANDEPOT.COM, LLC 13 4.37% $11,265
    UNITED WHOLESALE MORTGAGE, LLC 13 4.95% $8,798
    MOVEMENT MORTGAGE, LLC 11 5.08% $9,498
    Plains Commerce Bank 10 4.70% $6,918
    The Federal Savings Bank 10 4.79% $10,668
    Servion, Inc. 10 4.36% $4,697
    INLANTA MORTGAGE, INC. 10 4.88% $9,918
    CALIBER HOME LOANS, INC. 9 4.05% $5,619
    FRONTIER FINANCIAL, INC. 9 4.88% $6,455
    GREENSTATE CREDIT UNION 9 4.96% $6,329
    Mr. Cooper ( Nationstar Mortgage ) 8 4.38% $8,448
    Northwest Bank 8 4.39% $9,223
    VILLAGE CAPITAL MORTGAGE 7 3.77% $5,068
    Chickasaw Community Bank 6 5.31% $4,833
    GUARANTEED RATE, INC. 6 4.90% $5,022
    Great Southern Bank 6 5.27% $7,514
    AMERISAVE MORTGAGE CORPORATION 6 5.38% $9,026
    BROKER SOLUTIONS, INC. 6 4.85% $8,540
    Citizens Bank 5 3.23% $1,632
    CROSSCOUNTRY MORTGAGE, LLC 5 5.63% $7,169
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 4.22% $5,766
    RESIDENTIAL MORTGAGE NETWORK, INC. 4 4.28% $8,203
    LAKEVIEW LOAN SERVICING, LLC 4 4.66% $6,447
    COMPASS MORTGAGE, INC. 4 5.53% $7,232
    IOWA BANKERS MORTGAGE CORPORATION 4 4.94% $6,675
    TOP FLITE FINANCIAL, INC. 3 5.83% $9,549
    UNION HOME MORTGAGE CORP. 3 3.96% $7,909
    Gateway First Bank 3 3.50% $4,916
    Fortress Bank 3 3.79% $3,286
    CMG MORTGAGE, INC. 3 4.50% $7,230
    Texana Bank 3 4.13% $6,490
    PLANET HOME LENDING, LLC 3 5.08% $4,782
    GREATER IOWA CREDIT UNION 3 5.08% $2,610
    PENTAGON FEDERAL CREDIT UNION 2 3.88% $4,894
    Armed Forces Bank 2 4.44% $2,218
    CARDINAL FINANCIAL 2 5.00% $14,452
    DAS Acquisition Company, LLC 2 4.63% $6,368
    Equity Prime Mortgage LLC 2 5.75% $6,747
    EVERETT FINANCIAL, INC. 2 3.69% $4,143
    First Federal Bank 2 5.06% $13,515
    First Guaranty Mortgage Corporation 2 3.31% $7,072
    HOME POINT FINANCIAL CORPORATION 2 3.18% $6,648
    MUTUAL OF OMAHA MORTGAGE, INC. 2 3.25% $8,728
    NBKC BANK 2 4.75% $2,381
    PLAZA HOME MORTGAGE, INC. 2 3.68% $6,260
    PREMIA MORTGAGE, LLC 2 4.38% $17,057
    Strong Home Mortgage, LLC 2 2.63% $11,720
    NETWORK CAPITAL FUNDING CORPORATION 1 5.38% $4,611
    LEADERONE FINANCIAL CORPORATION 1 4.13% $15,014
    HOMESTAR FINANCIAL CORPORATION 1 5.25% $5,985
    FLAT BRANCH MORTGAGE, INC. 1 3.25% $4,699
    NP, Inc. 1 2.75% $4,370
    Paramount Bank 1 3.25% $0
    First Savings Bank 1 6.25% $9,743
    American Bank and Trust Company 1 5.25% $3,943
    First International Bank & Trust 1 3.13% $1,750
    FIRST COMMUNITY MORTGAGE, INC. 1 5.38% $4,998
    V.I.P. MORTGAGE, INC. 1 5.75% $5,313
    AMERICAN FINANCING CORPORATION 1 2.75% $13,033
    Fifth Third Bank 1 3.50% $6,300
    Regions Bank 1 3.75% $1,941
    RESIDENTIAL BANCORP. 1 3.75% $6,409
    ENVOY MORTGAGE, LTD 1 6.88% $6,814
    DELMAR FINANCIAL COMPANY 1 2.75% $3,966
    SIRVA MORTGAGE, INC. 1 4.63% $12,360
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.25% $33,162
    Wyndham Capital Mortgage, Inc. 1 5.13% $8,040
    Core Bank 1 4.75% $15,009
    COMMUNITYAMERICA 1 4.63% $8,840
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 4.25% $18,699
    CHURCHILL MORTGAGE CORPORATION 1 5.75% $6,708
    Century Mortgage Company DBA Century Lending Company 1 4.75% $2,424
    Carrington Mortgage Services, LLC 1 5.50% $17
    Bank of America 1 2.88% $2,037
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.75% $12,070
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.75% $0
    Magnolia Bank 1 3.63% $8,627
    M&T Bank 1 3.88% $17,977
    AmeriHome Mortgage Company, LLC 1 7.13% $7,684
    Low VA Rates, LLC 1 4.75% $16,735
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.88% $1,050

    The top Des Moines VA lender as defined by loan originations is Mortgage Research Center, LLC, with 146 VA loans originated. Their average total fees are $4,957, which is $2,584 lower than the next largest lender, GERSHMAN INVESTMENT CORP..

    The lowest fee Des Moines VA lenders (with over 10 loans originated) are U.S. Bank ($3,916), VERIDIAN CREDIT UNION ($4,283), NAVY FEDERAL CREDIT UNION ($4,630), Servion, Inc. ($4,697) and USAA Federal Savings Bank ($4,937).

    The lowest rate Des Moines VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.54%), VERIDIAN CREDIT UNION (3.74%), Wells Fargo Bank (3.95%), Flagstar Bank, FSB (3.97%) and DHI MORTGAGE COMPANY, LTD. (4.11%).

    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 (6.1%) $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 (3.7%) $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%) $317,532 (-0.1%) 0.92 3,013
    2019-05-01 $283,210 (-2.8%) $318,433 (-0.9%) 0.89 3,143
    2019-06-01 $279,900 (-3.5%) $317,190 (-0.2%) 0.87 3,288
    2019-07-01 $277,200 (-4.4%) $314,707 (-0.6%) 0.87 3,411
    2019-08-01 $271,743 (-4.3%) $310,815 (-0.7%) 0.86 3,538
    2019-09-01 $264,007 (-5.7%) $303,716 (-1.5%) 0.85 3,671
    2019-10-01 $259,705 (-7.7%) $299,411 (-3.1%) 0.84 3,735
    2019-11-01 $255,000 (-9.3%) $296,106 (-3.9%) 0.84 3,505
    2019-12-01 $255,000 (-8.9%) $294,538 (-3.0%) 0.85 3,322
    2020-01-01 $258,900 (-8.6%) $294,736 (-3.9%) 0.87 3,148
    2020-02-01 $264,900 (-7.8%) $301,303 (-3.1%) 0.87 3,034
    2020-03-01 $268,305 (-7.1%) $307,230 (-2.3%) 0.84 3,032
    2020-04-01 $268,302 (-7.1%) $306,904 (-3.4%) 0.84 3,073
    2020-05-01 $274,500 (-3.1%) $315,196 (-1.0%) 0.83 2,887
    2020-06-01 $277,643 (-0.8%) $324,120 (2.2%) 0.82 2,624
    2020-07-01 $274,763 (-0.9%) $325,272 (3.4%) 0.80 2,472
    2020-08-01 $272,760 (0.4%) $321,963 (3.6%) 0.78 2,435
    2020-09-01 $270,979 (2.6%) $317,172 (4.4%) 0.78 2,366
    2020-10-01 $270,096 (4.0%) $315,795 (5.5%) 0.77 2,365
    2020-11-01 $269,950 (5.9%) $313,238 (5.8%) 0.79 2,311
    2020-12-01 $272,450 (6.8%) $316,629 (7.5%) 0.81 2,112
    2021-01-01 $275,000 (6.2%) $324,924 (10.2%) 0.82 1,811
    2021-02-01 $280,750 (6.0%) $332,447 (10.3%) 0.82 1,652
    2021-03-01 $284,950 (6.2%) $337,577 (9.9%) 0.81 1,508
    2021-04-01 $298,777 (11.4%) $350,707 (14.3%) 0.81 1,450
    2021-05-01 $299,450 (9.1%) $357,764 (13.5%) 0.80 1,456
    2021-06-01 $302,400 (8.9%) $356,851 (10.1%) 0.80 1,563
    2021-07-01 $304,900 (11.0%) $350,167 (7.7%) 0.80 1,601
    2021-08-01 $301,991 (10.7%) $354,250 (10.0%) 0.81 1,754
    2021-09-01 $302,123 (11.5%) $356,685 (12.5%) 0.81 1,786
    2021-10-01 $303,275 (12.3%) $355,552 (12.6%) 0.81 1,807
    2021-11-01 $308,851 (14.4%) $357,397 (14.1%) 0.83 1,816
    2021-12-01 $314,140 (15.3%) $354,893 (12.1%) 0.85 1,725
    2022-01-01 $327,183 (19.0%) $365,520 (12.5%) 0.88 1,466
    2022-02-01 $349,900 (24.6%) $387,334 (16.5%) 0.91 1,295
    2022-03-01 $351,450 (23.3%) $391,829 (16.1%) 0.88 1,302
    2022-04-01 $359,900 (20.5%) $398,719 (13.7%) 0.86 1,346
    2022-05-01 $355,256 (18.6%) $402,431 (12.5%) 0.81 1,530
    2022-06-01 $357,123 (18.1%) $407,087 (14.1%) 0.80 1,692
    2022-07-01 $350,100 (14.8%) $401,042 (14.5%) 0.79 1,996
    2022-08-01 $351,000 (16.2%) $405,725 (14.5%) 0.81 2,098
    2022-09-01 $357,025 (18.2%) $409,243 (14.7%) 0.83 2,217
    2022-10-01 $350,000 (15.4%) $403,980 (13.6%) 0.82 2,432
    2022-11-01 $349,900 (13.3%) $398,805 (11.6%) 0.84 2,519
    2022-12-01 $349,000 (11.1%) $400,955 (13.0%) 0.86 2,321
    2023-01-01 $357,450 (9.3%) $407,763 (11.6%) 0.89 2,115
    2023-02-01 $369,945 (5.7%) $420,672 (8.6%) 0.89 1,965
    2023-03-01 $369,950 (5.3%) $425,373 (8.6%) 0.87 1,971
    2023-04-01 $374,900 (4.2%) $432,892 (8.6%) 0.87 1,922
    2023-05-01 $375,000 (5.6%) $444,667 (10.5%) 0.85 1,936
    Des Moines's median listing price for 2023-05-01 was $375,000, a difference of $19,744 (5.6%) versus the prior year and $100 versus the prior month.

    Des Moines's median listing price comes in at 85% of the national average.

    Des Moines's average listing price for 2023-05-01 was $444,667, a difference of $42,236 (10.5%) versus the prior year and $11,775 versus the prior month.

    For the 2023-05-01 period, Des Moines had 1,936 MLS listings, a difference of 14 listings (1%) versus the prior month and 406 listings (27%) 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 93 days 1,619 sqft
    2018-02-01 88 days 1,627 sqft
    2018-03-01 73 days 1,630 sqft
    2018-04-01 66 days 1,634 sqft
    2018-05-01 59 days 1,642 sqft
    2018-06-01 57 days 1,633 sqft
    2018-07-01 57 days 1,632 sqft
    2018-08-01 61 days 1,620 sqft
    2018-09-01 64 days 1,610 sqft
    2018-10-01 68 days 1,608 sqft
    2018-11-01 77 days 1,607 sqft
    2018-12-01 87 days 1,596 sqft
    2019-01-01 91 days 1,589 sqft
    2019-02-01 95 days 1,596 sqft
    2019-03-01 83 days 1,599 sqft
    2019-04-01 64 days 1,602 sqft
    2019-05-01 52 days 1,606 sqft
    2019-06-01 53 days 1,610 sqft
    2019-07-01 59 days 1,599 sqft
    2019-08-01 60 days 1,586 sqft
    2019-09-01 62 days 1,568 sqft
    2019-10-01 64 days 1,556 sqft
    2019-11-01 65 days 1,544 sqft
    2019-12-01 74 days 1,537 sqft
    2020-01-01 82 days 1,528 sqft
    2020-02-01 86 days 1,546 sqft
    2020-03-01 67 days 1,563 sqft
    2020-04-01 62 days 1,557 sqft
    2020-05-01 61 days 1,579 sqft
    2020-06-01 62 days 1,596 sqft
    2020-07-01 58 days 1,595 sqft
    2020-08-01 56 days 1,575 sqft
    2020-09-01 60 days 1,552 sqft
    2020-10-01 59 days 1,532 sqft
    2020-11-01 64 days 1,519 sqft
    2020-12-01 71 days 1,516 sqft
    2021-01-01 78 days 1,512 sqft
    2021-02-01 74 days 1,510 sqft
    2021-03-01 57 days 1,515 sqft
    2021-04-01 49 days 1,518 sqft
    2021-05-01 43 days 1,518 sqft
    2021-06-01 50 days 1,522 sqft
    2021-07-01 51 days 1,514 sqft
    2021-08-01 52 days 1,512 sqft
    2021-09-01 51 days 1,503 sqft
    2021-10-01 54 days 1,498 sqft
    2021-11-01 58 days 1,494 sqft
    2021-12-01 62 days 1,494 sqft
    2022-01-01 81 days 1,501 sqft
    2022-02-01 73 days 1,511 sqft
    2022-03-01 49 days 1,514 sqft
    2022-04-01 46 days 1,534 sqft
    2022-05-01 44 days 1,534 sqft
    2022-06-01 46 days 1,545 sqft
    2022-07-01 46 days 1,540 sqft
    2022-08-01 52 days 1,554 sqft
    2022-09-01 56 days 1,552 sqft
    2022-10-01 57 days 1,540 sqft
    2022-11-01 60 days 1,550 sqft
    2022-12-01 73 days 1,550 sqft
    2023-01-01 89 days 1,552 sqft
    2023-02-01 93 days 1,562 sqft
    2023-03-01 72 days 1,566 sqft
    2023-04-01 65 days 1,566 sqft
    2023-05-01 58 days 1,597 sqft
    Des Moines's median listing age (time on market) for 2023-05-01 was 58 days. This is 33% longer than the same period one year ago.

    Des Moines's median square footage for active listings during the 2023-05-01 period was 1,597 sqft. One year prior, the average listing was 1,534 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.