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 7.05% for the week of 2024-05-03, compared to the national average (all VA variants) of 6.775% for the same period.

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

    The average rate for the prior week (2024-04-26) was 7.32% and one month ago for the week of 2024-03-29, the average rate was 6.74%.

    The average rate one year ago was 6.36%.

    For refis of the same type during the week of 2024-05-03, the average rate was 6.78%.

    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 (24.0%) $196,344 (33.3%) 0.00 113
    2018-02-01 $161,150 (24.1%) $197,215 (33.7%) 0.00 117
    2018-03-01 $159,900 (19.1%) $196,045 (23.3%) 0.00 122
    2018-04-01 $162,925 (19.6%) $203,340 (20.8%) 0.00 115
    2018-05-01 $161,425 (17.3%) $199,518 (15.0%) 0.00 112
    2018-06-01 $163,000 (13.6%) $203,012 (13.3%) 0.00 112
    2018-07-01 $161,150 (11.2%) $213,341 (17.5%) 0.00 118
    2018-08-01 $161,150 (7.5%) $215,007 (20.5%) 0.00 122
    2018-09-01 $162,400 (1.6%) $221,093 (18.1%) 0.00 130
    2018-10-01 $159,900 (0.3%) $222,465 (16.1%) 0.00 126
    2018-11-01 $158,400 (3.9%) $217,549 (15.1%) 0.00 114
    2018-12-01 $162,000 (8.1%) $216,510 (16.0%) 0.00 108
    2019-01-01 $177,400 (10.9%) $221,628 (12.9%) 0.00 110
    2019-02-01 $175,550 (8.9%) $225,116 (14.2%) 0.00 96
    2019-03-01 $177,171 (10.8%) $229,040 (16.8%) 0.00 98
    2019-04-01 $191,050 (17.3%) $233,133 (14.7%) 0.00 98
    2019-05-01 $194,500 (20.5%) $228,110 (14.3%) 0.00 106
    2019-06-01 $195,000 (19.6%) $224,883 (10.8%) 0.00 104
    2019-07-01 $189,000 (17.3%) $231,701 (8.6%) 0.00 109
    2019-08-01 $179,545 (11.4%) $222,253 (3.4%) 0.00 119
    2019-09-01 $173,614 (6.9%) $215,512 (-2.5%) 0.00 134
    2019-10-01 $169,000 (5.7%) $210,311 (-5.5%) 0.00 142
    2019-11-01 $165,000 (4.2%) $214,366 (-1.5%) 0.00 125
    2019-12-01 $159,700 (-1.4%) $218,712 (1.0%) 0.00 122
    2020-01-01 $154,900 (-12.7%) $191,526 (-13.6%) 0.00 117
    2020-02-01 $149,900 (-14.6%) $187,540 (-16.7%) 0.00 114
    2020-03-01 $164,000 (-7.4%) $192,862 (-15.8%) 0.00 108
    2020-04-01 $165,000 (-13.6%) $191,808 (-17.7%) 0.00 99
    2020-05-01 $177,500 (-8.7%) $197,710 (-13.3%) 0.00 97
    2020-06-01 $182,450 (-6.4%) $205,423 (-8.7%) 0.00 89
    2020-07-01 $183,125 (-3.1%) $213,709 (-7.8%) 0.00 78
    2020-08-01 $185,400 (3.3%) $224,649 (1.1%) 0.00 74
    2020-09-01 $184,900 (6.5%) $221,608 (2.8%) 0.00 56
    2020-10-01 $164,900 (-2.4%) $211,398 (0.5%) 0.00 47
    2020-11-01 $167,325 (1.4%) $207,704 (-3.1%) 0.00 54
    2020-12-01 $179,450 (12.4%) $209,776 (-4.1%) 0.00 51
    2021-01-01 $169,900 (9.7%) $206,793 (8.0%) 0.00 44
    2021-02-01 $158,050 (5.4%) $204,200 (8.9%) 0.00 31
    2021-03-01 $174,900 (6.7%) $217,720 (12.9%) 0.00 36
    2021-04-01 $168,700 (2.2%) $219,270 (14.3%) 0.00 32
    2021-05-01 $184,900 (4.2%) $231,321 (17.0%) 0.00 31
    2021-06-01 $181,800 (-0.4%) $229,273 (11.6%) 0.00 43
    2021-07-01 $189,450 (3.5%) $232,528 (8.8%) 0.00 56
    2021-08-01 $184,900 (-0.3%) $232,816 (3.6%) 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 $234,900 (30.9%) $293,204 (39.8%) 0.00 50
    2022-01-01 $209,900 (23.5%) $272,508 (31.8%) 0.00 58
    2022-02-01 $202,475 (28.1%) $251,114 (23.0%) 0.00 51
    2022-03-01 $223,925 (28.0%) $262,252 (20.5%) 0.00 49
    2022-04-01 $229,000 (35.7%) $290,745 (32.6%) 0.00 40
    2022-05-01 $257,200 (39.1%) $293,652 (27.0%) 0.00 42
    2022-06-01 $239,900 (32.0%) $267,498 (16.7%) 0.00 47
    2022-07-01 $253,400 (33.8%) $280,789 (20.8%) 0.00 66
    2022-08-01 $243,725 (31.8%) $277,265 (19.1%) 0.00 73
    2022-09-01 $252,250 (21.9%) $285,543 (11.3%) 0.00 71
    2022-10-01 $247,000 (19.3%) $299,200 (16.4%) 0.00 78
    2022-11-01 $219,900 (4.8%) $283,762 (2.8%) 0.00 70
    2022-12-01 $254,950 (8.5%) $314,466 (7.3%) 0.00 53
    2023-01-01 $244,700 (16.6%) $326,691 (19.9%) 0.00 54
    2023-02-01 $266,150 (31.5%) $334,543 (33.2%) 0.00 48
    2023-03-01 $265,150 (18.4%) $316,411 (20.7%) 0.00 52
    2023-04-01 $254,900 (11.3%) $319,635 (9.9%) 0.00 50
    2023-05-01 $259,950 (1.1%) $332,078 (13.1%) 0.00 52
    2023-06-01 $283,050 (18.0%) $333,732 (24.8%) 0.00 50
    2023-07-01 $259,500 (2.4%) $325,551 (15.9%) 0.00 57
    2023-08-01 $271,225 (11.3%) $331,568 (19.6%) 0.00 61
    2023-09-01 $289,900 (14.9%) $349,666 (22.5%) 0.00 66
    2023-10-01 $284,900 (15.3%) $357,293 (19.4%) 0.00 70
    2023-11-01 $303,450 (38.0%) $362,693 (27.8%) 0.00 72
    2023-12-01 $294,900 (15.7%) $355,911 (13.2%) 0.00 74
    2024-01-01 $296,150 (21.0%) $341,553 (4.6%) 0.00 60
    2024-02-01 $273,700 (2.8%) $327,508 (-2.1%) 0.00 53
    2024-03-01 $258,500 (-2.5%) $303,567 (-4.1%) 0.00 51
    2024-04-01 $253,700 (-0.5%) $306,672 (-4.1%) 0.00 47
    Madison's median listing price for 2024-04-01 was $253,700, a difference of $-1,200 (-0.5%) versus the prior year and $-4,800 versus the prior month.

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

    Madison's average listing price for 2024-04-01 was $306,672, a difference of $-12,963 (-4.1%) versus the prior year and $3,105 versus the prior month.

    For the 2024-04-01 period, Madison had 47 MLS listings, a difference of -4 listings (-8%) versus the prior month and -3 listings (-6%) 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 1,913 sqft
    2018-02-01 0 days 1,902 sqft
    2018-03-01 0 days 1,920 sqft
    2018-04-01 0 days 1,926 sqft
    2018-05-01 0 days 1,922 sqft
    2018-06-01 0 days 1,950 sqft
    2018-07-01 0 days 1,946 sqft
    2018-08-01 0 days 1,939 sqft
    2018-09-01 0 days 1,974 sqft
    2018-10-01 0 days 1,994 sqft
    2018-11-01 0 days 2,044 sqft
    2018-12-01 0 days 1,930 sqft
    2019-01-01 0 days 1,875 sqft
    2019-02-01 0 days 1,840 sqft
    2019-03-01 0 days 1,829 sqft
    2019-04-01 0 days 1,884 sqft
    2019-05-01 0 days 1,971 sqft
    2019-06-01 0 days 1,878 sqft
    2019-07-01 0 days 1,868 sqft
    2019-08-01 0 days 1,822 sqft
    2019-09-01 0 days 1,760 sqft
    2019-10-01 0 days 1,701 sqft
    2019-11-01 0 days 1,705 sqft
    2019-12-01 0 days 1,690 sqft
    2020-01-01 0 days 1,683 sqft
    2020-02-01 0 days 1,680 sqft
    2020-03-01 0 days 1,690 sqft
    2020-04-01 0 days 1,603 sqft
    2020-05-01 0 days 1,750 sqft
    2020-06-01 0 days 1,750 sqft
    2020-07-01 0 days 1,753 sqft
    2020-08-01 0 days 1,768 sqft
    2020-09-01 0 days 1,824 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 1,443 sqft
    2021-04-01 0 days 1,496 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 1,463 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 1,818 sqft
    2022-01-01 0 days 1,792 sqft
    2022-02-01 0 days 1,775 sqft
    2022-03-01 0 days 1,772 sqft
    2022-04-01 0 days 1,788 sqft
    2022-05-01 0 days 1,798 sqft
    2022-06-01 0 days 1,793 sqft
    2022-07-01 0 days 1,800 sqft
    2022-08-01 0 days 1,886 sqft
    2022-09-01 0 days 1,863 sqft
    2022-10-01 0 days 1,856 sqft
    2022-11-01 0 days 1,740 sqft
    2022-12-01 0 days 1,784 sqft
    2023-01-01 0 days 1,703 sqft
    2023-02-01 0 days 1,745 sqft
    2023-03-01 0 days 1,724 sqft
    2023-04-01 0 days 1,792 sqft
    2023-05-01 0 days 1,817 sqft
    2023-06-01 0 days 1,900 sqft
    2023-07-01 0 days 1,836 sqft
    2023-08-01 0 days 1,749 sqft
    2023-09-01 0 days 1,874 sqft
    2023-10-01 0 days 1,789 sqft
    2023-11-01 0 days 1,900 sqft
    2023-12-01 0 days 1,900 sqft
    2024-01-01 0 days 1,845 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
    Madison's median listing age (time on market) for 2024-04-01 was 0 days.

    Madison's median square footage for active listings during the 2024-04-01 period was 1,788 sqft. One year prior, the average listing was 1,792 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.