Evansville VA Loan Rates, Closing Costs & Stats

EVANSVILLE, IN-KY

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 6.43% for the week of 2024-06-07, compared to the national average (all VA variants) of 6.387% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.64% and one month ago for the week of 2024-05-03, the average rate was 6.77%.

The average rate one year ago was 6.47%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.92%.

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
2024-04-01 $231,750 (-19.8%) $286,218 (-17.1%) 0.54 441
2024-05-01 $253,750 (-7.7%) $306,978 (-11.4%) 0.57 461
Evansville's median listing price for 2024-05-01 was $253,750, a difference of $-21,200 (-7.7%) versus the prior year and $22,000 versus the prior month.

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

Evansville's average listing price for 2024-05-01 was $306,978, a difference of $-39,554 (-11.4%) versus the prior year and $20,760 versus the prior month.

For the 2024-05-01 period, Evansville had 461 MLS listings, a difference of 20 listings (5%) versus the prior month and 131 listings (40%) 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
2024-04-01 41 days 1,765 sqft
2024-05-01 39 days 1,881 sqft
Evansville's median listing age (time on market) for 2024-05-01 was 39 days. This is 24% longer than the same period one year ago.

Evansville's median square footage for active listings during the 2024-05-01 period was 1,881 sqft. One year prior, the average listing was 1,995 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.