Lima VA Loan Rates, Closing Costs & Stats

LIMA, OH

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.

Lima's 30 lenders originated 91 VA loans during 2023. The total origination value was $20,775,000, with an average VA loan value of $228,297.

Lima VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Lima averaged 6.91% for the week of 2024-06-07, compared to the national average (all VA variants) of 6.387% for the same period.

Lima's average VA mortgage closing costs are $4,911.

The average rate for the prior week (2024-05-31) was 6.72% and one month ago for the week of 2024-05-03, the average rate was 7.04%.

The average rate one year ago was 6.64%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.49%.

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

Lima 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 Lima level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 25 6.83% $4,496
LOANDEPOT.COM, LLC 12 6.71% $7,812
GUARANTEED RATE, INC. 4 7.13% $1,786
Servion, Inc. 4 6.84% $6,837
QUICKEN LOANS, LLC 4 6.56% $8,236
NAVY FEDERAL CREDIT UNION 3 6.75% $5,812
UNITED WHOLESALE MORTGAGE, LLC 3 6.42% $4,763
CRESCENT MORTGAGE COMPANY 2 6.81% $6,306
FREEDOM MORTGAGE CORPORATION 2 7.25% $6,214
CROSSCOUNTRY MORTGAGE, LLC 2 6.81% $5,064
The Citizens National Bank of Bluffton 2 6.81% $6,306
The Federal Savings Bank 2 7.13% $5,318
USAA Federal Savings Bank 2 6.81% $3,447
RUOFF MORTGAGE COMPANY, INC. 1 7.25% $16,642
SIWELL, INC. 1 7.00% $11,243
UNION HOME MORTGAGE CORP. 1 6.63% $6,358
VILLAGE CAPITAL MORTGAGE 1 6.00% $8,723
Western Ohio Mortgage Corporation 1 7.25% $9,494
Flagstar Bank, FSB 1 6.13% $230
Florida Capital Bank 1 6.75% $7,410
GENEVA FINANCIAL, LLC 1 6.63% $2,510
INTERCAP LENDING INC. 1 5.50% $10,142
JPMorgan Chase Bank 1 6.99% $3,848
NEW DAY FINANCIAL, LLC 1 7.25% $7,171
NEWREZ LLC 1 5.75% $7,219
PENNYMAC LOAN SERVICES, LLC 1 5.75% $14,520
PENTAGON FEDERAL CREDIT UNION 1 5.63% $9,902
PLANET HOME LENDING, LLC 1 7.00% $4,721
RELIANCE FIRST CAPITAL, LLC 1 5.75% $9,833
Residential Mortgage Solutions, Inc. 1 7.38% $8,497

The top Lima VA lender as defined by loan originations is Mortgage Research Center, LLC, with 25 VA loans originated. Their average total fees are $4,496, which is $3,316 lower than the next largest lender, LOANDEPOT.COM, LLC.

The lowest fee Lima VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,496), LOANDEPOT.COM, LLC ($7,812), .

The lowest rate Lima VA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (6.71%), Mortgage Research Center, LLC (6.83%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lima (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 $97,000 (7.9%) $157,175 (4.7%) 0.00 331
2018-02-01 $99,900 (2.5%) $157,090 (-1.7%) 0.00 327
2018-03-01 $119,500 (19.6%) $173,077 (8.9%) 0.00 316
2018-04-01 $124,550 (31.2%) $187,163 (18.7%) 0.00 299
2018-05-01 $128,950 (41.4%) $191,915 (24.6%) 0.00 308
2018-06-01 $125,000 (39.0%) $189,133 (26.9%) 0.00 314
2018-07-01 $124,675 (27.9%) $183,099 (21.5%) 0.00 355
2018-08-01 $124,900 (25.2%) $176,205 (14.8%) 0.00 378
2018-09-01 $128,900 (14.6%) $177,705 (13.4%) 0.00 360
2018-10-01 $126,700 (18.3%) $176,439 (15.9%) 0.00 354
2018-11-01 $123,650 (18.9%) $169,372 (8.5%) 0.00 335
2018-12-01 $119,000 (25.3%) $166,435 (8.3%) 0.00 313
2019-01-01 $124,900 (28.8%) $164,715 (4.8%) 0.00 277
2019-02-01 $127,400 (27.5%) $161,263 (2.7%) 0.00 257
2019-03-01 $133,157 (11.4%) $168,423 (-2.7%) 0.00 248
2019-04-01 $139,225 (11.8%) $169,755 (-9.3%) 0.00 247
2019-05-01 $149,900 (16.3%) $179,625 (-6.4%) 0.00 256
2019-06-01 $139,986 (12.0%) $174,244 (-7.9%) 0.00 292
2019-07-01 $139,675 (12.0%) $181,927 (-0.6%) 0.00 280
2019-08-01 $137,224 (9.9%) $183,202 (4.0%) 0.00 288
2019-09-01 $133,104 (3.3%) $178,451 (0.4%) 0.00 299
2019-10-01 $129,925 (2.6%) $174,147 (-1.3%) 0.00 306
2019-11-01 $134,500 (8.8%) $176,032 (3.9%) 0.00 293
2019-12-01 $127,450 (7.1%) $189,462 (13.8%) 0.00 173
2020-01-01 $119,750 (-4.1%) $177,177 (7.6%) 0.00 164
2020-02-01 $128,500 (0.9%) $169,234 (4.9%) 0.00 228
2020-03-01 $133,950 (0.6%) $175,942 (4.5%) 0.00 239
2020-04-01 $137,950 (-0.9%) $181,831 (7.1%) 0.00 231
2020-05-01 $153,900 (2.7%) $187,960 (4.6%) 0.00 205
2020-06-01 $142,250 (1.6%) $186,681 (7.1%) 0.00 199
2020-07-01 $155,150 (11.1%) $198,465 (9.1%) 0.00 195
2020-08-01 $159,900 (16.5%) $209,822 (14.5%) 0.00 185
2020-09-01 $169,150 (27.1%) $217,485 (21.9%) 0.00 186
2020-10-01 $169,700 (30.6%) $212,743 (22.2%) 0.00 189
2020-11-01 $158,250 (17.7%) $208,405 (18.4%) 0.00 171
2020-12-01 $159,000 (24.8%) $211,698 (11.7%) 0.00 160
2021-01-01 $152,500 (27.4%) $216,284 (22.1%) 0.00 134
2021-02-01 $157,475 (22.6%) $219,350 (29.6%) 0.00 112
2021-03-01 $139,450 (4.1%) $212,562 (20.8%) 0.00 112
2021-04-01 $122,400 (-11.3%) $204,050 (12.2%) 0.00 101
2021-05-01 $122,450 (-20.4%) $203,309 (8.2%) 0.00 101
2021-06-01 $119,900 (-15.7%) $195,372 (4.7%) 0.00 113
2021-07-01 $59,900 (-61.4%) $135,253 (-31.9%) 0.00 220
2021-08-01 $72,975 (-54.4%) $149,467 (-28.8%) 0.00 231
2021-09-01 $81,500 (-51.8%) $160,363 (-26.3%) 0.00 217
2021-10-01 $90,000 (-47.0%) $164,731 (-22.6%) 0.00 219
2021-11-01 $86,975 (-45.0%) $166,510 (-20.1%) 0.00 206
2021-12-01 $89,900 (-43.5%) $168,049 (-20.6%) 0.00 192
2022-01-01 $146,950 (-3.6%) $222,639 (2.9%) 0.00 107
2022-02-01 $174,300 (10.7%) $244,192 (11.3%) 0.00 90
2022-03-01 $196,750 (41.1%) $260,114 (22.4%) 0.00 81
2022-04-01 $149,700 (22.3%) $236,571 (15.9%) 0.00 79
2022-05-01 $174,000 (42.1%) $244,212 (20.1%) 0.00 89
2022-06-01 $190,425 (58.8%) $235,501 (20.5%) 0.00 127
2022-07-01 $205,000 (242.2%) $246,632 (82.4%) 0.00 138
2022-08-01 $214,175 (193.5%) $250,046 (67.3%) 0.00 150
2022-09-01 $194,925 (139.2%) $233,467 (45.6%) 0.00 155
2022-10-01 $199,950 (122.2%) $229,544 (39.3%) 0.00 166
2022-11-01 $182,425 (109.7%) $212,169 (27.4%) 0.00 160
2022-12-01 $171,950 (91.3%) $213,323 (26.9%) 0.00 153
2023-01-01 $166,538 (13.3%) $210,447 (-5.5%) 0.00 133
2023-02-01 $176,250 (1.1%) $223,128 (-8.6%) 0.00 103
2023-03-01 $181,225 (-7.9%) $229,529 (-11.8%) 0.00 96
2023-04-01 $215,000 (43.6%) $249,026 (5.3%) 0.00 101
2023-05-01 $227,475 (30.7%) $250,051 (2.4%) 0.00 110
2023-06-01 $239,900 (26.0%) $262,076 (11.3%) 0.00 107
2023-07-01 $231,200 (12.8%) $251,745 (2.1%) 0.00 110
2023-08-01 $199,225 (-7.0%) $224,467 (-10.2%) 0.00 133
2023-09-01 $199,950 (2.6%) $230,361 (-1.3%) 0.00 128
2023-10-01 $189,475 (-5.2%) $219,897 (-4.2%) 0.00 144
2023-11-01 $164,350 (-9.9%) $201,090 (-5.2%) 0.00 162
2023-12-01 $150,000 (-12.8%) $190,034 (-10.9%) 0.00 178
2024-01-01 $131,175 (-21.2%) $173,732 (-17.5%) 0.00 168
2024-02-01 $131,150 (-25.6%) $178,541 (-20.0%) 0.00 144
2024-03-01 $212,500 (17.3%) $251,900 (9.8%) 0.00 94
2024-04-01 $236,750 (10.1%) $286,846 (15.2%) 0.00 109
2024-05-01 $247,425 (8.8%) $286,889 (14.7%) 0.00 106
Lima's median listing price for 2024-05-01 was $247,425, a difference of $19,950 (8.8%) versus the prior year and $10,675 versus the prior month.

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

Lima's average listing price for 2024-05-01 was $286,889, a difference of $36,838 (14.7%) versus the prior year and $43 versus the prior month.

For the 2024-05-01 period, Lima had 106 MLS listings, a difference of -3 listings (-3%) versus the prior month and -4 listings (-4%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lima (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,523 sqft
2018-02-01 0 days 1,514 sqft
2018-03-01 0 days 1,632 sqft
2018-04-01 0 days 1,630 sqft
2018-05-01 0 days 1,643 sqft
2018-06-01 0 days 1,640 sqft
2018-07-01 0 days 1,637 sqft
2018-08-01 0 days 1,628 sqft
2018-09-01 0 days 1,635 sqft
2018-10-01 0 days 1,639 sqft
2018-11-01 0 days 1,638 sqft
2018-12-01 0 days 1,591 sqft
2019-01-01 0 days 1,615 sqft
2019-02-01 0 days 1,574 sqft
2019-03-01 0 days 1,585 sqft
2019-04-01 0 days 1,617 sqft
2019-05-01 0 days 1,634 sqft
2019-06-01 0 days 1,623 sqft
2019-07-01 0 days 1,588 sqft
2019-08-01 0 days 1,646 sqft
2019-09-01 0 days 1,642 sqft
2019-10-01 0 days 1,639 sqft
2019-11-01 0 days 1,644 sqft
2019-12-01 0 days 1,727 sqft
2020-01-01 0 days 1,619 sqft
2020-02-01 0 days 1,572 sqft
2020-03-01 0 days 1,597 sqft
2020-04-01 0 days 1,600 sqft
2020-05-01 0 days 1,598 sqft
2020-06-01 0 days 1,536 sqft
2020-07-01 0 days 1,549 sqft
2020-08-01 0 days 1,639 sqft
2020-09-01 0 days 1,715 sqft
2020-10-01 0 days 1,676 sqft
2020-11-01 0 days 1,565 sqft
2020-12-01 0 days 1,593 sqft
2021-01-01 0 days 1,529 sqft
2021-02-01 0 days 1,565 sqft
2021-03-01 0 days 1,510 sqft
2021-04-01 0 days 1,448 sqft
2021-05-01 0 days 1,446 sqft
2021-06-01 0 days 1,408 sqft
2021-07-01 0 days 1,381 sqft
2021-08-01 0 days 1,396 sqft
2021-09-01 0 days 1,415 sqft
2021-10-01 0 days 1,404 sqft
2021-11-01 0 days 1,379 sqft
2021-12-01 0 days 1,373 sqft
2022-01-01 0 days 1,529 sqft
2022-02-01 0 days 1,648 sqft
2022-03-01 0 days 1,697 sqft
2022-04-01 0 days 1,472 sqft
2022-05-01 0 days 1,668 sqft
2022-06-01 0 days 1,547 sqft
2022-07-01 0 days 1,600 sqft
2022-08-01 0 days 1,659 sqft
2022-09-01 0 days 1,587 sqft
2022-10-01 0 days 1,625 sqft
2022-11-01 0 days 1,581 sqft
2022-12-01 0 days 1,574 sqft
2023-01-01 0 days 1,574 sqft
2023-02-01 0 days 1,588 sqft
2023-03-01 0 days 1,638 sqft
2023-04-01 0 days 1,744 sqft
2023-05-01 0 days 1,758 sqft
2023-06-01 0 days 1,738 sqft
2023-07-01 0 days 1,720 sqft
2023-08-01 0 days 1,589 sqft
2023-09-01 0 days 1,632 sqft
2023-10-01 0 days 1,631 sqft
2023-11-01 0 days 1,514 sqft
2023-12-01 0 days 1,474 sqft
2024-01-01 0 days 1,455 sqft
2024-02-01 0 days 1,468 sqft
2024-03-01 0 days 1,690 sqft
2024-04-01 0 days 1,722 sqft
2024-05-01 0 days 1,729 sqft
Lima's median listing age (time on market) for 2024-05-01 was 0 days.

Lima's median square footage for active listings during the 2024-05-01 period was 1,729 sqft. One year prior, the average listing was 1,758 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.