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 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.