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 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 0.69% for the week of 2024-11-29, compared to the national average (all VA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.76% and one month ago for the week of 2024-10-25, the average rate was 6.56%.

The average rate one year ago was 7.5%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.96%.

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
2024-04-01 $309,900 (3.3%) $395,421 (6.3%) 0.72 173
2024-05-01 $321,250 (13.7%) $414,934 (6.3%) 0.73 176
2024-06-01 $320,000 (12.3%) $393,752 (-0.3%) 0.72 199
2024-07-01 $305,925 (3.7%) $381,001 (-5.0%) 0.70 218
2024-08-01 $302,400 (6.1%) $368,069 (-4.2%) 0.70 229
2024-09-01 $298,125 (6.5%) $372,252 (2.3%) 0.70 245
2024-10-01 $291,450 (8.5%) $360,846 (4.7%) 0.69 283
Elkhart's median listing price for 2024-10-01 was $291,450, a difference of $22,725 (8.5%) versus the prior year and $-6,675 versus the prior month.

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

Elkhart's average listing price for 2024-10-01 was $360,846, a difference of $16,263 (4.7%) versus the prior year and $-11,406 versus the prior month.

For the 2024-10-01 period, Elkhart had 283 MLS listings, a difference of 38 listings (16%) versus the prior month and 30 listings (12%) 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
2024-04-01 39 days 1,988 sqft
2024-05-01 30 days 2,081 sqft
2024-06-01 30 days 2,060 sqft
2024-07-01 35 days 2,050 sqft
2024-08-01 39 days 2,046 sqft
2024-09-01 39 days 2,090 sqft
2024-10-01 36 days 2,003 sqft
Elkhart's median listing age (time on market) for 2024-10-01 was 36 days. This is -3% shorter than the same period one year ago.

Elkhart's median square footage for active listings during the 2024-10-01 period was 2,003 sqft. One year prior, the average listing was 1,938 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.