Peoria VA Loan Rates, Closing Costs & Stats

PEORIA, IL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 62 lenders originated 498 VA loans during 2022. The total origination value was $103,650,000, with an average VA loan value of $208,133.

    Peoria VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Peoria averaged 6.23% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Peoria's average VA mortgage closing costs are $4,070.

    The average rate for the prior week (2023-05-19) was 5.96% and one month ago for the week of 2023-04-21, the average rate was 5.98%.

    The average rate one year ago was 4.85%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.44%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 125 5.15% $5,141
    FLAT BRANCH MORTGAGE, INC. 56 5.17% $5,614
    CALIBER HOME LOANS, INC. 50 4.70% $4,711
    QUICKEN LOANS, LLC 26 4.35% $8,368
    UNITED WHOLESALE MORTGAGE, LLC 24 4.46% $4,772
    Wells Fargo Bank 24 4.73% $4,725
    GUARANTEED RATE, INC. 15 4.64% $6,283
    USAA Federal Savings Bank 13 4.46% $5,166
    NAVY FEDERAL CREDIT UNION 13 4.35% $3,529
    FIRST STATE MORTGAGE SERVICES, LLC 11 4.60% $7,167
    FREEDOM MORTGAGE CORPORATION 7 4.36% $7,724
    Fortress Bank 7 5.61% $4,881
    LEADERONE FINANCIAL CORPORATION 6 5.38% $4,970
    The Federal Savings Bank 5 4.75% $14,112
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 3.81% $8,913
    Barrington Bank & Trust Company, N.A. 4 5.38% $4,517
    Busey Bank 4 4.94% $4,494
    JPMorgan Chase Bank 4 4.19% $4,857
    NEW DAY FINANCIAL, LLC 4 4.28% $6,026
    PENNYMAC LOAN SERVICES, LLC 4 2.98% $5,706
    INLAND BANK & TRUST 3 5.46% $5,992
    Carrington Mortgage Services, LLC 3 4.96% $8,406
    Paramount Residential Mortgage Group, Inc. 3 4.92% $8,865
    AMERISAVE MORTGAGE CORPORATION 3 4.08% $7,885
    PNC Bank 3 4.71% $5,207
    BROKER SOLUTIONS, INC. 3 4.50% $6,126
    CMG MORTGAGE, INC. 3 5.04% $7,071
    U.S. Bank 3 3.92% $3,424
    HOME POINT FINANCIAL CORPORATION 3 3.66% $6,418
    INB 3 5.17% $3,086
    Flagstar Bank, FSB 2 3.69% $5,195
    MOVEMENT MORTGAGE, LLC 2 5.31% $2,572
    Mr. Cooper ( Nationstar Mortgage ) 2 3.63% $8,239
    CARDINAL FINANCIAL 2 3.37% $9,747
    Community First National Bank 2 3.25% $5,971
    Low VA Rates, LLC 2 6.25% $12,295
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.00% $6,851
    Flanagan State Bank 2 4.13% $5,580
    LAKEVIEW LOAN SERVICING, LLC 2 2.75% $2,150
    PLAZA HOME MORTGAGE, INC. 2 4.56% $4,821
    CRESCENT MORTGAGE COMPANY 1 4.75% $2,043
    DELMAR FINANCIAL COMPANY 1 6.13% $3,088
    Equity Prime Mortgage LLC 1 5.63% $14,846
    FINANCE OF AMERICA MORTGAGE LLC 1 6.13% $1,438
    First Option Mortgage, LLC 1 5.00% $4,299
    Credence Funding Corporation 1 2.25% $1,605
    Cornerstone First Mortgage, Inc 1 5.25% $8,091
    Commerce Bank 1 5.63% $2,532
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 4.75% $6,620
    VAN DYK MORTGAGE CORPORATION 1 3.88% $2,907
    Lakeview Community Capital, LLC 1 2.75% $1,026
    Citizens Bank 1 5.13% $8,260
    LOANDEPOT.COM, LLC 1 5.25% $4,266
    Midwest Community Bank 1 4.75% $2,133
    Chickasaw Community Bank 1 3.75% $2,405
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.13% $18,235
    VILLAGE CAPITAL MORTGAGE 1 2.75% $8,754
    PENTAGON FEDERAL CREDIT UNION 1 4.00% $11,143
    PLANET HOME LENDING, LLC 1 6.13% $1,484
    UNION HOME MORTGAGE CORP. 1 5.75% $5,587
    Bank Five Nine 1 4.13% $2,299
    Bankers' Bank 1 5.63% $9,971

    The top Peoria VA lender as defined by loan originations is Mortgage Research Center, LLC, with 125 VA loans originated. Their average total fees are $5,141, which is $473 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Peoria VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,529), CALIBER HOME LOANS, INC. ($4,711), Wells Fargo Bank ($4,725), UNITED WHOLESALE MORTGAGE, LLC ($4,772) and Mortgage Research Center, LLC ($5,141).

    The lowest rate Peoria VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (4.35%), QUICKEN LOANS, LLC (4.35%), UNITED WHOLESALE MORTGAGE, LLC (4.46%), USAA Federal Savings Bank (4.46%) and FIRST STATE MORTGAGE SERVICES, LLC (4.60%).

    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 $129,800 (-0.1%) $169,761 (-2.5%) 0.48 2,306
    2018-02-01 $129,900 (0.0%) $170,982 (-2.0%) 0.47 2,301
    2018-03-01 $129,900 (-6.8%) $169,899 (-7.0%) 0.46 2,517
    2018-04-01 $129,900 (-7.2%) $170,805 (-9.1%) 0.44 2,550
    2018-05-01 $132,575 (-5.9%) $172,225 (-10.2%) 0.44 2,646
    2018-06-01 $134,900 (-6.9%) $175,420 (-10.2%) 0.45 2,679
    2018-07-01 $134,900 (-7.9%) $175,609 (-9.2%) 0.45 2,738
    2018-08-01 $134,400 (-6.0%) $175,213 (-7.4%) 0.45 2,742
    2018-09-01 $129,900 (-7.2%) $170,012 (-7.8%) 0.44 2,690
    2018-10-01 $129,700 (-5.3%) $167,374 (-5.6%) 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 (-6.0%) 0.43 2,218
    2019-01-01 $124,900 (-3.8%) $159,143 (-6.3%) 0.43 2,032
    2019-02-01 $125,375 (-3.5%) $160,569 (-6.1%) 0.42 1,994
    2019-03-01 $129,900 (0.0%) $164,515 (-3.2%) 0.43 2,042
    2019-04-01 $133,750 (3.0%) $170,160 (-0.4%) 0.42 2,064
    2019-05-01 $133,950 (1.0%) $173,482 (0.7%) 0.42 2,155
    2019-06-01 $134,900 (0.0%) $174,082 (-0.8%) 0.42 2,216
    2019-07-01 $134,900 (0.0%) $175,579 (0.0%) 0.42 2,267
    2019-08-01 $132,900 (-1.1%) $174,770 (-0.3%) 0.42 2,298
    2019-09-01 $129,900 (0.0%) $173,536 (2.1%) 0.41 2,288
    2019-10-01 $129,700 (0.0%) $170,610 (1.9%) 0.42 2,376
    2019-11-01 $124,900 (-0.1%) $166,543 (0.7%) 0.41 2,317
    2019-12-01 $119,900 (-4.0%) $161,006 (0.1%) 0.40 2,149
    2020-01-01 $119,900 (-4.0%) $160,280 (0.7%) 0.40 1,981
    2020-02-01 $119,900 (-4.4%) $160,825 (0.2%) 0.39 1,885
    2020-03-01 $123,900 (-4.6%) $164,896 (0.2%) 0.39 1,907
    2020-04-01 $124,925 (-6.6%) $169,256 (-0.5%) 0.39 1,864
    2020-05-01 $127,700 (-4.7%) $177,411 (2.3%) 0.39 1,817
    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 (-6.0%) $172,520 (-1.3%) 0.36 1,530
    2020-09-01 $122,225 (-5.9%) $173,203 (-0.2%) 0.35 1,446
    2020-10-01 $119,900 (-7.6%) $172,477 (1.1%) 0.34 1,387
    2020-11-01 $114,900 (-8.0%) $168,261 (1.0%) 0.34 1,334
    2020-12-01 $110,925 (-7.5%) $161,543 (0.3%) 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 $107,450 (-14.0%) $177,515 (4.9%) 0.29 738
    2021-05-01 $109,900 (-13.9%) $187,571 (5.7%) 0.29 707
    2021-06-01 $111,950 (-13.4%) $192,363 (7.8%) 0.29 758
    2021-07-01 $112,420 (-13.5%) $188,119 (4.8%) 0.30 876
    2021-08-01 $119,563 (-4.3%) $189,360 (9.8%) 0.32 896
    2021-09-01 $117,234 (-4.1%) $187,866 (8.5%) 0.31 941
    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 (10.2%) 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 (33.3%) $223,641 (18.9%) 0.34 746
    2022-08-01 $152,400 (27.5%) $232,563 (22.8%) 0.35 778
    2022-09-01 $152,400 (30.0%) $231,311 (23.1%) 0.36 788
    2022-10-01 $149,900 (36.3%) $227,902 (27.8%) 0.35 803
    2022-11-01 $145,000 (38.2%) $218,248 (28.4%) 0.35 760
    2022-12-01 $135,000 (35.1%) $207,207 (23.7%) 0.33 678
    2023-01-01 $134,950 (42.2%) $209,976 (29.8%) 0.33 583
    2023-02-01 $130,000 (44.6%) $209,945 (29.1%) 0.31 474
    2023-03-01 $140,950 (41.1%) $227,548 (19.1%) 0.33 414
    2023-04-01 $149,900 (46.4%) $231,680 (18.5%) 0.35 407
    Peoria's median listing price for 2023-04-01 was $149,900, a difference of $47,500 (46.4%) versus the prior year and $8,950 versus the prior month.

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

    Peoria's average listing price for 2023-04-01 was $231,680, a difference of $36,117 (18.5%) versus the prior year and $4,132 versus the prior month.

    For the 2023-04-01 period, Peoria had 407 MLS listings, a difference of -7 listings (-2%) versus the prior month and -57 listings (-12%) 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 1,822 sqft
    2018-02-01 103 days 1,832 sqft
    2018-03-01 76 days 1,832 sqft
    2018-04-01 65 days 1,845 sqft
    2018-05-01 68 days 1,857 sqft
    2018-06-01 67 days 1,856 sqft
    2018-07-01 70 days 1,866 sqft
    2018-08-01 73 days 1,857 sqft
    2018-09-01 75 days 1,846 sqft
    2018-10-01 82 days 1,820 sqft
    2018-11-01 86 days 1,810 sqft
    2018-12-01 92 days 1,776 sqft
    2019-01-01 94 days 1,783 sqft
    2019-02-01 97 days 1,762 sqft
    2019-03-01 89 days 1,782 sqft
    2019-04-01 76 days 1,829 sqft
    2019-05-01 65 days 1,785 sqft
    2019-06-01 63 days 1,760 sqft
    2019-07-01 65 days 1,876 sqft
    2019-08-01 71 days 1,866 sqft
    2019-09-01 75 days 1,833 sqft
    2019-10-01 72 days 1,800 sqft
    2019-11-01 78 days 1,784 sqft
    2019-12-01 88 days 1,744 sqft
    2020-01-01 96 days 1,741 sqft
    2020-02-01 98 days 1,732 sqft
    2020-03-01 79 days 1,743 sqft
    2020-04-01 76 days 1,759 sqft
    2020-05-01 78 days 1,772 sqft
    2020-06-01 74 days 1,774 sqft
    2020-07-01 67 days 1,781 sqft
    2020-08-01 58 days 1,764 sqft
    2020-09-01 60 days 1,729 sqft
    2020-10-01 65 days 1,720 sqft
    2020-11-01 62 days 1,633 sqft
    2020-12-01 66 days 1,568 sqft
    2021-01-01 74 days 1,571 sqft
    2021-02-01 77 days 1,519 sqft
    2021-03-01 65 days 1,484 sqft
    2021-04-01 52 days 1,551 sqft
    2021-05-01 44 days 1,533 sqft
    2021-06-01 37 days 1,567 sqft
    2021-07-01 38 days 1,587 sqft
    2021-08-01 40 days 1,616 sqft
    2021-09-01 45 days 1,589 sqft
    2021-10-01 46 days 1,540 sqft
    2021-11-01 48 days 1,454 sqft
    2021-12-01 61 days 1,431 sqft
    2022-01-01 66 days 1,380 sqft
    2022-02-01 60 days 1,333 sqft
    2022-03-01 52 days 1,368 sqft
    2022-04-01 37 days 1,382 sqft
    2022-05-01 31 days 1,562 sqft
    2022-06-01 36 days 1,692 sqft
    2022-07-01 35 days 1,717 sqft
    2022-08-01 41 days 1,724 sqft
    2022-09-01 46 days 1,739 sqft
    2022-10-01 49 days 1,736 sqft
    2022-11-01 51 days 1,719 sqft
    2022-12-01 57 days 1,620 sqft
    2023-01-01 70 days 1,673 sqft
    2023-02-01 67 days 1,599 sqft
    2023-03-01 50 days 1,588 sqft
    2023-04-01 39 days 1,618 sqft
    Peoria's median listing age (time on market) for 2023-04-01 was 39 days. This is 5% longer than the same period one year ago.

    Peoria's median square footage for active listings during the 2023-04-01 period was 1,618 sqft. One year prior, the average listing was 1,382 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.