Effingham VA Loan Rates, Closing Costs & Stats

Effingham, IL

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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.

    Effingham's 11 lenders originated 23 VA loans during 2023. The total origination value was $4,535,000, with an average VA loan value of $197,174.

    Effingham VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Effingham averaged 6.51% for the week of 2025-02-14, compared to the national average (all VA variants) of 6.428% for the same period.

    Effingham's average VA mortgage closing costs are $4,405.

    The average rate for the prior week (2025-02-07) was 6.25% and one month ago for the week of 2025-01-10, the average rate was 6.69%.

    The average rate one year ago was 6.41%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.23%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Effingham 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 Effingham level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 11 6.74% $4,536
    CROSSCOUNTRY MORTGAGE, LLC 3 6.06% $3,840
    FirstBank 1 7.13% $4,544
    FLAT BRANCH MORTGAGE, INC. 1 7.63% $4,814
    Mid-Continent Funding, Inc. 1 6.75% $5,933
    Midland States Bank 1 5.13% $6,161
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $14,289
    QUICKEN LOANS, LLC 1 6.63% $6,536
    BROKER SOLUTIONS, INC. 1 6.49% $6,937
    USAA Federal Savings Bank 1 7.13% $3,479
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $938

    The top Effingham VA lender as defined by loan originations is Mortgage Research Center, LLC, with 11 VA loans originated. Their average total fees are $4,536, which is $696 higher than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Effingham VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,536), .

    The lowest rate Effingham VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.74%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Effingham (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 $158,700 (0.1%) $211,201 (-1.1%) 0.00 102
    2018-02-01 $157,350 (-4.6%) $206,030 (-5.8%) 0.00 106
    2018-03-01 $188,500 (10.9%) $221,440 (-3.7%) 0.00 124
    2018-04-01 $189,925 (11.7%) $225,052 (-3.7%) 0.00 136
    2018-05-01 $187,425 (9.9%) $238,597 (0.7%) 0.00 154
    2018-06-01 $188,200 (10.9%) $222,100 (0.3%) 0.00 159
    2018-07-01 $189,900 (13.9%) $222,108 (-0.8%) 0.00 155
    2018-08-01 $187,900 (9.0%) $215,284 (-6.6%) 0.00 151
    2018-09-01 $169,900 (6.3%) $207,926 (-0.6%) 0.00 159
    2018-10-01 $157,000 (3.1%) $201,044 (-4.5%) 0.00 168
    2018-11-01 $157,900 (1.7%) $200,202 (-7.6%) 0.00 155
    2018-12-01 $149,950 (-6.2%) $191,714 (-10.0%) 0.00 143
    2019-01-01 $144,350 (-9.0%) $190,322 (-9.9%) 0.00 142
    2019-02-01 $149,250 (-5.2%) $200,865 (-2.5%) 0.00 139
    2019-03-01 $147,050 (-22.0%) $204,349 (-7.7%) 0.00 138
    2019-04-01 $144,725 (-23.8%) $201,444 (-10.5%) 0.00 140
    2019-05-01 $154,175 (-17.7%) $214,338 (-10.2%) 0.00 141
    2019-06-01 $152,000 (-19.2%) $214,775 (-3.3%) 0.00 156
    2019-07-01 $147,325 (-22.4%) $203,555 (-8.4%) 0.00 173
    2019-08-01 $143,536 (-23.6%) $204,016 (-5.2%) 0.00 170
    2019-09-01 $141,491 (-16.7%) $207,706 (-0.1%) 0.00 170
    2019-10-01 $142,627 (-9.2%) $212,487 (5.7%) 0.00 173
    2019-11-01 $139,900 (-11.4%) $206,528 (3.2%) 0.00 181
    2019-12-01 $139,000 (-7.3%) $216,093 (12.7%) 0.00 161
    2020-01-01 $139,450 (-3.4%) $217,204 (14.1%) 0.00 155
    2020-02-01 $136,500 (-8.5%) $224,598 (11.8%) 0.00 141
    2020-03-01 $155,700 (5.9%) $242,095 (18.5%) 0.00 146
    2020-04-01 $160,500 (10.9%) $248,028 (23.1%) 0.00 146
    2020-05-01 $152,900 (-0.8%) $246,457 (15.0%) 0.00 135
    2020-06-01 $178,900 (17.7%) $270,529 (26.0%) 0.00 121
    2020-07-01 $176,975 (20.1%) $263,775 (29.6%) 0.00 113
    2020-08-01 $196,950 (37.2%) $272,304 (33.5%) 0.00 98
    2020-09-01 $194,200 (37.3%) $276,871 (33.3%) 0.00 96
    2020-10-01 $189,900 (33.1%) $274,763 (29.3%) 0.00 94
    2020-11-01 $174,950 (25.1%) $272,816 (32.1%) 0.00 92
    2020-12-01 $169,250 (21.8%) $259,893 (20.3%) 0.00 89
    2021-01-01 $169,000 (21.2%) $257,932 (18.8%) 0.00 73
    2021-02-01 $177,900 (30.3%) $292,824 (30.4%) 0.00 62
    2021-03-01 $181,450 (16.5%) $301,782 (24.7%) 0.00 65
    2021-04-01 $173,250 (7.9%) $316,062 (27.4%) 0.00 67
    2021-05-01 $112,700 (-26.3%) $276,074 (12.0%) 0.00 66
    2021-06-01 $145,200 (-18.8%) $297,230 (9.9%) 0.00 66
    2021-07-01 $185,000 (4.5%) $301,926 (14.5%) 0.00 61
    2021-08-01 $172,900 (-12.2%) $280,134 (2.9%) 0.00 59
    2021-09-01 $184,500 (-5.0%) $267,398 (-3.4%) 0.00 57
    2021-10-01 $185,000 (-2.6%) $261,875 (-4.7%) 0.00 58
    2021-11-01 $180,225 (3.0%) $251,055 (-8.0%) 0.00 60
    2021-12-01 $164,975 (-2.5%) $221,926 (-14.6%) 0.00 52
    2022-01-01 $146,325 (-13.4%) $213,028 (-17.4%) 0.00 42
    2022-02-01 $163,675 (-8.0%) $237,529 (-18.9%) 0.00 33
    2022-03-01 $156,875 (-13.5%) $282,144 (-6.5%) 0.00 37
    2022-04-01 $170,000 (-1.9%) $266,495 (-15.7%) 0.00 37
    2022-05-01 $211,400 (87.6%) $293,438 (6.3%) 0.00 36
    2022-06-01 $257,450 (77.3%) $312,932 (5.3%) 0.00 29
    2022-07-01 $235,000 (27.0%) $304,511 (0.9%) 0.00 34
    2022-08-01 $147,500 (-14.7%) $231,975 (-17.2%) 0.00 45
    2022-09-01 $164,475 (-10.9%) $253,116 (-5.3%) 0.00 52
    2022-10-01 $157,400 (-14.9%) $237,636 (-9.3%) 0.00 53
    2022-11-01 $164,725 (-8.6%) $276,584 (10.2%) 0.00 54
    2022-12-01 $179,900 (9.1%) $291,841 (31.5%) 0.00 49
    2023-01-01 $232,975 (59.2%) $314,623 (47.7%) 0.00 45
    2023-02-01 $210,850 (28.8%) $298,976 (25.9%) 0.00 47
    2023-03-01 $204,350 (30.3%) $312,862 (10.9%) 0.00 43
    2023-04-01 $207,000 (21.8%) $339,479 (27.4%) 0.00 42
    2023-05-01 $295,750 (39.9%) $366,729 (25.0%) 0.00 43
    2023-06-01 $312,450 (21.4%) $402,472 (28.6%) 0.00 43
    2023-07-01 $292,250 (24.4%) $411,126 (35.0%) 0.00 52
    2023-08-01 $286,000 (93.9%) $437,388 (88.6%) 0.00 56
    2023-09-01 $325,000 (97.6%) $458,725 (81.2%) 0.00 58
    2023-10-01 $282,000 (79.2%) $427,760 (80.0%) 0.00 70
    2023-11-01 $290,700 (76.5%) $436,757 (57.9%) 0.00 66
    2023-12-01 $284,900 (58.4%) $388,334 (33.1%) 0.00 72
    2024-01-01 $299,900 (28.7%) $389,082 (23.7%) 0.00 69
    2024-02-01 $301,150 (42.8%) $381,958 (27.8%) 0.00 67
    2024-03-01 $327,000 (60.0%) $409,966 (31.0%) 0.00 59
    2024-04-01 $318,425 (53.8%) $385,413 (13.5%) 0.00 64
    2024-05-01 $311,900 (5.5%) $404,078 (10.2%) 0.00 80
    2024-06-01 $299,900 (-4.0%) $411,557 (2.3%) 0.00 81
    2024-07-01 $324,925 (11.2%) $411,668 (0.1%) 0.00 80
    2024-08-01 $302,450 (5.8%) $386,045 (-11.7%) 0.00 85
    2024-09-01 $292,450 (-10.0%) $389,127 (-15.2%) 0.00 91
    2024-10-01 $293,250 (4.0%) $388,157 (-9.3%) 0.00 78
    2024-11-01 $266,950 (-8.2%) $361,922 (-17.1%) 0.00 81
    2024-12-01 $269,225 (-5.5%) $368,755 (-5.0%) 0.00 72
    2025-01-01 $269,000 (-10.3%) $376,422 (-3.3%) 0.00 74
    Effingham's median listing price for 2025-01-01 was $269,000, a difference of $-30,900 (-10.3%) versus the prior year and $-225 versus the prior month.

    Effingham's median listing price comes in at 0% of the national average.

    Effingham's average listing price for 2025-01-01 was $376,422, a difference of $-12,660 (-3.3%) versus the prior year and $7,667 versus the prior month.

    For the 2025-01-01 period, Effingham had 74 MLS listings, a difference of 2 listings (3%) versus the prior month and 5 listings (7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Effingham (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,929 sqft
    2018-02-01 0 days 1,926 sqft
    2018-03-01 0 days 2,048 sqft
    2018-04-01 0 days 2,192 sqft
    2018-05-01 0 days 2,035 sqft
    2018-06-01 0 days 2,046 sqft
    2018-07-01 0 days 2,064 sqft
    2018-08-01 0 days 2,038 sqft
    2018-09-01 0 days 1,970 sqft
    2018-10-01 0 days 1,908 sqft
    2018-11-01 0 days 1,923 sqft
    2018-12-01 0 days 1,865 sqft
    2019-01-01 0 days 1,736 sqft
    2019-02-01 0 days 1,706 sqft
    2019-03-01 0 days 1,716 sqft
    2019-04-01 0 days 1,699 sqft
    2019-05-01 0 days 1,738 sqft
    2019-06-01 0 days 1,758 sqft
    2019-07-01 0 days 1,719 sqft
    2019-08-01 0 days 1,717 sqft
    2019-09-01 0 days 1,744 sqft
    2019-10-01 0 days 1,764 sqft
    2019-11-01 0 days 1,755 sqft
    2019-12-01 0 days 1,755 sqft
    2020-01-01 0 days 1,755 sqft
    2020-02-01 0 days 1,794 sqft
    2020-03-01 0 days 1,850 sqft
    2020-04-01 0 days 1,868 sqft
    2020-05-01 0 days 1,908 sqft
    2020-06-01 0 days 1,984 sqft
    2020-07-01 0 days 1,921 sqft
    2020-08-01 0 days 2,034 sqft
    2020-09-01 0 days 2,086 sqft
    2020-10-01 0 days 2,131 sqft
    2020-11-01 0 days 1,892 sqft
    2020-12-01 0 days 1,749 sqft
    2021-01-01 0 days 1,751 sqft
    2021-02-01 0 days 1,825 sqft
    2021-03-01 0 days 2,008 sqft
    2021-04-01 0 days 1,871 sqft
    2021-05-01 0 days 1,594 sqft
    2021-06-01 0 days 1,747 sqft
    2021-07-01 0 days 1,907 sqft
    2021-08-01 0 days 1,699 sqft
    2021-09-01 0 days 1,796 sqft
    2021-10-01 0 days 1,806 sqft
    2021-11-01 0 days 1,692 sqft
    2021-12-01 0 days 1,541 sqft
    2022-01-01 0 days 1,535 sqft
    2022-02-01 0 days 1,624 sqft
    2022-03-01 0 days 1,871 sqft
    2022-04-01 0 days 1,842 sqft
    2022-05-01 0 days 1,842 sqft
    2022-06-01 0 days 1,902 sqft
    2022-07-01 0 days 1,851 sqft
    2022-08-01 0 days 1,735 sqft
    2022-09-01 0 days 1,897 sqft
    2022-10-01 0 days 1,940 sqft
    2022-11-01 0 days 1,665 sqft
    2022-12-01 0 days 1,782 sqft
    2023-01-01 0 days 1,766 sqft
    2023-02-01 0 days 1,747 sqft
    2023-03-01 0 days 1,778 sqft
    2023-04-01 0 days 1,778 sqft
    2023-05-01 0 days 2,266 sqft
    2023-06-01 0 days 2,304 sqft
    2023-07-01 0 days 2,235 sqft
    2023-08-01 0 days 2,272 sqft
    2023-09-01 0 days 2,253 sqft
    2023-10-01 0 days 2,055 sqft
    2023-11-01 0 days 2,088 sqft
    2023-12-01 0 days 1,922 sqft
    2024-01-01 0 days 2,073 sqft
    2024-02-01 0 days 2,216 sqft
    2024-03-01 0 days 2,422 sqft
    2024-04-01 0 days 2,330 sqft
    2024-05-01 0 days 2,212 sqft
    2024-06-01 0 days 2,283 sqft
    2024-07-01 0 days 2,460 sqft
    2024-08-01 0 days 2,401 sqft
    2024-09-01 0 days 2,376 sqft
    2024-10-01 0 days 2,451 sqft
    2024-11-01 0 days 2,313 sqft
    2024-12-01 0 days 2,333 sqft
    2025-01-01 0 days 2,313 sqft
    Effingham's median listing age (time on market) for 2025-01-01 was 0 days.

    Effingham's median square footage for active listings during the 2025-01-01 period was 2,313 sqft. One year prior, the average listing was 2,073 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.