Ottawa VA Loan Rates, Closing Costs & Stats

Ottawa, IL

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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.

    Ottawa's 32 lenders originated 115 VA loans during 2024. The total origination value was $25,055,000, with an average VA loan value of $217,870.

    Ottawa VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Ottawa averaged 6.71% for the week of 2025-04-04, compared to the national average (all VA variants) of 6.06% for the same period.

    Ottawa's average VA mortgage closing costs are $4,618.

    The average rate for the prior week (2025-03-28) was 6.53% and one month ago for the week of 2025-02-28, the average rate was 6.61%.

    The average rate one year ago was 6.72%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.5%.

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

    Ottawa 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 Ottawa level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 37 6.63% $4,442
    FIRST STATE MORTGAGE SERVICES, LLC 9 6.19% $6,843
    USAA Federal Savings Bank 7 6.63% $4,485
    GUARANTEED RATE, INC. 6 6.64% $4,559
    NEW DAY FINANCIAL, LLC 6 7.18% $7,178
    QUICKEN LOANS, LLC 5 6.60% $3,186
    NAVY FEDERAL CREDIT UNION 5 5.73% $7,715
    VILLAGE CAPITAL MORTGAGE 3 5.42% $4,221
    Community Mortgage Banc Corporation 3 6.63% $6,675
    FREEDOM MORTGAGE CORPORATION 3 5.83% $9,247
    LOANDEPOT.COM, LLC 3 6.58% $5,229
    Mr. Cooper ( Nationstar Mortgage ) 2 6.69% $7,063
    POINT Mortgage 2 6.75% $3,785
    UNITED WHOLESALE MORTGAGE, LLC 2 6.12% $4,323
    GREENSTATE CREDIT UNION 1 6.88% $3,450
    FIRST COLONY MORTGAGE CORPORATION 1 5.13% $14,375
    CROSSCOUNTRY MORTGAGE, LLC 1 7.19% $23,583
    Paramount Residential Mortgage Group, Inc. 1 6.75% $5,726
    PENNYMAC LOAN SERVICES, LLC 1 4.88% $6,503
    PLANET HOME LENDING, LLC 1 5.99% $2,651
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $3,309
    COMPASS MORTGAGE, INC. 1 6.75% $5,324
    S1L, Inc. 1 7.25% $3,332
    SUN WEST MORTGAGE COMPANY, INC. 1 5.87% $7,944
    The Federal Savings Bank 1 6.88% $550
    TOWNE MORTGAGE COMPANY 1 6.75% $9,232
    Bell Bank 1 5.50% $2,358
    U.S. Bank 1 6.75% $4,659
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $3,836
    Key Mortgage Services, Inc. 1 7.00% $9,585
    ALLIANT CREDIT UNION 1 5.63% $2,445
    MLD MORTGAGE INC. 1 5.75% $3,376

    The top Ottawa VA lender as defined by loan originations is Mortgage Research Center, LLC, with 37 VA loans originated. Their average total fees are $4,442, which is $2,401 lower than the next largest lender, FIRST STATE MORTGAGE SERVICES, LLC.

    The lowest fee Ottawa VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,442), .

    The lowest rate Ottawa VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.63%), .

    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.