Galesburg VA Loan Rates, Closing Costs & Stats

Galesburg, IL

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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.

    Galesburg's 16 lenders originated 30 VA loans during 2023. The total origination value was $4,580,000, with an average VA loan value of $152,667.

    Galesburg VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Galesburg averaged 6.73% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Galesburg's average VA mortgage closing costs are $3,874.

    The average rate for the prior week (2024-11-01) was 6.69% and one month ago for the week of 2024-10-04, the average rate was 6.01%.

    The average rate one year ago was 7.47%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.34%.

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

    Galesburg 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 Galesburg level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 11 6.84% $4,546
    UNITED WHOLESALE MORTGAGE, LLC 2 7.13% $8,128
    GERSHMAN INVESTMENT CORP. 2 6.69% $5,294
    CRESCENT MORTGAGE COMPANY 1 6.63% $3,644
    FBC MORTGAGE, LLC 1 7.25% $3,422
    GUARANTEED RATE, INC. 1 6.88% $0
    INB 1 5.38% $1,681
    MORTGAGEONE, INC. 1 7.75% $240
    Mr. Cooper ( Nationstar Mortgage ) 1 6.00% $13,181
    PNC Bank 1 7.75% $2,303
    PREMIA MORTGAGE, LLC 1 5.50% $4,948
    QUICKEN LOANS, LLC 1 6.49% $13,880
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $8,880
    USAA Federal Savings Bank 1 5.75% $6,949
    Barrington Bank & Trust Company, N.A. 1 6.13% $4,256
    Community Mortgage Banc Corporation 1 7.25% $0

    The top Galesburg VA lender as defined by loan originations is Mortgage Research Center, LLC, with 11 VA loans originated. Their average total fees are $4,546, which is $3,582 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Galesburg VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,546), .

    The lowest rate Galesburg VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.84%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Galesburg (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 $104,550 (1.3%) $137,069 (0.8%) 0.00 218
    2018-02-01 $99,375 (-4.8%) $134,147 (-0.8%) 0.00 216
    2018-03-01 $105,000 (-5.0%) $144,971 (2.5%) 0.00 232
    2018-04-01 $112,950 (-1.7%) $151,595 (-2.6%) 0.00 243
    2018-05-01 $109,800 (-10.7%) $145,199 (-12.1%) 0.00 261
    2018-06-01 $110,700 (-12.5%) $151,052 (-9.9%) 0.00 282
    2018-07-01 $111,375 (-10.2%) $148,758 (-9.9%) 0.00 308
    2018-08-01 $99,250 (-20.6%) $138,257 (-18.2%) 0.00 329
    2018-09-01 $97,400 (-22.5%) $131,576 (-22.0%) 0.00 324
    2018-10-01 $94,500 (-20.2%) $130,682 (-19.7%) 0.00 312
    2018-11-01 $94,975 (-14.3%) $132,992 (-14.5%) 0.00 278
    2018-12-01 $99,500 (-5.2%) $130,497 (-6.8%) 0.00 234
    2019-01-01 $103,725 (-0.8%) $131,890 (-3.8%) 0.00 224
    2019-02-01 $107,750 (8.4%) $132,685 (-1.1%) 0.00 214
    2019-03-01 $110,500 (5.2%) $140,202 (-3.3%) 0.00 198
    2019-04-01 $113,450 (0.4%) $147,762 (-2.5%) 0.00 187
    2019-05-01 $119,900 (9.2%) $155,489 (7.1%) 0.00 196
    2019-06-01 $112,900 (2.0%) $152,152 (0.7%) 0.00 214
    2019-07-01 $108,225 (-2.8%) $155,451 (4.5%) 0.00 220
    2019-08-01 $96,964 (-2.3%) $155,664 (12.6%) 0.00 224
    2019-09-01 $92,484 (-5.1%) $157,573 (19.8%) 0.00 233
    2019-10-01 $89,250 (-5.6%) $158,846 (21.6%) 0.00 238
    2019-11-01 $84,900 (-10.6%) $151,056 (13.6%) 0.00 241
    2019-12-01 $84,925 (-14.7%) $151,227 (15.9%) 0.00 221
    2020-01-01 $81,975 (-21.0%) $147,254 (11.7%) 0.00 197
    2020-02-01 $84,900 (-21.2%) $151,073 (13.9%) 0.00 178
    2020-03-01 $94,550 (-14.4%) $159,932 (14.1%) 0.00 182
    2020-04-01 $96,250 (-15.2%) $138,955 (-6.0%) 0.00 184
    2020-05-01 $101,900 (-15.0%) $166,957 (7.4%) 0.00 185
    2020-06-01 $104,225 (-7.7%) $167,076 (9.8%) 0.00 174
    2020-07-01 $109,450 (1.1%) $171,686 (10.4%) 0.00 167
    2020-08-01 $107,000 (10.4%) $172,789 (11.0%) 0.00 141
    2020-09-01 $96,950 (4.8%) $165,100 (4.8%) 0.00 131
    2020-10-01 $84,450 (-5.4%) $160,105 (0.8%) 0.00 122
    2020-11-01 $75,625 (-10.9%) $141,649 (-6.2%) 0.00 130
    2020-12-01 $75,875 (-10.7%) $140,960 (-6.8%) 0.00 107
    2021-01-01 $72,000 (-12.2%) $113,415 (-23.0%) 0.00 101
    2021-02-01 $79,900 (-5.9%) $117,263 (-22.4%) 0.00 97
    2021-03-01 $82,700 (-12.5%) $130,077 (-18.7%) 0.00 86
    2021-04-01 $87,900 (-8.7%) $136,719 (-1.6%) 0.00 71
    2021-05-01 $79,900 (-21.6%) $133,530 (-20.0%) 0.00 62
    2021-06-01 $95,900 (-8.0%) $150,559 (-9.9%) 0.00 71
    2021-07-01 $99,900 (-8.7%) $158,490 (-7.7%) 0.00 83
    2021-08-01 $117,450 (9.8%) $157,351 (-8.9%) 0.00 82
    2021-09-01 $129,950 (34.0%) $177,226 (7.3%) 0.00 94
    2021-10-01 $110,900 (31.3%) $169,451 (5.8%) 0.00 97
    2021-11-01 $102,200 (35.1%) $146,232 (3.2%) 0.00 104
    2021-12-01 $96,375 (27.0%) $136,992 (-2.8%) 0.00 100
    2022-01-01 $93,250 (29.5%) $130,841 (15.4%) 0.00 80
    2022-02-01 $100,425 (25.7%) $145,894 (24.4%) 0.00 58
    2022-03-01 $99,000 (19.7%) $149,532 (15.0%) 0.00 55
    2022-04-01 $102,500 (16.6%) $162,160 (18.6%) 0.00 72
    2022-05-01 $99,175 (24.1%) $158,363 (18.6%) 0.00 78
    2022-06-01 $93,950 (-2.0%) $155,165 (3.1%) 0.00 67
    2022-07-01 $96,200 (-3.7%) $160,344 (1.2%) 0.00 73
    2022-08-01 $94,450 (-19.6%) $166,561 (5.9%) 0.00 74
    2022-09-01 $99,575 (-23.4%) $163,119 (-8.0%) 0.00 78
    2022-10-01 $114,950 (3.7%) $168,854 (-0.4%) 0.00 82
    2022-11-01 $117,400 (14.9%) $159,848 (9.3%) 0.00 99
    2022-12-01 $115,000 (19.3%) $166,887 (21.8%) 0.00 89
    2023-01-01 $114,900 (23.2%) $160,181 (22.4%) 0.00 90
    2023-02-01 $125,300 (24.8%) $173,602 (19.0%) 0.00 82
    2023-03-01 $118,300 (19.5%) $173,322 (15.9%) 0.00 66
    2023-04-01 $143,500 (40.0%) $198,608 (22.5%) 0.00 60
    2023-05-01 $127,425 (28.5%) $195,406 (23.4%) 0.00 72
    2023-06-01 $127,950 (36.2%) $203,371 (31.1%) 0.00 79
    2023-07-01 $132,900 (38.2%) $205,653 (28.3%) 0.00 72
    2023-08-01 $125,175 (32.5%) $203,185 (22.0%) 0.00 80
    2023-09-01 $114,750 (15.2%) $173,496 (6.4%) 0.00 68
    2023-10-01 $110,500 (-3.9%) $155,671 (-7.8%) 0.00 79
    2023-11-01 $110,500 (-5.9%) $148,117 (-7.3%) 0.00 79
    2023-12-01 $112,450 (-2.2%) $149,250 (-10.6%) 0.00 74
    2024-01-01 $108,225 (-5.8%) $148,685 (-7.2%) 0.00 71
    2024-02-01 $94,950 (-24.2%) $144,316 (-16.9%) 0.00 68
    2024-03-01 $122,400 (3.5%) $183,432 (5.8%) 0.00 67
    2024-04-01 $143,475 (0.0%) $205,836 (3.6%) 0.00 72
    2024-05-01 $157,475 (23.6%) $212,265 (8.6%) 0.00 88
    2024-06-01 $155,000 (21.1%) $212,543 (4.5%) 0.00 93
    2024-07-01 $138,700 (4.4%) $185,181 (-10.0%) 0.00 101
    2024-08-01 $129,900 (3.8%) $174,726 (-14.0%) 0.00 91
    2024-09-01 $124,800 (8.8%) $185,338 (6.8%) 0.00 94
    2024-10-01 $119,900 (8.5%) $176,525 (13.4%) 0.00 112
    Galesburg's median listing price for 2024-10-01 was $119,900, a difference of $9,400 (8.5%) versus the prior year and $-4,900 versus the prior month.

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

    Galesburg's average listing price for 2024-10-01 was $176,525, a difference of $20,854 (13.4%) versus the prior year and $-8,813 versus the prior month.

    For the 2024-10-01 period, Galesburg had 112 MLS listings, a difference of 18 listings (19%) versus the prior month and 33 listings (42%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Galesburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,526 sqft
    2018-02-01 0 days 1,506 sqft
    2018-03-01 0 days 1,521 sqft
    2018-04-01 0 days 1,557 sqft
    2018-05-01 0 days 1,517 sqft
    2018-06-01 0 days 1,515 sqft
    2018-07-01 0 days 1,522 sqft
    2018-08-01 0 days 1,488 sqft
    2018-09-01 0 days 1,488 sqft
    2018-10-01 0 days 1,502 sqft
    2018-11-01 0 days 1,483 sqft
    2018-12-01 0 days 1,501 sqft
    2019-01-01 0 days 1,546 sqft
    2019-02-01 0 days 1,544 sqft
    2019-03-01 0 days 1,569 sqft
    2019-04-01 0 days 1,588 sqft
    2019-05-01 0 days 1,603 sqft
    2019-06-01 0 days 1,664 sqft
    2019-07-01 0 days 1,664 sqft
    2019-08-01 0 days 1,591 sqft
    2019-09-01 0 days 1,579 sqft
    2019-10-01 0 days 1,571 sqft
    2019-11-01 0 days 1,532 sqft
    2019-12-01 0 days 1,524 sqft
    2020-01-01 0 days 1,532 sqft
    2020-02-01 0 days 1,536 sqft
    2020-03-01 0 days 1,545 sqft
    2020-04-01 0 days 1,539 sqft
    2020-05-01 0 days 1,566 sqft
    2020-06-01 0 days 1,542 sqft
    2020-07-01 0 days 1,646 sqft
    2020-08-01 0 days 1,640 sqft
    2020-09-01 0 days 1,606 sqft
    2020-10-01 0 days 1,581 sqft
    2020-11-01 0 days 1,555 sqft
    2020-12-01 0 days 1,532 sqft
    2021-01-01 0 days 1,440 sqft
    2021-02-01 0 days 1,371 sqft
    2021-03-01 0 days 1,400 sqft
    2021-04-01 0 days 1,582 sqft
    2021-05-01 0 days 1,510 sqft
    2021-06-01 0 days 1,442 sqft
    2021-07-01 0 days 1,464 sqft
    2021-08-01 0 days 1,586 sqft
    2021-09-01 0 days 1,632 sqft
    2021-10-01 0 days 1,473 sqft
    2021-11-01 0 days 1,437 sqft
    2021-12-01 0 days 1,462 sqft
    2022-01-01 0 days 1,506 sqft
    2022-02-01 0 days 1,412 sqft
    2022-03-01 0 days 1,399 sqft
    2022-04-01 0 days 1,422 sqft
    2022-05-01 0 days 1,472 sqft
    2022-06-01 0 days 1,452 sqft
    2022-07-01 0 days 1,400 sqft
    2022-08-01 0 days 1,410 sqft
    2022-09-01 0 days 1,349 sqft
    2022-10-01 0 days 1,380 sqft
    2022-11-01 0 days 1,411 sqft
    2022-12-01 0 days 1,404 sqft
    2023-01-01 0 days 1,398 sqft
    2023-02-01 0 days 1,412 sqft
    2023-03-01 0 days 1,429 sqft
    2023-04-01 0 days 1,420 sqft
    2023-05-01 0 days 1,448 sqft
    2023-06-01 0 days 1,548 sqft
    2023-07-01 0 days 1,637 sqft
    2023-08-01 0 days 1,642 sqft
    2023-09-01 0 days 1,602 sqft
    2023-10-01 0 days 1,521 sqft
    2023-11-01 0 days 1,389 sqft
    2023-12-01 0 days 1,521 sqft
    2024-01-01 0 days 1,450 sqft
    2024-02-01 0 days 1,384 sqft
    2024-03-01 0 days 1,466 sqft
    2024-04-01 0 days 1,724 sqft
    2024-05-01 0 days 1,862 sqft
    2024-06-01 0 days 1,604 sqft
    2024-07-01 0 days 1,542 sqft
    2024-08-01 0 days 1,504 sqft
    2024-09-01 0 days 1,568 sqft
    2024-10-01 0 days 1,534 sqft
    Galesburg's median listing age (time on market) for 2024-10-01 was 0 days.

    Galesburg's median square footage for active listings during the 2024-10-01 period was 1,534 sqft. One year prior, the average listing was 1,521 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.