Iowa City VA Loan Rates, Closing Costs & Stats

IOWA CITY, IA

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 27 lenders originated 130 VA loans during 2022. The total origination value was $36,450,000, with an average VA loan value of $280,385.

Iowa City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Iowa City averaged -0.82% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

Iowa City's average VA mortgage closing costs are $4,459.

The average rate for the prior week (2023-11-17) was 6.02% and one month ago for the week of 2023-10-20, the average rate was 6.55%.

The average rate one year ago was 5.37%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.41%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
RESIDENTIAL MORTGAGE NETWORK, INC. 59 4.50% $5,731
Mortgage Research Center, LLC 14 4.92% $6,390
Servion, Inc. 7 3.59% $5,938
NEW DAY FINANCIAL, LLC 6 4.87% $8,273
USAA Federal Savings Bank 4 3.19% $5,643
NAVY FEDERAL CREDIT UNION 3 3.54% $2,788
VERIDIAN CREDIT UNION 3 3.25% $3,630
Wells Fargo Bank 3 3.92% $9,208
LOANDEPOT.COM, LLC 3 4.08% $10,801
PLANET HOME LENDING, LLC 2 5.13% $11,496
PENNYMAC LOAN SERVICES, LLC 2 2.50% $3,249
GREENSTATE CREDIT UNION 2 4.44% $1,965
Armed Forces Bank 2 3.25% $7,832
BROKER SOLUTIONS, INC. 2 5.13% $6,761
FREEDOM MORTGAGE CORPORATION 2 4.31% $12,516
Magnolia Bank 1 5.75% $23,686
AMERISAVE MORTGAGE CORPORATION 1 5.75% $9,896
Barrington Bank & Trust Company, N.A. 1 5.75% $14,297
CARDINAL FINANCIAL 1 5.13% $15,275
DHI MORTGAGE COMPANY, LTD. 1 4.50% $5,377
GUARANTEED RATE, INC. 1 3.13% $175
HOMESIDE FINANCIAL, LLC 1 4.88% $2,542
IOWA BANKERS MORTGAGE CORPORATION 1 7.00% $7,034
AMERICAN FINANCING CORPORATION 1 2.88% $2,355
SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $15,100
Truist 1 4.70% $2,027
UNITED WHOLESALE MORTGAGE, LLC 1 5.49% $6,940

The top Iowa City VA lender as defined by loan originations is RESIDENTIAL MORTGAGE NETWORK, INC., with 59 VA loans originated. Their average total fees are $5,731, which is $659 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. ($5,731), Mortgage Research Center, LLC ($6,390), .

The lowest rate Iowa City VA lenders (with over 10 loans originated) are RESIDENTIAL MORTGAGE NETWORK, INC. (4.50%), Mortgage Research Center, LLC (4.92%), .


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 (9.6%) 1.10 698
2018-02-01 $287,738 (2.8%) $325,822 (6.5%) 1.05 814
2018-03-01 $300,000 (10.8%) $348,102 (15.4%) 1.05 730
2018-04-01 $316,425 (19.5%) $358,478 (20.3%) 1.07 729
2018-05-01 $304,950 (12.1%) $350,856 (17.1%) 1.02 780
2018-06-01 $299,900 (8.1%) $343,284 (12.2%) 1.00 786
2018-07-01 $288,400 (1.2%) $338,663 (7.5%) 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%) $327,585 (-5.9%) 0.91 975
2019-04-01 $271,064 (-14.3%) $320,868 (-10.5%) 0.86 1,199
2019-05-01 $273,825 (-10.2%) $312,524 (-10.9%) 0.86 1,238
2019-06-01 $279,000 (-7.0%) $320,510 (-6.6%) 0.87 1,179
2019-07-01 $279,450 (-3.1%) $319,422 (-5.7%) 0.87 1,102
2019-08-01 $278,564 (-1.2%) $320,963 (-2.4%) 0.88 1,045
2019-09-01 $276,559 (-1.9%) $319,738 (-8.2%) 0.89 1,023
2019-10-01 $274,950 (-1.8%) $317,569 (-2.4%) 0.89 1,000
2019-11-01 $274,900 (0.1%) $318,010 (-1.3%) 0.90 918
2019-12-01 $274,900 (0.0%) $315,321 (-3.6%) 0.92 803
2020-01-01 $274,900 (-1.6%) $309,504 (-3.6%) 0.92 793
2020-02-01 $274,900 (-3.0%) $308,504 (-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%) $317,715 (1.7%) 0.84 1,208
2020-06-01 $278,400 (-0.2%) $326,791 (2.0%) 0.82 1,180
2020-07-01 $279,575 (0.0%) $326,637 (2.3%) 0.81 1,088
2020-08-01 $279,900 (0.5%) $328,836 (2.5%) 0.80 998
2020-09-01 $271,000 (-2.0%) $324,470 (1.5%) 0.78 990
2020-10-01 $274,900 (0.0%) $324,830 (2.3%) 0.79 936
2020-11-01 $273,450 (-0.5%) $327,140 (2.9%) 0.80 825
2020-12-01 $270,100 (-1.8%) $327,863 (4.0%) 0.80 724
2021-01-01 $279,900 (1.8%) $329,954 (6.6%) 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 (10.3%) 0.76 813
2021-08-01 $298,450 (6.6%) $369,300 (12.3%) 0.80 731
2021-09-01 $300,475 (10.9%) $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 $324,950 (12.1%) $393,603 (16.5%) 0.74 823
2022-06-01 $334,000 (11.5%) $405,571 (13.3%) 0.74 794
2022-07-01 $339,900 (17.3%) $408,053 (13.3%) 0.77 734
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 $368,748 (13.5%) $446,572 (13.5%) 0.84 754
2023-06-01 $365,250 (9.4%) $442,932 (9.2%) 0.82 748
2023-07-01 $365,000 (7.4%) $443,232 (8.6%) 0.83 696
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
Iowa City's median listing price for 2023-10-01 was $349,675, a difference of $9,775 (2.9%) versus the prior year and $-12,825 versus the prior month.

Iowa City's median listing price comes in at 82% of the national average.

Iowa City's average listing price for 2023-10-01 was $673,077, a difference of $272,829 (68.2%) versus the prior year and $233,586 versus the prior month.

For the 2023-10-01 period, Iowa City had 576 MLS listings, a difference of -92 listings (-14%) versus the prior month and -36 listings (-6%) 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 2,045 sqft
2019-06-01 60 days 2,078 sqft
2019-07-01 61 days 2,098 sqft
2019-08-01 61 days 2,088 sqft
2019-09-01 63 days 2,056 sqft
2019-10-01 65 days 2,029 sqft
2019-11-01 79 days 2,030 sqft
2019-12-01 98 days 2,019 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 2,000 sqft
2020-06-01 73 days 2,008 sqft
2020-07-01 71 days 1,994 sqft
2020-08-01 70 days 1,989 sqft
2020-09-01 68 days 1,940 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 1,938 sqft
2022-06-01 48 days 1,972 sqft
2022-07-01 51 days 1,972 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 2,180 sqft
2023-07-01 52 days 2,184 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
Iowa City's median listing age (time on market) for 2023-10-01 was 54 days. This is -8% shorter than the same period one year ago.

Iowa City's median square footage for active listings during the 2023-10-01 period was 2,136 sqft. One year prior, the average listing was 2,022 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.