Peoria VA Loan Rates, Closing Costs & Stats

PEORIA, 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.

    Peoria's 51 lenders originated 370 VA loans during 2023. The total origination value was $77,510,000, with an average VA loan value of $209,486.

    Peoria VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Peoria averaged 7.16% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Peoria's average VA mortgage closing costs are $4,226.

    The average rate for the prior week (2024-04-12) was 6.99% and one month ago for the week of 2024-03-15, the average rate was 6.75%.

    The average rate one year ago was 6.24%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.94%.

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

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 106 6.87% $4,661
    CALIBER HOME LOANS, INC. 37 6.34% $4,744
    FLAT BRANCH MORTGAGE, INC. 32 6.77% $5,424
    UNITED WHOLESALE MORTGAGE, LLC 31 6.48% $5,468
    NEWREZ LLC 18 7.01% $5,833
    QUICKEN LOANS, LLC 17 6.30% $8,468
    NAVY FEDERAL CREDIT UNION 15 5.93% $3,631
    LEADERONE FINANCIAL CORPORATION 9 6.92% $4,887
    USAA Federal Savings Bank 7 6.46% $4,294
    PENNYMAC LOAN SERVICES, LLC 5 6.00% $6,220
    BROKER SOLUTIONS, INC. 5 6.27% $6,987
    FREEDOM MORTGAGE CORPORATION 5 6.35% $18,370
    Fortress Bank 5 6.50% $5,593
    Paramount Residential Mortgage Group, Inc. 4 6.53% $3,436
    Wells Fargo Bank 4 6.59% $2,914
    Barrington Bank & Trust Company, N.A. 3 6.42% $9,144
    FIRST STATE MORTGAGE SERVICES, LLC 3 6.46% $10,547
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.42% $6,020
    INB 3 6.54% $8,333
    GUILD MORTGAGE COMPANY 3 5.83% $13,693
    NEW DAY FINANCIAL, LLC 3 7.70% $7,318
    LOANDEPOT.COM, LLC 2 7.44% $6,669
    Community Mortgage Banc Corporation 2 7.19% $5,073
    Flagstar Bank, FSB 2 7.00% $7,264
    Flanagan State Bank 2 7.13% $3,655
    Heartland Bank and Trust Company 2 7.06% $2,144
    Mid-Continent Funding, Inc. 2 5.81% $6,537
    PENTAGON FEDERAL CREDIT UNION 2 5.81% $5,912
    PNC Bank 2 6.81% $7,912
    U.S. Bank 2 7.19% $7,361
    VILLAGE CAPITAL MORTGAGE 2 5.50% $2,587
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.63% $7,305
    Nations Lending Corporation 1 5.75% $2,878
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $5,804
    Neighborhood Loans, Inc. 1 6.50% $3,649
    JPMorgan Chase Bank 1 7.13% $4,456
    GUARANTEED RATE AFFINITY, LLC 1 6.23% $5,770
    Northpointe Bank 1 6.25% $4,127
    CROSSCOUNTRY MORTGAGE, LLC 1 6.56% $11,486
    COMPASS MORTGAGE, INC. 1 6.88% $2,970
    Armed Forces Bank 1 5.25% $1,392
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.50% $6,310
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $1,697
    Prosperity Home Mortgage, LLC 1 6.75% $1,532
    Commerce Bank 1 6.50% $2,697
    Residential Mortgage Solutions, Inc. 1 6.38% $11,236
    Magnolia Bank 1 7.13% $11,744
    CIBM Bank 1 5.88% $2,228
    MORTGAGEONE, INC. 1 7.75% $3,352
    American Mortgage & Equity Consultants, Inc. 1 5.63% $3,930
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $7,880

    The top Peoria VA lender as defined by loan originations is Mortgage Research Center, LLC, with 106 VA loans originated. Their average total fees are $4,661, which is $83 lower than the next largest lender, CALIBER HOME LOANS, INC..

    The lowest fee Peoria VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,631), Mortgage Research Center, LLC ($4,661), CALIBER HOME LOANS, INC. ($4,744), FLAT BRANCH MORTGAGE, INC. ($5,424) and UNITED WHOLESALE MORTGAGE, LLC ($5,468).

    The lowest rate Peoria VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.93%), QUICKEN LOANS, LLC (6.30%), CALIBER HOME LOANS, INC. (6.34%), UNITED WHOLESALE MORTGAGE, LLC (6.48%) and FLAT BRANCH MORTGAGE, INC. (6.77%).

    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 $129,700 (-0.2%) $169,761 (-2.5%) 0.48 2,306
    2018-02-01 $129,900 (0.0%) $170,981 (-2.0%) 0.47 2,301
    2018-03-01 $129,900 (-6.7%) $169,851 (-7.0%) 0.46 2,518
    2018-04-01 $129,900 (-7.2%) $170,758 (-9.1%) 0.44 2,551
    2018-05-01 $131,975 (-6.4%) $172,178 (-10.3%) 0.44 2,647
    2018-06-01 $134,900 (-6.9%) $175,372 (-10.2%) 0.45 2,680
    2018-07-01 $134,900 (-7.5%) $175,535 (-9.2%) 0.45 2,740
    2018-08-01 $134,325 (-6.0%) $175,114 (-7.5%) 0.45 2,744
    2018-09-01 $129,900 (-7.2%) $169,961 (-7.8%) 0.44 2,692
    2018-10-01 $129,700 (-5.3%) $167,374 (-5.7%) 0.44 2,652
    2018-11-01 $125,000 (-7.4%) $165,431 (-6.2%) 0.42 2,433
    2018-12-01 $124,900 (-3.9%) $160,925 (-5.9%) 0.43 2,218
    2019-01-01 $124,900 (-3.7%) $159,211 (-6.2%) 0.43 2,033
    2019-02-01 $125,375 (-3.5%) $160,555 (-6.1%) 0.42 1,994
    2019-03-01 $129,386 (-0.4%) $164,642 (-3.1%) 0.42 2,018
    2019-04-01 $134,200 (3.3%) $170,223 (-0.3%) 0.43 2,065
    2019-05-01 $134,025 (1.6%) $173,603 (0.8%) 0.42 2,157
    2019-06-01 $134,900 (0.0%) $174,082 (-0.7%) 0.42 2,216
    2019-07-01 $134,900 (0.0%) $175,504 (0.0%) 0.42 2,267
    2019-08-01 $133,536 (-0.6%) $173,481 (-0.9%) 0.42 2,332
    2019-09-01 $131,491 (1.2%) $172,189 (1.3%) 0.42 2,355
    2019-10-01 $129,700 (0.0%) $170,971 (2.2%) 0.42 2,375
    2019-11-01 $124,900 (-0.1%) $166,502 (0.7%) 0.41 2,318
    2019-12-01 $119,900 (-4.0%) $160,982 (0.0%) 0.40 2,150
    2020-01-01 $119,900 (-4.0%) $160,236 (0.6%) 0.40 1,982
    2020-02-01 $119,900 (-4.4%) $160,778 (0.1%) 0.39 1,886
    2020-03-01 $123,800 (-4.3%) $164,848 (0.1%) 0.39 1,908
    2020-04-01 $124,900 (-6.9%) $169,204 (-0.6%) 0.39 1,865
    2020-05-01 $127,500 (-4.9%) $177,351 (2.2%) 0.39 1,818
    2020-06-01 $129,313 (-4.1%) $178,410 (2.5%) 0.38 1,676
    2020-07-01 $129,900 (-3.7%) $179,577 (2.3%) 0.38 1,586
    2020-08-01 $124,900 (-6.5%) $172,450 (-0.6%) 0.36 1,531
    2020-09-01 $122,225 (-7.1%) $173,203 (0.6%) 0.35 1,446
    2020-10-01 $119,900 (-7.6%) $172,477 (0.9%) 0.34 1,387
    2020-11-01 $114,900 (-8.0%) $168,261 (1.1%) 0.34 1,334
    2020-12-01 $110,925 (-7.5%) $161,543 (0.4%) 0.33 1,222
    2021-01-01 $109,250 (-8.9%) $158,044 (-1.4%) 0.33 1,113
    2021-02-01 $99,900 (-16.7%) $152,254 (-5.3%) 0.29 972
    2021-03-01 $98,950 (-20.1%) $157,104 (-4.7%) 0.28 872
    2021-04-01 $107,438 (-14.0%) $177,383 (4.8%) 0.29 739
    2021-05-01 $109,900 (-13.8%) $187,571 (5.8%) 0.29 707
    2021-06-01 $111,950 (-13.4%) $192,363 (7.8%) 0.29 758
    2021-07-01 $112,500 (-13.4%) $188,119 (4.8%) 0.30 877
    2021-08-01 $119,563 (-4.3%) $189,360 (9.8%) 0.32 896
    2021-09-01 $117,234 (-4.1%) $187,868 (8.5%) 0.31 942
    2021-10-01 $110,000 (-8.3%) $178,326 (3.4%) 0.29 910
    2021-11-01 $104,950 (-8.7%) $169,928 (1.0%) 0.28 863
    2021-12-01 $99,900 (-9.9%) $167,456 (3.7%) 0.27 727
    2022-01-01 $94,900 (-13.1%) $161,759 (2.4%) 0.26 628
    2022-02-01 $89,900 (-10.0%) $162,619 (6.8%) 0.23 521
    2022-03-01 $99,900 (1.0%) $191,062 (21.6%) 0.25 482
    2022-04-01 $102,400 (-4.7%) $195,563 (10.3%) 0.24 464
    2022-05-01 $136,950 (24.6%) $222,255 (18.5%) 0.31 508
    2022-06-01 $149,900 (33.9%) $221,459 (15.1%) 0.33 602
    2022-07-01 $149,900 (33.2%) $223,641 (18.9%) 0.34 746
    2022-08-01 $154,450 (29.2%) $229,454 (21.2%) 0.36 778
    2022-09-01 $152,300 (29.9%) $230,152 (22.5%) 0.36 788
    2022-10-01 $149,000 (35.5%) $222,664 (24.9%) 0.35 803
    2022-11-01 $144,923 (38.1%) $214,475 (26.2%) 0.35 760
    2022-12-01 $134,900 (35.0%) $203,421 (21.5%) 0.33 678
    2023-01-01 $134,075 (41.3%) $206,323 (27.6%) 0.33 583
    2023-02-01 $129,875 (44.5%) $205,771 (26.5%) 0.31 474
    2023-03-01 $139,200 (39.3%) $219,812 (15.1%) 0.33 414
    2023-04-01 $145,000 (41.6%) $224,004 (14.5%) 0.34 407
    2023-05-01 $148,675 (8.6%) $237,006 (6.6%) 0.34 424
    2023-06-01 $169,675 (13.2%) $246,019 (11.1%) 0.38 431
    2023-07-01 $169,950 (13.4%) $238,137 (6.5%) 0.39 446
    2023-08-01 $162,445 (5.2%) $235,264 (2.5%) 0.37 468
    2023-09-01 $168,950 (10.9%) $238,965 (3.8%) 0.39 513
    2023-10-01 $164,800 (10.6%) $231,967 (4.2%) 0.39 565
    2023-11-01 $149,950 (3.5%) $220,905 (3.0%) 0.36 585
    2023-12-01 $144,900 (7.4%) $212,173 (4.3%) 0.35 562
    2024-01-01 $139,900 (4.3%) $205,758 (-0.3%) 0.34 488
    2024-02-01 $134,950 (3.9%) $207,087 (0.6%) 0.32 478
    2024-03-01 $149,900 (7.7%) $225,585 (2.6%) 0.35 470
    Peoria's median listing price for 2024-03-01 was $149,900, a difference of $10,700 (7.7%) versus the prior year and $14,950 versus the prior month.

    Peoria's median listing price comes in at 35% of the national average.

    Peoria's average listing price for 2024-03-01 was $225,585, a difference of $5,773 (2.6%) versus the prior year and $18,498 versus the prior month.

    For the 2024-03-01 period, Peoria had 470 MLS listings, a difference of -8 listings (-2%) versus the prior month and 56 listings (14%) 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 96 days 1,822 sqft
    2018-02-01 95 days 1,832 sqft
    2018-03-01 68 days 1,832 sqft
    2018-04-01 59 days 1,845 sqft
    2018-05-01 65 days 1,856 sqft
    2018-06-01 61 days 1,856 sqft
    2018-07-01 66 days 1,865 sqft
    2018-08-01 68 days 1,856 sqft
    2018-09-01 72 days 1,845 sqft
    2018-10-01 78 days 1,820 sqft
    2018-11-01 80 days 1,810 sqft
    2018-12-01 87 days 1,777 sqft
    2019-01-01 89 days 1,784 sqft
    2019-02-01 92 days 1,760 sqft
    2019-03-01 82 days 1,784 sqft
    2019-04-01 69 days 1,830 sqft
    2019-05-01 59 days 1,785 sqft
    2019-06-01 59 days 1,760 sqft
    2019-07-01 61 days 1,874 sqft
    2019-08-01 62 days 1,859 sqft
    2019-09-01 65 days 1,828 sqft
    2019-10-01 67 days 1,802 sqft
    2019-11-01 73 days 1,783 sqft
    2019-12-01 85 days 1,744 sqft
    2020-01-01 92 days 1,740 sqft
    2020-02-01 94 days 1,732 sqft
    2020-03-01 72 days 1,742 sqft
    2020-04-01 72 days 1,759 sqft
    2020-05-01 72 days 1,772 sqft
    2020-06-01 68 days 1,775 sqft
    2020-07-01 61 days 1,782 sqft
    2020-08-01 53 days 1,766 sqft
    2020-09-01 58 days 1,731 sqft
    2020-10-01 61 days 1,721 sqft
    2020-11-01 58 days 1,634 sqft
    2020-12-01 61 days 1,568 sqft
    2021-01-01 72 days 1,571 sqft
    2021-02-01 73 days 1,519 sqft
    2021-03-01 59 days 1,484 sqft
    2021-04-01 47 days 1,549 sqft
    2021-05-01 41 days 1,533 sqft
    2021-06-01 34 days 1,567 sqft
    2021-07-01 36 days 1,586 sqft
    2021-08-01 39 days 1,617 sqft
    2021-09-01 44 days 1,591 sqft
    2021-10-01 45 days 1,541 sqft
    2021-11-01 47 days 1,454 sqft
    2021-12-01 58 days 1,431 sqft
    2022-01-01 62 days 1,380 sqft
    2022-02-01 57 days 1,333 sqft
    2022-03-01 49 days 1,368 sqft
    2022-04-01 34 days 1,382 sqft
    2022-05-01 30 days 1,562 sqft
    2022-06-01 35 days 1,690 sqft
    2022-07-01 34 days 1,700 sqft
    2022-08-01 42 days 1,737 sqft
    2022-09-01 46 days 1,738 sqft
    2022-10-01 49 days 1,735 sqft
    2022-11-01 51 days 1,720 sqft
    2022-12-01 56 days 1,620 sqft
    2023-01-01 67 days 1,674 sqft
    2023-02-01 59 days 1,595 sqft
    2023-03-01 47 days 1,592 sqft
    2023-04-01 39 days 1,618 sqft
    2023-05-01 36 days 1,649 sqft
    2023-06-01 40 days 1,726 sqft
    2023-07-01 40 days 1,701 sqft
    2023-08-01 37 days 1,692 sqft
    2023-09-01 40 days 1,758 sqft
    2023-10-01 39 days 1,724 sqft
    2023-11-01 41 days 1,687 sqft
    2023-12-01 50 days 1,696 sqft
    2024-01-01 60 days 1,657 sqft
    2024-02-01 48 days 1,579 sqft
    2024-03-01 36 days 1,618 sqft
    Peoria's median listing age (time on market) for 2024-03-01 was 36 days. This is -23% shorter than the same period one year ago.

    Peoria's median square footage for active listings during the 2024-03-01 period was 1,618 sqft. One year prior, the average listing was 1,592 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.