Rockford VA Loans

ROCKFORD, 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.

Rockford's 83 lenders originated 641 VA loans during 2021. The total origination value was $120,495,000, with an average VA loan value of $187,980.

Rockford VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Rockford averaged 5.66% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.89% and one month ago for the week of 2022-04-08, the average rate was 5.42%.

The average rate one year ago was 3.43%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.62%.

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

Rockford 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 Rockford level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 107 2.93% $5,074
QUICKEN LOANS, LLC 59 2.54% $4,465
FREEDOM MORTGAGE CORPORATION 44 2.65% $1,497
ENVOY MORTGAGE, LTD 35 3.45% $7,028
Midwest Community Bank 23 2.63% $4,442
Blackhawk Bank 20 2.72% $4,582
PENNYMAC LOAN SERVICES, LLC 19 2.51% $3,813
USAA Federal Savings Bank 18 2.90% $3,834
NEW DAY FINANCIAL, LLC 16 3.15% $8,147
NAVY FEDERAL CREDIT UNION 15 2.47% $3,556
LOANDEPOT.COM, LLC 14 2.62% $3,972
CALIBER HOME LOANS, INC. 13 2.61% $3,029
VILLAGE CAPITAL & INVESTMENT LLC 11 2.32% $2,133
Barrington Bank & Trust Company, N.A. 11 2.70% $3,460
Wells Fargo Bank 7 2.59% $6,942
Mr. Cooper ( Nationstar Mortgage ) 7 3.14% $2,976
UNITED WHOLESALE MORTGAGE, LLC 7 2.56% $5,290
ACADEMY MORTGAGE CORPORATION 7 3.25% $12,147
LAKEVIEW LOAN SERVICING, LLC 6 2.79% $2,446
HOME POINT FINANCIAL CORPORATION 6 2.65% $4,308
CROSSCOUNTRY MORTGAGE, LLC 5 2.82% $4,591
The Federal Savings Bank 4 2.59% $4,146
First National Bank of Omaha 4 3.06% $2,360
PLANET HOME LENDING, LLC 4 2.91% $2,411
FIRST STATE MORTGAGE SERVICES, LLC 4 2.94% $1,477
CLEARPATH LENDING 4 2.41% $3,472
FIRST CENTENNIAL MORTGAGE CORPORATION 3 2.75% $4,249
NEWREZ LLC 3 2.92% $869
GUARANTEED RATE, INC. 3 2.33% $1,675
PNC Bank 3 2.92% $2,563
AMERISAVE MORTGAGE CORPORATION 3 3.13% $3,384
SUMMIT FUNDING, INC. 3 3.25% $11,789
BROKER SOLUTIONS, INC. 3 2.91% $5,524
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 2.92% $2,115
AMERICAN PACIFIC MORTGAGE CORPORATION 3 3.00% $3,963
AMERICAN FINANCIAL NETWORK, INC. 3 2.96% $7,605
SUN WEST MORTGAGE COMPANY, INC. 2 2.63% $2,246
Mid-Continent Funding, Inc. 2 2.94% $4,779
The Home Loan Expert LLC 2 2.56% $4,910
The Huntington National Bank 2 2.94% $1,026
Low VA Rates, LLC 2 2.25% $3,998
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.94% $1,452
First Federal Bank 2 4.62% $7,770
CELEBRITY HOME LOANS, LLC 2 3.00% $2,614
INLANTA MORTGAGE, INC. 2 2.88% $5,801
Carrington Mortgage Services, LLC 2 2.63% $3,389
U.S. Bank 2 2.75% $2,319
Associated Bank 2 2.88% $3,817
FLAT BRANCH MORTGAGE, INC. 2 2.88% $7,652
Town & Country Banc Mortgage Services, Inc. 1 2.50% $1,475
TOWNE MORTGAGE COMPANY 1 3.50% $4,444
UNITED MORTGAGE CORP. 1 3.75% $2,908
AmeriHome Mortgage Company, LLC 1 3.13% $1,267
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.75% $1,532
DRAPER AND KRAMER MORTGAGE CORP. 1 2.75% $14,328
ZILLOW HOME LOANS, LLC 1 2.75% $3,378
EMBRACE HOME LOANS, INC. 1 3.25% $7,860
COMPASS MORTGAGE, INC. 1 2.75% $8,674
Flagstar Bank, FSB 1 2.50% $13,307
Community Mortgage Banc Corporation 1 2.88% $3,420
HOMESIDE FINANCIAL, LLC 1 2.75% $3,925
HOMESTAR FINANCIAL CORPORATION 1 3.00% $3,902
HOMESTEAD FUNDING CORP. 1 2.75% $4,130
KS StateBank 1 2.25% $0
Lakeview Community Capital, LLC 1 2.75% $2,359
Citizens Bank 1 2.63% $1,774
CHURCHILL MORTGAGE CORPORATION 1 2.50% $7,704
MID AMERICA MORTGAGE, INC. 1 3.63% $2,810
Midland States Bank 1 2.50% $5,943
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.00% $6,456
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.25% $2,993
Nations Lending Corporation 1 3.25% $10,181
NBKC BANK 1 2.75% $1,852
Neighborhood Loans, Inc. 1 2.75% $3,985
BNC National Bank 1 2.50% $2,101
NFM, INC. 1 3.75% $10,968
NP, Inc. 1 2.25% $4,277
PANORAMA MORTGAGE GROUP, LLC 1 3.63% $4,119
Paramount Residential Mortgage Group, Inc. 1 3.63% $10,070
PHH Mortgage Corporation 1 2.50% $2,332
PLAZA HOME MORTGAGE, INC. 1 2.63% $2,472
Prosperity Home Mortgage, LLC 1 3.00% $2,199
ROYAL UNITED MORTGAGE LLC 1 2.38% $4,267

The top Rockford VA lender as defined by loan originations is Mortgage Research Center, LLC, with 107 VA loans originated. Their average total fees are $5,074, which is $609 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Rockford VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($1,497), VILLAGE CAPITAL & INVESTMENT LLC ($2,133), CALIBER HOME LOANS, INC. ($3,029), Barrington Bank & Trust Company, N.A. ($3,460) and NAVY FEDERAL CREDIT UNION ($3,556).

The lowest rate Rockford VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.32%), NAVY FEDERAL CREDIT UNION (2.47%), PENNYMAC LOAN SERVICES, LLC (2.51%), QUICKEN LOANS, LLC (2.54%) and CALIBER HOME LOANS, INC. (2.61%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Rockford (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 $129,900 (10.1%) $168,756 (11.3%) 0.48 1,319
2018-02-01 $133,500 (14.6%) $172,106 (17.6%) 0.48 1,191
2018-03-01 $135,000 (9.4%) $177,921 (15.7%) 0.47 1,097
2018-04-01 $140,950 (8.5%) $187,651 (18.9%) 0.47 1,060
2018-05-01 $145,900 (12.3%) $189,610 (17.1%) 0.49 1,182
2018-06-01 $149,900 (10.7%) $193,536 (14.7%) 0.50 1,342
2018-07-01 $149,000 (6.5%) $189,847 (6.8%) 0.50 1,467
2018-08-01 $146,500 (5.8%) $189,959 (7.9%) 0.49 1,521
2018-09-01 $144,900 (3.6%) $188,857 (7.8%) 0.48 1,551
2018-10-01 $139,900 (3.6%) $183,811 (7.8%) 0.47 1,556
2018-11-01 $138,450 (-1.0%) $183,990 (6.4%) 0.46 1,439
2018-12-01 $130,000 (-3.6%) $176,949 (2.2%) 0.45 1,374
2019-01-01 $134,450 (3.5%) $176,244 (4.4%) 0.46 1,268
2019-02-01 $134,900 (1.1%) $176,816 (2.7%) 0.45 1,174
2019-03-01 $139,286 (3.2%) $184,341 (3.6%) 0.45 1,099
2019-04-01 $146,750 (4.1%) $193,412 (3.1%) 0.46 1,023
2019-05-01 $149,800 (2.7%) $196,854 (3.8%) 0.46 1,119
2019-06-01 $155,000 (3.4%) $203,465 (5.1%) 0.48 1,238
2019-07-01 $155,000 (4.0%) $204,129 (7.5%) 0.48 1,402
2019-08-01 $154,957 (5.8%) $196,680 (3.5%) 0.49 1,491
2019-09-01 $153,450 (5.9%) $193,488 (2.5%) 0.49 1,584
2019-10-01 $150,950 (7.9%) $192,438 (4.7%) 0.48 1,658
2019-11-01 $149,000 (7.6%) $188,196 (2.3%) 0.48 1,605
2019-12-01 $142,000 (9.2%) $184,570 (4.3%) 0.47 1,453
2020-01-01 $139,900 (4.1%) $181,854 (3.2%) 0.47 1,323
2020-02-01 $149,000 (10.5%) $187,914 (6.3%) 0.48 1,195
2020-03-01 $147,450 (5.9%) $192,627 (4.5%) 0.46 1,097
2020-04-01 $150,000 (2.2%) $196,471 (1.6%) 0.47 1,064
2020-05-01 $159,900 (6.7%) $207,282 (5.3%) 0.48 950
2020-06-01 $169,900 (9.6%) $211,715 (4.1%) 0.50 876
2020-07-01 $172,400 (11.2%) $216,469 (6.1%) 0.49 801
2020-08-01 $169,900 (9.6%) $220,931 (12.3%) 0.49 731
2020-09-01 $174,950 (14.0%) $225,002 (16.3%) 0.50 704
2020-10-01 $159,999 (6.0%) $208,067 (8.1%) 0.46 752
2020-11-01 $154,950 (4.0%) $203,052 (7.9%) 0.44 751
2020-12-01 $142,950 (0.7%) $193,600 (4.9%) 0.42 648
2021-01-01 $135,000 (-3.5%) $197,552 (8.6%) 0.40 515
2021-02-01 $135,950 (-8.8%) $206,666 (10.0%) 0.39 364
2021-03-01 $147,000 (-0.3%) $216,656 (12.5%) 0.41 310
2021-04-01 $163,700 (9.1%) $227,452 (15.8%) 0.44 285
2021-05-01 $169,900 (6.3%) $226,824 (9.4%) 0.45 385
2021-06-01 $172,400 (1.5%) $229,465 (8.4%) 0.45 565
2021-07-01 $167,000 (-3.1%) $230,508 (6.5%) 0.43 636
2021-08-01 $164,950 (-2.9%) $222,964 (0.9%) 0.43 779
2021-09-01 $167,450 (-4.3%) $223,238 (-0.8%) 0.44 787
2021-10-01 $169,900 (6.2%) $220,040 (5.8%) 0.45 796
2021-11-01 $158,100 (2.0%) $213,697 (5.2%) 0.42 725
2021-12-01 $149,900 (4.9%) $205,032 (5.9%) 0.40 653
2022-01-01 $147,900 (9.6%) $201,295 (1.9%) 0.39 526
2022-02-01 $137,450 (1.1%) $203,539 (-1.5%) 0.35 372
2022-03-01 $142,500 (-3.1%) $220,569 (1.8%) 0.35 330
2022-04-01 $165,000 (0.8%) $236,879 (4.1%) 0.39 356
Rockford's median listing price for 2022-04-01 was $165,000, a difference of $1,300 (0.8%) versus the prior year and $22,500 versus the prior month.

Rockford's median listing price comes in at 39% of the national average.

Rockford's average listing price for 2022-04-01 was $236,879, a difference of $9,427 (4.1%) versus the prior year and $16,310 versus the prior month.

For the 2022-04-01 period, Rockford had 356 MLS listings, a difference of 26 listings (8%) versus the prior month and 71 listings (25%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Rockford (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 74 days 1,826 sqft
2018-02-01 75 days 1,820 sqft
2018-03-01 64 days 1,868 sqft
2018-04-01 48 days 1,920 sqft
2018-05-01 39 days 1,952 sqft
2018-06-01 40 days 1,980 sqft
2018-07-01 46 days 1,960 sqft
2018-08-01 49 days 1,916 sqft
2018-09-01 57 days 1,940 sqft
2018-10-01 60 days 1,873 sqft
2018-11-01 60 days 1,852 sqft
2018-12-01 64 days 1,800 sqft
2019-01-01 75 days 1,764 sqft
2019-02-01 80 days 1,763 sqft
2019-03-01 70 days 1,763 sqft
2019-04-01 53 days 1,733 sqft
2019-05-01 43 days 1,728 sqft
2019-06-01 43 days 1,792 sqft
2019-07-01 44 days 1,879 sqft
2019-08-01 46 days 1,880 sqft
2019-09-01 52 days 1,869 sqft
2019-10-01 53 days 1,866 sqft
2019-11-01 57 days 1,850 sqft
2019-12-01 66 days 1,788 sqft
2020-01-01 79 days 1,736 sqft
2020-02-01 74 days 1,767 sqft
2020-03-01 52 days 1,777 sqft
2020-04-01 58 days 1,815 sqft
2020-05-01 66 days 1,872 sqft
2020-06-01 51 days 1,963 sqft
2020-07-01 47 days 2,015 sqft
2020-08-01 45 days 1,962 sqft
2020-09-01 43 days 1,951 sqft
2020-10-01 38 days 1,860 sqft
2020-11-01 39 days 1,821 sqft
2020-12-01 50 days 1,715 sqft
2021-01-01 59 days 1,696 sqft
2021-02-01 59 days 1,688 sqft
2021-03-01 46 days 1,669 sqft
2021-04-01 39 days 1,772 sqft
2021-05-01 25 days 1,852 sqft
2021-06-01 24 days 1,842 sqft
2021-07-01 30 days 1,846 sqft
2021-08-01 30 days 1,675 sqft
2021-09-01 37 days 1,670 sqft
2021-10-01 39 days 1,668 sqft
2021-11-01 46 days 1,649 sqft
2021-12-01 49 days 1,604 sqft
2022-01-01 52 days 1,605 sqft
2022-02-01 49 days 1,600 sqft
2022-03-01 39 days 1,607 sqft
2022-04-01 29 days 1,690 sqft
Rockford's median listing age (time on market) for 2022-04-01 was 29 days. This is -26% shorter than the same period one year ago.

Rockford's median square footage for active listings during the 2022-04-01 period was 1,690 sqft. One year prior, the average listing was 1,772 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.