Evansville VA Loan Rates, Closing Costs & Stats

EVANSVILLE, IN-KY

  • 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.

    Evansville's 54 lenders originated 289 VA loans during 2023. The total origination value was $69,515,000, with an average VA loan value of $240,536.

    Evansville VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Evansville averaged 7.1% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Evansville's average VA mortgage closing costs are $4,448.

    The average rate for the prior week (2024-04-12) was 6.73% and one month ago for the week of 2024-03-15, the average rate was 6.9%.

    The average rate one year ago was 6.29%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.29%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 73 6.93% $4,232
    MORTGAGE MASTERS OF INDIANA, INC. 46 6.72% $4,470
    QUICKEN LOANS, LLC 21 6.10% $9,710
    UNITED WHOLESALE MORTGAGE, LLC 16 6.37% $8,084
    Bank of England 12 6.75% $4,864
    FREEDOM MORTGAGE CORPORATION 8 7.00% $12,363
    PENNYMAC LOAN SERVICES, LLC 7 5.68% $4,858
    RUOFF MORTGAGE COMPANY, INC. 7 6.82% $3,009
    CALIBER HOME LOANS, INC. 6 6.42% $6,417
    FBC MORTGAGE, LLC 5 5.09% $10,198
    NAVY FEDERAL CREDIT UNION 5 5.78% $7,084
    AMERISAVE MORTGAGE CORPORATION 4 5.81% $19,203
    NEW DAY FINANCIAL, LLC 4 7.47% $12,988
    NEWREZ LLC 4 6.38% $9,073
    EVANSVILLE TEACHERS 4 6.97% $8,643
    LOANDEPOT.COM, LLC 4 5.94% $12,405
    The Federal Savings Bank 4 6.03% $12,521
    PLAZA HOME MORTGAGE, INC. 3 6.25% $4,823
    USAA Federal Savings Bank 3 6.17% $2,920
    Northpointe Bank 3 5.92% $5,103
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $1,051
    Nations Lending Corporation 2 7.50% $9,515
    Servion, Inc. 2 5.63% $7,453
    ROYAL UNITED MORTGAGE LLC 2 6.44% $5,128
    Barrington Bank & Trust Company, N.A. 2 5.50% $9,962
    VILLAGE CAPITAL MORTGAGE 2 7.00% $4,174
    THRIVE MORTGAGE, LLC 1 7.13% $4,635
    Truist 1 5.75% $4,778
    Stock Yards Bank & Trust Company 1 6.00% $5,970
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $5,281
    BROKER SOLUTIONS, INC. 1 6.75% $6,737
    CARDINAL FINANCIAL 1 7.25% $7,911
    Century Mortgage Company DBA Century Lending Company 1 7.63% $8,025
    CMG MORTGAGE, INC. 1 5.63% $9,939
    DAS Acquisition Company, LLC 1 7.50% $552
    Equity Prime Mortgage LLC 1 6.75% $6,537
    Fifth Third Bank 1 7.00% $6,750
    GUARANTEED RATE, INC. 1 7.75% $0
    GUILD MORTGAGE COMPANY 1 5.88% $3,114
    GVC MORTGAGE, INC. 1 7.13% $3,460
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $1,307
    JPMorgan Chase Bank 1 5.75% $3,926
    Magnolia Bank 1 7.13% $5,435
    Mid-Continent Funding, Inc. 1 6.13% $16,659
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $6,941
    MOVEMENT MORTGAGE, LLC 1 6.75% $357
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $8,456
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $10,995
    NFM, INC. 1 7.63% $2,768
    Paramount Residential Mortgage Group, Inc. 1 5.75% $2,149
    POLARIS HOME FUNDING CORP. 1 7.38% $9,342
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $18,038
    SOUTH CENTRAL BANK, INC. 1 6.75% $2,032
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $6,897

    The top Evansville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 73 VA loans originated. Their average total fees are $4,232, which is $238 lower than the next largest lender, MORTGAGE MASTERS OF INDIANA, INC..

    The lowest fee Evansville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,232), MORTGAGE MASTERS OF INDIANA, INC. ($4,470), Bank of England ($4,864), UNITED WHOLESALE MORTGAGE, LLC ($8,084) and QUICKEN LOANS, LLC ($9,710).

    The lowest rate Evansville VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.10%), UNITED WHOLESALE MORTGAGE, LLC (6.37%), MORTGAGE MASTERS OF INDIANA, INC. (6.72%), Bank of England (6.75%) and Mortgage Research Center, LLC (6.93%).

    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 (19.5%) $211,823 (12.7%) 0.61 760
    2018-04-01 $174,950 (20.7%) $219,527 (14.3%) 0.59 726
    2018-05-01 $174,900 (13.0%) $223,156 (9.3%) 0.58 741
    2018-06-01 $169,888 (12.3%) $222,439 (10.9%) 0.57 833
    2018-07-01 $166,450 (6.9%) $216,962 (6.8%) 0.56 891
    2018-08-01 $164,900 (10.0%) $209,628 (0.8%) 0.55 931
    2018-09-01 $159,900 (6.6%) $209,479 (-1.5%) 0.54 930
    2018-10-01 $164,900 (3.1%) $207,866 (-3.5%) 0.56 954
    2018-11-01 $162,250 (1.1%) $202,545 (-5.9%) 0.55 972
    2018-12-01 $155,000 (4.1%) $194,944 (0.7%) 0.53 927
    2019-01-01 $154,950 (0.0%) $189,780 (-3.5%) 0.54 887
    2019-02-01 $155,900 (0.6%) $191,989 (-3.7%) 0.53 818
    2019-03-01 $168,100 (-2.8%) $203,875 (-3.8%) 0.55 772
    2019-04-01 $177,900 (1.7%) $216,391 (-1.4%) 0.56 749
    2019-05-01 $177,550 (1.5%) $222,191 (-0.4%) 0.55 779
    2019-06-01 $179,900 (5.9%) $224,601 (1.0%) 0.56 779
    2019-07-01 $175,900 (5.7%) $221,536 (2.1%) 0.55 815
    2019-08-01 $165,155 (0.2%) $214,000 (2.1%) 0.52 877
    2019-09-01 $159,386 (-0.3%) $208,354 (-0.5%) 0.51 926
    2019-10-01 $154,900 (-6.1%) $204,995 (-1.4%) 0.50 958
    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 (1.4%) 0.46 730
    2020-02-01 $145,000 (-7.0%) $197,927 (3.1%) 0.47 620
    2020-03-01 $171,100 (1.8%) $218,706 (7.3%) 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 (12.0%) $248,663 (16.2%) 0.53 425
    2020-09-01 $175,950 (10.4%) $237,464 (14.0%) 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%) 0.50 414
    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
    2023-05-01 $274,950 (20.9%) $346,532 (23.0%) 0.62 330
    2023-06-01 $291,450 (20.2%) $359,981 (25.3%) 0.65 345
    2023-07-01 $288,250 (28.7%) $365,393 (34.8%) 0.66 328
    2023-08-01 $278,450 (27.6%) $335,640 (21.4%) 0.64 377
    2023-09-01 $249,900 (14.5%) $305,961 (9.7%) 0.58 424
    2023-10-01 $242,152 (7.6%) $294,155 (3.0%) 0.57 513
    2023-11-01 $238,125 (1.9%) $287,763 (1.6%) 0.57 578
    2023-12-01 $236,500 (-3.5%) $278,611 (-3.2%) 0.58 531
    2024-01-01 $234,900 (-9.5%) $276,354 (-10.7%) 0.57 507
    2024-02-01 $239,450 (-11.6%) $280,079 (-16.6%) 0.58 456
    2024-03-01 $241,888 (-11.0%) $288,137 (-18.3%) 0.57 416
    Evansville's median listing price for 2024-03-01 was $241,888, a difference of $-30,012 (-11.0%) versus the prior year and $2,438 versus the prior month.

    Evansville's median listing price comes in at 57% of the national average.

    Evansville's average listing price for 2024-03-01 was $288,137, a difference of $-64,396 (-18.3%) versus the prior year and $8,058 versus the prior month.

    For the 2024-03-01 period, Evansville had 416 MLS listings, a difference of -40 listings (-9%) versus the prior month and 123 listings (42%) 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 82 days 1,887 sqft
    2018-02-01 82 days 1,855 sqft
    2018-03-01 71 days 1,992 sqft
    2018-04-01 55 days 1,999 sqft
    2018-05-01 46 days 1,986 sqft
    2018-06-01 44 days 1,963 sqft
    2018-07-01 46 days 1,920 sqft
    2018-08-01 51 days 1,905 sqft
    2018-09-01 57 days 1,902 sqft
    2018-10-01 61 days 1,915 sqft
    2018-11-01 61 days 1,851 sqft
    2018-12-01 68 days 1,850 sqft
    2019-01-01 75 days 1,826 sqft
    2019-02-01 73 days 1,821 sqft
    2019-03-01 69 days 1,881 sqft
    2019-04-01 61 days 1,963 sqft
    2019-05-01 47 days 1,939 sqft
    2019-06-01 52 days 1,963 sqft
    2019-07-01 52 days 1,956 sqft
    2019-08-01 52 days 1,897 sqft
    2019-09-01 53 days 1,845 sqft
    2019-10-01 54 days 1,815 sqft
    2019-11-01 64 days 1,807 sqft
    2019-12-01 79 days 1,728 sqft
    2020-01-01 86 days 1,690 sqft
    2020-02-01 86 days 1,733 sqft
    2020-03-01 59 days 1,875 sqft
    2020-04-01 58 days 1,924 sqft
    2020-05-01 58 days 1,944 sqft
    2020-06-01 49 days 1,978 sqft
    2020-07-01 44 days 1,925 sqft
    2020-08-01 45 days 1,929 sqft
    2020-09-01 37 days 1,906 sqft
    2020-10-01 38 days 1,792 sqft
    2020-11-01 43 days 1,785 sqft
    2020-12-01 49 days 1,640 sqft
    2021-01-01 56 days 1,658 sqft
    2021-02-01 60 days 1,628 sqft
    2021-03-01 33 days 1,683 sqft
    2021-04-01 25 days 1,806 sqft
    2021-05-01 23 days 1,787 sqft
    2021-06-01 22 days 1,855 sqft
    2021-07-01 24 days 1,870 sqft
    2021-08-01 26 days 1,796 sqft
    2021-09-01 39 days 1,785 sqft
    2021-10-01 37 days 1,792 sqft
    2021-11-01 37 days 1,773 sqft
    2021-12-01 44 days 1,758 sqft
    2022-01-01 54 days 1,761 sqft
    2022-02-01 53 days 1,768 sqft
    2022-03-01 30 days 1,653 sqft
    2022-04-01 19 days 1,750 sqft
    2022-05-01 20 days 1,836 sqft
    2022-06-01 22 days 1,926 sqft
    2022-07-01 26 days 1,812 sqft
    2022-08-01 35 days 1,859 sqft
    2022-09-01 41 days 1,890 sqft
    2022-10-01 44 days 1,892 sqft
    2022-11-01 45 days 1,884 sqft
    2022-12-01 54 days 1,878 sqft
    2023-01-01 63 days 1,960 sqft
    2023-02-01 61 days 2,012 sqft
    2023-03-01 50 days 2,018 sqft
    2023-04-01 37 days 2,004 sqft
    2023-05-01 31 days 1,995 sqft
    2023-06-01 37 days 2,024 sqft
    2023-07-01 35 days 2,032 sqft
    2023-08-01 31 days 1,973 sqft
    2023-09-01 37 days 1,920 sqft
    2023-10-01 36 days 1,844 sqft
    2023-11-01 40 days 1,747 sqft
    2023-12-01 51 days 1,734 sqft
    2024-01-01 61 days 1,724 sqft
    2024-02-01 57 days 1,741 sqft
    2024-03-01 52 days 1,794 sqft
    Evansville's median listing age (time on market) for 2024-03-01 was 52 days. This is 4% longer than the same period one year ago.

    Evansville's median square footage for active listings during the 2024-03-01 period was 1,794 sqft. One year prior, the average listing was 2,018 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.