Muncie VA Loans

MUNCIE, IN

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 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 46 lenders originated 260 VA loans during 2021. The total origination value was $46,780,000, with an average VA loan value of $179,923.

Muncie VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Muncie averaged 5.55% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.88% and one month ago for the week of 2022-04-08, the average rate was 5.31%.

The average rate one year ago was 3.12%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.14%.

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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Muncie level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 41 3.03% $5,248
QUICKEN LOANS, LLC 25 2.57% $3,199
RUOFF MORTGAGE COMPANY, INC. 15 3.23% $3,489
GVC MORTGAGE, INC. 14 2.97% $2,505
FREEDOM MORTGAGE CORPORATION 13 2.43% $2,355
NEW DAY FINANCIAL, LLC 12 2.60% $4,692
USAA Federal Savings Bank 9 2.88% $7,639
CALIBER HOME LOANS, INC. 8 3.00% $3,055
NAVY FEDERAL CREDIT UNION 6 2.40% $2,999
LOANDEPOT.COM, LLC 5 2.70% $4,846
VILLAGE CAPITAL & INVESTMENT LLC 5 2.68% $1,227
PENNYMAC LOAN SERVICES, LLC 5 2.50% $3,232
OPEN MORTGAGE, LLC 5 2.55% $3,698
Low VA Rates, LLC 5 2.35% $2,665
CROSSCOUNTRY MORTGAGE, LLC 4 2.84% $4,657
UNITED WHOLESALE MORTGAGE, LLC 4 2.78% $5,307
AMERIFIRST FINANCIAL CORPORATION 3 2.75% $2,426
BROKER SOLUTIONS, INC. 3 2.92% $2,952
CLEARPATH LENDING 3 2.50% $2,618
AMERICAN MORTGAGE SERVICE COMPANY 3 3.17% $3,998
LAKEVIEW LOAN SERVICING, LLC 2 2.87% $1,802
Barrington Bank & Trust Company, N.A. 2 2.52% $2,580
First Merchants Bank 2 2.69% $8,715
GUARANTEED RATE, INC. 2 2.31% $6,745
MYCUMORTGAGE, LLC 2 2.88% $9,753
Nations Lending Corporation 2 3.13% $1,711
NBKC BANK 2 3.00% $2,852
NP, Inc. 2 2.25% $4,308
SOVEREIGN LENDING GROUP INCORPORATED 2 2.50% $1,727
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.25% $2,225
First Guaranty Mortgage Corporation 1 2.25% $1,756
FBC MORTGAGE, LLC 1 2.25% $5,133
PENTAGON FEDERAL CREDIT UNION 1 2.50% $1,739
PLAZA HOME MORTGAGE, INC. 1 2.99% $562
FAIR WAY LENDING LLC 1 3.00% $11,414
East Coast Capital Corp. 1 3.00% $16,852
Wells Fargo Bank 1 2.25% $6,239
SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $1,725
The Home Loan Expert LLC 1 3.25% $8,850
The Huntington National Bank 1 3.25% $1,978
TUCKER MORTGAGE, LLC 1 3.00% $2,131
Carrington Mortgage Services, LLC 1 2.75% $2,855
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.63% $3,924
Mr. Cooper ( Nationstar Mortgage ) 1 3.00% $2,664
U.S. Bank 1 2.99% $2,868
LIBERTY HOME MORTGAGE CORPORATION 1 3.25% $578

The top Muncie VA lender as defined by loan originations is Mortgage Research Center, LLC, with 41 VA loans originated. Their average total fees are $5,248, which is $2,049 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Muncie VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,355), GVC MORTGAGE, INC. ($2,505), QUICKEN LOANS, LLC ($3,199), RUOFF MORTGAGE COMPANY, INC. ($3,489) and NEW DAY FINANCIAL, LLC ($4,692).

The lowest rate Muncie VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.43%), QUICKEN LOANS, LLC (2.57%), NEW DAY FINANCIAL, LLC (2.60%), GVC MORTGAGE, INC. (2.97%) and Mortgage Research Center, LLC (3.03%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Muncie (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 $72,450 (1.8%) $106,771 (-3.1%) 0.00 445
2018-02-01 $72,950 (4.4%) $111,330 (0.2%) 0.00 425
2018-03-01 $74,900 (7.2%) $118,741 (4.3%) 0.00 398
2018-04-01 $74,950 (4.2%) $134,257 (16.8%) 0.00 383
2018-05-01 $86,450 (23.6%) $137,626 (20.2%) 0.00 425
2018-06-01 $84,900 (11.5%) $137,655 (13.7%) 0.00 456
2018-07-01 $86,250 (8.0%) $135,028 (6.9%) 0.00 472
2018-08-01 $84,950 (7.3%) $138,136 (-0.1%) 0.00 486
2018-09-01 $84,900 (4.2%) $134,185 (-9.8%) 0.00 537
2018-10-01 $84,900 (6.2%) $134,999 (-9.0%) 0.00 517
2018-11-01 $81,000 (1.4%) $134,805 (-9.4%) 0.00 497
2018-12-01 $79,900 (9.6%) $132,461 (16.0%) 0.00 474
2019-01-01 $79,900 (10.3%) $130,129 (21.9%) 0.00 447
2019-02-01 $79,900 (9.5%) $126,736 (13.8%) 0.00 431
2019-03-01 $84,186 (12.4%) $132,872 (11.9%) 0.00 420
2019-04-01 $91,400 (22.0%) $140,491 (4.6%) 0.00 423
2019-05-01 $119,495 (38.2%) $147,520 (7.2%) 0.00 430
2019-06-01 $119,000 (40.2%) $154,276 (12.1%) 0.00 442
2019-07-01 $124,995 (44.9%) $163,044 (20.8%) 0.00 446
2019-08-01 $125,639 (47.9%) $161,994 (17.3%) 0.00 509
2019-09-01 $125,634 (48.0%) $158,114 (17.8%) 0.00 518
2019-10-01 $119,950 (41.3%) $152,205 (12.7%) 0.00 463
2019-11-01 $114,900 (41.9%) $142,331 (5.6%) 0.00 454
2019-12-01 $110,000 (37.7%) $137,598 (3.9%) 0.00 416
2020-01-01 $109,950 (37.6%) $137,165 (5.4%) 0.00 371
2020-02-01 $102,900 (28.8%) $140,124 (10.6%) 0.00 331
2020-03-01 $99,700 (18.4%) $141,439 (6.5%) 0.00 307
2020-04-01 $88,950 (-2.7%) $138,416 (-1.5%) 0.00 296
2020-05-01 $99,900 (-16.4%) $161,188 (9.3%) 0.00 231
2020-06-01 $87,450 (-26.5%) $157,993 (2.4%) 0.00 187
2020-07-01 $117,000 (-6.4%) $173,140 (6.2%) 0.00 171
2020-08-01 $119,900 (-4.6%) $174,166 (7.5%) 0.00 184
2020-09-01 $114,950 (-8.5%) $168,381 (6.5%) 0.00 234
2020-10-01 $110,000 (-8.3%) $164,563 (8.1%) 0.00 272
2020-11-01 $102,400 (-10.9%) $162,741 (14.3%) 0.00 282
2020-12-01 $84,750 (-23.0%) $148,241 (7.7%) 0.00 236
2021-01-01 $69,900 (-36.4%) $144,124 (5.1%) 0.00 219
2021-02-01 $68,950 (-33.0%) $149,856 (7.0%) 0.00 159
2021-03-01 $63,450 (-36.4%) $147,577 (4.3%) 0.00 124
2021-04-01 $65,450 (-26.4%) $137,001 (-1.0%) 0.00 117
2021-05-01 $65,000 (-34.9%) $140,261 (-13.0%) 0.00 125
2021-06-01 $92,400 (5.7%) $162,426 (2.8%) 0.00 146
2021-07-01 $118,200 (1.0%) $169,701 (-2.0%) 0.00 176
2021-08-01 $122,500 (2.2%) $170,435 (-2.1%) 0.00 183
2021-09-01 $124,950 (8.7%) $165,944 (-1.5%) 0.00 182
2021-10-01 $119,900 (9.0%) $155,830 (-5.3%) 0.00 182
2021-11-01 $122,195 (19.3%) $153,529 (-5.7%) 0.00 155
2021-12-01 $129,900 (53.3%) $165,540 (11.7%) 0.00 150
2022-01-01 $135,000 (93.1%) $157,105 (9.0%) 0.00 128
2022-02-01 $114,700 (66.4%) $154,849 (3.3%) 0.00 83
2022-03-01 $121,695 (91.8%) $162,992 (10.4%) 0.00 89
2022-04-01 $110,000 (68.1%) $156,829 (14.5%) 0.00 96
Muncie's median listing price for 2022-04-01 was $110,000, a difference of $44,550 (68.1%) versus the prior year and $-11,695 versus the prior month.

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

Muncie's average listing price for 2022-04-01 was $156,829, a difference of $19,828 (14.5%) versus the prior year and $-6,163 versus the prior month.

For the 2022-04-01 period, Muncie had 96 MLS listings, a difference of 7 listings (8%) versus the prior month and -21 listings (-18%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Muncie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,485 sqft
2018-02-01 0 days 1,510 sqft
2018-03-01 0 days 1,500 sqft
2018-04-01 0 days 1,546 sqft
2018-05-01 0 days 1,676 sqft
2018-06-01 0 days 1,704 sqft
2018-07-01 0 days 1,689 sqft
2018-08-01 0 days 1,618 sqft
2018-09-01 0 days 1,559 sqft
2018-10-01 0 days 1,544 sqft
2018-11-01 0 days 1,540 sqft
2018-12-01 0 days 1,556 sqft
2019-01-01 0 days 1,481 sqft
2019-02-01 0 days 1,463 sqft
2019-03-01 0 days 1,461 sqft
2019-04-01 0 days 1,484 sqft
2019-05-01 0 days 1,511 sqft
2019-06-01 0 days 1,568 sqft
2019-07-01 0 days 1,597 sqft
2019-08-01 0 days 1,611 sqft
2019-09-01 0 days 1,610 sqft
2019-10-01 0 days 1,610 sqft
2019-11-01 0 days 1,580 sqft
2019-12-01 0 days 1,537 sqft
2020-01-01 0 days 1,530 sqft
2020-02-01 0 days 1,536 sqft
2020-03-01 0 days 1,487 sqft
2020-04-01 0 days 1,432 sqft
2020-05-01 0 days 1,457 sqft
2020-06-01 0 days 1,458 sqft
2020-07-01 0 days 1,583 sqft
2020-08-01 0 days 1,712 sqft
2020-09-01 0 days 1,614 sqft
2020-10-01 0 days 1,578 sqft
2020-11-01 0 days 1,535 sqft
2020-12-01 0 days 1,461 sqft
2021-01-01 0 days 1,430 sqft
2021-02-01 0 days 1,400 sqft
2021-03-01 0 days 1,274 sqft
2021-04-01 0 days 1,419 sqft
2021-05-01 0 days 1,400 sqft
2021-06-01 0 days 1,554 sqft
2021-07-01 0 days 1,614 sqft
2021-08-01 0 days 1,602 sqft
2021-09-01 0 days 1,603 sqft
2021-10-01 0 days 1,584 sqft
2021-11-01 0 days 1,564 sqft
2021-12-01 0 days 1,538 sqft
2022-01-01 0 days 1,603 sqft
2022-02-01 0 days 1,603 sqft
2022-03-01 0 days 1,603 sqft
2022-04-01 0 days 1,688 sqft
Muncie's median listing age (time on market) for 2022-04-01 was 0 days.

Muncie's median square footage for active listings during the 2022-04-01 period was 1,688 sqft. One year prior, the average listing was 1,419 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.