Evansville VA Loan Rates, Closing Costs & Stats

EVANSVILLE, IN-KY

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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.

    Evansville's 67 lenders originated 425 VA loans during 2022. The total origination value was $98,095,000, with an average VA loan value of $230,812.

    Evansville VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Evansville averaged 6.31% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Evansville's average VA mortgage closing costs are $4,248.

    The average rate for the prior week (2023-05-19) was 6.04% and one month ago for the week of 2023-04-21, the average rate was 6.16%.

    The average rate one year ago was 4.93%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.6%.

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

    Evansville 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 Evansville level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 99 5.12% $4,848
    MORTGAGE MASTERS OF INDIANA, INC. 43 4.75% $5,652
    QUICKEN LOANS, LLC 18 4.32% $9,108
    FREEDOM MORTGAGE CORPORATION 18 4.61% $7,035
    UNITED WHOLESALE MORTGAGE, LLC 17 4.23% $5,524
    USAA Federal Savings Bank 13 4.03% $7,669
    EVANSVILLE TEACHERS 12 4.57% $6,067
    NAVY FEDERAL CREDIT UNION 12 3.82% $3,253
    CALIBER HOME LOANS, INC. 10 4.34% $5,749
    FBC MORTGAGE, LLC 10 4.94% $9,535
    RUOFF MORTGAGE COMPANY, INC. 9 4.50% $5,463
    Bank of England 9 5.28% $4,678
    NEW DAY FINANCIAL, LLC 8 4.87% $7,444
    Servion, Inc. 7 3.82% $7,030
    Fifth Third Bank 7 3.41% $3,322
    LOANDEPOT.COM, LLC 6 4.33% $6,035
    PENNYMAC LOAN SERVICES, LLC 6 3.35% $4,720
    Mr. Cooper ( Nationstar Mortgage ) 6 5.02% $6,465
    Carrington Mortgage Services, LLC 6 5.04% $4,379
    GVC MORTGAGE, INC. 5 5.83% $6,256
    LAKEVIEW LOAN SERVICING, LLC 4 3.75% $4,160
    VILLAGE CAPITAL MORTGAGE 4 4.72% $11,406
    CLEARPATH LENDING 4 3.87% $6,022
    PLAZA HOME MORTGAGE, INC. 4 5.50% $7,858
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 4.75% $9,565
    AMERISAVE MORTGAGE CORPORATION 3 4.96% $9,452
    Century Mortgage Company DBA Century Lending Company 3 5.25% $8,488
    Equity Prime Mortgage LLC 3 4.42% $8,679
    Flagstar Bank, FSB 3 5.34% $9,281
    HOME POINT FINANCIAL CORPORATION 3 4.58% $6,026
    MOVEMENT MORTGAGE, LLC 3 5.88% $4,503
    Northpointe Bank 3 4.58% $10,278
    NEWREZ LLC 2 6.25% $11,629
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.25% $4,398
    U.S. Bank 2 6.00% $9,749
    FAIR WAY LENDING LLC 2 3.81% $3,589
    The Federal Savings Bank 2 3.50% $7,524
    Barrington Bank & Trust Company, N.A. 2 4.88% $11,295
    TOP FLITE FINANCIAL, INC. 2 6.06% $6,364
    North American Savings Bank, F.S.B. 1 3.25% $11,358
    Wyndham Capital Mortgage, Inc. 1 5.50% $10,341
    Old National Bank 1 5.75% $14,166
    Paramount Residential Mortgage Group, Inc. 1 3.88% $4,399
    AMERICAN FINANCING CORPORATION 1 3.38% $11,597
    PENTAGON FEDERAL CREDIT UNION 1 2.38% $1,283
    CRESCENT MORTGAGE COMPANY 1 3.13% $1,411
    PNC Bank 1 5.63% $1,447
    CMG MORTGAGE, INC. 1 4.38% $6,837
    Regions Bank 1 4.00% $2,894
    RELIANCE FIRST CAPITAL, LLC 1 2.63% $14,047
    Arvest Bank 1 5.00% $12,607
    SUN WEST MORTGAGE COMPANY, INC. 1 4.80% $1,547
    Texana Bank 1 4.25% $15,031
    THRIVE MORTGAGE, LLC 1 4.88% $12,770
    AMERIFIRST FINANCIAL CORPORATION 1 4.75% $8,038
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $8,078
    American Mortgage & Equity Consultants, Inc. 1 5.63% $638
    Waterstone Mortgage Corporation 1 5.13% $4,335
    INTERLINC MORTGAGE SERVICES, LLC 1 5.13% $3,396
    Mid-Continent Funding, Inc. 1 3.50% $11,386
    LOANPAL, LLC 1 5.00% $3,763
    GUARANTEED RATE, INC. 1 5.68% $8,153
    Wells Fargo Bank 1 4.25% $0
    German American Bank 1 3.13% $2,570
    MUTUAL OF OMAHA MORTGAGE, INC. 1 4.50% $4,213
    Nations Lending Corporation 1 6.00% $10,503
    First Federal Bank 1 4.75% $5,204

    The top Evansville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 99 VA loans originated. Their average total fees are $4,848, which is $804 lower than the next largest lender, MORTGAGE MASTERS OF INDIANA, INC..

    The lowest fee Evansville VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,253), Mortgage Research Center, LLC ($4,848), UNITED WHOLESALE MORTGAGE, LLC ($5,524), MORTGAGE MASTERS OF INDIANA, INC. ($5,652) and CALIBER HOME LOANS, INC. ($5,749).

    The lowest rate Evansville VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (3.82%), USAA Federal Savings Bank (4.03%), UNITED WHOLESALE MORTGAGE, LLC (4.23%), QUICKEN LOANS, LLC (4.32%) and CALIBER HOME LOANS, INC. (4.34%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Evansville (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 $154,900 (15.7%) $196,715 (12.3%) 0.57 891
    2018-02-01 $154,950 (14.9%) $199,356 (11.2%) 0.56 837
    2018-03-01 $173,000 (19.9%) $211,823 (12.7%) 0.61 760
    2018-04-01 $174,950 (20.7%) $219,527 (14.4%) 0.59 726
    2018-05-01 $174,900 (13.0%) $222,697 (9.1%) 0.58 742
    2018-06-01 $169,789 (12.2%) $222,005 (10.6%) 0.57 834
    2018-07-01 $166,000 (6.6%) $216,682 (6.7%) 0.55 891
    2018-08-01 $164,900 (10.0%) $209,628 (0.8%) 0.55 931
    2018-09-01 $159,900 (6.6%) $209,354 (-1.6%) 0.54 930
    2018-10-01 $164,900 (3.1%) $207,866 (-3.4%) 0.56 954
    2018-11-01 $162,250 (1.4%) $202,545 (-5.8%) 0.55 972
    2018-12-01 $155,000 (4.1%) $194,944 (0.7%) 0.53 927
    2019-01-01 $154,925 (0.0%) $189,687 (-3.6%) 0.54 887
    2019-02-01 $155,300 (0.2%) $191,956 (-3.7%) 0.52 818
    2019-03-01 $169,900 (-1.8%) $204,689 (-3.4%) 0.57 741
    2019-04-01 $177,900 (1.7%) $216,403 (-1.4%) 0.56 745
    2019-05-01 $177,550 (1.5%) $222,191 (-0.2%) 0.55 779
    2019-06-01 $179,900 (6.0%) $224,601 (1.2%) 0.56 779
    2019-07-01 $175,900 (6.0%) $221,536 (2.2%) 0.55 815
    2019-08-01 $169,000 (2.5%) $217,064 (3.6%) 0.53 882
    2019-09-01 $167,575 (4.8%) $218,159 (4.2%) 0.53 910
    2019-10-01 $154,900 (-6.1%) $205,062 (-1.4%) 0.50 955
    2019-11-01 $149,900 (-7.6%) $201,280 (-0.6%) 0.49 887
    2019-12-01 $143,675 (-7.3%) $195,797 (0.4%) 0.48 819
    2020-01-01 $138,625 (-10.5%) $192,476 (1.5%) 0.46 730
    2020-02-01 $145,000 (-6.6%) $197,927 (3.1%) 0.47 620
    2020-03-01 $171,100 (0.7%) $218,706 (6.9%) 0.54 547
    2020-04-01 $179,200 (0.7%) $223,888 (3.5%) 0.56 543
    2020-05-01 $180,900 (1.9%) $240,471 (8.2%) 0.55 476
    2020-06-01 $186,100 (3.5%) $247,305 (10.1%) 0.55 457
    2020-07-01 $187,000 (6.3%) $245,134 (10.7%) 0.54 454
    2020-08-01 $185,000 (9.5%) $248,663 (14.6%) 0.53 425
    2020-09-01 $175,950 (5.0%) $237,464 (8.9%) 0.50 433
    2020-10-01 $174,950 (12.9%) $229,454 (11.9%) 0.50 419
    2020-11-01 $164,400 (9.7%) $224,837 (11.7%) 0.48 440
    2020-12-01 $149,900 (4.3%) $209,226 (6.9%) 0.45 414
    2021-01-01 $152,450 (10.0%) $206,719 (7.4%) 0.46 339
    2021-02-01 $158,675 (9.4%) $219,279 (10.8%) 0.46 240
    2021-03-01 $171,250 (0.1%) $224,701 (2.7%) 0.49 203
    2021-04-01 $184,975 (3.2%) $222,584 (-0.6%) 0.50 205
    2021-05-01 $182,000 (0.6%) $224,368 (-6.7%) 0.48 217
    2021-06-01 $204,350 (9.8%) $249,759 (1.0%) 0.54 247
    2021-07-01 $189,450 (1.3%) $242,411 (-1.1%) 0.50 329
    2021-08-01 $174,900 (-5.5%) $232,027 (-6.7%) 0.47 389
    2021-09-01 $176,300 (0.2%) $230,049 (-3.1%) 0.47 400
    2021-10-01 $180,000 (2.9%) $234,278 (2.1%) 0.48 383
    2021-11-01 $185,450 (12.8%) $239,173 (6.4%) 0.50 348
    2021-12-01 $172,450 (15.0%) $239,850 (14.6%) 0.47 322
    2022-01-01 $191,450 (25.6%) $243,935 (18.0%) 0.52 262
    2022-02-01 $203,725 (28.4%) $259,252 (18.2%) 0.53 192
    2022-03-01 $196,425 (14.7%) $249,026 (10.8%) 0.49 189
    2022-04-01 $200,000 (8.1%) $254,730 (14.4%) 0.48 225
    2022-05-01 $227,450 (25.0%) $281,852 (25.6%) 0.52 264
    2022-06-01 $242,500 (18.7%) $287,319 (15.0%) 0.54 317
    2022-07-01 $224,000 (18.2%) $271,078 (11.8%) 0.51 414
    2022-08-01 $218,150 (24.7%) $276,537 (19.2%) 0.50 423
    2022-09-01 $218,250 (23.8%) $278,858 (21.2%) 0.51 434
    2022-10-01 $225,000 (25.0%) $285,737 (22.0%) 0.53 452
    2022-11-01 $233,650 (26.0%) $283,117 (18.4%) 0.56 483
    2022-12-01 $245,000 (42.1%) $287,709 (20.0%) 0.60 457
    2023-01-01 $259,638 (35.6%) $309,340 (26.8%) 0.64 391
    2023-02-01 $270,900 (33.0%) $335,882 (29.6%) 0.65 336
    2023-03-01 $271,900 (38.4%) $352,533 (41.6%) 0.64 293
    2023-04-01 $289,000 (44.5%) $345,146 (35.5%) 0.67 308
    Evansville's median listing price for 2023-04-01 was $289,000, a difference of $89,000 (44.5%) versus the prior year and $17,100 versus the prior month.

    Evansville's median listing price comes in at 67% of the national average.

    Evansville's average listing price for 2023-04-01 was $345,146, a difference of $90,416 (35.5%) versus the prior year and $-7,387 versus the prior month.

    For the 2023-04-01 period, Evansville had 308 MLS listings, a difference of 15 listings (5%) versus the prior month and 83 listings (37%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Evansville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 87 days 1,887 sqft
    2018-02-01 89 days 1,855 sqft
    2018-03-01 81 days 1,992 sqft
    2018-04-01 62 days 1,999 sqft
    2018-05-01 52 days 1,982 sqft
    2018-06-01 46 days 1,961 sqft
    2018-07-01 50 days 1,920 sqft
    2018-08-01 55 days 1,905 sqft
    2018-09-01 59 days 1,902 sqft
    2018-10-01 66 days 1,915 sqft
    2018-11-01 67 days 1,851 sqft
    2018-12-01 73 days 1,850 sqft
    2019-01-01 80 days 1,826 sqft
    2019-02-01 81 days 1,820 sqft
    2019-03-01 74 days 1,889 sqft
    2019-04-01 66 days 1,963 sqft
    2019-05-01 51 days 1,938 sqft
    2019-06-01 53 days 1,963 sqft
    2019-07-01 55 days 1,956 sqft
    2019-08-01 60 days 1,932 sqft
    2019-09-01 64 days 1,925 sqft
    2019-10-01 58 days 1,816 sqft
    2019-11-01 66 days 1,807 sqft
    2019-12-01 80 days 1,728 sqft
    2020-01-01 89 days 1,690 sqft
    2020-02-01 92 days 1,733 sqft
    2020-03-01 64 days 1,875 sqft
    2020-04-01 62 days 1,924 sqft
    2020-05-01 63 days 1,944 sqft
    2020-06-01 55 days 1,978 sqft
    2020-07-01 54 days 1,925 sqft
    2020-08-01 54 days 1,933 sqft
    2020-09-01 46 days 1,906 sqft
    2020-10-01 44 days 1,792 sqft
    2020-11-01 49 days 1,785 sqft
    2020-12-01 55 days 1,640 sqft
    2021-01-01 61 days 1,658 sqft
    2021-02-01 67 days 1,628 sqft
    2021-03-01 45 days 1,683 sqft
    2021-04-01 29 days 1,806 sqft
    2021-05-01 24 days 1,787 sqft
    2021-06-01 23 days 1,855 sqft
    2021-07-01 24 days 1,870 sqft
    2021-08-01 27 days 1,792 sqft
    2021-09-01 39 days 1,784 sqft
    2021-10-01 37 days 1,792 sqft
    2021-11-01 37 days 1,773 sqft
    2021-12-01 44 days 1,760 sqft
    2022-01-01 54 days 1,761 sqft
    2022-02-01 54 days 1,768 sqft
    2022-03-01 31 days 1,653 sqft
    2022-04-01 19 days 1,750 sqft
    2022-05-01 21 days 1,836 sqft
    2022-06-01 23 days 1,926 sqft
    2022-07-01 27 days 1,812 sqft
    2022-08-01 37 days 1,859 sqft
    2022-09-01 42 days 1,890 sqft
    2022-10-01 45 days 1,892 sqft
    2022-11-01 47 days 1,884 sqft
    2022-12-01 57 days 1,878 sqft
    2023-01-01 65 days 1,960 sqft
    2023-02-01 64 days 2,012 sqft
    2023-03-01 54 days 2,018 sqft
    2023-04-01 39 days 2,004 sqft
    Evansville's median listing age (time on market) for 2023-04-01 was 39 days. This is 105% longer than the same period one year ago.

    Evansville's median square footage for active listings during the 2023-04-01 period was 2,004 sqft. One year prior, the average listing was 1,750 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.