Peoria VA Loans

PEORIA, IL

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.

Peoria's 75 lenders originated 937 VA loans during 2021. The total origination value was $171,925,000, with an average VA loan value of $183,485.

Peoria VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Peoria averaged 5.53% for the week of 2022-05-20, compared to the national average (all VA variants) of 5.143% for the same period.

The average rate for the prior week (2022-05-13) was 5.54% and one month ago for the week of 2022-04-15, the average rate was 5.41%.

The average rate one year ago was 3.2%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.34%.

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

Peoria 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 Peoria level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 114 2.93% $3,445
CALIBER HOME LOANS, INC. 111 2.59% $4,001
FLAT BRANCH MORTGAGE, INC. 84 2.93% $5,230
QUICKEN LOANS, LLC 72 2.53% $4,168
Wells Fargo Bank 45 2.71% $2,753
FREEDOM MORTGAGE CORPORATION 41 2.62% $2,073
UNITED WHOLESALE MORTGAGE, LLC 35 2.57% $3,176
USAA Federal Savings Bank 30 2.88% $3,128
PENNYMAC LOAN SERVICES, LLC 29 2.69% $4,363
NAVY FEDERAL CREDIT UNION 18 2.49% $4,391
FIRST STATE MORTGAGE SERVICES, LLC 12 2.64% $4,842
HOME POINT FINANCIAL CORPORATION 12 2.98% $2,963
PNC Bank 12 2.74% $3,567
GUARANTEED RATE, INC. 12 2.77% $3,545
VILLAGE CAPITAL & INVESTMENT LLC 11 2.61% $2,901
Mr. Cooper ( Nationstar Mortgage ) 11 2.86% $3,108
Fortress Bank 10 2.46% $3,557
Barrington Bank & Trust Company, N.A. 10 2.95% $3,119
CLEARPATH LENDING 9 2.25% $4,103
LAKEVIEW LOAN SERVICING, LLC 8 2.72% $3,225
The Federal Savings Bank 7 2.68% $4,450
INB 6 2.44% $4,028
NEW DAY FINANCIAL, LLC 6 2.56% $2,767
Carrington Mortgage Services, LLC 6 3.25% $4,463
LOANDEPOT.COM, LLC 6 2.96% $5,197
LEADERONE FINANCIAL CORPORATION 5 2.68% $2,750
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 2.95% $4,053
NP, Inc. 4 2.31% $4,878
NEWREZ LLC 4 2.59% $2,058
AMERICAN PACIFIC MORTGAGE CORPORATION 4 2.50% $5,136
PLANET HOME LENDING, LLC 3 2.46% $1,895
Associated Bank 3 2.83% $1,810
Flanagan State Bank 3 3.67% $6,127
AMERISAVE MORTGAGE CORPORATION 3 2.75% $7,507
PLAZA HOME MORTGAGE, INC. 3 2.67% $4,098
Low VA Rates, LLC 2 2.25% $3,129
Community First National Bank 2 2.75% $3,746
Community Mortgage Banc Corporation 2 3.13% $4,338
COMPASS MORTGAGE, INC. 2 2.25% $2,646
First Guaranty Mortgage Corporation 2 2.25% $1,654
ACCELERATE MORTGAGE, LLC 2 2.25% $2,083
Mid-Continent Funding, Inc. 2 3.19% $2,553
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.63% $4,152
North American Savings Bank, F.S.B. 2 2.44% $2,172
U.S. Bank 2 2.88% $8,291
Flagstar Bank, FSB 1 2.38% $6,516
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.75% $1,271
AMERICAN FINANCIAL NETWORK, INC. 1 2.25% $4,688
First Federal Bank of Kansas City 1 2.75% $2,755
DIRECT MORTGAGE LOANS, LLC 1 3.25% $3,942
American Mortgage & Equity Consultants, Inc. 1 2.25% $2,774
DIGNIFIED HOME LOANS, LLC 1 2.25% $5,057
CROSSCOUNTRY MORTGAGE, LLC 1 3.25% $1,391
Credence Funding Corporation 1 2.25% $15,928
V.I.P. MORTGAGE, INC. 1 2.75% $2,856
CMG MORTGAGE, INC. 1 2.75% $1,413
Paramount Residential Mortgage Group, Inc. 1 2.88% $13,829
Citizens Bank 1 2.25% $598
PENTAGON FEDERAL CREDIT UNION 1 2.25% $0
CHURCHILL MORTGAGE CORPORATION 1 2.25% $3,379
Chickasaw Community Bank 1 2.88% $1,820
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.63% $4,928
BROKER SOLUTIONS, INC. 1 2.99% $3,194
Servion, Inc. 1 2.75% $3,822
SUCCESS MORTGAGE PARTNERS, INC. 1 2.75% $212
BAY EQUITY LLC 1 2.63% $11,002
TOP FLITE FINANCIAL, INC. 1 4.25% $3,644
Truist Bank 1 2.75% $1,076
United Community Bank 1 2.50% $6,239
Bank of America 1 3.25% $7,452
InterContinental Capital Group, Inc 1 2.25% $7,636
KS StateBank 1 2.38% $14,282
Lakeview Community Capital, LLC 1 2.75% $2,888
INLAND BANK & TRUST 1 2.75% $12,094
GENEVA FINANCIAL, LLC 1 3.25% $1,093

The top Peoria VA lender as defined by loan originations is Mortgage Research Center, LLC, with 114 VA loans originated. Their average total fees are $3,445, which is $556 lower than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Peoria VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,073), Wells Fargo Bank ($2,753), VILLAGE CAPITAL & INVESTMENT LLC ($2,901), HOME POINT FINANCIAL CORPORATION ($2,963) and Mr. Cooper ( Nationstar Mortgage ) ($3,108).

The lowest rate Peoria VA lenders (with over 10 loans originated) are Fortress Bank (2.46%), NAVY FEDERAL CREDIT UNION (2.49%), QUICKEN LOANS, LLC (2.53%), UNITED WHOLESALE MORTGAGE, LLC (2.57%) and CALIBER HOME LOANS, INC. (2.59%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Peoria (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 $135,450 (0.4%) $175,382 (-2.2%) 0.50 2,135
2018-02-01 $137,200 (1.3%) $176,637 (-1.3%) 0.49 2,132
2018-03-01 $134,900 (-6.6%) $174,884 (-6.8%) 0.47 2,357
2018-04-01 $134,950 (-8.5%) $175,519 (-9.1%) 0.45 2,390
2018-05-01 $139,450 (-6.2%) $177,889 (-9.7%) 0.47 2,487
2018-06-01 $139,900 (-6.7%) $180,644 (-10.1%) 0.47 2,510
2018-07-01 $139,900 (-6.7%) $180,963 (-9.2%) 0.47 2,585
2018-08-01 $139,900 (-6.7%) $180,376 (-7.6%) 0.47 2,577
2018-09-01 $135,000 (-6.8%) $176,364 (-7.1%) 0.45 2,527
2018-10-01 $134,900 (-5.6%) $173,956 (-5.0%) 0.45 2,488
2018-11-01 $130,500 (-6.7%) $172,396 (-4.9%) 0.44 2,270
2018-12-01 $129,900 (-6.9%) $167,169 (-5.6%) 0.44 2,065
2019-01-01 $129,550 (-4.4%) $163,844 (-6.6%) 0.45 1,888
2019-02-01 $129,900 (-5.3%) $164,933 (-6.6%) 0.44 1,846
2019-03-01 $133,857 (-0.8%) $169,535 (-3.1%) 0.44 1,872
2019-04-01 $138,950 (3.0%) $174,905 (-0.4%) 0.44 1,924
2019-05-01 $138,800 (-0.5%) $177,893 (0.0%) 0.43 2,024
2019-06-01 $139,000 (-0.6%) $178,196 (-1.4%) 0.43 2,079
2019-07-01 $138,450 (-1.0%) $179,202 (-1.0%) 0.43 2,140
2019-08-01 $136,429 (-2.5%) $177,626 (-1.5%) 0.43 2,188
2019-09-01 $134,950 (0.0%) $177,410 (0.6%) 0.43 2,217
2019-10-01 $129,995 (-3.6%) $174,467 (0.3%) 0.41 2,237
2019-11-01 $129,900 (-0.5%) $170,229 (-1.3%) 0.42 2,160
2019-12-01 $124,700 (-4.0%) $164,815 (-1.4%) 0.42 1,987
2020-01-01 $124,200 (-4.1%) $164,407 (0.3%) 0.41 1,826
2020-02-01 $124,900 (-3.9%) $166,073 (0.7%) 0.40 1,733
2020-03-01 $128,700 (-3.9%) $170,161 (0.4%) 0.40 1,741
2020-04-01 $129,900 (-6.5%) $173,535 (-0.8%) 0.40 1,711
2020-05-01 $132,000 (-4.9%) $183,202 (3.0%) 0.40 1,658
2020-06-01 $134,900 (-3.0%) $184,363 (3.5%) 0.39 1,553
2020-07-01 $135,000 (-2.5%) $185,319 (3.4%) 0.39 1,467
2020-08-01 $129,900 (-4.8%) $178,578 (0.5%) 0.37 1,403
2020-09-01 $126,750 (-6.1%) $178,836 (0.8%) 0.36 1,310
2020-10-01 $124,900 (-3.9%) $178,306 (2.2%) 0.36 1,267
2020-11-01 $117,450 (-9.6%) $175,133 (2.9%) 0.34 1,203
2020-12-01 $114,950 (-7.8%) $168,544 (2.3%) 0.34 1,099
2021-01-01 $112,500 (-9.4%) $165,980 (1.0%) 0.33 1,005
2021-02-01 $104,950 (-16.0%) $160,271 (-3.5%) 0.30 861
2021-03-01 $104,900 (-18.5%) $165,230 (-2.9%) 0.29 776
2021-04-01 $112,450 (-13.4%) $184,757 (6.5%) 0.30 674
2021-05-01 $114,900 (-13.0%) $194,639 (6.2%) 0.30 661
2021-06-01 $117,450 (-12.9%) $200,675 (8.9%) 0.31 701
2021-07-01 $119,900 (-11.2%) $197,832 (6.8%) 0.31 781
2021-08-01 $124,700 (-4.0%) $197,932 (10.8%) 0.33 819
2021-09-01 $120,000 (-5.3%) $196,017 (9.6%) 0.32 868
2021-10-01 $117,400 (-6.0%) $186,135 (4.4%) 0.31 846
2021-11-01 $109,950 (-6.4%) $176,873 (1.0%) 0.29 800
2021-12-01 $106,750 (-7.1%) $176,676 (4.8%) 0.28 658
2022-01-01 $99,900 (-11.2%) $169,353 (2.0%) 0.27 561
2022-02-01 $98,000 (-6.6%) $176,041 (9.8%) 0.25 457
2022-03-01 $110,950 (5.8%) $208,356 (26.1%) 0.27 422
2022-04-01 $114,900 (2.2%) $211,893 (14.7%) 0.27 407
Peoria's median listing price for 2022-04-01 was $114,900, a difference of $2,450 (2.2%) versus the prior year and $3,950 versus the prior month.

Peoria's median listing price comes in at 27% of the national average.

Peoria's average listing price for 2022-04-01 was $211,893, a difference of $27,136 (14.7%) versus the prior year and $3,537 versus the prior month.

For the 2022-04-01 period, Peoria had 407 MLS listings, a difference of -15 listings (-4%) versus the prior month and -267 listings (-40%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Peoria (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 103 days 1,856 sqft
2018-02-01 101 days 1,860 sqft
2018-03-01 73 days 1,857 sqft
2018-04-01 61 days 1,881 sqft
2018-05-01 67 days 1,898 sqft
2018-06-01 66 days 1,896 sqft
2018-07-01 68 days 1,907 sqft
2018-08-01 73 days 1,891 sqft
2018-09-01 75 days 1,880 sqft
2018-10-01 81 days 1,863 sqft
2018-11-01 84 days 1,857 sqft
2018-12-01 91 days 1,820 sqft
2019-01-01 94 days 1,801 sqft
2019-02-01 95 days 1,777 sqft
2019-03-01 84 days 1,806 sqft
2019-04-01 73 days 1,849 sqft
2019-05-01 50 days 1,790 sqft
2019-06-01 61 days 1,765 sqft
2019-07-01 64 days 1,879 sqft
2019-08-01 66 days 1,865 sqft
2019-09-01 69 days 1,844 sqft
2019-10-01 71 days 1,815 sqft
2019-11-01 73 days 1,791 sqft
2019-12-01 85 days 1,759 sqft
2020-01-01 94 days 1,757 sqft
2020-02-01 95 days 1,748 sqft
2020-03-01 76 days 1,768 sqft
2020-04-01 70 days 1,777 sqft
2020-05-01 71 days 1,792 sqft
2020-06-01 68 days 1,796 sqft
2020-07-01 63 days 1,791 sqft
2020-08-01 53 days 1,776 sqft
2020-09-01 59 days 1,738 sqft
2020-10-01 64 days 1,728 sqft
2020-11-01 60 days 1,639 sqft
2020-12-01 64 days 1,578 sqft
2021-01-01 72 days 1,580 sqft
2021-02-01 75 days 1,524 sqft
2021-03-01 61 days 1,487 sqft
2021-04-01 48 days 1,567 sqft
2021-05-01 45 days 1,556 sqft
2021-06-01 37 days 1,619 sqft
2021-07-01 36 days 1,633 sqft
2021-08-01 39 days 1,650 sqft
2021-09-01 42 days 1,647 sqft
2021-10-01 43 days 1,568 sqft
2021-11-01 47 days 1,485 sqft
2021-12-01 59 days 1,468 sqft
2022-01-01 66 days 1,414 sqft
2022-02-01 59 days 1,368 sqft
2022-03-01 52 days 1,395 sqft
2022-04-01 38 days 1,420 sqft
Peoria's median listing age (time on market) for 2022-04-01 was 38 days. This is -21% shorter than the same period one year ago.

Peoria's median square footage for active listings during the 2022-04-01 period was 1,420 sqft. One year prior, the average listing was 1,567 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.