Springfield VA Loan Rates, Closing Costs & Stats

SPRINGFIELD, 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.

    Springfield's 42 lenders originated 189 VA loans during 2023. The total origination value was $41,765,000, with an average VA loan value of $220,979.

    Springfield VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Springfield averaged 6.44% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Springfield's average VA mortgage closing costs are $4,468.

    The average rate for the prior week (2024-07-12) was 6.78% and one month ago for the week of 2024-06-14, the average rate was 6.44%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.73%.

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

    Springfield 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 Springfield level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 44 6.96% $4,670
    INB 29 6.40% $5,718
    FLAT BRANCH MORTGAGE, INC. 19 6.85% $4,689
    PNC Bank 9 6.83% $4,218
    QUICKEN LOANS, LLC 9 6.72% $9,047
    USAA Federal Savings Bank 6 6.27% $5,562
    Mr. Cooper ( Nationstar Mortgage ) 4 5.78% $8,586
    FREEDOM MORTGAGE CORPORATION 4 6.09% $8,397
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.58% $8,486
    Bank of Springfield 3 6.00% $4,386
    FIRST STATE MORTGAGE SERVICES, LLC 3 6.33% $5,727
    GUARANTEED RATE, INC. 3 7.48% $3,025
    NAVY FEDERAL CREDIT UNION 3 5.75% $5,270
    NEWREZ LLC 3 6.38% $6,456
    Plains Commerce Bank 3 7.46% $6,374
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.00% $3,605
    PENNYMAC LOAN SERVICES, LLC 2 5.19% $5,880
    UNITED WHOLESALE MORTGAGE, LLC 2 6.82% $2,225
    VILLAGE CAPITAL MORTGAGE 2 5.75% $5,044
    LOANDEPOT.COM, LLC 2 6.63% $12,013
    Heartland Bank and Trust Company 2 6.31% $2,518
    NEW DAY FINANCIAL, LLC 2 7.37% $17,492
    MOVEMENT MORTGAGE, LLC 1 7.25% $3,793
    CROSSCOUNTRY MORTGAGE, LLC 1 5.75% $6,848
    NBKC BANK 1 6.63% $3,064
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $13,850
    PHH Mortgage Corporation 1 6.49% $6,335
    CONTOUR MORTGAGE CORPORATION 1 6.25% $5,254
    BROKER SOLUTIONS, INC. 1 6.63% $8,967
    Regions Bank 1 5.13% $2,767
    Simmons Bank 1 6.50% $3,163
    The Federal Savings Bank 1 6.75% $9,000
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $5,072
    United Community Bank 1 5.00% $27,979
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $2,853
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.62% $9,912
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.50% $10,237
    JPMorgan Chase Bank 1 5.88% $0
    LEADERONE FINANCIAL CORPORATION 1 7.13% $11,203
    Magnolia Bank 1 5.25% $20,069
    Marine Bank 1 6.13% $9,157
    DAS Acquisition Company, LLC 1 7.63% $0

    The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 44 VA loans originated. Their average total fees are $4,670, which is $1,048 lower than the next largest lender, INB.

    The lowest fee Springfield VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,670), FLAT BRANCH MORTGAGE, INC. ($4,689), INB ($5,718), .

    The lowest rate Springfield VA lenders (with over 10 loans originated) are INB (6.40%), FLAT BRANCH MORTGAGE, INC. (6.85%), Mortgage Research Center, LLC (6.96%), .

    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.