Spencer VA Loan Rates, Closing Costs & Stats
Spencer, IA
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.
Spencer's 9 lenders originated 21 VA loans during 2024. The total origination value was $4,795,000, with an average VA loan value of $228,333.
Spencer VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Spencer
averaged
0.28%
for the week of 2025-06-20, compared to the national average (all VA variants) of
0% for the same period.
Spencer's average VA mortgage closing costs are $4,341.
The average rate for the prior week (2025-06-13) was
7.03% and
one month ago for the week of 2025-05-16, the
average rate was 6.89%.
The average rate one year ago was 6.59%.
For refis of the same type during the week of 2025-06-20, the average rate
was 0%.
Spencer 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 Spencer level.
| Name | # of Loans | 2024 Avg. 30yFix Rate | 2024 Avg. Closing Costs |
|---|---|---|---|
| Mortgage Research Center, LLC | 10 | 6.54% | $4,979 |
| Flanagan State Bank | 3 | 6.50% | $6,913 |
| Equity Prime Mortgage LLC | 1 | 7.00% | $7,055 |
| First National Bank of Omaha | 1 | 6.50% | $9,105 |
| NEW DAY FINANCIAL, LLC | 1 | 7.99% | $5,196 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 5.75% | $6,272 |
| AMERICAN FINANCIAL RESOURCES, INC. | 1 | 5.25% | $4,813 |
| V.I.P. MORTGAGE, INC. | 1 | 5.75% | $3,489 |
| Carrington Mortgage Services, LLC | 1 | 5.88% | $7,016 |
The top Spencer VA lender as defined by loan originations is Mortgage Research Center, LLC, with
10 VA loans originated. Their average total fees are
$4,979, which is $1,934
lower than the next largest lender,
Flanagan State Bank.
The lowest fee Spencer VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC ($4,979), .
The lowest rate Spencer VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC (6.54%), .