Peoria VA Loan Rates, Closing Costs & Stats

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 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 6.44% for the week of 2024-12-06, compared to the national average (all VA variants) of 6.143% for the same period.

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

The average rate for the prior week (2024-11-29) was 6.24% and one month ago for the week of 2024-11-01, the average rate was 6.5%.

The average rate one year ago was 6.74%.

For refis of the same type during the week of 2024-12-06, the average rate was 6.23%.

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
2024-04-01 $149,925 (3.4%) $235,617 (5.2%) 0.35 444
2024-05-01 $179,425 (20.7%) $258,158 (8.9%) 0.41 463
2024-06-01 $176,500 (4.0%) $246,230 (0.1%) 0.40 504
2024-07-01 $175,000 (3.0%) $246,583 (3.6%) 0.40 572
2024-08-01 $177,750 (9.4%) $239,506 (1.8%) 0.41 637
2024-09-01 $173,175 (2.5%) $233,780 (-2.2%) 0.41 669
2024-10-01 $159,950 (-2.9%) $212,679 (-8.3%) 0.38 670
2024-11-01 $149,900 (0.0%) $200,045 (-9.4%) 0.00 686
Peoria's median listing price for 2024-11-01 was $149,900, a difference of $-50 (0.0%) versus the prior year and $-10,050 versus the prior month.

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

Peoria's average listing price for 2024-11-01 was $200,045, a difference of $-20,860 (-9.4%) versus the prior year and $-12,634 versus the prior month.

For the 2024-11-01 period, Peoria had 686 MLS listings, a difference of 16 listings (2%) versus the prior month and 101 listings (17%) 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
2024-04-01 42 days 1,619 sqft
2024-05-01 31 days 1,768 sqft
2024-06-01 31 days 1,736 sqft
2024-07-01 36 days 1,764 sqft
2024-08-01 37 days 1,750 sqft
2024-09-01 38 days 1,717 sqft
2024-10-01 40 days 1,631 sqft
2024-11-01 0 days 1,550 sqft
Peoria's median listing age (time on market) for 2024-11-01 was 0 days. This is -100% shorter than the same period one year ago.

Peoria's median square footage for active listings during the 2024-11-01 period was 1,550 sqft. One year prior, the average listing was 1,687 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.