Springfield VA Loan Rates, Closing Costs & Stats

SPRINGFIELD, 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.

Springfield's 57 lenders originated 279 VA loans during 2022. The total origination value was $57,485,000, with an average VA loan value of $206,039.

Springfield VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Springfield averaged -0.11% for the week of 2024-02-23, compared to the national average (all VA variants) of 0% for the same period.

Springfield's average VA mortgage closing costs are $4,340.

The average rate for the prior week (2024-02-16) was 6.57% and one month ago for the week of 2024-01-19, the average rate was 5.92%.

The average rate one year ago was 6.14%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.17%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 59 5.06% $5,346
FLAT BRANCH MORTGAGE, INC. 30 5.10% $4,565
INB 19 5.00% $5,042
USAA Federal Savings Bank 17 4.35% $5,561
QUICKEN LOANS, LLC 13 5.21% $8,018
FREEDOM MORTGAGE CORPORATION 9 4.68% $5,754
PNC Bank 8 5.66% $4,488
Marine Bank 7 4.32% $4,436
NEW DAY FINANCIAL, LLC 6 5.68% $8,975
Town & Country Banc Mortgage Services 5 4.60% $2,929
NAVY FEDERAL CREDIT UNION 5 3.68% $4,552
United Community Bank 5 4.75% $5,898
Barrington Bank & Trust Company, N.A. 4 4.84% $9,036
Bank of Springfield 4 4.69% $5,337
AMERISAVE MORTGAGE CORPORATION 3 4.50% $5,421
PENNYMAC LOAN SERVICES, LLC 3 3.58% $4,172
UNITED WHOLESALE MORTGAGE, LLC 3 3.21% $7,954
NEWREZ LLC 3 3.25% $2,889
FIRST STATE MORTGAGE SERVICES, LLC 3 4.38% $3,564
U.S. Bank 3 4.38% $7,436
VILLAGE CAPITAL MORTGAGE 3 4.25% $5,420
Wells Fargo Bank 3 3.67% $3,688
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.25% $4,872
North American Savings Bank, F.S.B. 3 4.58% $1,284
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 3 3.92% $4,802
Carrollton Bank 2 4.94% $5,224
BROKER SOLUTIONS, INC. 2 5.31% $6,386
Flagstar Bank, FSB 2 3.56% $5,853
CROSSCOUNTRY MORTGAGE, LLC 2 5.75% $7,421
DAS Acquisition Company, LLC 2 5.56% $2,997
LAKEVIEW LOAN SERVICING, LLC 2 2.63% $3,641
LEADERONE FINANCIAL CORPORATION 2 4.25% $6,314
LOANDEPOT.COM, LLC 2 4.25% $9,583
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $8,251
AMERICAN FINANCING CORPORATION 1 3.50% $7,821
BNC National Bank 1 4.13% $5,187
Carrington Mortgage Services, LLC 1 6.13% $8,688
CHURCHILL MORTGAGE CORPORATION 1 5.75% $9,456
Equity Prime Mortgage LLC 1 4.88% $4,687
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.99% $11,542
FAIR WAY LENDING LLC 1 5.50% $3,504
FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.13% $8,688
First Bank 1 2.75% $6,164
First Guaranty Mortgage Corporation 1 3.00% $2,994
GUARANTEED RATE, INC. 1 6.25% $747
GUILD MORTGAGE COMPANY 1 3.13% $6,900
Hometown Lenders, Inc. 1 6.75% $9,719
Lakeview Community Capital, LLC 1 3.13% $1,351
Midwest BankCentre 1 5.13% $2,102
AMCAP MORTGAGE, LTD. 1 4.88% $5,545
Nations Lending Corporation 1 6.25% $6,198
NBKC BANK 1 4.75% $1,484
Oakstar Bank 1 5.25% $1,574
PENTAGON FEDERAL CREDIT UNION 1 4.50% $11,699
Plains Commerce Bank 1 5.13% $4,140
PLANET HOME LENDING, LLC 1 2.75% $1,110
Waterstone Mortgage Corporation 1 5.13% $41,369

The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 59 VA loans originated. Their average total fees are $5,346, which is $781 higher than the next largest lender, FLAT BRANCH MORTGAGE, INC..

The lowest fee Springfield VA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($4,565), INB ($5,042), Mortgage Research Center, LLC ($5,346), USAA Federal Savings Bank ($5,561) and QUICKEN LOANS, LLC ($8,018).

The lowest rate Springfield VA lenders (with over 10 loans originated) are USAA Federal Savings Bank (4.35%), INB (5.00%), Mortgage Research Center, LLC (5.06%), FLAT BRANCH MORTGAGE, INC. (5.10%) and QUICKEN LOANS, LLC (5.21%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Springfield (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 $136,950 (1.9%) $182,107 (0.5%) 0.51 829
2018-02-01 $137,500 (1.9%) $184,524 (0.7%) 0.50 831
2018-03-01 $139,900 (-0.7%) $189,588 (-3.4%) 0.49 875
2018-04-01 $144,900 (-3.3%) $192,321 (-4.1%) 0.49 886
2018-05-01 $144,650 (-7.8%) $192,476 (-8.4%) 0.48 940
2018-06-01 $143,900 (-10.0%) $195,637 (-7.6%) 0.48 1,027
2018-07-01 $140,900 (-9.1%) $192,657 (-5.1%) 0.47 1,065
2018-08-01 $144,900 (-4.9%) $191,130 (-4.6%) 0.49 1,055
2018-09-01 $149,900 (0.0%) $190,452 (-4.5%) 0.50 1,041
2018-10-01 $149,900 (0.8%) $193,627 (-0.1%) 0.51 997
2018-11-01 $149,700 (7.0%) $194,421 (4.8%) 0.51 951
2018-12-01 $139,900 (0.0%) $183,840 (2.1%) 0.48 867
2019-01-01 $136,950 (0.0%) $181,503 (-0.3%) 0.47 839
2019-02-01 $139,225 (1.3%) $182,700 (-1.0%) 0.47 831
2019-03-01 $142,471 (1.8%) $185,598 (-2.1%) 0.47 809
2019-04-01 $147,800 (2.0%) $193,868 (0.8%) 0.47 783
2019-05-01 $149,900 (3.6%) $198,267 (3.0%) 0.47 791
2019-06-01 $154,250 (7.2%) $198,332 (1.4%) 0.48 859
2019-07-01 $153,925 (9.2%) $197,056 (2.3%) 0.48 922
2019-08-01 $152,191 (5.0%) $195,923 (2.5%) 0.48 907
2019-09-01 $149,552 (-0.2%) $191,832 (0.7%) 0.48 868
2019-10-01 $147,500 (-1.6%) $189,301 (-2.2%) 0.48 844
2019-11-01 $139,900 (-6.6%) $181,831 (-6.5%) 0.46 817
2019-12-01 $131,375 (-6.1%) $174,626 (-5.0%) 0.44 733
2020-01-01 $131,200 (-4.2%) $177,365 (-2.3%) 0.44 672
2020-02-01 $133,000 (-4.5%) $182,486 (-0.1%) 0.44 651
2020-03-01 $147,975 (3.9%) $197,148 (6.2%) 0.46 617
2020-04-01 $149,950 (1.5%) $201,211 (3.8%) 0.47 613
2020-05-01 $144,900 (-3.3%) $200,964 (1.4%) 0.44 543
2020-06-01 $150,425 (-2.5%) $207,978 (4.9%) 0.44 540
2020-07-01 $152,400 (-1.0%) $206,062 (4.6%) 0.44 527
2020-08-01 $139,900 (-8.1%) $194,492 (-0.7%) 0.40 494
2020-09-01 $134,900 (-9.8%) $193,896 (1.1%) 0.39 453
2020-10-01 $124,700 (-15.5%) $179,027 (-5.4%) 0.36 440
2020-11-01 $113,300 (-19.0%) $167,143 (-8.1%) 0.33 437
2020-12-01 $102,400 (-22.1%) $155,419 (-11.0%) 0.30 401
2021-01-01 $99,900 (-23.9%) $156,968 (-11.5%) 0.30 335
2021-02-01 $98,200 (-26.2%) $156,389 (-14.3%) 0.29 285
2021-03-01 $99,900 (-32.5%) $168,588 (-14.5%) 0.28 237
2021-04-01 $99,825 (-33.4%) $179,571 (-10.8%) 0.27 220
2021-05-01 $110,000 (-24.1%) $194,730 (-3.1%) 0.29 218
2021-06-01 $124,400 (-17.3%) $202,841 (-2.5%) 0.33 264
2021-07-01 $129,900 (-14.8%) $211,187 (2.5%) 0.34 259
2021-08-01 $127,450 (-8.9%) $212,737 (9.4%) 0.34 274
2021-09-01 $124,900 (-7.4%) $197,930 (2.1%) 0.33 267
2021-10-01 $118,000 (-5.4%) $184,105 (2.8%) 0.31 267
2021-11-01 $108,075 (-4.6%) $172,594 (3.3%) 0.29 237
2021-12-01 $117,450 (14.7%) $173,805 (11.8%) 0.32 208
2022-01-01 $107,500 (7.6%) $175,743 (12.0%) 0.29 180
2022-02-01 $104,200 (6.1%) $179,084 (14.5%) 0.27 144
2022-03-01 $120,750 (20.9%) $210,377 (24.8%) 0.30 138
2022-04-01 $139,900 (40.2%) $226,506 (26.1%) 0.33 145
2022-05-01 $146,750 (33.4%) $257,527 (32.3%) 0.34 142
2022-06-01 $166,050 (33.5%) $249,691 (23.1%) 0.37 186
2022-07-01 $165,000 (27.0%) $256,210 (21.3%) 0.37 221
2022-08-01 $175,000 (37.3%) $256,117 (20.4%) 0.40 216
2022-09-01 $193,950 (55.3%) $271,496 (37.2%) 0.45 199
2022-10-01 $186,500 (58.1%) $250,575 (36.1%) 0.44 219
2022-11-01 $169,425 (56.8%) $229,425 (32.9%) 0.41 231
2022-12-01 $165,000 (40.5%) $232,606 (33.8%) 0.41 221
2023-01-01 $157,475 (46.5%) $232,968 (32.6%) 0.39 188
2023-02-01 $154,950 (48.7%) $236,733 (32.2%) 0.37 146
2023-03-01 $149,475 (23.8%) $236,979 (12.7%) 0.35 149
2023-04-01 $179,900 (28.6%) $251,032 (10.8%) 0.42 137
2023-05-01 $182,573 (24.4%) $266,066 (3.3%) 0.41 136
2023-06-01 $186,345 (12.2%) $277,081 (11.0%) 0.42 144
2023-07-01 $179,900 (9.0%) $267,720 (4.5%) 0.41 169
2023-08-01 $194,575 (11.2%) $276,310 (7.9%) 0.45 189
2023-09-01 $177,450 (-8.5%) $271,466 (0.0%) 0.41 194
2023-10-01 $172,475 (-7.5%) $260,745 (4.1%) 0.41 212
2023-11-01 $179,950 (6.2%) $259,775 (13.2%) 0.43 217
2023-12-01 $168,950 (2.4%) $246,610 (6.0%) 0.41 193
Springfield's median listing price for 2023-12-01 was $168,950, a difference of $3,950 (2.4%) versus the prior year and $-11,000 versus the prior month.

Springfield's median listing price comes in at 41% of the national average.

Springfield's average listing price for 2023-12-01 was $246,610, a difference of $14,004 (6.0%) versus the prior year and $-13,165 versus the prior month.

For the 2023-12-01 period, Springfield had 193 MLS listings, a difference of -24 listings (-11%) versus the prior month and -28 listings (-13%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Springfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 89 days 1,730 sqft
2018-02-01 90 days 1,763 sqft
2018-03-01 68 days 1,800 sqft
2018-04-01 59 days 1,802 sqft
2018-05-01 58 days 1,800 sqft
2018-06-01 53 days 1,841 sqft
2018-07-01 57 days 1,815 sqft
2018-08-01 63 days 1,806 sqft
2018-09-01 69 days 1,810 sqft
2018-10-01 74 days 1,831 sqft
2018-11-01 76 days 1,827 sqft
2018-12-01 81 days 1,736 sqft
2019-01-01 89 days 1,700 sqft
2019-02-01 92 days 1,700 sqft
2019-03-01 69 days 1,748 sqft
2019-04-01 51 days 1,820 sqft
2019-05-01 51 days 1,855 sqft
2019-06-01 53 days 1,866 sqft
2019-07-01 56 days 1,893 sqft
2019-08-01 61 days 1,891 sqft
2019-09-01 64 days 1,875 sqft
2019-10-01 67 days 1,874 sqft
2019-11-01 70 days 1,824 sqft
2019-12-01 75 days 1,773 sqft
2020-01-01 84 days 1,750 sqft
2020-02-01 83 days 1,744 sqft
2020-03-01 67 days 1,794 sqft
2020-04-01 67 days 1,800 sqft
2020-05-01 65 days 1,770 sqft
2020-06-01 52 days 1,862 sqft
2020-07-01 50 days 1,821 sqft
2020-08-01 52 days 1,714 sqft
2020-09-01 52 days 1,742 sqft
2020-10-01 51 days 1,688 sqft
2020-11-01 51 days 1,570 sqft
2020-12-01 58 days 1,526 sqft
2021-01-01 68 days 1,482 sqft
2021-02-01 74 days 1,445 sqft
2021-03-01 63 days 1,437 sqft
2021-04-01 39 days 1,421 sqft
2021-05-01 30 days 1,500 sqft
2021-06-01 31 days 1,559 sqft
2021-07-01 38 days 1,685 sqft
2021-08-01 31 days 1,676 sqft
2021-09-01 39 days 1,622 sqft
2021-10-01 39 days 1,602 sqft
2021-11-01 45 days 1,578 sqft
2021-12-01 50 days 1,631 sqft
2022-01-01 64 days 1,543 sqft
2022-02-01 46 days 1,562 sqft
2022-03-01 34 days 1,533 sqft
2022-04-01 26 days 1,607 sqft
2022-05-01 27 days 1,685 sqft
2022-06-01 36 days 1,721 sqft
2022-07-01 35 days 1,685 sqft
2022-08-01 42 days 1,749 sqft
2022-09-01 42 days 1,778 sqft
2022-10-01 39 days 1,786 sqft
2022-11-01 39 days 1,740 sqft
2022-12-01 45 days 1,710 sqft
2023-01-01 56 days 1,649 sqft
2023-02-01 54 days 1,662 sqft
2023-03-01 46 days 1,689 sqft
2023-04-01 39 days 1,700 sqft
2023-05-01 37 days 1,733 sqft
2023-06-01 37 days 1,787 sqft
2023-07-01 36 days 1,808 sqft
2023-08-01 33 days 1,882 sqft
2023-09-01 38 days 1,859 sqft
2023-10-01 40 days 1,844 sqft
2023-11-01 40 days 1,794 sqft
2023-12-01 49 days 1,741 sqft
Springfield's median listing age (time on market) for 2023-12-01 was 49 days. This is 9% longer than the same period one year ago.

Springfield's median square footage for active listings during the 2023-12-01 period was 1,741 sqft. One year prior, the average listing was 1,710 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.