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 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 -0.65% for the week of 2024-02-23, 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 (2024-02-16) was 5.73% and one month ago for the week of 2024-01-19, the average rate was 5.58%.

The average rate one year ago was 5.7%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.44%.

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 (6.0%) $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 (3.7%) $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 $288,914 (-0.2%) $314,421 (1.2%) 0.94 3,006
2019-04-01 $288,814 (-1.2%) $317,544 (-0.1%) 0.92 3,014
2019-05-01 $283,200 (-2.8%) $318,326 (-0.9%) 0.89 3,142
2019-06-01 $279,900 (-3.5%) $317,088 (-0.3%) 0.87 3,287
2019-07-01 $276,750 (-4.5%) $314,608 (-0.7%) 0.87 3,408
2019-08-01 $271,427 (-4.4%) $310,678 (-0.8%) 0.86 3,535
2019-09-01 $263,818 (-5.8%) $303,604 (-1.6%) 0.84 3,668
2019-10-01 $259,545 (-7.8%) $299,315 (-3.1%) 0.84 3,733
2019-11-01 $255,000 (-9.3%) $296,007 (-3.9%) 0.84 3,503
2019-12-01 $255,000 (-8.9%) $294,438 (-3.1%) 0.85 3,320
2020-01-01 $258,900 (-8.6%) $294,677 (-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 (-0.7%) $325,272 (3.4%) 0.80 2,472
2020-08-01 $272,760 (0.5%) $321,963 (3.6%) 0.78 2,435
2020-09-01 $270,979 (2.7%) $317,172 (4.5%) 0.78 2,366
2020-10-01 $270,096 (4.1%) $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 (10.3%) 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%) $444,501 (10.5%) 0.85 1,937
2023-06-01 $374,990 (5.0%) $449,446 (10.4%) 0.84 2,090
2023-07-01 $374,900 (7.1%) $449,220 (12.0%) 0.85 2,198
2023-08-01 $369,995 (5.4%) $441,557 (8.8%) 0.85 2,358
2023-09-01 $369,900 (3.6%) $440,075 (7.5%) 0.86 2,383
2023-10-01 $365,495 (4.4%) $436,716 (8.1%) 0.86 2,554
2023-11-01 $359,900 (2.9%) $426,797 (7.0%) 0.86 2,580
2023-12-01 $357,990 (2.6%) $423,676 (5.7%) 0.87 2,414
Des Moines's median listing price for 2023-12-01 was $357,990, a difference of $8,990 (2.6%) versus the prior year and $-1,910 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 2023-12-01 was $423,676, a difference of $22,721 (5.7%) versus the prior year and $-3,121 versus the prior month.

For the 2023-12-01 period, Des Moines had 2,414 MLS listings, a difference of -166 listings (-6%) versus the prior month and 93 listings (4%) 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 1,609 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 1,598 sqft
2023-06-01 51 days 1,601 sqft
2023-07-01 53 days 1,605 sqft
2023-08-01 57 days 1,601 sqft
2023-09-01 61 days 1,599 sqft
2023-10-01 61 days 1,586 sqft
2023-11-01 61 days 1,567 sqft
2023-12-01 71 days 1,564 sqft
Des Moines's median listing age (time on market) for 2023-12-01 was 71 days. This is -3% shorter than the same period one year ago.

Des Moines's median square footage for active listings during the 2023-12-01 period was 1,564 sqft. One year prior, the average listing was 1,550 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.