Iowa City VA Loan Rates, Closing Costs & Stats

IOWA CITY, IA

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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.

    Iowa City's 24 lenders originated 91 VA loans during 2023. The total origination value was $27,975,000, with an average VA loan value of $307,418.

    Iowa City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Iowa City averaged -0.22% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Iowa City's average VA mortgage closing costs are $4,635.

    The average rate for the prior week (2024-11-08) was 5.98% and one month ago for the week of 2024-10-11, the average rate was 5.55%.

    The average rate one year ago was 7.24%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.33%.

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

    Iowa City 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 Iowa City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RESIDENTIAL MORTGAGE NETWORK, INC. 32 6.25% $3,505
    Mortgage Research Center, LLC 15 6.80% $6,262
    GREENSTATE CREDIT UNION 11 5.78% $4,435
    PENNYMAC LOAN SERVICES, LLC 3 5.13% $5,460
    NEWREZ LLC 3 6.38% $16,781
    U.S. Bank 2 6.62% $12,279
    VERIDIAN CREDIT UNION 2 5.25% $13,221
    PLANET HOME LENDING, LLC 2 6.94% $5,919
    MOVEMENT MORTGAGE, LLC 2 6.00% $5,434
    NAVY FEDERAL CREDIT UNION 2 5.50% $14,340
    RUHL MORTGAGE, LLC 2 6.00% $12,673
    QUICKEN LOANS, LLC 1 6.99% $6,529
    USAA Federal Savings Bank 1 7.25% $2,166
    NEW DAY FINANCIAL, LLC 1 7.49% $7,057
    BankIowa of Cedar Rapids 1 6.38% $6,422
    BROKER SOLUTIONS, INC. 1 7.25% $17,307
    FLAT BRANCH MORTGAGE, INC. 1 5.75% $5,728
    FREEDOM MORTGAGE CORPORATION 1 6.75% $21,049
    GUILD MORTGAGE COMPANY 1 7.13% $8,539
    LOANDEPOT.COM, LLC 1 5.99% $8,618
    Magnolia Bank 1 6.88% $8,977
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.63% $11,488
    Plains Commerce Bank 1 7.13% $6,664
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.50% $15,786

    The top Iowa City VA lender as defined by loan originations is RESIDENTIAL MORTGAGE NETWORK, INC., with 32 VA loans originated. Their average total fees are $3,505, which is $2,757 lower than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Iowa City VA lenders (with over 10 loans originated) are RESIDENTIAL MORTGAGE NETWORK, INC. ($3,505), GREENSTATE CREDIT UNION ($4,435), Mortgage Research Center, LLC ($6,262), .

    The lowest rate Iowa City VA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION (5.78%), RESIDENTIAL MORTGAGE NETWORK, INC. (6.25%), Mortgage Research Center, LLC (6.80%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Iowa City (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 $297,620 (6.7%) $330,694 (9.4%) 1.10 698
    2018-02-01 $287,738 (2.8%) $325,822 (6.4%) 1.04 814
    2018-03-01 $300,000 (10.7%) $348,102 (15.3%) 1.05 730
    2018-04-01 $316,425 (19.5%) $358,478 (20.2%) 1.07 729
    2018-05-01 $304,950 (12.1%) $350,856 (17.0%) 1.02 780
    2018-06-01 $299,900 (8.1%) $343,284 (12.2%) 1.00 786
    2018-07-01 $288,400 (1.0%) $338,663 (7.4%) 0.96 783
    2018-08-01 $281,900 (-4.4%) $328,975 (1.5%) 0.94 813
    2018-09-01 $281,900 (-5.7%) $348,303 (7.1%) 0.95 854
    2018-10-01 $279,925 (-4.4%) $325,506 (1.2%) 0.95 845
    2018-11-01 $274,675 (-6.9%) $322,036 (-1.6%) 0.93 804
    2018-12-01 $274,900 (-6.3%) $326,923 (-0.2%) 0.95 740
    2019-01-01 $279,450 (-6.1%) $321,034 (-2.9%) 0.97 716
    2019-02-01 $283,400 (-1.5%) $325,837 (0.0%) 0.96 777
    2019-03-01 $278,514 (-7.2%) $327,556 (-5.9%) 0.91 976
    2019-04-01 $271,064 (-14.3%) $320,835 (-10.5%) 0.86 1,199
    2019-05-01 $273,950 (-10.2%) $312,813 (-10.8%) 0.86 1,239
    2019-06-01 $279,000 (-7.0%) $320,811 (-6.6%) 0.87 1,180
    2019-07-01 $279,450 (-3.1%) $319,734 (-5.6%) 0.87 1,103
    2019-08-01 $278,564 (-1.2%) $321,295 (-2.3%) 0.88 1,046
    2019-09-01 $276,559 (-1.9%) $320,082 (-8.1%) 0.89 1,024
    2019-10-01 $274,950 (-1.8%) $317,923 (-2.3%) 0.89 1,001
    2019-11-01 $274,900 (0.1%) $318,401 (-1.1%) 0.90 919
    2019-12-01 $274,900 (0.0%) $315,746 (-3.4%) 0.92 804
    2020-01-01 $274,900 (-1.6%) $309,201 (-3.7%) 0.92 794
    2020-02-01 $274,900 (-3.0%) $308,424 (-5.3%) 0.90 952
    2020-03-01 $269,950 (-3.1%) $306,590 (-6.4%) 0.85 1,207
    2020-04-01 $272,450 (0.5%) $309,717 (-3.5%) 0.85 1,214
    2020-05-01 $275,000 (0.4%) $317,757 (1.6%) 0.84 1,207
    2020-06-01 $278,400 (-0.2%) $326,791 (1.9%) 0.82 1,180
    2020-07-01 $279,700 (0.1%) $326,716 (2.2%) 0.81 1,087
    2020-08-01 $279,900 (0.5%) $328,923 (2.4%) 0.80 997
    2020-09-01 $271,725 (-1.8%) $324,557 (1.4%) 0.78 989
    2020-10-01 $274,900 (0.0%) $324,917 (2.2%) 0.79 936
    2020-11-01 $273,450 (-0.5%) $327,140 (2.7%) 0.80 825
    2020-12-01 $270,100 (-1.8%) $327,863 (3.8%) 0.80 724
    2021-01-01 $279,900 (1.8%) $329,954 (6.7%) 0.84 607
    2021-02-01 $280,491 (2.0%) $336,764 (9.2%) 0.82 739
    2021-03-01 $278,925 (3.3%) $330,589 (7.8%) 0.79 850
    2021-04-01 $280,950 (3.1%) $331,393 (7.0%) 0.76 932
    2021-05-01 $289,900 (5.4%) $337,754 (6.3%) 0.77 939
    2021-06-01 $299,660 (7.6%) $358,097 (9.6%) 0.79 868
    2021-07-01 $289,900 (3.7%) $360,155 (10.2%) 0.76 813
    2021-08-01 $298,450 (6.6%) $369,300 (12.3%) 0.80 731
    2021-09-01 $300,475 (10.6%) $379,646 (17.0%) 0.80 657
    2021-10-01 $298,900 (8.7%) $371,244 (14.3%) 0.80 632
    2021-11-01 $299,900 (9.7%) $374,472 (14.5%) 0.80 619
    2021-12-01 $294,925 (9.2%) $373,611 (14.0%) 0.80 588
    2022-01-01 $310,000 (10.8%) $372,698 (13.0%) 0.84 540
    2022-02-01 $315,950 (12.6%) $372,607 (10.6%) 0.82 603
    2022-03-01 $309,500 (11.0%) $369,964 (11.9%) 0.77 704
    2022-04-01 $315,000 (12.1%) $385,107 (16.2%) 0.75 830
    2022-05-01 $323,725 (11.7%) $393,573 (16.5%) 0.74 822
    2022-06-01 $333,000 (11.1%) $405,526 (13.2%) 0.74 793
    2022-07-01 $339,900 (17.3%) $408,053 (13.3%) 0.77 733
    2022-08-01 $339,900 (13.9%) $403,939 (9.4%) 0.79 660
    2022-09-01 $337,000 (12.2%) $397,801 (4.8%) 0.79 652
    2022-10-01 $339,900 (13.7%) $400,248 (7.8%) 0.80 612
    2022-11-01 $343,000 (14.4%) $410,327 (9.6%) 0.82 597
    2022-12-01 $349,900 (18.6%) $415,590 (11.2%) 0.86 550
    2023-01-01 $359,900 (16.1%) $419,046 (12.4%) 0.89 553
    2023-02-01 $357,450 (13.1%) $422,099 (13.3%) 0.86 611
    2023-03-01 $357,450 (15.5%) $425,499 (15.0%) 0.84 688
    2023-04-01 $354,900 (12.7%) $430,604 (11.8%) 0.83 755
    2023-05-01 $368,495 (13.8%) $446,333 (13.4%) 0.84 754
    2023-06-01 $365,873 (9.9%) $442,838 (9.2%) 0.82 749
    2023-07-01 $365,000 (7.4%) $443,131 (8.6%) 0.83 697
    2023-08-01 $364,900 (7.4%) $440,324 (9.0%) 0.84 680
    2023-09-01 $362,500 (7.6%) $439,491 (10.5%) 0.84 668
    2023-10-01 $349,675 (2.9%) $673,077 (68.2%) 0.82 576
    2023-11-01 $347,500 (1.3%) $432,255 (5.3%) 0.83 563
    2023-12-01 $360,000 (2.9%) $441,369 (6.2%) 0.88 517
    2024-01-01 $362,448 (0.7%) $447,710 (6.8%) 0.89 496
    2024-02-01 $350,000 (-2.1%) $436,306 (3.4%) 0.84 541
    2024-03-01 $349,900 (-2.1%) $424,105 (-0.3%) 0.82 668
    2024-04-01 $344,975 (-2.8%) $415,963 (-3.4%) 0.80 743
    2024-05-01 $357,450 (-3.0%) $429,395 (-3.8%) 0.81 740
    2024-06-01 $365,900 (0.0%) $435,496 (-1.7%) 0.82 759
    2024-07-01 $370,470 (1.5%) $440,384 (-0.6%) 0.85 711
    2024-08-01 $365,000 (0.0%) $440,752 (0.1%) 0.85 664
    2024-09-01 $355,345 (-2.0%) $431,271 (-1.9%) 0.84 680
    2024-10-01 $359,950 (2.9%) $436,931 (-35.1%) 0.85 673
    Iowa City's median listing price for 2024-10-01 was $359,950, a difference of $10,275 (2.9%) versus the prior year and $4,605 versus the prior month.

    Iowa City's median listing price comes in at 85% of the national average.

    Iowa City's average listing price for 2024-10-01 was $436,931, a difference of $-236,146 (-35.1%) versus the prior year and $5,660 versus the prior month.

    For the 2024-10-01 period, Iowa City had 673 MLS listings, a difference of -7 listings (-1%) versus the prior month and 97 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Iowa City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 45 days 2,137 sqft
    2018-02-01 40 days 2,131 sqft
    2018-03-01 50 days 2,190 sqft
    2018-04-01 54 days 2,202 sqft
    2018-05-01 60 days 2,179 sqft
    2018-06-01 63 days 2,176 sqft
    2018-07-01 62 days 2,130 sqft
    2018-08-01 65 days 2,106 sqft
    2018-09-01 64 days 2,099 sqft
    2018-10-01 69 days 2,093 sqft
    2018-11-01 77 days 2,060 sqft
    2018-12-01 95 days 2,089 sqft
    2019-01-01 50 days 2,092 sqft
    2019-02-01 42 days 2,090 sqft
    2019-03-01 47 days 2,087 sqft
    2019-04-01 49 days 2,047 sqft
    2019-05-01 55 days 2,046 sqft
    2019-06-01 60 days 2,080 sqft
    2019-07-01 61 days 2,098 sqft
    2019-08-01 61 days 2,088 sqft
    2019-09-01 63 days 2,057 sqft
    2019-10-01 65 days 2,030 sqft
    2019-11-01 79 days 2,030 sqft
    2019-12-01 98 days 2,021 sqft
    2020-01-01 62 days 1,972 sqft
    2020-02-01 40 days 1,941 sqft
    2020-03-01 51 days 1,966 sqft
    2020-04-01 58 days 1,984 sqft
    2020-05-01 68 days 1,998 sqft
    2020-06-01 73 days 2,008 sqft
    2020-07-01 71 days 1,992 sqft
    2020-08-01 70 days 1,988 sqft
    2020-09-01 67 days 1,939 sqft
    2020-10-01 68 days 1,920 sqft
    2020-11-01 76 days 1,950 sqft
    2020-12-01 83 days 1,891 sqft
    2021-01-01 53 days 1,888 sqft
    2021-02-01 39 days 1,846 sqft
    2021-03-01 42 days 1,828 sqft
    2021-04-01 40 days 1,842 sqft
    2021-05-01 47 days 1,852 sqft
    2021-06-01 49 days 1,907 sqft
    2021-07-01 50 days 1,906 sqft
    2021-08-01 50 days 1,868 sqft
    2021-09-01 58 days 1,898 sqft
    2021-10-01 53 days 1,856 sqft
    2021-11-01 51 days 1,845 sqft
    2021-12-01 61 days 1,809 sqft
    2022-01-01 50 days 1,868 sqft
    2022-02-01 47 days 1,876 sqft
    2022-03-01 36 days 1,873 sqft
    2022-04-01 34 days 1,870 sqft
    2022-05-01 44 days 1,935 sqft
    2022-06-01 48 days 1,972 sqft
    2022-07-01 51 days 1,971 sqft
    2022-08-01 56 days 2,005 sqft
    2022-09-01 53 days 2,025 sqft
    2022-10-01 59 days 2,022 sqft
    2022-11-01 68 days 2,096 sqft
    2022-12-01 82 days 2,093 sqft
    2023-01-01 56 days 2,120 sqft
    2023-02-01 40 days 2,112 sqft
    2023-03-01 46 days 2,118 sqft
    2023-04-01 43 days 2,108 sqft
    2023-05-01 44 days 2,186 sqft
    2023-06-01 50 days 2,179 sqft
    2023-07-01 52 days 2,182 sqft
    2023-08-01 52 days 2,177 sqft
    2023-09-01 49 days 2,146 sqft
    2023-10-01 54 days 2,136 sqft
    2023-11-01 58 days 2,119 sqft
    2023-12-01 71 days 2,131 sqft
    2024-01-01 59 days 2,131 sqft
    2024-02-01 46 days 2,119 sqft
    2024-03-01 41 days 2,102 sqft
    2024-04-01 39 days 2,063 sqft
    2024-05-01 43 days 2,130 sqft
    2024-06-01 45 days 2,130 sqft
    2024-07-01 51 days 2,159 sqft
    2024-08-01 57 days 2,146 sqft
    2024-09-01 52 days 2,058 sqft
    2024-10-01 53 days 2,062 sqft
    Iowa City's median listing age (time on market) for 2024-10-01 was 53 days. This is -2% shorter than the same period one year ago.

    Iowa City's median square footage for active listings during the 2024-10-01 period was 2,062 sqft. One year prior, the average listing was 2,136 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.