Elkhart VA Loan Rates, Closing Costs & Stats

ELKHART-GOSHEN, IN

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 38 lenders originated 124 VA loans during 2023. The total origination value was $30,870,000, with an average VA loan value of $248,952.

    Elkhart VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Elkhart averaged 7.25% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Elkhart's average VA mortgage closing costs are $5,217.

    The average rate for the prior week (2024-04-12) was 7.18% and one month ago for the week of 2024-03-15, the average rate was 7.14%.

    The average rate one year ago was 6.73%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.51%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 26 7.07% $5,784
    QUICKEN LOANS, LLC 12 6.24% $8,834
    CARDINAL FINANCIAL 9 7.03% $6,040
    UNITED WHOLESALE MORTGAGE, LLC 8 6.77% $7,179
    HALLMARK HOME MORTGAGE, LLC 6 7.10% $8,665
    RUOFF MORTGAGE COMPANY, INC. 5 6.88% $5,463
    FREEDOM MORTGAGE CORPORATION 4 6.50% $15,948
    The Federal Savings Bank 4 6.22% $15,491
    NEWREZ LLC 3 6.67% $9,787
    CHURCHILL MORTGAGE CORPORATION 3 6.79% $7,197
    USAA Federal Savings Bank 3 6.17% $4,416
    VILLAGE CAPITAL MORTGAGE 3 6.08% $9,283
    NEW DAY FINANCIAL, LLC 3 7.41% $9,245
    Nations Lending Corporation 2 7.38% $10,078
    EVERETT FINANCIAL, INC. 2 7.50% $5,744
    Mr. Cooper ( Nationstar Mortgage ) 2 5.94% $17,106
    AMERICAN FINANCIAL NETWORK, INC. 2 7.50% $8,919
    PENNYMAC LOAN SERVICES, LLC 2 5.25% $3,878
    TEACHERS CREDIT UNION 2 6.44% $12,708
    Credence Funding Corporation 1 5.25% $8,272
    NAVY FEDERAL CREDIT UNION 1 5.13% $10,164
    LOANDEPOT.COM, LLC 1 7.63% $9,413
    JPMorgan Chase Bank 1 7.25% $1,222
    Northpointe Bank 1 6.75% $15,427
    Northwest Bank 1 5.88% $2,721
    Paramount Residential Mortgage Group, Inc. 1 6.38% $12,989
    VERITAS FUNDING, LLC 1 7.13% $27,242
    PLANET HOME LENDING, LLC 1 6.75% $7,954
    Prosperity Home Mortgage, LLC 1 6.63% $4,628
    INOVA FEDERAL CREDIT UNION 1 6.50% $1,875
    ROYAL UNITED MORTGAGE LLC 1 7.13% $8,619
    GVC MORTGAGE, INC. 1 6.63% $12,122
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $7,995
    GUARANTEED RATE, INC. 1 6.25% $4,142
    MEMBER FIRST MORTGAGE, LLC 1 6.38% $3,406
    Mid-Continent Funding, Inc. 1 7.13% $9,145
    Magnolia Bank 1 5.75% $17,996
    Equity Prime Mortgage LLC 1 8.25% $4,059

    The top Elkhart VA lender as defined by loan originations is Mortgage Research Center, LLC, with 26 VA loans originated. Their average total fees are $5,784, which is $3,050 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Elkhart VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,784), QUICKEN LOANS, LLC ($8,834), .

    The lowest rate Elkhart VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.24%), Mortgage Research Center, LLC (7.07%), .

    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%) $224,745 (4.8%) 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 $207,957 (18.2%) $268,130 (15.6%) 0.68 309
    2019-04-01 $219,900 (23.5%) $287,754 (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 (4.1%) $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%) $275,318 (1.5%) 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
    2022-12-01 $257,900 (24.4%) $335,857 (17.5%) 0.64 191
    2023-01-01 $252,950 (23.4%) $341,954 (16.9%) 0.63 153
    2023-02-01 $260,175 (31.8%) $350,316 (21.1%) 0.63 143
    2023-03-01 $274,700 (20.3%) $350,962 (18.9%) 0.65 157
    2023-04-01 $299,900 (20.0%) $371,857 (12.2%) 0.70 140
    2023-05-01 $282,450 (8.7%) $390,329 (11.8%) 0.64 161
    2023-06-01 $284,950 (1.5%) $394,902 (10.4%) 0.64 182
    2023-07-01 $295,000 (11.4%) $401,194 (15.7%) 0.67 195
    2023-08-01 $284,900 (11.5%) $384,105 (15.0%) 0.65 192
    2023-09-01 $279,900 (8.7%) $363,976 (8.6%) 0.65 241
    2023-10-01 $268,725 (3.4%) $344,583 (-2.3%) 0.63 253
    2023-11-01 $264,500 (-0.6%) $329,879 (-5.9%) 0.63 266
    2023-12-01 $260,000 (0.8%) $315,791 (-6.0%) 0.63 258
    2024-01-01 $262,400 (3.7%) $336,922 (-1.5%) 0.64 246
    2024-02-01 $275,825 (6.0%) $351,115 (0.2%) 0.66 180
    2024-03-01 $295,000 (7.4%) $368,081 (4.9%) 0.69 172
    Elkhart's median listing price for 2024-03-01 was $295,000, a difference of $20,300 (7.4%) versus the prior year and $19,175 versus the prior month.

    Elkhart's median listing price comes in at 69% of the national average.

    Elkhart's average listing price for 2024-03-01 was $368,081, a difference of $17,119 (4.9%) versus the prior year and $16,966 versus the prior month.

    For the 2024-03-01 period, Elkhart had 172 MLS listings, a difference of -8 listings (-4%) versus the prior month and 15 listings (10%) 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 83 days 1,791 sqft
    2018-02-01 89 days 1,787 sqft
    2018-03-01 59 days 1,848 sqft
    2018-04-01 42 days 1,913 sqft
    2018-05-01 33 days 1,948 sqft
    2018-06-01 32 days 2,066 sqft
    2018-07-01 39 days 2,071 sqft
    2018-08-01 42 days 2,037 sqft
    2018-09-01 42 days 2,041 sqft
    2018-10-01 51 days 2,011 sqft
    2018-11-01 54 days 2,054 sqft
    2018-12-01 63 days 2,075 sqft
    2019-01-01 75 days 2,048 sqft
    2019-02-01 71 days 2,069 sqft
    2019-03-01 58 days 2,205 sqft
    2019-04-01 47 days 2,370 sqft
    2019-05-01 39 days 2,296 sqft
    2019-06-01 37 days 2,342 sqft
    2019-07-01 40 days 2,333 sqft
    2019-08-01 42 days 2,222 sqft
    2019-09-01 47 days 2,115 sqft
    2019-10-01 50 days 2,016 sqft
    2019-11-01 52 days 1,951 sqft
    2019-12-01 64 days 1,860 sqft
    2020-01-01 75 days 1,856 sqft
    2020-02-01 69 days 1,888 sqft
    2020-03-01 49 days 2,048 sqft
    2020-04-01 55 days 1,994 sqft
    2020-05-01 57 days 2,334 sqft
    2020-06-01 40 days 2,323 sqft
    2020-07-01 40 days 2,275 sqft
    2020-08-01 30 days 2,244 sqft
    2020-09-01 37 days 2,108 sqft
    2020-10-01 32 days 2,077 sqft
    2020-11-01 39 days 1,820 sqft
    2020-12-01 52 days 1,801 sqft
    2021-01-01 59 days 1,737 sqft
    2021-02-01 55 days 1,895 sqft
    2021-03-01 25 days 1,746 sqft
    2021-04-01 15 days 1,610 sqft
    2021-05-01 19 days 1,612 sqft
    2021-06-01 13 days 2,166 sqft
    2021-07-01 17 days 2,163 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 1,821 sqft
    2021-12-01 43 days 1,650 sqft
    2022-01-01 53 days 1,660 sqft
    2022-02-01 37 days 1,606 sqft
    2022-03-01 30 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 24 days 1,984 sqft
    2022-08-01 30 days 1,930 sqft
    2022-09-01 31 days 1,900 sqft
    2022-10-01 32 days 1,928 sqft
    2022-11-01 39 days 1,923 sqft
    2022-12-01 47 days 1,820 sqft
    2023-01-01 59 days 1,755 sqft
    2023-02-01 45 days 1,737 sqft
    2023-03-01 37 days 1,767 sqft
    2023-04-01 37 days 1,895 sqft
    2023-05-01 30 days 1,837 sqft
    2023-06-01 26 days 1,950 sqft
    2023-07-01 33 days 1,971 sqft
    2023-08-01 36 days 1,885 sqft
    2023-09-01 35 days 1,995 sqft
    2023-10-01 37 days 1,938 sqft
    2023-11-01 45 days 1,819 sqft
    2023-12-01 50 days 1,799 sqft
    2024-01-01 59 days 1,816 sqft
    2024-02-01 58 days 1,860 sqft
    2024-03-01 39 days 1,911 sqft
    Elkhart's median listing age (time on market) for 2024-03-01 was 39 days. This is 5% longer than the same period one year ago.

    Elkhart's median square footage for active listings during the 2024-03-01 period was 1,911 sqft. One year prior, the average listing was 1,767 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.