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 6.46% for the week of 2024-05-24, compared to the national average (all VA variants) of 6.567% for the same period.

Des Moines's average VA mortgage closing costs are $5,159.

The average rate for the prior week (2024-05-17) was 6.29% and one month ago for the week of 2024-04-19, the average rate was 6.96%.

The average rate one year ago was 6.03%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.6%.

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%).


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
2024-01-01 $363,245 (1.6%) $429,964 (5.4%) 0.89 2,157
2024-02-01 $364,950 (-1.4%) $437,850 (4.1%) 0.88 2,062
2024-03-01 $368,000 (-0.5%) $439,472 (3.3%) 0.87 2,221
2024-04-01 $375,698 (0.2%) $449,610 (3.9%) 0.87 2,347
Des Moines's median listing price for 2024-04-01 was $375,698, a difference of $798 (0.2%) versus the prior year and $7,698 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 2024-04-01 was $449,610, a difference of $16,718 (3.9%) versus the prior year and $10,138 versus the prior month.

For the 2024-04-01 period, Des Moines had 2,347 MLS listings, a difference of 126 listings (6%) versus the prior month and 425 listings (22%) 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 63 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
2024-01-01 81 days 1,564 sqft
2024-02-01 76 days 1,566 sqft
2024-03-01 52 days 1,558 sqft
2024-04-01 46 days 1,580 sqft
Des Moines's median listing age (time on market) for 2024-04-01 was 46 days. This is -29% shorter than the same period one year ago.

Des Moines's median square footage for active listings during the 2024-04-01 period was 1,580 sqft. One year prior, the average listing was 1,566 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.