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 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.