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 6.26% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.2% and one month ago for the week of 2024-11-08, the average rate was 6.19%.

    The average rate one year ago was 6.44%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.88%.

    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 $185,300 (12.9%) $239,462 (1.4%) 0.00 79
    2018-02-01 $166,150 (-2.2%) $228,282 (-7.7%) 0.00 84
    2018-03-01 $199,900 (7.9%) $238,183 (-6.2%) 0.00 102
    2018-04-01 $199,900 (8.1%) $241,687 (-5.1%) 0.00 115
    2018-05-01 $199,450 (6.1%) $238,552 (-8.3%) 0.00 126
    2018-06-01 $199,900 (9.7%) $220,654 (-10.0%) 0.00 128
    2018-07-01 $199,900 (8.1%) $219,956 (-11.7%) 0.00 128
    2018-08-01 $198,700 (10.0%) $210,187 (-15.3%) 0.00 124
    2018-09-01 $189,950 (7.4%) $208,527 (-9.0%) 0.00 128
    2018-10-01 $173,700 (-1.8%) $206,431 (-11.5%) 0.00 128
    2018-11-01 $175,725 (-1.8%) $203,560 (-15.6%) 0.00 121
    2018-12-01 $164,950 (-13.7%) $193,387 (-19.2%) 0.00 107
    2019-01-01 $149,900 (-19.1%) $189,407 (-20.9%) 0.00 103
    2019-02-01 $156,225 (-6.0%) $202,345 (-11.4%) 0.00 103
    2019-03-01 $162,714 (-18.6%) $217,097 (-8.9%) 0.00 101
    2019-04-01 $167,689 (-16.1%) $222,849 (-7.8%) 0.00 102
    2019-05-01 $174,575 (-12.5%) $237,703 (-0.4%) 0.00 108
    2019-06-01 $168,950 (-15.5%) $231,487 (4.9%) 0.00 117
    2019-07-01 $168,475 (-15.7%) $226,479 (3.0%) 0.00 124
    2019-08-01 $168,136 (-15.4%) $227,972 (8.5%) 0.00 126
    2019-09-01 $168,341 (-11.4%) $229,892 (10.3%) 0.00 131
    2019-10-01 $170,500 (-1.8%) $231,838 (12.3%) 0.00 136
    2019-11-01 $158,500 (-9.8%) $226,329 (11.2%) 0.00 140
    2019-12-01 $139,900 (-15.2%) $222,436 (15.0%) 0.00 123
    2020-01-01 $154,900 (3.3%) $217,902 (15.0%) 0.00 122
    2020-02-01 $152,400 (-2.5%) $224,540 (11.0%) 0.00 112
    2020-03-01 $169,950 (4.5%) $245,518 (13.1%) 0.00 121
    2020-04-01 $176,500 (5.3%) $246,700 (10.7%) 0.00 123
    2020-05-01 $198,750 (13.9%) $252,683 (6.3%) 0.00 113
    2020-06-01 $207,000 (22.5%) $281,999 (21.8%) 0.00 97
    2020-07-01 $207,700 (23.3%) $289,058 (27.6%) 0.00 94
    2020-08-01 $218,950 (30.2%) $295,080 (29.4%) 0.00 84
    2020-09-01 $222,000 (31.9%) $299,424 (30.3%) 0.00 85
    2020-10-01 $224,900 (31.9%) $295,877 (27.6%) 0.00 82
    2020-11-01 $182,425 (15.1%) $286,836 (26.7%) 0.00 84
    2020-12-01 $169,900 (21.4%) $274,512 (23.4%) 0.00 79
    2021-01-01 $176,450 (13.9%) $281,539 (29.2%) 0.00 61
    2021-02-01 $208,750 (37.0%) $318,895 (42.0%) 0.00 54
    2021-03-01 $209,500 (23.3%) $329,139 (34.1%) 0.00 58
    2021-04-01 $220,755 (25.1%) $350,933 (42.3%) 0.00 57
    2021-05-01 $142,500 (-28.3%) $306,687 (21.4%) 0.00 58
    2021-06-01 $187,000 (-9.7%) $320,583 (13.7%) 0.00 60
    2021-07-01 $194,950 (-6.1%) $324,875 (12.4%) 0.00 56
    2021-08-01 $187,725 (-14.3%) $307,856 (4.3%) 0.00 49
    2021-09-01 $186,500 (-16.0%) $283,295 (-5.4%) 0.00 51
    2021-10-01 $186,000 (-17.3%) $278,440 (-5.9%) 0.00 47
    2021-11-01 $189,250 (3.7%) $264,874 (-7.7%) 0.00 49
    2021-12-01 $164,900 (-2.9%) $234,643 (-14.5%) 0.00 41
    2022-01-01 $139,900 (-20.7%) $220,988 (-21.5%) 0.00 36
    2022-02-01 $164,925 (-21.0%) $252,108 (-20.9%) 0.00 29
    2022-03-01 $161,975 (-22.7%) $289,084 (-12.2%) 0.00 33
    2022-04-01 $170,000 (-23.0%) $272,287 (-22.4%) 0.00 33
    2022-05-01 $228,200 (60.1%) $313,923 (2.4%) 0.00 28
    2022-06-01 $263,725 (41.0%) $333,793 (4.1%) 0.00 24
    2022-07-01 $235,000 (20.5%) $327,731 (0.9%) 0.00 27
    2022-08-01 $147,500 (-21.4%) $239,656 (-22.2%) 0.00 38
    2022-09-01 $173,225 (-7.1%) $266,134 (-6.1%) 0.00 45
    2022-10-01 $159,900 (-14.0%) $251,539 (-9.7%) 0.00 45
    2022-11-01 $163,175 (-13.8%) $290,547 (9.7%) 0.00 45
    2022-12-01 $179,900 (9.1%) $299,513 (27.7%) 0.00 39
    2023-01-01 $226,975 (62.2%) $333,138 (50.8%) 0.00 34
    2023-02-01 $228,675 (38.7%) $344,499 (36.7%) 0.00 28
    2023-03-01 $219,625 (35.6%) $364,102 (26.0%) 0.00 27
    2023-04-01 $239,000 (40.6%) $399,037 (46.6%) 0.00 29
    2023-05-01 $321,825 (41.0%) $415,592 (32.4%) 0.00 30
    2023-06-01 $327,475 (24.2%) $445,135 (33.4%) 0.00 32
    2023-07-01 $305,000 (29.8%) $474,041 (44.6%) 0.00 39
    2023-08-01 $287,450 (94.9%) $479,314 (100.0%) 0.00 45
    2023-09-01 $325,000 (87.6%) $502,683 (88.9%) 0.00 46
    2023-10-01 $276,950 (73.2%) $475,163 (88.9%) 0.00 54
    2023-11-01 $285,700 (75.1%) $468,862 (61.4%) 0.00 54
    2023-12-01 $299,900 (66.7%) $426,504 (42.4%) 0.00 58
    2024-01-01 $323,725 (42.6%) $420,612 (26.3%) 0.00 57
    2024-02-01 $324,975 (42.1%) $415,823 (20.7%) 0.00 56
    2024-03-01 $337,450 (53.7%) $429,361 (17.9%) 0.00 47
    2024-04-01 $326,000 (36.4%) $404,581 (1.4%) 0.00 53
    2024-05-01 $315,475 (-2.0%) $423,109 (1.8%) 0.00 65
    2024-06-01 $309,900 (-5.4%) $432,635 (-2.8%) 0.00 61
    2024-07-01 $345,400 (13.3%) $438,551 (-7.5%) 0.00 62
    2024-08-01 $325,000 (13.1%) $417,563 (-12.9%) 0.00 66
    2024-09-01 $318,125 (-2.1%) $430,364 (-14.4%) 0.00 72
    2024-10-01 $316,875 (14.4%) $431,605 (-9.2%) 0.00 66
    2024-11-01 $278,500 (-2.5%) $389,879 (-16.9%) 0.00 69
    Effingham's median listing price for 2024-11-01 was $278,500, a difference of $-7,200 (-2.5%) versus the prior year and $-38,375 versus the prior month.

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

    Effingham's average listing price for 2024-11-01 was $389,879, a difference of $-78,983 (-16.9%) versus the prior year and $-41,726 versus the prior month.

    For the 2024-11-01 period, Effingham had 69 MLS listings, a difference of 3 listings (5%) versus the prior month and 15 listings (28%) 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 1,992 sqft
    2018-02-01 0 days 2,001 sqft
    2018-03-01 0 days 2,248 sqft
    2018-04-01 0 days 2,325 sqft
    2018-05-01 0 days 2,091 sqft
    2018-06-01 0 days 2,184 sqft
    2018-07-01 0 days 2,185 sqft
    2018-08-01 0 days 2,088 sqft
    2018-09-01 0 days 2,047 sqft
    2018-10-01 0 days 2,001 sqft
    2018-11-01 0 days 1,989 sqft
    2018-12-01 0 days 1,915 sqft
    2019-01-01 0 days 1,776 sqft
    2019-02-01 0 days 1,774 sqft
    2019-03-01 0 days 1,864 sqft
    2019-04-01 0 days 1,944 sqft
    2019-05-01 0 days 2,021 sqft
    2019-06-01 0 days 1,950 sqft
    2019-07-01 0 days 1,922 sqft
    2019-08-01 0 days 1,861 sqft
    2019-09-01 0 days 1,815 sqft
    2019-10-01 0 days 1,785 sqft
    2019-11-01 0 days 1,783 sqft
    2019-12-01 0 days 1,784 sqft
    2020-01-01 0 days 1,784 sqft
    2020-02-01 0 days 1,795 sqft
    2020-03-01 0 days 1,889 sqft
    2020-04-01 0 days 1,943 sqft
    2020-05-01 0 days 2,041 sqft
    2020-06-01 0 days 2,093 sqft
    2020-07-01 0 days 2,086 sqft
    2020-08-01 0 days 2,119 sqft
    2020-09-01 0 days 2,152 sqft
    2020-10-01 0 days 2,280 sqft
    2020-11-01 0 days 1,970 sqft
    2020-12-01 0 days 1,812 sqft
    2021-01-01 0 days 1,825 sqft
    2021-02-01 0 days 1,999 sqft
    2021-03-01 0 days 2,038 sqft
    2021-04-01 0 days 2,041 sqft
    2021-05-01 0 days 1,598 sqft
    2021-06-01 0 days 1,871 sqft
    2021-07-01 0 days 2,040 sqft
    2021-08-01 0 days 1,932 sqft
    2021-09-01 0 days 1,921 sqft
    2021-10-01 0 days 2,008 sqft
    2021-11-01 0 days 1,980 sqft
    2021-12-01 0 days 1,584 sqft
    2022-01-01 0 days 1,520 sqft
    2022-02-01 0 days 1,761 sqft
    2022-03-01 0 days 1,899 sqft
    2022-04-01 0 days 1,745 sqft
    2022-05-01 0 days 1,904 sqft
    2022-06-01 0 days 1,938 sqft
    2022-07-01 0 days 1,940 sqft
    2022-08-01 0 days 1,735 sqft
    2022-09-01 0 days 1,931 sqft
    2022-10-01 0 days 2,104 sqft
    2022-11-01 0 days 1,777 sqft
    2022-12-01 0 days 1,912 sqft
    2023-01-01 0 days 2,017 sqft
    2023-02-01 0 days 1,924 sqft
    2023-03-01 0 days 1,960 sqft
    2023-04-01 0 days 2,458 sqft
    2023-05-01 0 days 2,423 sqft
    2023-06-01 0 days 2,472 sqft
    2023-07-01 0 days 2,481 sqft
    2023-08-01 0 days 2,388 sqft
    2023-09-01 0 days 2,285 sqft
    2023-10-01 0 days 2,100 sqft
    2023-11-01 0 days 2,141 sqft
    2023-12-01 0 days 2,080 sqft
    2024-01-01 0 days 2,263 sqft
    2024-02-01 0 days 2,324 sqft
    2024-03-01 0 days 2,602 sqft
    2024-04-01 0 days 2,450 sqft
    2024-05-01 0 days 2,279 sqft
    2024-06-01 0 days 2,472 sqft
    2024-07-01 0 days 2,580 sqft
    2024-08-01 0 days 2,490 sqft
    2024-09-01 0 days 2,566 sqft
    2024-10-01 0 days 2,588 sqft
    2024-11-01 0 days 2,352 sqft
    Effingham's median listing age (time on market) for 2024-11-01 was 0 days.

    Effingham's median square footage for active listings during the 2024-11-01 period was 2,352 sqft. One year prior, the average listing was 2,141 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.