Indianola VA Loan Rates, Closing Costs & Stats

Indianola, MS

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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.

    Indianola's 3 lenders originated 3 VA loans during 2023. The total origination value was $495,000, with an average VA loan value of $165,000.

    Indianola VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Indianola averaged -0.2% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Indianola's average VA mortgage closing costs are $3,788.

    The average rate for the prior week (2024-11-08) was 6.21% and one month ago for the week of 2024-10-11, the average rate was 5.98%.

    The average rate one year ago was 7.27%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

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

    Indianola 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 Indianola level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Merchants & Marine Bank 1 7.25% $4,130
    Mortgage Research Center, LLC 1 6.88% $0
    USAA Federal Savings Bank 1 7.13% $3,400

    The top Indianola VA lender as defined by loan originations is Merchants & Marine Bank, with 1 VA loans originated. Their average total fees are $4,130, which is $4,130 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Indianola VA lenders (with over 10 loans originated) are .

    The lowest rate Indianola VA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Indianola (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 $49,750 (-21.5%) $87,609 (22.8%) 0.00 11
    2018-02-01 $64,500 (10.3%) $91,360 (16.9%) 0.00 12
    2018-03-01 $70,000 (16.4%) $93,142 (4.0%) 0.00 12
    2018-04-01 $60,000 (0.0%) $84,382 (-7.5%) 0.00 11
    2018-05-01 $94,500 (38.7%) $100,985 (-14.3%) 0.00 9
    2018-06-01 $85,000 (6.3%) $106,836 (-13.0%) 0.00 9
    2018-07-01 $95,000 (46.2%) $115,522 (0.5%) 0.00 8
    2018-08-01 $113,750 (75.0%) $122,389 (3.1%) 0.00 8
    2018-09-01 $92,500 (37.0%) $97,280 (-14.1%) 0.00 10
    2018-10-01 $92,500 (105.6%) $115,504 (22.9%) 0.00 13
    2018-11-01 $88,250 (96.1%) $115,639 (27.3%) 0.00 17
    2018-12-01 $85,000 (56.0%) $116,775 (19.2%) 0.00 23
    2019-01-01 $78,125 (57.0%) $109,856 (25.4%) 0.00 26
    2019-02-01 $81,875 (26.9%) $118,628 (29.9%) 0.00 23
    2019-03-01 $75,286 (7.6%) $115,139 (23.6%) 0.00 21
    2019-04-01 $74,161 (23.6%) $106,669 (26.4%) 0.00 20
    2019-05-01 $80,375 (-15.0%) $99,660 (-1.3%) 0.00 28
    2019-06-01 $92,000 (8.2%) $98,345 (-8.0%) 0.00 20
    2019-07-01 $90,875 (-4.3%) $93,729 (-18.9%) 0.00 17
    2019-08-01 $88,273 (-22.4%) $91,865 (-24.9%) 0.00 17
    2019-09-01 $86,432 (-6.6%) $96,974 (-0.3%) 0.00 20
    2019-10-01 $85,205 (-7.9%) $103,524 (-10.4%) 0.00 21
    2019-11-01 $87,250 (-1.1%) $111,898 (-3.2%) 0.00 23
    2019-12-01 $85,000 (0.0%) $110,730 (-5.2%) 0.00 27
    2020-01-01 $88,625 (13.4%) $112,499 (2.4%) 0.00 26
    2020-02-01 $89,500 (9.3%) $109,129 (-8.0%) 0.00 28
    2020-03-01 $83,650 (11.1%) $101,522 (-11.8%) 0.00 32
    2020-04-01 $85,000 (14.6%) $108,029 (1.3%) 0.00 28
    2020-05-01 $79,000 (-1.7%) $97,137 (-2.5%) 0.00 26
    2020-06-01 $78,250 (-15.0%) $108,149 (10.0%) 0.00 24
    2020-07-01 $77,500 (-14.7%) $113,856 (21.5%) 0.00 22
    2020-08-01 $106,000 (20.1%) $138,506 (50.8%) 0.00 18
    2020-09-01 $118,750 (37.4%) $132,916 (37.1%) 0.00 20
    2020-10-01 $121,750 (42.9%) $137,382 (32.7%) 0.00 21
    2020-11-01 $112,000 (28.4%) $152,159 (36.0%) 0.00 21
    2020-12-01 $112,500 (32.4%) $146,366 (32.2%) 0.00 25
    2021-01-01 $108,750 (22.7%) $144,455 (28.4%) 0.00 24
    2021-02-01 $120,000 (34.1%) $148,723 (36.3%) 0.00 22
    2021-03-01 $127,375 (52.3%) $156,958 (54.6%) 0.00 21
    2021-04-01 $134,125 (57.8%) $159,011 (47.2%) 0.00 21
    2021-05-01 $145,600 (84.3%) $171,622 (76.7%) 0.00 15
    2021-06-01 $107,250 (37.1%) $149,115 (37.9%) 0.00 19
    2021-07-01 $86,000 (11.0%) $159,245 (39.9%) 0.00 20
    2021-08-01 $88,750 (-16.3%) $134,086 (-3.2%) 0.00 21
    2021-09-01 $71,225 (-40.0%) $120,588 (-9.3%) 0.00 18
    2021-10-01 $157,500 (29.4%) $154,573 (12.5%) 0.00 10
    2021-11-01 $125,000 (11.6%) $154,076 (1.3%) 0.00 11
    2021-12-01 $89,900 (-20.1%) $125,556 (-14.2%) 0.00 12
    2022-01-01 $122,000 (12.2%) $125,811 (-12.9%) 0.00 15
    2022-02-01 $121,000 (0.8%) $108,065 (-27.3%) 0.00 17
    2022-03-01 $125,000 (-1.9%) $105,922 (-32.5%) 0.00 14
    2022-04-01 $145,000 (8.1%) $140,238 (-11.8%) 0.00 14
    2022-05-01 $145,000 (-0.4%) $148,964 (-13.2%) 0.00 17
    2022-06-01 $139,750 (30.3%) $152,992 (2.6%) 0.00 14
    2022-07-01 $139,000 (61.6%) $140,731 (-11.6%) 0.00 13
    2022-08-01 $144,250 (62.5%) $148,011 (10.4%) 0.00 14
    2022-09-01 $133,450 (87.4%) $129,480 (7.4%) 0.00 13
    2022-10-01 $148,000 (-6.0%) $172,869 (11.8%) 0.00 15
    2022-11-01 $155,125 (24.1%) $192,642 (25.0%) 0.00 18
    2022-12-01 $160,000 (78.0%) $182,239 (45.2%) 0.00 18
    2023-01-01 $152,500 (25.0%) $167,110 (32.8%) 0.00 20
    2023-02-01 $150,000 (24.0%) $159,366 (47.5%) 0.00 22
    2023-03-01 $169,750 (35.8%) $173,047 (63.4%) 0.00 27
    2023-04-01 $170,000 (17.2%) $178,081 (27.0%) 0.00 28
    2023-05-01 $165,800 (14.3%) $163,063 (9.5%) 0.00 30
    2023-06-01 $142,500 (2.0%) $152,494 (-0.3%) 0.00 33
    2023-07-01 $145,000 (4.3%) $153,972 (9.4%) 0.00 29
    2023-08-01 $162,000 (12.3%) $378,500 (155.7%) 0.00 31
    2023-09-01 $162,000 (21.4%) $394,043 (204.3%) 0.00 28
    2023-10-01 $157,000 (6.1%) $397,921 (130.2%) 0.00 28
    2023-11-01 $154,500 (-0.4%) $407,917 (111.8%) 0.00 27
    2023-12-01 $152,500 (-4.7%) $395,304 (116.9%) 0.00 29
    2024-01-01 $152,500 (0.0%) $369,569 (121.2%) 0.00 33
    2024-02-01 $152,000 (1.3%) $375,285 (135.5%) 0.00 28
    2024-03-01 $176,750 (4.1%) $516,784 (198.6%) 0.00 23
    2024-04-01 $175,000 (2.9%) $508,503 (185.6%) 0.00 23
    2024-05-01 $180,100 (8.6%) $542,550 (232.7%) 0.00 23
    2024-06-01 $190,500 (33.7%) $574,876 (277.0%) 0.00 22
    2024-07-01 $188,725 (30.2%) $466,463 (203.0%) 0.00 26
    2024-08-01 $194,500 (20.1%) $489,536 (29.3%) 0.00 28
    2024-09-01 $194,000 (19.8%) $384,193 (-2.5%) 0.00 27
    2024-10-01 $196,875 (25.4%) $486,986 (22.4%) 0.00 30
    Indianola's median listing price for 2024-10-01 was $196,875, a difference of $39,875 (25.4%) versus the prior year and $2,875 versus the prior month.

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

    Indianola's average listing price for 2024-10-01 was $486,986, a difference of $89,065 (22.4%) versus the prior year and $102,793 versus the prior month.

    For the 2024-10-01 period, Indianola had 30 MLS listings, a difference of 3 listings (11%) versus the prior month and 2 listings (7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Indianola (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,309 sqft
    2018-02-01 0 days 1,292 sqft
    2018-03-01 0 days 1,309 sqft
    2018-04-01 0 days 1,596 sqft
    2018-05-01 0 days 1,763 sqft
    2018-06-01 0 days 1,846 sqft
    2018-07-01 0 days 1,855 sqft
    2018-08-01 0 days 1,816 sqft
    2018-09-01 0 days 1,751 sqft
    2018-10-01 0 days 1,749 sqft
    2018-11-01 0 days 1,636 sqft
    2018-12-01 0 days 1,664 sqft
    2019-01-01 0 days 1,718 sqft
    2019-02-01 0 days 1,821 sqft
    2019-03-01 0 days 1,825 sqft
    2019-04-01 0 days 1,744 sqft
    2019-05-01 0 days 1,669 sqft
    2019-06-01 0 days 1,636 sqft
    2019-07-01 0 days 1,632 sqft
    2019-08-01 0 days 1,504 sqft
    2019-09-01 0 days 1,571 sqft
    2019-10-01 0 days 1,710 sqft
    2019-11-01 0 days 1,828 sqft
    2019-12-01 0 days 1,796 sqft
    2020-01-01 0 days 1,793 sqft
    2020-02-01 0 days 1,702 sqft
    2020-03-01 0 days 1,747 sqft
    2020-04-01 0 days 1,786 sqft
    2020-05-01 0 days 1,665 sqft
    2020-06-01 0 days 1,636 sqft
    2020-07-01 0 days 1,551 sqft
    2020-08-01 0 days 1,965 sqft
    2020-09-01 0 days 1,925 sqft
    2020-10-01 0 days 1,925 sqft
    2020-11-01 0 days 2,234 sqft
    2020-12-01 0 days 2,312 sqft
    2021-01-01 0 days 2,058 sqft
    2021-02-01 0 days 2,004 sqft
    2021-03-01 0 days 1,969 sqft
    2021-04-01 0 days 2,178 sqft
    2021-05-01 0 days 2,265 sqft
    2021-06-01 0 days 2,095 sqft
    2021-07-01 0 days 2,050 sqft
    2021-08-01 0 days 1,824 sqft
    2021-09-01 0 days 1,818 sqft
    2021-10-01 0 days 1,828 sqft
    2021-11-01 0 days 1,824 sqft
    2021-12-01 0 days 1,552 sqft
    2022-01-01 0 days 1,606 sqft
    2022-02-01 0 days 1,589 sqft
    2022-03-01 0 days 1,552 sqft
    2022-04-01 0 days 1,785 sqft
    2022-05-01 0 days 1,785 sqft
    2022-06-01 0 days 1,800 sqft
    2022-07-01 0 days 1,589 sqft
    2022-08-01 0 days 1,818 sqft
    2022-09-01 0 days 1,818 sqft
    2022-10-01 0 days 2,193 sqft
    2022-11-01 0 days 2,285 sqft
    2022-12-01 0 days 2,285 sqft
    2023-01-01 0 days 2,028 sqft
    2023-02-01 0 days 2,068 sqft
    2023-03-01 0 days 2,224 sqft
    2023-04-01 0 days 2,225 sqft
    2023-05-01 0 days 1,960 sqft
    2023-06-01 0 days 1,920 sqft
    2023-07-01 0 days 2,058 sqft
    2023-08-01 0 days 2,047 sqft
    2023-09-01 0 days 2,035 sqft
    2023-10-01 0 days 2,090 sqft
    2023-11-01 0 days 2,046 sqft
    2023-12-01 0 days 2,178 sqft
    2024-01-01 0 days 2,178 sqft
    2024-02-01 0 days 2,131 sqft
    2024-03-01 0 days 2,222 sqft
    2024-04-01 0 days 2,072 sqft
    2024-05-01 0 days 2,293 sqft
    2024-06-01 0 days 2,280 sqft
    2024-07-01 0 days 2,210 sqft
    2024-08-01 0 days 2,219 sqft
    2024-09-01 0 days 2,219 sqft
    2024-10-01 0 days 2,280 sqft
    Indianola's median listing age (time on market) for 2024-10-01 was 0 days.

    Indianola's median square footage for active listings during the 2024-10-01 period was 2,280 sqft. One year prior, the average listing was 2,090 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.