Madison VA Loan Rates, Closing Costs & Stats

Madison, IN

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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.

    Madison's 11 lenders originated 25 VA loans during 2023. The total origination value was $5,685,000, with an average VA loan value of $227,400.

    Madison VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Madison averaged 6.6% for the week of 2025-02-14, compared to the national average (all VA variants) of 6.428% for the same period.

    Madison's average VA mortgage closing costs are $4,509.

    The average rate for the prior week (2025-02-07) was 6.93% and one month ago for the week of 2025-01-10, the average rate was 6.77%.

    The average rate one year ago was 6.89%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.23%.

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

    Madison 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 Madison level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 11 6.69% $2,880
    GENEVA FINANCIAL, LLC 3 6.79% $5,249
    FREEDOM MORTGAGE CORPORATION 2 6.25% $13,239
    QUICKEN LOANS, LLC 2 5.31% $11,440
    NEW DAY FINANCIAL, LLC 1 7.99% $10,683
    PLANET HOME LENDING, LLC 1 6.38% $3,242
    Equity Prime Mortgage LLC 1 6.13% $4,302
    RUOFF MORTGAGE COMPANY, INC. 1 6.50% $5,280
    FAIR WAY LENDING LLC 1 5.75% $3,120
    First Financial Bank 1 6.75% $7,778
    LOANDEPOT.COM, LLC 1 5.13% $19,168

    The top Madison VA lender as defined by loan originations is Mortgage Research Center, LLC, with 11 VA loans originated. Their average total fees are $2,880, which is $2,369 lower than the next largest lender, GENEVA FINANCIAL, LLC.

    The lowest fee Madison VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($2,880), .

    The lowest rate Madison VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.69%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Madison (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 $159,900 (25.0%) $195,957 (31.9%) 0.00 114
    2018-02-01 $161,150 (24.1%) $196,776 (32.2%) 0.00 118
    2018-03-01 $159,900 (19.1%) $195,223 (21.7%) 0.00 124
    2018-04-01 $162,175 (17.6%) $202,092 (18.4%) 0.00 117
    2018-05-01 $161,425 (17.1%) $198,780 (13.0%) 0.00 114
    2018-06-01 $163,000 (13.0%) $202,034 (11.5%) 0.00 114
    2018-07-01 $167,150 (15.3%) $215,285 (17.5%) 0.00 121
    2018-08-01 $166,550 (11.1%) $216,751 (21.6%) 0.00 125
    2018-09-01 $166,950 (4.4%) $224,093 (19.9%) 0.00 133
    2018-10-01 $162,950 (2.2%) $225,594 (18.0%) 0.00 129
    2018-11-01 $161,475 (7.7%) $221,087 (17.4%) 0.00 117
    2018-12-01 $164,900 (10.0%) $220,268 (18.4%) 0.00 111
    2019-01-01 $176,800 (10.6%) $221,023 (12.8%) 0.00 110
    2019-02-01 $174,900 (8.5%) $223,472 (13.6%) 0.00 98
    2019-03-01 $176,186 (10.2%) $226,920 (16.2%) 0.00 100
    2019-04-01 $189,900 (17.1%) $230,778 (14.2%) 0.00 101
    2019-05-01 $189,900 (17.6%) $226,672 (14.0%) 0.00 110
    2019-06-01 $192,200 (17.9%) $223,786 (10.8%) 0.00 108
    2019-07-01 $188,225 (12.6%) $230,836 (7.2%) 0.00 112
    2019-08-01 $178,418 (7.1%) $220,589 (1.8%) 0.00 123
    2019-09-01 $173,120 (3.7%) $214,984 (-4.1%) 0.00 136
    2019-10-01 $168,500 (3.4%) $210,473 (-6.7%) 0.00 144
    2019-11-01 $162,450 (0.6%) $214,214 (-3.1%) 0.00 128
    2019-12-01 $160,950 (-2.4%) $218,908 (-0.6%) 0.00 124
    2020-01-01 $154,900 (-12.4%) $191,315 (-13.4%) 0.00 120
    2020-02-01 $149,900 (-14.3%) $187,540 (-16.1%) 0.00 115
    2020-03-01 $161,000 (-8.6%) $191,150 (-15.8%) 0.00 109
    2020-04-01 $164,950 (-13.1%) $190,343 (-17.5%) 0.00 100
    2020-05-01 $176,250 (-7.2%) $197,710 (-12.8%) 0.00 97
    2020-06-01 $181,200 (-5.7%) $204,493 (-8.6%) 0.00 89
    2020-07-01 $181,850 (-3.4%) $213,207 (-7.6%) 0.00 80
    2020-08-01 $184,900 (3.6%) $222,791 (1.0%) 0.00 74
    2020-09-01 $184,900 (6.8%) $221,608 (3.1%) 0.00 56
    2020-10-01 $164,900 (-2.1%) $211,398 (0.4%) 0.00 47
    2020-11-01 $167,325 (3.0%) $207,704 (-3.0%) 0.00 54
    2020-12-01 $179,450 (11.5%) $209,776 (-4.2%) 0.00 51
    2021-01-01 $169,900 (9.7%) $206,793 (8.1%) 0.00 44
    2021-02-01 $158,050 (5.4%) $204,200 (8.9%) 0.00 31
    2021-03-01 $174,900 (8.6%) $219,531 (14.9%) 0.00 37
    2021-04-01 $168,700 (2.3%) $215,857 (13.4%) 0.00 33
    2021-05-01 $179,900 (2.1%) $226,669 (14.7%) 0.00 32
    2021-06-01 $181,800 (0.3%) $229,273 (12.1%) 0.00 43
    2021-07-01 $189,450 (4.2%) $232,528 (9.1%) 0.00 56
    2021-08-01 $184,900 (0.0%) $232,816 (4.5%) 0.00 73
    2021-09-01 $207,000 (12.0%) $256,591 (15.8%) 0.00 73
    2021-10-01 $207,000 (25.5%) $257,087 (21.6%) 0.00 66
    2021-11-01 $209,900 (25.4%) $276,168 (33.0%) 0.00 47
    2021-12-01 $237,175 (32.2%) $293,054 (39.7%) 0.00 51
    2022-01-01 $213,700 (25.8%) $272,508 (31.8%) 0.00 58
    2022-02-01 $202,450 (28.1%) $250,289 (22.6%) 0.00 51
    2022-03-01 $223,925 (28.0%) $262,252 (19.5%) 0.00 49
    2022-04-01 $229,450 (36.0%) $291,964 (35.3%) 0.00 41
    2022-05-01 $264,500 (47.0%) $297,057 (31.1%) 0.00 43
    2022-06-01 $239,900 (32.0%) $269,662 (17.6%) 0.00 48
    2022-07-01 $249,900 (31.9%) $278,453 (19.8%) 0.00 67
    2022-08-01 $247,425 (33.8%) $281,333 (20.8%) 0.00 74
    2022-09-01 $254,500 (23.0%) $289,628 (12.9%) 0.00 72
    2022-10-01 $249,000 (20.3%) $302,738 (17.8%) 0.00 79
    2022-11-01 $221,150 (5.4%) $286,656 (3.8%) 0.00 70
    2022-12-01 $259,900 (9.6%) $317,218 (8.3%) 0.00 54
    2023-01-01 $250,950 (17.4%) $329,538 (20.9%) 0.00 54
    2023-02-01 $266,150 (31.5%) $334,543 (33.7%) 0.00 48
    2023-03-01 $265,400 (18.5%) $319,674 (21.9%) 0.00 53
    2023-04-01 $257,400 (12.2%) $324,256 (11.1%) 0.00 51
    2023-05-01 $270,000 (2.1%) $342,875 (15.4%) 0.00 55
    2023-06-01 $293,275 (22.3%) $343,764 (27.5%) 0.00 53
    2023-07-01 $279,900 (12.0%) $335,271 (20.4%) 0.00 60
    2023-08-01 $277,175 (12.0%) $334,944 (19.1%) 0.00 64
    2023-09-01 $289,900 (13.9%) $350,480 (21.0%) 0.00 67
    2023-10-01 $284,900 (14.4%) $357,293 (18.0%) 0.00 71
    2023-11-01 $307,175 (38.9%) $362,693 (26.5%) 0.00 72
    2023-12-01 $294,900 (13.5%) $355,911 (12.2%) 0.00 74
    2024-01-01 $293,675 (17.0%) $339,846 (3.1%) 0.00 61
    2024-02-01 $273,700 (2.8%) $327,508 (-2.1%) 0.00 53
    2024-03-01 $258,500 (-2.6%) $303,567 (-5.0%) 0.00 51
    2024-04-01 $253,675 (-1.5%) $306,672 (-5.4%) 0.00 47
    2024-05-01 $313,650 (16.2%) $328,018 (-4.3%) 0.00 53
    2024-06-01 $297,000 (1.3%) $333,376 (-3.0%) 0.00 60
    2024-07-01 $285,575 (2.0%) $333,513 (-0.5%) 0.00 79
    2024-08-01 $269,950 (-2.6%) $317,149 (-5.3%) 0.00 98
    2024-09-01 $265,000 (-8.6%) $319,435 (-8.9%) 0.00 93
    2024-10-01 $267,475 (-6.1%) $310,020 (-13.2%) 0.00 83
    2024-11-01 $270,000 (-12.1%) $310,730 (-14.3%) 0.00 77
    2024-12-01 $279,000 (-5.4%) $334,926 (-5.9%) 0.00 73
    2025-01-01 $270,975 (-7.7%) $322,718 (-5.0%) 0.00 60
    Madison's median listing price for 2025-01-01 was $270,975, a difference of $-22,700 (-7.7%) versus the prior year and $-8,025 versus the prior month.

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

    Madison's average listing price for 2025-01-01 was $322,718, a difference of $-17,128 (-5.0%) versus the prior year and $-12,208 versus the prior month.

    For the 2025-01-01 period, Madison had 60 MLS listings, a difference of -13 listings (-18%) versus the prior month and -1 listings (-2%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Madison (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,934 sqft
    2018-02-01 0 days 1,907 sqft
    2018-03-01 0 days 1,932 sqft
    2018-04-01 0 days 1,931 sqft
    2018-05-01 0 days 1,930 sqft
    2018-06-01 0 days 1,946 sqft
    2018-07-01 0 days 1,956 sqft
    2018-08-01 0 days 1,952 sqft
    2018-09-01 0 days 2,004 sqft
    2018-10-01 0 days 2,034 sqft
    2018-11-01 0 days 2,173 sqft
    2018-12-01 0 days 1,957 sqft
    2019-01-01 0 days 1,875 sqft
    2019-02-01 0 days 1,874 sqft
    2019-03-01 0 days 1,846 sqft
    2019-04-01 0 days 1,879 sqft
    2019-05-01 0 days 1,917 sqft
    2019-06-01 0 days 1,854 sqft
    2019-07-01 0 days 1,862 sqft
    2019-08-01 0 days 1,818 sqft
    2019-09-01 0 days 1,769 sqft
    2019-10-01 0 days 1,710 sqft
    2019-11-01 0 days 1,705 sqft
    2019-12-01 0 days 1,698 sqft
    2020-01-01 0 days 1,688 sqft
    2020-02-01 0 days 1,680 sqft
    2020-03-01 0 days 1,689 sqft
    2020-04-01 0 days 1,592 sqft
    2020-05-01 0 days 1,750 sqft
    2020-06-01 0 days 1,750 sqft
    2020-07-01 0 days 1,750 sqft
    2020-08-01 0 days 1,768 sqft
    2020-09-01 0 days 1,825 sqft
    2020-10-01 0 days 1,663 sqft
    2020-11-01 0 days 1,751 sqft
    2020-12-01 0 days 1,607 sqft
    2021-01-01 0 days 1,560 sqft
    2021-02-01 0 days 1,392 sqft
    2021-03-01 0 days 1,445 sqft
    2021-04-01 0 days 1,466 sqft
    2021-05-01 0 days 1,624 sqft
    2021-06-01 0 days 1,443 sqft
    2021-07-01 0 days 1,462 sqft
    2021-08-01 0 days 1,462 sqft
    2021-09-01 0 days 1,445 sqft
    2021-10-01 0 days 1,514 sqft
    2021-11-01 0 days 1,835 sqft
    2021-12-01 0 days 1,813 sqft
    2022-01-01 0 days 1,786 sqft
    2022-02-01 0 days 1,773 sqft
    2022-03-01 0 days 1,772 sqft
    2022-04-01 0 days 1,800 sqft
    2022-05-01 0 days 1,800 sqft
    2022-06-01 0 days 1,789 sqft
    2022-07-01 0 days 1,800 sqft
    2022-08-01 0 days 1,875 sqft
    2022-09-01 0 days 1,855 sqft
    2022-10-01 0 days 1,846 sqft
    2022-11-01 0 days 1,745 sqft
    2022-12-01 0 days 1,795 sqft
    2023-01-01 0 days 1,708 sqft
    2023-02-01 0 days 1,745 sqft
    2023-03-01 0 days 1,736 sqft
    2023-04-01 0 days 1,800 sqft
    2023-05-01 0 days 1,846 sqft
    2023-06-01 0 days 1,906 sqft
    2023-07-01 0 days 1,872 sqft
    2023-08-01 0 days 1,755 sqft
    2023-09-01 0 days 1,875 sqft
    2023-10-01 0 days 1,801 sqft
    2023-11-01 0 days 1,900 sqft
    2023-12-01 0 days 1,900 sqft
    2024-01-01 0 days 1,836 sqft
    2024-02-01 0 days 1,809 sqft
    2024-03-01 0 days 1,782 sqft
    2024-04-01 0 days 1,788 sqft
    2024-05-01 0 days 1,854 sqft
    2024-06-01 0 days 1,814 sqft
    2024-07-01 0 days 1,855 sqft
    2024-08-01 0 days 1,814 sqft
    2024-09-01 0 days 1,822 sqft
    2024-10-01 0 days 1,827 sqft
    2024-11-01 0 days 1,878 sqft
    2024-12-01 0 days 1,801 sqft
    2025-01-01 0 days 1,659 sqft
    Madison's median listing age (time on market) for 2025-01-01 was 0 days.

    Madison's median square footage for active listings during the 2025-01-01 period was 1,659 sqft. One year prior, the average listing was 1,836 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.