Indianapolis VA Loans
INDIANAPOLIS-CARMEL-ANDERSON, IN
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 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.
Indianapolis's 220 lenders originated 7,808 VA loans during 2021. The total origination value was $1,864,580,000, with an average VA loan value of $238,804.
Indianapolis VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Indianapolis
averaged
5.76%
for the week of 2022-05-13, compared to the national average (all VA variants) of
5.158% for the same period.
The average rate for the prior week (2022-05-06) was
5.39% and
one month ago for the week of 2022-04-08, the
average rate was 5.31%.
The average rate one year ago was 2.93%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.14%.
Indianapolis VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Indianapolis level.
The top Indianapolis VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with
718 VA loans originated. Their average total fees are
$2,531, which is $2,348
lower than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Indianapolis VA lenders (with over 10 loans originated) are
PENTAGON FEDERAL CREDIT UNION ($1,394), PLANET HOME LENDING, LLC ($2,017), North American Savings Bank, F.S.B. ($2,279), MID AMERICA MORTGAGE, INC. ($2,289) and LAKEVIEW LOAN SERVICING, LLC ($2,309).
The lowest rate Indianapolis VA lenders (with over 10 loans originated) are
BNC National Bank (2.25%), Low VA Rates, LLC (2.31%), CLEARPATH LENDING (2.32%), InterContinental Capital Group, Inc (2.32%) and PENTAGON FEDERAL CREDIT UNION (2.33%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Indianapolis (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 | $229,750 (28.7%) | $308,648 (16.2%) | 0.85 | 4,744 |
| 2018-02-01 | $247,325 (35.6%) | $319,899 (15.7%) | 0.89 | 4,271 |
| 2018-03-01 | $259,900 (26.8%) | $334,910 (13.5%) | 0.90 | 4,205 |
| 2018-04-01 | $267,948 (21.9%) | $345,320 (13.6%) | 0.90 | 4,463 |
| 2018-05-01 | $272,450 (19.0%) | $348,856 (11.5%) | 0.91 | 4,890 |
| 2018-06-01 | $269,900 (15.4%) | $345,447 (8.3%) | 0.90 | 5,453 |
| 2018-07-01 | $264,500 (15.0%) | $338,191 (6.7%) | 0.88 | 6,014 |
| 2018-08-01 | $252,945 (10.2%) | $328,446 (5.2%) | 0.85 | 6,291 |
| 2018-09-01 | $249,900 (10.1%) | $324,252 (4.4%) | 0.84 | 6,537 |
| 2018-10-01 | $239,900 (7.1%) | $313,063 (2.3%) | 0.80 | 6,809 |
| 2018-11-01 | $239,900 (6.7%) | $316,177 (3.4%) | 0.80 | 6,544 |
| 2018-12-01 | $237,500 (8.0%) | $312,682 (3.6%) | 0.81 | 5,829 |
| 2019-01-01 | $239,950 (4.4%) | $314,762 (2.0%) | 0.83 | 5,291 |
| 2019-02-01 | $254,500 (2.9%) | $329,758 (3.1%) | 0.85 | 4,937 |
| 2019-03-01 | $266,425 (2.5%) | $345,105 (3.0%) | 0.87 | 4,791 |
| 2019-04-01 | $277,450 (3.6%) | $355,258 (2.9%) | 0.87 | 4,556 |
| 2019-05-01 | $280,790 (3.1%) | $358,568 (2.8%) | 0.87 | 4,961 |
| 2019-06-01 | $279,900 (3.7%) | $354,124 (2.5%) | 0.86 | 5,351 |
| 2019-07-01 | $279,900 (5.8%) | $364,423 (7.8%) | 0.87 | 5,756 |
| 2019-08-01 | $262,100 (3.6%) | $342,675 (4.3%) | 0.82 | 6,802 |
| 2019-09-01 | $249,600 (-0.1%) | $324,535 (0.1%) | 0.79 | 7,111 |
| 2019-10-01 | $260,000 (8.4%) | $331,393 (5.9%) | 0.83 | 6,371 |
| 2019-11-01 | $259,900 (8.3%) | $328,956 (4.0%) | 0.84 | 5,995 |
| 2019-12-01 | $257,450 (8.4%) | $327,432 (4.7%) | 0.86 | 5,245 |
| 2020-01-01 | $264,950 (10.4%) | $348,358 (10.7%) | 0.88 | 4,693 |
| 2020-02-01 | $274,900 (8.0%) | $339,974 (3.1%) | 0.89 | 4,113 |
| 2020-03-01 | $279,750 (5.0%) | $345,934 (0.2%) | 0.87 | 3,850 |
| 2020-04-01 | $283,582 (2.2%) | $343,096 (-3.4%) | 0.88 | 4,074 |
| 2020-05-01 | $297,990 (6.1%) | $362,318 (1.1%) | 0.90 | 3,834 |
| 2020-06-01 | $299,900 (7.2%) | $374,709 (5.8%) | 0.88 | 3,492 |
| 2020-07-01 | $302,495 (8.1%) | $381,977 (4.8%) | 0.87 | 3,347 |
| 2020-08-01 | $299,000 (14.1%) | $375,469 (9.6%) | 0.85 | 3,169 |
| 2020-09-01 | $288,498 (15.6%) | $370,156 (14.1%) | 0.82 | 3,215 |
| 2020-10-01 | $275,000 (5.8%) | $355,286 (7.2%) | 0.79 | 3,334 |
| 2020-11-01 | $273,344 (5.2%) | $348,253 (5.9%) | 0.78 | 3,245 |
| 2020-12-01 | $262,500 (2.0%) | $330,934 (1.1%) | 0.77 | 2,806 |
| 2021-01-01 | $259,500 (-2.1%) | $328,332 (-5.8%) | 0.76 | 2,295 |
| 2021-02-01 | $264,950 (-3.6%) | $342,483 (0.7%) | 0.76 | 1,780 |
| 2021-03-01 | $271,750 (-2.9%) | $352,190 (1.8%) | 0.76 | 1,688 |
| 2021-04-01 | $274,309 (-3.3%) | $364,858 (6.3%) | 0.74 | 1,668 |
| 2021-05-01 | $275,000 (-7.7%) | $369,154 (1.9%) | 0.72 | 1,722 |
| 2021-06-01 | $277,000 (-7.6%) | $372,081 (-0.7%) | 0.72 | 1,986 |
| 2021-07-01 | $279,900 (-7.5%) | $371,011 (-2.9%) | 0.73 | 2,275 |
| 2021-08-01 | $279,000 (-6.7%) | $371,217 (-1.1%) | 0.73 | 2,439 |
| 2021-09-01 | $279,950 (-3.0%) | $373,484 (0.9%) | 0.74 | 2,486 |
| 2021-10-01 | $275,000 (0.0%) | $365,239 (2.8%) | 0.72 | 2,507 |
| 2021-11-01 | $269,950 (-1.2%) | $360,352 (3.5%) | 0.71 | 2,314 |
| 2021-12-01 | $276,250 (5.2%) | $366,277 (10.7%) | 0.74 | 1,968 |
| 2022-01-01 | $275,000 (6.0%) | $369,709 (12.6%) | 0.73 | 1,648 |
| 2022-02-01 | $287,450 (8.5%) | $382,394 (11.7%) | 0.73 | 1,377 |
| 2022-03-01 | $299,000 (10.0%) | $397,951 (13.0%) | 0.74 | 1,371 |
| 2022-04-01 | $300,000 (9.4%) | $401,097 (9.9%) | 0.71 | 1,442 |
Indianapolis's median listing price comes in at 71% of the national average.
Indianapolis's average listing price for 2022-04-01 was $401,097, a difference of $36,239 (9.9%) versus the prior year and $3,146 versus the prior month.
For the 2022-04-01 period, Indianapolis had 1,442 MLS listings, a difference of 71 listings (5%) versus the prior month and -226 listings (-14%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Indianapolis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 80 days | 2,392 sqft |
| 2018-02-01 | 75 days | 2,430 sqft |
| 2018-03-01 | 54 days | 2,520 sqft |
| 2018-04-01 | 47 days | 2,547 sqft |
| 2018-05-01 | 42 days | 2,575 sqft |
| 2018-06-01 | 43 days | 2,572 sqft |
| 2018-07-01 | 45 days | 2,525 sqft |
| 2018-08-01 | 47 days | 2,472 sqft |
| 2018-09-01 | 51 days | 2,428 sqft |
| 2018-10-01 | 54 days | 2,371 sqft |
| 2018-11-01 | 58 days | 2,356 sqft |
| 2018-12-01 | 72 days | 2,323 sqft |
| 2019-01-01 | 80 days | 2,322 sqft |
| 2019-02-01 | 82 days | 2,387 sqft |
| 2019-03-01 | 63 days | 2,451 sqft |
| 2019-04-01 | 52 days | 2,502 sqft |
| 2019-05-01 | 45 days | 2,539 sqft |
| 2019-06-01 | 45 days | 2,541 sqft |
| 2019-07-01 | 49 days | 2,533 sqft |
| 2019-08-01 | 49 days | 2,413 sqft |
| 2019-09-01 | 55 days | 2,347 sqft |
| 2019-10-01 | 56 days | 2,400 sqft |
| 2019-11-01 | 59 days | 2,385 sqft |
| 2019-12-01 | 71 days | 2,344 sqft |
| 2020-01-01 | 81 days | 2,334 sqft |
| 2020-02-01 | 82 days | 2,322 sqft |
| 2020-03-01 | 55 days | 2,345 sqft |
| 2020-04-01 | 52 days | 2,362 sqft |
| 2020-05-01 | 58 days | 2,400 sqft |
| 2020-06-01 | 52 days | 2,408 sqft |
| 2020-07-01 | 49 days | 2,423 sqft |
| 2020-08-01 | 47 days | 2,388 sqft |
| 2020-09-01 | 46 days | 2,292 sqft |
| 2020-10-01 | 43 days | 2,250 sqft |
| 2020-11-01 | 46 days | 2,175 sqft |
| 2020-12-01 | 54 days | 2,086 sqft |
| 2021-01-01 | 64 days | 2,050 sqft |
| 2021-02-01 | 64 days | 2,030 sqft |
| 2021-03-01 | 46 days | 2,057 sqft |
| 2021-04-01 | 40 days | 2,062 sqft |
| 2021-05-01 | 37 days | 2,053 sqft |
| 2021-06-01 | 35 days | 2,072 sqft |
| 2021-07-01 | 36 days | 2,112 sqft |
| 2021-08-01 | 36 days | 2,103 sqft |
| 2021-09-01 | 38 days | 2,084 sqft |
| 2021-10-01 | 39 days | 2,100 sqft |
| 2021-11-01 | 41 days | 2,081 sqft |
| 2021-12-01 | 45 days | 2,056 sqft |
| 2022-01-01 | 51 days | 2,020 sqft |
| 2022-02-01 | 43 days | 2,000 sqft |
| 2022-03-01 | 37 days | 2,050 sqft |
| 2022-04-01 | 33 days | 2,061 sqft |
Indianapolis's median square footage for active listings during the 2022-04-01 period was 2,061 sqft. One year prior, the average listing was 2,062 sqft.
