Fort Madison VA Loan Rates, Closing Costs & Stats

Fort Madison-Keokuk, IA-IL-MO

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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.

    Fort Madison's 18 lenders originated 42 VA loans during 2023. The total origination value was $7,740,000, with an average VA loan value of $184,286.

    Fort Madison VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Fort Madison averaged 6.88% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Fort Madison's average VA mortgage closing costs are $3,789.

    The average rate for the prior week (2024-04-12) was 6.81% and one month ago for the week of 2024-03-15, the average rate was 6.47%.

    The average rate one year ago was 6.46%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Fort Madison 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 Fort Madison level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 15 6.64% $4,486
    Fortress Bank 4 7.00% $3,467
    QUICKEN LOANS, LLC 3 6.08% $4,762
    USAA Federal Savings Bank 3 6.25% $3,744
    NAVY FEDERAL CREDIT UNION 2 5.63% $1,812
    PENNYMAC LOAN SERVICES, LLC 1 5.13% $3,010
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $10,514
    RELIANCE FIRST CAPITAL, LLC 1 6.00% $5,581
    RESIDENTIAL MORTGAGE NETWORK, INC. 1 6.50% $575
    United Community Bank 1 6.38% $5,993
    UNITED WHOLESALE MORTGAGE, LLC 1 7.13% $12,747
    U.S. Bank 1 6.63% $3,028
    Barrington Bank & Trust Company, N.A. 1 5.75% $3,781
    Wells Fargo Bank 1 5.75% $1,868
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $5,728
    LOANDEPOT.COM, LLC 1 5.99% $9,033
    MOVEMENT MORTGAGE, LLC 1 6.75% $2,187
    NEWREZ LLC 1 6.63% $4,886

    The top Fort Madison VA lender as defined by loan originations is Mortgage Research Center, LLC, with 15 VA loans originated. Their average total fees are $4,486, which is $1,019 higher than the next largest lender, Fortress Bank.

    The lowest fee Fort Madison VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,486), .

    The lowest rate Fort Madison VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.64%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fort Madison (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 $89,375 (-3.1%) $123,634 (-0.5%) 0.00 193
    2018-02-01 $99,000 (6.2%) $133,959 (7.5%) 0.00 179
    2018-03-01 $99,000 (-5.3%) $134,282 (6.4%) 0.00 182
    2018-04-01 $96,750 (-12.8%) $132,405 (4.6%) 0.00 198
    2018-05-01 $94,750 (-9.2%) $130,902 (5.5%) 0.00 227
    2018-06-01 $95,750 (-9.9%) $132,213 (4.9%) 0.00 261
    2018-07-01 $98,125 (-6.5%) $130,527 (5.6%) 0.00 288
    2018-08-01 $106,250 (9.1%) $131,349 (7.2%) 0.00 287
    2018-09-01 $105,900 (14.5%) $128,840 (5.5%) 0.00 285
    2018-10-01 $106,700 (18.7%) $127,862 (1.2%) 0.00 273
    2018-11-01 $106,275 (14.2%) $129,844 (2.3%) 0.00 249
    2018-12-01 $99,900 (16.2%) $129,715 (6.0%) 0.00 232
    2019-01-01 $99,900 (11.8%) $125,943 (1.9%) 0.00 218
    2019-02-01 $99,900 (0.9%) $129,066 (-3.7%) 0.00 199
    2019-03-01 $109,196 (10.3%) $132,503 (-1.3%) 0.00 202
    2019-04-01 $106,038 (9.6%) $132,258 (-0.1%) 0.00 210
    2019-05-01 $109,450 (15.5%) $137,283 (4.9%) 0.00 207
    2019-06-01 $109,000 (13.8%) $138,645 (4.9%) 0.00 207
    2019-07-01 $107,450 (9.5%) $138,444 (6.1%) 0.00 223
    2019-08-01 $104,509 (-1.6%) $136,259 (3.7%) 0.00 225
    2019-09-01 $107,598 (1.6%) $137,568 (6.8%) 0.00 230
    2019-10-01 $109,657 (2.8%) $138,551 (8.4%) 0.00 234
    2019-11-01 $105,950 (-0.3%) $136,484 (5.1%) 0.00 235
    2019-12-01 $99,575 (-0.3%) $129,971 (0.2%) 0.00 231
    2020-01-01 $98,750 (-1.2%) $129,357 (2.7%) 0.00 242
    2020-02-01 $99,000 (-0.9%) $128,549 (-0.4%) 0.00 225
    2020-03-01 $100,950 (-7.6%) $132,881 (0.3%) 0.00 214
    2020-04-01 $102,000 (-3.8%) $134,595 (1.8%) 0.00 216
    2020-05-01 $109,700 (0.2%) $139,987 (2.0%) 0.00 217
    2020-06-01 $112,300 (3.0%) $142,402 (2.7%) 0.00 229
    2020-07-01 $113,750 (5.9%) $140,626 (1.6%) 0.00 225
    2020-08-01 $119,900 (14.7%) $147,343 (8.1%) 0.00 220
    2020-09-01 $117,000 (8.7%) $143,477 (4.3%) 0.00 210
    2020-10-01 $118,900 (8.4%) $147,672 (6.6%) 0.00 203
    2020-11-01 $119,450 (12.7%) $153,569 (12.5%) 0.00 183
    2020-12-01 $118,225 (18.7%) $153,032 (17.7%) 0.00 158
    2021-01-01 $105,000 (6.3%) $144,460 (11.7%) 0.00 143
    2021-02-01 $105,000 (6.1%) $145,296 (13.0%) 0.00 140
    2021-03-01 $107,500 (6.5%) $147,960 (11.4%) 0.00 133
    2021-04-01 $93,700 (-8.1%) $134,436 (-0.1%) 0.00 140
    2021-05-01 $93,700 (-14.6%) $126,476 (-9.7%) 0.00 148
    2021-06-01 $94,225 (-16.1%) $124,943 (-12.3%) 0.00 150
    2021-07-01 $95,000 (-16.5%) $126,142 (-10.3%) 0.00 149
    2021-08-01 $105,725 (-11.8%) $134,655 (-8.6%) 0.00 154
    2021-09-01 $95,125 (-18.7%) $127,800 (-10.9%) 0.00 148
    2021-10-01 $95,000 (-20.1%) $128,496 (-13.0%) 0.00 147
    2021-11-01 $87,738 (-26.6%) $113,630 (-26.0%) 0.00 146
    2021-12-01 $85,850 (-27.4%) $115,638 (-24.4%) 0.00 134
    2022-01-01 $85,000 (-19.1%) $104,684 (-27.5%) 0.00 118
    2022-02-01 $84,975 (-19.1%) $113,395 (-22.0%) 0.00 105
    2022-03-01 $105,400 (-2.0%) $134,267 (-9.3%) 0.00 112
    2022-04-01 $115,000 (22.7%) $144,022 (7.1%) 0.00 119
    2022-05-01 $125,200 (33.6%) $153,146 (21.1%) 0.00 125
    2022-06-01 $127,675 (35.5%) $162,932 (30.4%) 0.00 133
    2022-07-01 $124,900 (31.5%) $156,119 (23.8%) 0.00 149
    2022-08-01 $126,250 (19.4%) $159,540 (18.5%) 0.00 130
    2022-09-01 $122,100 (28.4%) $149,891 (17.3%) 0.00 124
    2022-10-01 $120,000 (26.3%) $147,609 (14.9%) 0.00 122
    2022-11-01 $115,000 (31.1%) $133,416 (17.4%) 0.00 133
    2022-12-01 $113,750 (32.5%) $125,290 (8.4%) 0.00 115
    2023-01-01 $114,000 (34.1%) $133,705 (27.7%) 0.00 103
    2023-02-01 $115,375 (35.8%) $137,772 (21.5%) 0.00 102
    2023-03-01 $123,700 (17.4%) $153,896 (14.6%) 0.00 98
    2023-04-01 $125,000 (8.7%) $158,386 (10.0%) 0.00 96
    2023-05-01 $124,999 (-0.2%) $158,585 (3.6%) 0.00 92
    2023-06-01 $130,795 (2.4%) $152,759 (-6.2%) 0.00 97
    2023-07-01 $128,180 (2.6%) $157,080 (0.6%) 0.00 89
    2023-08-01 $127,450 (1.0%) $159,241 (-0.2%) 0.00 93
    2023-09-01 $125,000 (2.4%) $160,930 (7.4%) 0.00 97
    2023-10-01 $123,378 (2.8%) $160,685 (8.9%) 0.00 109
    2023-11-01 $126,425 (9.9%) $164,402 (23.2%) 0.00 113
    2023-12-01 $114,500 (0.7%) $149,394 (19.2%) 0.00 111
    2024-01-01 $119,750 (5.0%) $154,428 (15.5%) 0.00 109
    2024-02-01 $122,000 (5.7%) $157,850 (14.6%) 0.00 109
    2024-03-01 $122,000 (-1.4%) $148,702 (-3.4%) 0.00 121
    Fort Madison's median listing price for 2024-03-01 was $122,000, a difference of $-1,700 (-1.4%) versus the prior year and $0 versus the prior month.

    Fort Madison's median listing price comes in at 0% of the national average.

    Fort Madison's average listing price for 2024-03-01 was $148,702, a difference of $-5,194 (-3.4%) versus the prior year and $-9,148 versus the prior month.

    For the 2024-03-01 period, Fort Madison had 121 MLS listings, a difference of 12 listings (11%) versus the prior month and 23 listings (23%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fort Madison (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,488 sqft
    2018-02-01 0 days 1,514 sqft
    2018-03-01 0 days 1,513 sqft
    2018-04-01 0 days 1,489 sqft
    2018-05-01 0 days 1,467 sqft
    2018-06-01 0 days 1,440 sqft
    2018-07-01 0 days 1,423 sqft
    2018-08-01 0 days 1,464 sqft
    2018-09-01 0 days 1,404 sqft
    2018-10-01 0 days 1,423 sqft
    2018-11-01 0 days 1,440 sqft
    2018-12-01 0 days 1,437 sqft
    2019-01-01 0 days 1,408 sqft
    2019-02-01 0 days 1,424 sqft
    2019-03-01 0 days 1,426 sqft
    2019-04-01 0 days 1,404 sqft
    2019-05-01 0 days 1,408 sqft
    2019-06-01 0 days 1,440 sqft
    2019-07-01 0 days 1,506 sqft
    2019-08-01 0 days 1,517 sqft
    2019-09-01 0 days 1,539 sqft
    2019-10-01 0 days 1,561 sqft
    2019-11-01 0 days 1,536 sqft
    2019-12-01 0 days 1,506 sqft
    2020-01-01 0 days 1,774 sqft
    2020-02-01 0 days 1,516 sqft
    2020-03-01 0 days 1,501 sqft
    2020-04-01 0 days 1,503 sqft
    2020-05-01 0 days 1,480 sqft
    2020-06-01 0 days 1,444 sqft
    2020-07-01 0 days 1,456 sqft
    2020-08-01 0 days 1,488 sqft
    2020-09-01 0 days 1,447 sqft
    2020-10-01 0 days 1,440 sqft
    2020-11-01 0 days 1,474 sqft
    2020-12-01 0 days 1,489 sqft
    2021-01-01 0 days 1,486 sqft
    2021-02-01 0 days 1,501 sqft
    2021-03-01 0 days 1,560 sqft
    2021-04-01 0 days 1,456 sqft
    2021-05-01 0 days 1,453 sqft
    2021-06-01 0 days 1,445 sqft
    2021-07-01 0 days 1,434 sqft
    2021-08-01 0 days 1,503 sqft
    2021-09-01 0 days 1,552 sqft
    2021-10-01 0 days 1,456 sqft
    2021-11-01 0 days 1,380 sqft
    2021-12-01 0 days 1,353 sqft
    2022-01-01 0 days 1,330 sqft
    2022-02-01 0 days 1,398 sqft
    2022-03-01 0 days 1,430 sqft
    2022-04-01 0 days 1,456 sqft
    2022-05-01 0 days 1,468 sqft
    2022-06-01 0 days 1,486 sqft
    2022-07-01 0 days 1,424 sqft
    2022-08-01 0 days 1,403 sqft
    2022-09-01 0 days 1,330 sqft
    2022-10-01 0 days 1,357 sqft
    2022-11-01 0 days 1,417 sqft
    2022-12-01 0 days 1,448 sqft
    2023-01-01 0 days 1,467 sqft
    2023-02-01 0 days 1,456 sqft
    2023-03-01 0 days 1,494 sqft
    2023-04-01 0 days 1,469 sqft
    2023-05-01 0 days 1,430 sqft
    2023-06-01 0 days 1,400 sqft
    2023-07-01 0 days 1,400 sqft
    2023-08-01 0 days 1,462 sqft
    2023-09-01 0 days 1,443 sqft
    2023-10-01 0 days 1,438 sqft
    2023-11-01 0 days 1,451 sqft
    2023-12-01 0 days 1,461 sqft
    2024-01-01 0 days 1,441 sqft
    2024-02-01 0 days 1,443 sqft
    2024-03-01 0 days 1,436 sqft
    Fort Madison's median listing age (time on market) for 2024-03-01 was 0 days.

    Fort Madison's median square footage for active listings during the 2024-03-01 period was 1,436 sqft. One year prior, the average listing was 1,494 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.