Ottumwa VA Loan Rates, Closing Costs & Stats

Ottumwa, IA

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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.

    Ottumwa's 8 lenders originated 21 VA loans during 2023. The total origination value was $3,795,000, with an average VA loan value of $180,714.

    Ottumwa VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Ottumwa averaged 7.08% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Ottumwa's average VA mortgage closing costs are $4,124.

    The average rate for the prior week (2024-04-12) was 7.01% and one month ago for the week of 2024-03-15, the average rate was 6.87%.

    The average rate one year ago was 6.16%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Ottumwa 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 Ottumwa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 10 6.92% $4,621
    U.S. Bank 3 6.71% $4,198
    Wells Fargo Bank 2 5.94% $3,713
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $1,951
    The Federal Savings Bank 1 5.75% $18,213
    RESIDENTIAL MORTGAGE NETWORK, INC. 1 5.75% $2,861
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $2,304
    LOANDEPOT.COM, LLC 1 5.63% $11,841

    The top Ottumwa VA lender as defined by loan originations is Mortgage Research Center, LLC, with 10 VA loans originated. Their average total fees are $4,621, which is $423 higher than the next largest lender, U.S. Bank.

    The lowest fee Ottumwa VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,621), .

    The lowest rate Ottumwa VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.92%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ottumwa (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 $84,950 (-17.1%) $116,556 (-7.8%) 0.00 114
    2018-02-01 $81,250 (-21.6%) $106,350 (-17.1%) 0.00 120
    2018-03-01 $82,750 (-27.3%) $114,085 (-15.3%) 0.00 120
    2018-04-01 $88,850 (-22.7%) $124,103 (-8.1%) 0.00 125
    2018-05-01 $94,900 (-9.1%) $125,821 (-7.6%) 0.00 127
    2018-06-01 $93,950 (-14.0%) $124,857 (-11.1%) 0.00 136
    2018-07-01 $89,000 (-13.6%) $121,065 (-11.5%) 0.00 151
    2018-08-01 $91,175 (-9.2%) $121,446 (-10.4%) 0.00 157
    2018-09-01 $89,900 (-10.0%) $122,630 (-3.0%) 0.00 156
    2018-10-01 $100,875 (6.4%) $123,019 (4.2%) 0.00 148
    2018-11-01 $107,250 (10.6%) $124,914 (6.8%) 0.00 145
    2018-12-01 $107,750 (20.4%) $126,371 (9.4%) 0.00 142
    2019-01-01 $110,725 (30.3%) $129,860 (11.4%) 0.00 132
    2019-02-01 $105,000 (29.2%) $126,903 (19.3%) 0.00 128
    2019-03-01 $105,943 (28.0%) $126,992 (11.3%) 0.00 120
    2019-04-01 $110,493 (24.4%) $132,345 (6.6%) 0.00 117
    2019-05-01 $105,225 (10.9%) $129,609 (3.0%) 0.00 131
    2019-06-01 $102,500 (9.1%) $129,854 (4.0%) 0.00 129
    2019-07-01 $109,475 (23.0%) $132,660 (9.6%) 0.00 135
    2019-08-01 $110,382 (21.1%) $134,404 (10.7%) 0.00 134
    2019-09-01 $118,605 (31.9%) $139,260 (13.6%) 0.00 133
    2019-10-01 $125,000 (23.9%) $142,619 (15.9%) 0.00 135
    2019-11-01 $128,250 (19.6%) $151,588 (21.4%) 0.00 129
    2019-12-01 $127,000 (17.9%) $150,115 (18.8%) 0.00 117
    2020-01-01 $129,350 (16.8%) $153,660 (18.3%) 0.00 114
    2020-02-01 $129,000 (22.9%) $152,932 (20.5%) 0.00 107
    2020-03-01 $143,125 (35.1%) $157,880 (24.3%) 0.00 107
    2020-04-01 $146,350 (32.5%) $161,134 (21.8%) 0.00 106
    2020-05-01 $152,000 (44.5%) $164,653 (27.0%) 0.00 101
    2020-06-01 $155,000 (51.2%) $168,777 (30.0%) 0.00 84
    2020-07-01 $147,000 (34.3%) $166,969 (25.9%) 0.00 71
    2020-08-01 $157,500 (42.7%) $179,250 (33.4%) 0.00 70
    2020-09-01 $142,875 (20.5%) $155,794 (11.9%) 0.00 68
    2020-10-01 $115,000 (-8.0%) $133,399 (-6.5%) 0.00 63
    2020-11-01 $125,000 (-2.5%) $136,676 (-9.8%) 0.00 72
    2020-12-01 $122,500 (-3.5%) $140,221 (-6.6%) 0.00 59
    2021-01-01 $98,000 (-24.2%) $124,376 (-19.1%) 0.00 52
    2021-02-01 $104,250 (-19.2%) $140,564 (-8.1%) 0.00 53
    2021-03-01 $103,750 (-27.5%) $136,548 (-13.5%) 0.00 52
    2021-04-01 $108,250 (-26.0%) $134,749 (-16.4%) 0.00 44
    2021-05-01 $129,450 (-14.8%) $146,236 (-11.2%) 0.00 45
    2021-06-01 $128,750 (-16.9%) $141,866 (-15.9%) 0.00 45
    2021-07-01 $108,000 (-26.5%) $130,660 (-21.8%) 0.00 47
    2021-08-01 $101,875 (-35.3%) $119,634 (-33.3%) 0.00 59
    2021-09-01 $102,250 (-28.4%) $117,458 (-24.6%) 0.00 54
    2021-10-01 $105,000 (-8.7%) $121,577 (-8.9%) 0.00 62
    2021-11-01 $101,600 (-18.7%) $121,946 (-10.8%) 0.00 54
    2021-12-01 $97,500 (-20.4%) $115,114 (-17.9%) 0.00 50
    2022-01-01 $89,000 (-9.2%) $114,103 (-8.3%) 0.00 46
    2022-02-01 $99,675 (-4.4%) $134,818 (-4.1%) 0.00 45
    2022-03-01 $115,000 (10.8%) $148,501 (8.8%) 0.00 46
    2022-04-01 $124,950 (15.4%) $161,193 (19.6%) 0.00 43
    2022-05-01 $142,375 (10.0%) $161,686 (10.6%) 0.00 56
    2022-06-01 $121,850 (-5.4%) $152,965 (7.8%) 0.00 66
    2022-07-01 $133,950 (24.0%) $160,544 (22.9%) 0.00 75
    2022-08-01 $123,700 (21.4%) $164,101 (37.2%) 0.00 58
    2022-09-01 $122,000 (19.3%) $168,942 (43.8%) 0.00 61
    2022-10-01 $131,250 (25.0%) $177,315 (45.9%) 0.00 66
    2022-11-01 $133,125 (31.0%) $184,067 (50.9%) 0.00 65
    2022-12-01 $133,750 (37.2%) $171,429 (48.9%) 0.00 70
    2023-01-01 $138,450 (55.6%) $172,730 (51.4%) 0.00 64
    2023-02-01 $133,750 (34.2%) $165,178 (22.5%) 0.00 54
    2023-03-01 $130,000 (13.0%) $165,787 (11.6%) 0.00 47
    2023-04-01 $139,950 (12.0%) $178,473 (10.7%) 0.00 38
    2023-05-01 $177,350 (24.6%) $205,180 (26.9%) 0.00 52
    2023-06-01 $166,100 (36.3%) $199,480 (30.4%) 0.00 56
    2023-07-01 $174,000 (29.9%) $210,512 (31.1%) 0.00 58
    2023-08-01 $156,625 (26.6%) $214,512 (30.7%) 0.00 63
    2023-09-01 $159,900 (31.1%) $200,985 (19.0%) 0.00 58
    2023-10-01 $146,975 (12.0%) $188,022 (6.0%) 0.00 65
    2023-11-01 $155,600 (16.9%) $201,311 (9.4%) 0.00 65
    2023-12-01 $153,750 (15.0%) $196,585 (14.7%) 0.00 65
    2024-01-01 $145,725 (5.3%) $178,148 (3.1%) 0.00 58
    2024-02-01 $157,400 (17.7%) $189,773 (14.9%) 0.00 55
    2024-03-01 $149,450 (15.0%) $190,856 (15.1%) 0.00 57
    Ottumwa's median listing price for 2024-03-01 was $149,450, a difference of $19,450 (15.0%) versus the prior year and $-7,950 versus the prior month.

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

    Ottumwa's average listing price for 2024-03-01 was $190,856, a difference of $25,069 (15.1%) versus the prior year and $1,083 versus the prior month.

    For the 2024-03-01 period, Ottumwa had 57 MLS listings, a difference of 2 listings (4%) versus the prior month and 10 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ottumwa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,286 sqft
    2018-02-01 0 days 1,262 sqft
    2018-03-01 0 days 1,250 sqft
    2018-04-01 0 days 1,330 sqft
    2018-05-01 0 days 1,296 sqft
    2018-06-01 0 days 1,358 sqft
    2018-07-01 0 days 1,308 sqft
    2018-08-01 0 days 1,296 sqft
    2018-09-01 0 days 1,308 sqft
    2018-10-01 0 days 1,356 sqft
    2018-11-01 0 days 1,384 sqft
    2018-12-01 0 days 1,357 sqft
    2019-01-01 0 days 1,376 sqft
    2019-02-01 0 days 1,422 sqft
    2019-03-01 0 days 1,442 sqft
    2019-04-01 0 days 1,465 sqft
    2019-05-01 0 days 1,452 sqft
    2019-06-01 0 days 1,440 sqft
    2019-07-01 0 days 1,446 sqft
    2019-08-01 0 days 1,423 sqft
    2019-09-01 0 days 1,396 sqft
    2019-10-01 0 days 1,376 sqft
    2019-11-01 0 days 1,434 sqft
    2019-12-01 0 days 1,356 sqft
    2020-01-01 0 days 1,665 sqft
    2020-02-01 0 days 1,392 sqft
    2020-03-01 0 days 1,401 sqft
    2020-04-01 0 days 1,500 sqft
    2020-05-01 0 days 1,456 sqft
    2020-06-01 0 days 1,459 sqft
    2020-07-01 0 days 1,460 sqft
    2020-08-01 0 days 1,500 sqft
    2020-09-01 0 days 1,479 sqft
    2020-10-01 0 days 1,380 sqft
    2020-11-01 0 days 1,444 sqft
    2020-12-01 0 days 1,428 sqft
    2021-01-01 0 days 1,318 sqft
    2021-02-01 0 days 1,297 sqft
    2021-03-01 0 days 1,285 sqft
    2021-04-01 0 days 1,238 sqft
    2021-05-01 0 days 1,362 sqft
    2021-06-01 0 days 1,303 sqft
    2021-07-01 0 days 1,152 sqft
    2021-08-01 0 days 1,179 sqft
    2021-09-01 0 days 1,225 sqft
    2021-10-01 0 days 1,242 sqft
    2021-11-01 0 days 1,170 sqft
    2021-12-01 0 days 1,153 sqft
    2022-01-01 0 days 1,150 sqft
    2022-02-01 0 days 1,175 sqft
    2022-03-01 0 days 1,292 sqft
    2022-04-01 0 days 1,292 sqft
    2022-05-01 0 days 1,303 sqft
    2022-06-01 0 days 1,316 sqft
    2022-07-01 0 days 1,344 sqft
    2022-08-01 0 days 1,370 sqft
    2022-09-01 0 days 1,382 sqft
    2022-10-01 0 days 1,430 sqft
    2022-11-01 0 days 1,488 sqft
    2022-12-01 0 days 1,380 sqft
    2023-01-01 0 days 1,314 sqft
    2023-02-01 0 days 1,344 sqft
    2023-03-01 0 days 1,468 sqft
    2023-04-01 0 days 1,405 sqft
    2023-05-01 0 days 1,512 sqft
    2023-06-01 0 days 1,401 sqft
    2023-07-01 0 days 1,388 sqft
    2023-08-01 0 days 1,462 sqft
    2023-09-01 0 days 1,404 sqft
    2023-10-01 0 days 1,410 sqft
    2023-11-01 0 days 1,470 sqft
    2023-12-01 0 days 1,469 sqft
    2024-01-01 0 days 1,443 sqft
    2024-02-01 0 days 1,458 sqft
    2024-03-01 0 days 1,223 sqft
    Ottumwa's median listing age (time on market) for 2024-03-01 was 0 days.

    Ottumwa's median square footage for active listings during the 2024-03-01 period was 1,223 sqft. One year prior, the average listing was 1,468 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.