Muncie VA Loan Rates, Closing Costs & Stats

MUNCIE, 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.

    Muncie's 30 lenders originated 99 VA loans during 2023. The total origination value was $20,465,000, with an average VA loan value of $206,717.

    Muncie VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Muncie averaged 6.72% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Muncie's average VA mortgage closing costs are $4,118.

    The average rate for the prior week (2024-11-01) was 6.58% and one month ago for the week of 2024-10-04, the average rate was 5.91%.

    The average rate one year ago was 7.96%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.42%.

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

    Muncie 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 Muncie level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 23 6.91% $3,534
    RUOFF MORTGAGE COMPANY, INC. 9 7.08% $3,013
    QUICKEN LOANS, LLC 6 6.62% $9,834
    CALIBER HOME LOANS, INC. 6 6.42% $4,260
    NEW DAY FINANCIAL, LLC 5 7.72% $11,937
    NAVY FEDERAL CREDIT UNION 5 5.78% $7,103
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.25% $3,877
    GVC MORTGAGE, INC. 4 7.19% $3,903
    PENNYMAC LOAN SERVICES, LLC 3 5.75% $7,335
    UNITED WHOLESALE MORTGAGE, LLC 3 6.87% $16,733
    NEWREZ LLC 3 7.38% $1,361
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $16,815
    Barrington Bank & Trust Company, N.A. 2 6.50% $10,155
    HALLMARK HOME MORTGAGE, LLC 2 7.44% $3,235
    NBKC BANK 1 6.38% $2,731
    MJW Financial LLC 1 5.25% $3,555
    Mid-Continent Funding, Inc. 1 6.38% $8,185
    Northwest Bank 1 6.13% $10,365
    FREEDOM MORTGAGE CORPORATION 1 6.38% $7,312
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $24,047
    PLAZA HOME MORTGAGE, INC. 1 7.25% $2,867
    Prosperity Home Mortgage, LLC 1 6.63% $1,604
    ENDEAVOR CAPITAL, LLC. 1 6.50% $2,455
    Cincinnati Federal 1 6.00% $2,520
    SUN WEST MORTGAGE COMPANY, INC. 1 6.38% $12,216
    The Federal Savings Bank 1 5.75% $10,604
    THRIVE MORTGAGE, LLC 1 6.13% $3,356
    UNITED HOME LOANS, INC. 1 7.50% $2,039
    BROKER SOLUTIONS, INC. 1 7.13% $2,438
    VILLAGE CAPITAL MORTGAGE 1 6.25% $3,039

    The top Muncie VA lender as defined by loan originations is Mortgage Research Center, LLC, with 23 VA loans originated. Their average total fees are $3,534, which is $521 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Muncie VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,534), .

    The lowest rate Muncie VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.91%), .

    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.