Des Moines VA Loan Rates, Closing Costs & Stats
DES MOINES-WEST DES MOINES, IA
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 72 lenders originated 778 VA
loans during 2023. The total origination value was $234,480,000, with an average VA loan value of
$301,388.
Des Moines VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Des Moines
averaged
5.85%
for the week of 2024-10-11, compared to the national average (all VA variants) of
5.854% for the same period.
Des Moines's average VA mortgage closing costs are $5,159.
The average rate for the prior week (2024-10-04) was
5.62% and
one month ago for the week of 2024-09-06, the
average rate was 5.81%.
The average rate one year ago was 7.08%.
For refis of the same type during the week of 2024-10-11, the average rate
was 5.98%.
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 |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
Mortgage Research Center, LLC
|
132
|
6.71%
|
$5,785
|
HOMESERVICES LENDING, LLC
|
53
|
6.09%
|
$6,642
|
DHI MORTGAGE COMPANY, LTD.
|
41
|
5.36%
|
$8,627
|
GREENSTATE CREDIT UNION
|
39
|
5.83%
|
$5,926
|
GERSHMAN INVESTMENT CORP.
|
32
|
6.33%
|
$6,295
|
Lincoln Savings Bank
|
28
|
5.96%
|
$6,790
|
QUICKEN LOANS, LLC
|
26
|
6.18%
|
$11,237
|
VERIDIAN CREDIT UNION
|
23
|
5.64%
|
$4,833
|
UNITED WHOLESALE MORTGAGE, LLC
|
22
|
6.27%
|
$7,678
|
GUILD MORTGAGE COMPANY
|
19
|
6.57%
|
$8,151
|
USAA Federal Savings Bank
|
18
|
6.32%
|
$7,274
|
FREEDOM MORTGAGE CORPORATION
|
18
|
6.84%
|
$12,806
|
BROKER SOLUTIONS, INC.
|
17
|
6.46%
|
$9,763
|
NEW DAY FINANCIAL, LLC
|
15
|
7.51%
|
$13,545
|
NEWREZ LLC
|
15
|
6.46%
|
$8,331
|
Fortress Bank
|
14
|
6.52%
|
$5,621
|
The Central Trust Bank
|
14
|
6.15%
|
$9,374
|
U.S. Bank
|
14
|
6.03%
|
$5,349
|
NAVY FEDERAL CREDIT UNION
|
13
|
6.02%
|
$5,851
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
13
|
6.65%
|
$5,816
|
Barrington Bank & Trust Company, N.A.
|
11
|
6.07%
|
$12,880
|
LAND HOME FINANCIAL SERVICES, INC.
|
10
|
6.35%
|
$10,213
|
Ixonia Bank
|
9
|
6.97%
|
$10,082
|
PENNYMAC LOAN SERVICES, LLC
|
9
|
6.07%
|
$9,121
|
FRONTIER FINANCIAL, INC.
|
9
|
6.17%
|
$8,696
|
Northwest Bank
|
8
|
6.34%
|
$8,647
|
Flagstar Bank, FSB
|
8
|
6.37%
|
$8,895
|
GUARANTEED RATE, INC.
|
8
|
6.08%
|
$9,913
|
Plains Commerce Bank
|
7
|
6.11%
|
$7,363
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
7
|
6.46%
|
$9,792
|
HOMESIDE FINANCIAL, LLC
|
7
|
6.57%
|
$4,312
|
MOVEMENT MORTGAGE, LLC
|
6
|
6.60%
|
$7,458
|
IOWA BANKERS MORTGAGE CORPORATION
|
6
|
6.52%
|
$5,410
|
Wells Fargo Bank
|
5
|
5.63%
|
$12,784
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
5
|
6.45%
|
$3,661
|
PLANET HOME LENDING, LLC
|
4
|
6.28%
|
$3,471
|
The Federal Savings Bank
|
4
|
5.94%
|
$14,275
|
UNION HOME MORTGAGE CORP.
|
3
|
6.42%
|
$11,602
|
COMPASS MORTGAGE, INC.
|
3
|
6.95%
|
$7,914
|
LOANDEPOT.COM, LLC
|
3
|
6.46%
|
$17,462
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
3
|
6.21%
|
$11,045
|
PLAZA HOME MORTGAGE, INC.
|
2
|
6.44%
|
$4,886
|
Great Southern Bank
|
2
|
6.81%
|
$4,821
|
First Savings Bank
|
2
|
5.88%
|
$20,766
|
Mr. Cooper ( Nationstar Mortgage )
|
2
|
5.88%
|
$7,896
|
CMG MORTGAGE, INC.
|
2
|
5.69%
|
$7,951
|
CARDINAL FINANCIAL
|
2
|
6.31%
|
$17,094
|
VILLAGE CAPITAL MORTGAGE
|
2
|
5.75%
|
$13,963
|
V.I.P. MORTGAGE, INC.
|
2
|
6.44%
|
$5,634
|
COMMUNITY MORTGAGE, LLC
|
1
|
6.25%
|
$17,140
|
Paramount Residential Mortgage Group, Inc.
|
1
|
6.75%
|
$3,423
|
Community Choice Credit Union
|
1
|
7.25%
|
$2,734
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
1
|
7.13%
|
$10,370
|
CITY FIRST MORTGAGE SERVICES, L.L.C.
|
1
|
6.00%
|
$13,606
|
Lincoln FSB of Nebraska
|
1
|
6.25%
|
$8,652
|
POLARIS HOME FUNDING CORP.
|
1
|
7.25%
|
$6,537
|
CHURCHILL MORTGAGE CORPORATION
|
1
|
7.25%
|
$5,720
|
Regions Bank
|
1
|
5.63%
|
$2,709
|
ROYAL UNITED MORTGAGE LLC
|
1
|
7.13%
|
$22,797
|
Summit Mortgage Corporation
|
1
|
7.25%
|
$6,576
|
Chickasaw Community Bank
|
1
|
5.75%
|
$18,622
|
AMERISAVE MORTGAGE CORPORATION
|
1
|
5.75%
|
$27,803
|
TOWNE MORTGAGE COMPANY
|
1
|
6.13%
|
$3,691
|
MID AMERICA MORTGAGE, INC.
|
1
|
7.75%
|
$3,365
|
Union Savings Bank
|
1
|
5.38%
|
$22,059
|
Magnolia Bank
|
1
|
5.63%
|
$12,222
|
BNC National Bank
|
1
|
5.13%
|
$7,275
|
Armed Forces Bank
|
1
|
5.50%
|
$2,427
|
First National Bank of Omaha
|
1
|
6.63%
|
$6,645
|
First Interstate Bank
|
1
|
6.63%
|
$1,981
|
Equity Prime Mortgage LLC
|
1
|
5.88%
|
$11,383
|
First State Bank of St. Charles, Missouri
|
1
|
6.13%
|
$2,874
|
The top Des Moines VA lender as defined by loan originations is Mortgage Research Center, LLC, with
132 VA loans originated. Their average total fees are
$5,785, which is $857
lower than the next largest lender,
HOMESERVICES LENDING, LLC.
The lowest fee Des Moines VA lenders (with over 10 loans originated) are
VERIDIAN CREDIT UNION ($4,833), U.S. Bank ($5,349), Fortress Bank ($5,621), Mortgage Research Center, LLC ($5,785) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,816).
The lowest rate Des Moines VA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.36%), VERIDIAN CREDIT UNION (5.64%), GREENSTATE CREDIT UNION (5.83%), Lincoln Savings Bank (5.96%) and NAVY FEDERAL CREDIT UNION (6.02%).
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.