Elkhart VA Loan Rates, Closing Costs & Stats

ELKHART-GOSHEN, IN

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.

Elkhart's 56 lenders originated 305 VA loans during 2021. The total origination value was $62,235,000, with an average VA loan value of $204,049.

Elkhart VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Elkhart averaged 6.61% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

Elkhart's average VA mortgage closing costs are $4,449.

The average rate for the prior week (2022-11-25) was 6.75% and one month ago for the week of 2022-10-28, the average rate was 7.03%.

The average rate one year ago was 3.51%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.45%.

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

Elkhart 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 Elkhart level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Mortgage Research Center, LLC 43 2.90% $5,818
QUICKEN LOANS, LLC 27 2.48% $3,736
FREEDOM MORTGAGE CORPORATION 22 2.67% $2,055
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 14 3.27% $5,684
PENNYMAC LOAN SERVICES, LLC 14 2.54% $4,905
HALLMARK HOME MORTGAGE, LLC 11 2.76% $7,503
LOANDEPOT.COM, LLC 9 2.89% $4,924
CALIBER HOME LOANS, INC. 9 2.53% $3,013
LAKEVIEW LOAN SERVICING, LLC 7 2.78% $2,157
RUOFF MORTGAGE COMPANY, INC. 6 3.33% $4,390
Low VA Rates, LLC 6 2.35% $3,151
CLEARPATH LENDING 5 2.35% $3,797
USAA Federal Savings Bank 4 2.75% $3,347
Barrington Bank & Trust Company, N.A. 4 2.80% $3,228
UNITED WHOLESALE MORTGAGE, LLC 4 2.45% $5,217
Wells Fargo Bank 4 2.25% $3,391
GUARANTEED RATE, INC. 4 2.81% $5,190
AMERICAN FINANCIAL NETWORK, INC. 4 2.72% $5,872
UNION HOME MORTGAGE CORP. 4 3.13% $4,550
NEWREZ LLC 4 2.84% $2,990
NEW DAY FINANCIAL, LLC 4 3.09% $6,791
NAVY FEDERAL CREDIT UNION 4 2.66% $1,225
VILLAGE CAPITAL MORTGAGE 3 2.58% $1,879
HOME POINT FINANCIAL CORPORATION 3 2.33% $2,857
First Guaranty Mortgage Corporation 3 3.00% $4,577
EVERETT FINANCIAL, INC. 2 3.63% $3,220
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.69% $1,806
CELEBRITY HOME LOANS, LLC 2 3.25% $4,969
Mr. Cooper ( Nationstar Mortgage ) 2 3.19% $3,513
MUTUAL OF OMAHA MORTGAGE, INC. 2 3.00% $4,987
NBKC BANK 2 2.25% $5,553
PLANET HOME LENDING, LLC 2 2.44% $2,156
RELIANCE FIRST CAPITAL, LLC 2 2.94% $3,563
INTERCAP LENDING INC. 1 2.25% $1,884
HOMESIDE FINANCIAL, LLC 1 2.25% $850
North American Savings Bank, F.S.B. 1 3.13% $2,071
Northpointe Bank 1 3.63% $688
Old National Bank 1 2.25% $1,860
Paramount Residential Mortgage Group, Inc. 1 2.25% $14,569
GVC MORTGAGE, INC. 1 3.50% $11,275
V.I.P. MORTGAGE, INC. 1 3.75% $2,631
1st Source Bank 1 3.13% $11,422
Regions Bank 1 2.75% $7,004
ACCELERATE MORTGAGE, LLC 1 2.25% $4,243
ROYAL UNITED MORTGAGE LLC 1 2.75% $19,137
Equity Prime Mortgage LLC 1 3.75% $2,264
SUN WEST MORTGAGE COMPANY, INC. 1 2.38% $6,762
TIAA, FSB 1 2.75% $2,733
Centier Bank 1 2.75% $4,082
UNITED 1 3.00% $3,966
Carrington Mortgage Services, LLC 1 2.25% $2,871
BNC National Bank 1 2.25% $2,080
U.S. Bank 1 3.00% $3,966
Nations Lending Corporation 1 3.75% $8,292
InterContinental Capital Group, Inc 1 2.25% $1,922
Amerifirst Financial, Inc. 1 2.38% $8,536

The top Elkhart VA lender as defined by loan originations is Mortgage Research Center, LLC, with 43 VA loans originated. Their average total fees are $5,818, which is $2,082 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Elkhart VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,055), QUICKEN LOANS, LLC ($3,736), PENNYMAC LOAN SERVICES, LLC ($4,905), CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP ($5,684) and Mortgage Research Center, LLC ($5,818).

The lowest rate Elkhart VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.48%), PENNYMAC LOAN SERVICES, LLC (2.54%), FREEDOM MORTGAGE CORPORATION (2.67%), HALLMARK HOME MORTGAGE, LLC (2.76%) and Mortgage Research Center, LLC (2.90%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Elkhart (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 $157,225 (-0.9%) $218,363 (1.7%) 0.58 377
2018-02-01 $159,500 (0.0%) $224,804 (4.9%) 0.58 325
2018-03-01 $175,875 (10.6%) $231,866 (4.7%) 0.62 299
2018-04-01 $178,075 (-1.0%) $234,011 (-2.8%) 0.60 282
2018-05-01 $187,425 (0.3%) $246,515 (0.8%) 0.63 308
2018-06-01 $199,900 (10.4%) $263,904 (11.4%) 0.67 363
2018-07-01 $201,200 (15.0%) $267,147 (13.5%) 0.67 407
2018-08-01 $202,450 (16.1%) $259,895 (14.0%) 0.68 432
2018-09-01 $196,900 (12.6%) $252,904 (7.9%) 0.66 447
2018-10-01 $186,200 (9.6%) $248,630 (5.9%) 0.63 442
2018-11-01 $189,075 (11.4%) $249,892 (8.7%) 0.64 443
2018-12-01 $190,900 (19.4%) $244,766 (10.1%) 0.66 410
2019-01-01 $189,325 (20.4%) $241,491 (10.6%) 0.65 368
2019-02-01 $197,000 (23.5%) $247,863 (10.3%) 0.67 347
2019-03-01 $208,100 (18.3%) $268,274 (15.7%) 0.68 309
2019-04-01 $219,900 (23.5%) $287,745 (23.0%) 0.70 269
2019-05-01 $219,900 (17.3%) $280,583 (13.8%) 0.69 270
2019-06-01 $219,975 (10.0%) $277,445 (5.1%) 0.69 295
2019-07-01 $218,225 (8.5%) $280,206 (4.9%) 0.68 319
2019-08-01 $207,245 (2.4%) $264,702 (1.9%) 0.66 357
2019-09-01 $203,114 (3.2%) $255,604 (1.1%) 0.65 380
2019-10-01 $194,925 (4.7%) $247,521 (-0.5%) 0.63 395
2019-11-01 $189,500 (0.2%) $239,778 (-4.1%) 0.62 382
2019-12-01 $184,975 (-3.1%) $233,559 (-4.6%) 0.62 343
2020-01-01 $189,900 (0.3%) $240,378 (-0.5%) 0.63 309
2020-02-01 $199,900 (1.5%) $244,567 (-1.3%) 0.65 275
2020-03-01 $216,425 (4.0%) $271,390 (1.2%) 0.68 239
2020-04-01 $216,450 (-1.6%) $274,086 (-4.8%) 0.68 240
2020-05-01 $248,900 (13.2%) $300,822 (7.2%) 0.76 229
2020-06-01 $265,900 (20.9%) $311,584 (12.3%) 0.78 216
2020-07-01 $262,400 (20.2%) $319,563 (14.1%) 0.76 204
2020-08-01 $244,900 (18.2%) $319,841 (20.8%) 0.70 211
2020-09-01 $225,950 (11.2%) $312,289 (22.2%) 0.65 194
2020-10-01 $219,900 (12.8%) $297,961 (20.4%) 0.63 209
2020-11-01 $210,925 (11.3%) $284,886 (18.8%) 0.62 187
2020-12-01 $200,850 (8.6%) $290,003 (24.2%) 0.60 158
2021-01-01 $189,900 (0.0%) $285,457 (18.8%) 0.57 126
2021-02-01 $181,150 (-9.4%) $292,907 (19.8%) 0.53 90
2021-03-01 $173,700 (-19.7%) $275,278 (1.4%) 0.49 98
2021-04-01 $149,975 (-30.7%) $260,376 (-5.0%) 0.41 106
2021-05-01 $139,950 (-43.8%) $264,117 (-12.2%) 0.37 109
2021-06-01 $237,675 (-10.6%) $307,073 (-1.5%) 0.63 119
2021-07-01 $249,900 (-4.8%) $324,076 (1.4%) 0.66 124
2021-08-01 $229,600 (-6.3%) $315,770 (-1.3%) 0.61 132
2021-09-01 $232,313 (2.8%) $324,153 (3.8%) 0.62 134
2021-10-01 $224,700 (2.2%) $298,920 (0.3%) 0.60 126
2021-11-01 $224,750 (6.6%) $299,709 (5.2%) 0.60 118
2021-12-01 $207,325 (3.2%) $285,781 (-1.5%) 0.56 112
2022-01-01 $205,000 (8.0%) $292,599 (2.5%) 0.55 86
2022-02-01 $197,400 (9.0%) $289,353 (-1.2%) 0.51 67
2022-03-01 $228,300 (31.4%) $295,306 (7.3%) 0.57 72
2022-04-01 $249,900 (66.6%) $331,466 (27.3%) 0.60 92
2022-05-01 $259,925 (85.7%) $349,048 (32.2%) 0.59 100
2022-06-01 $280,825 (18.2%) $357,669 (16.5%) 0.63 142
2022-07-01 $264,900 (6.0%) $346,773 (7.0%) 0.60 178
2022-08-01 $255,450 (11.3%) $333,928 (5.8%) 0.59 198
2022-09-01 $257,425 (10.8%) $335,251 (3.4%) 0.60 196
2022-10-01 $259,900 (15.7%) $352,497 (17.9%) 0.61 205
2022-11-01 $266,150 (18.4%) $350,499 (17.0%) 0.64 215
Elkhart's median listing price for 2022-11-01 was $266,150, a difference of $41,400 (18.4%) versus the prior year and $6,250 versus the prior month.

Elkhart's median listing price comes in at 64% of the national average.

Elkhart's average listing price for 2022-11-01 was $350,499, a difference of $50,790 (17.0%) versus the prior year and $-1,998 versus the prior month.

For the 2022-11-01 period, Elkhart had 215 MLS listings, a difference of 10 listings (5%) versus the prior month and 97 listings (82%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Elkhart (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 87 days 1,791 sqft
2018-02-01 96 days 1,786 sqft
2018-03-01 68 days 1,848 sqft
2018-04-01 46 days 1,913 sqft
2018-05-01 38 days 1,948 sqft
2018-06-01 37 days 2,066 sqft
2018-07-01 41 days 2,071 sqft
2018-08-01 44 days 2,037 sqft
2018-09-01 45 days 2,041 sqft
2018-10-01 54 days 2,011 sqft
2018-11-01 57 days 2,054 sqft
2018-12-01 67 days 2,075 sqft
2019-01-01 78 days 2,048 sqft
2019-02-01 76 days 2,071 sqft
2019-03-01 61 days 2,203 sqft
2019-04-01 51 days 2,365 sqft
2019-05-01 40 days 2,296 sqft
2019-06-01 38 days 2,342 sqft
2019-07-01 42 days 2,333 sqft
2019-08-01 44 days 2,222 sqft
2019-09-01 48 days 2,115 sqft
2019-10-01 51 days 2,016 sqft
2019-11-01 54 days 1,951 sqft
2019-12-01 66 days 1,860 sqft
2020-01-01 79 days 1,856 sqft
2020-02-01 73 days 1,888 sqft
2020-03-01 53 days 2,048 sqft
2020-04-01 59 days 1,994 sqft
2020-05-01 64 days 2,334 sqft
2020-06-01 42 days 2,323 sqft
2020-07-01 43 days 2,275 sqft
2020-08-01 33 days 2,244 sqft
2020-09-01 39 days 2,108 sqft
2020-10-01 32 days 2,077 sqft
2020-11-01 40 days 1,820 sqft
2020-12-01 53 days 1,801 sqft
2021-01-01 59 days 1,737 sqft
2021-02-01 59 days 1,895 sqft
2021-03-01 25 days 1,746 sqft
2021-04-01 16 days 1,610 sqft
2021-05-01 19 days 1,612 sqft
2021-06-01 13 days 2,146 sqft
2021-07-01 17 days 2,134 sqft
2021-08-01 24 days 1,840 sqft
2021-09-01 24 days 1,887 sqft
2021-10-01 26 days 1,660 sqft
2021-11-01 26 days 1,799 sqft
2021-12-01 43 days 1,650 sqft
2022-01-01 54 days 1,660 sqft
2022-02-01 39 days 1,606 sqft
2022-03-01 31 days 1,684 sqft
2022-04-01 11 days 1,958 sqft
2022-05-01 16 days 1,912 sqft
2022-06-01 17 days 2,043 sqft
2022-07-01 25 days 1,997 sqft
2022-08-01 30 days 1,931 sqft
2022-09-01 31 days 1,903 sqft
2022-10-01 32 days 1,930 sqft
2022-11-01 39 days 1,929 sqft
Elkhart's median listing age (time on market) for 2022-11-01 was 39 days. This is 53% longer than the same period one year ago.

Elkhart's median square footage for active listings during the 2022-11-01 period was 1,929 sqft. One year prior, the average listing was 1,799 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.