Sterling VA Loan Rates, Closing Costs & Stats

Sterling, 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.

    Sterling's 20 lenders originated 40 VA loans during 2023. The total origination value was $6,200,000, with an average VA loan value of $155,000.

    Sterling VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Sterling averaged 6.88% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Sterling's average VA mortgage closing costs are $3,931.

    The average rate for the prior week (2024-04-12) was 6.72% and one month ago for the week of 2024-03-15, the average rate was 6.98%.

    The average rate one year ago was 6.17%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Sterling 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 Sterling level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 14 6.94% $2,307
    QUICKEN LOANS, LLC 3 6.16% $11,418
    GREENSTATE CREDIT UNION 2 6.74% $5,498
    FREEDOM MORTGAGE CORPORATION 2 6.50% $13,322
    U.S. Bank 2 6.75% $5,428
    HOMESIDE FINANCIAL, LLC 1 7.25% $3,093
    Key Mortgage Services, Inc. 1 7.13% $5,524
    LOANDEPOT.COM, LLC 1 7.13% $8,191
    Midland States Bank 1 6.13% $5,098
    NAVY FEDERAL CREDIT UNION 1 5.25% $22
    NEW DAY FINANCIAL, LLC 1 7.99% $6,173
    NEWREZ LLC 1 7.63% $600
    UNITED WHOLESALE MORTGAGE, LLC 1 6.63% $4,870
    USAA Federal Savings Bank 1 6.75% $3,335
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $2,782
    VILLAGE CAPITAL MORTGAGE 1 6.25% $1,662
    Blackhawk Bank 1 7.13% $12,120
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $2,672
    Flanagan State Bank 1 6.63% $3,645
    GUILD MORTGAGE COMPANY 1 7.13% $5,520

    The top Sterling VA lender as defined by loan originations is Mortgage Research Center, LLC, with 14 VA loans originated. Their average total fees are $2,307, which is $9,111 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Sterling VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($2,307), .

    The lowest rate Sterling VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.94%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sterling (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 $89,900 (-9.8%) $110,614 (-9.2%) 0.00 252
    2018-02-01 $89,950 (-9.7%) $114,807 (-8.3%) 0.00 242
    2018-03-01 $89,900 (-12.7%) $117,849 (-8.5%) 0.00 224
    2018-04-01 $91,900 (-7.6%) $119,210 (-2.4%) 0.00 239
    2018-05-01 $89,900 (-9.9%) $116,679 (-8.5%) 0.00 255
    2018-06-01 $92,700 (-9.5%) $120,166 (-7.0%) 0.00 273
    2018-07-01 $99,700 (-0.2%) $133,199 (6.0%) 0.00 281
    2018-08-01 $90,625 (-9.1%) $128,083 (3.1%) 0.00 292
    2018-09-01 $94,900 (0.0%) $128,076 (6.6%) 0.00 297
    2018-10-01 $96,750 (3.4%) $127,088 (7.4%) 0.00 273
    2018-11-01 $99,900 (11.1%) $132,930 (21.0%) 0.00 255
    2018-12-01 $99,200 (10.3%) $131,538 (19.9%) 0.00 251
    2019-01-01 $98,675 (9.8%) $132,295 (19.6%) 0.00 235
    2019-02-01 $96,425 (7.2%) $133,296 (16.1%) 0.00 226
    2019-03-01 $96,614 (7.5%) $131,145 (11.3%) 0.00 227
    2019-04-01 $94,900 (3.3%) $127,440 (6.9%) 0.00 234
    2019-05-01 $97,400 (8.3%) $128,539 (10.2%) 0.00 233
    2019-06-01 $99,900 (7.8%) $132,365 (10.2%) 0.00 227
    2019-07-01 $99,900 (0.2%) $136,961 (2.8%) 0.00 236
    2019-08-01 $97,173 (7.2%) $135,370 (5.7%) 0.00 248
    2019-09-01 $93,082 (-1.9%) $132,820 (3.7%) 0.00 268
    2019-10-01 $90,175 (-6.8%) $130,708 (2.9%) 0.00 279
    2019-11-01 $89,900 (-10.0%) $129,244 (-2.8%) 0.00 274
    2019-12-01 $88,625 (-10.7%) $129,536 (-1.5%) 0.00 256
    2020-01-01 $89,375 (-9.4%) $129,886 (-1.8%) 0.00 233
    2020-02-01 $89,000 (-7.7%) $134,065 (0.6%) 0.00 210
    2020-03-01 $89,700 (-7.2%) $134,300 (2.4%) 0.00 213
    2020-04-01 $93,350 (-1.6%) $125,688 (-1.4%) 0.00 209
    2020-05-01 $91,900 (-5.7%) $127,396 (-0.9%) 0.00 194
    2020-06-01 $94,450 (-5.5%) $129,932 (-1.8%) 0.00 182
    2020-07-01 $84,900 (-15.0%) $136,083 (-0.6%) 0.00 179
    2020-08-01 $89,900 (-7.5%) $137,136 (1.3%) 0.00 182
    2020-09-01 $89,900 (-3.4%) $137,987 (3.9%) 0.00 177
    2020-10-01 $89,900 (-0.3%) $134,993 (3.3%) 0.00 167
    2020-11-01 $85,225 (-5.2%) $144,353 (11.7%) 0.00 156
    2020-12-01 $85,375 (-3.7%) $132,627 (2.4%) 0.00 156
    2021-01-01 $83,900 (-6.1%) $125,209 (-3.6%) 0.00 138
    2021-02-01 $84,925 (-4.6%) $120,703 (-10.0%) 0.00 121
    2021-03-01 $79,900 (-10.9%) $133,002 (-1.0%) 0.00 93
    2021-04-01 $79,900 (-14.4%) $133,321 (6.1%) 0.00 90
    2021-05-01 $79,900 (-13.1%) $132,624 (4.1%) 0.00 92
    2021-06-01 $99,900 (5.8%) $136,049 (4.7%) 0.00 96
    2021-07-01 $104,900 (23.6%) $129,736 (-4.7%) 0.00 108
    2021-08-01 $110,000 (22.4%) $144,557 (5.4%) 0.00 120
    2021-09-01 $112,450 (25.1%) $144,677 (4.9%) 0.00 120
    2021-10-01 $107,900 (20.0%) $148,544 (10.0%) 0.00 108
    2021-11-01 $114,900 (34.8%) $158,318 (9.7%) 0.00 117
    2021-12-01 $99,350 (16.4%) $147,074 (10.9%) 0.00 120
    2022-01-01 $102,900 (22.7%) $152,532 (21.8%) 0.00 103
    2022-02-01 $101,824 (19.9%) $158,640 (31.4%) 0.00 83
    2022-03-01 $95,625 (19.7%) $168,810 (26.9%) 0.00 73
    2022-04-01 $105,000 (31.4%) $170,427 (27.8%) 0.00 68
    2022-05-01 $117,400 (46.9%) $161,558 (21.8%) 0.00 85
    2022-06-01 $117,400 (17.5%) $160,405 (17.9%) 0.00 95
    2022-07-01 $119,900 (14.3%) $164,474 (26.8%) 0.00 112
    2022-08-01 $131,150 (19.2%) $168,564 (16.6%) 0.00 126
    2022-09-01 $132,400 (17.7%) $170,282 (17.7%) 0.00 126
    2022-10-01 $134,900 (25.0%) $179,980 (21.2%) 0.00 121
    2022-11-01 $139,700 (21.6%) $183,577 (16.0%) 0.00 116
    2022-12-01 $129,900 (30.8%) $165,340 (12.4%) 0.00 106
    2023-01-01 $119,975 (16.6%) $158,329 (3.8%) 0.00 102
    2023-02-01 $119,900 (17.8%) $163,589 (3.1%) 0.00 99
    2023-03-01 $141,625 (48.1%) $175,535 (4.0%) 0.00 85
    2023-04-01 $148,700 (41.6%) $187,930 (10.3%) 0.00 65
    2023-05-01 $139,300 (18.7%) $196,762 (21.8%) 0.00 72
    2023-06-01 $137,900 (17.5%) $186,068 (16.0%) 0.00 77
    2023-07-01 $133,400 (11.3%) $174,525 (6.1%) 0.00 85
    2023-08-01 $133,900 (2.1%) $172,919 (2.6%) 0.00 91
    2023-09-01 $139,900 (5.7%) $185,364 (8.9%) 0.00 87
    2023-10-01 $148,100 (9.8%) $186,755 (3.8%) 0.00 86
    2023-11-01 $149,450 (7.0%) $185,916 (1.3%) 0.00 74
    2023-12-01 $145,000 (11.6%) $181,150 (9.6%) 0.00 75
    2024-01-01 $142,450 (18.7%) $178,802 (12.9%) 0.00 77
    2024-02-01 $143,675 (19.8%) $177,472 (8.5%) 0.00 69
    2024-03-01 $139,900 (-1.2%) $173,745 (-1.0%) 0.00 61
    Sterling's median listing price for 2024-03-01 was $139,900, a difference of $-1,725 (-1.2%) versus the prior year and $-3,775 versus the prior month.

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

    Sterling's average listing price for 2024-03-01 was $173,745, a difference of $-1,790 (-1.0%) versus the prior year and $-3,727 versus the prior month.

    For the 2024-03-01 period, Sterling had 61 MLS listings, a difference of -8 listings (-12%) versus the prior month and -24 listings (-28%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sterling (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,424 sqft
    2018-02-01 0 days 1,443 sqft
    2018-03-01 0 days 1,448 sqft
    2018-04-01 0 days 1,486 sqft
    2018-05-01 0 days 1,442 sqft
    2018-06-01 0 days 1,443 sqft
    2018-07-01 0 days 1,459 sqft
    2018-08-01 0 days 1,439 sqft
    2018-09-01 0 days 1,490 sqft
    2018-10-01 0 days 1,501 sqft
    2018-11-01 0 days 1,486 sqft
    2018-12-01 0 days 1,487 sqft
    2019-01-01 0 days 1,454 sqft
    2019-02-01 0 days 1,400 sqft
    2019-03-01 0 days 1,398 sqft
    2019-04-01 0 days 1,393 sqft
    2019-05-01 0 days 1,401 sqft
    2019-06-01 0 days 1,419 sqft
    2019-07-01 0 days 1,515 sqft
    2019-08-01 0 days 1,485 sqft
    2019-09-01 0 days 1,465 sqft
    2019-10-01 0 days 1,454 sqft
    2019-11-01 0 days 1,472 sqft
    2019-12-01 0 days 1,466 sqft
    2020-01-01 0 days 1,464 sqft
    2020-02-01 0 days 1,450 sqft
    2020-03-01 0 days 1,456 sqft
    2020-04-01 0 days 1,455 sqft
    2020-05-01 0 days 1,450 sqft
    2020-06-01 0 days 1,519 sqft
    2020-07-01 0 days 1,454 sqft
    2020-08-01 0 days 1,466 sqft
    2020-09-01 0 days 1,479 sqft
    2020-10-01 0 days 1,464 sqft
    2020-11-01 0 days 1,436 sqft
    2020-12-01 0 days 1,400 sqft
    2021-01-01 0 days 1,400 sqft
    2021-02-01 0 days 1,405 sqft
    2021-03-01 0 days 1,382 sqft
    2021-04-01 0 days 1,367 sqft
    2021-05-01 0 days 1,353 sqft
    2021-06-01 0 days 1,386 sqft
    2021-07-01 0 days 1,440 sqft
    2021-08-01 0 days 1,500 sqft
    2021-09-01 0 days 1,473 sqft
    2021-10-01 0 days 1,469 sqft
    2021-11-01 0 days 1,489 sqft
    2021-12-01 0 days 1,478 sqft
    2022-01-01 0 days 1,477 sqft
    2022-02-01 0 days 1,461 sqft
    2022-03-01 0 days 1,402 sqft
    2022-04-01 0 days 1,475 sqft
    2022-05-01 0 days 1,397 sqft
    2022-06-01 0 days 1,418 sqft
    2022-07-01 0 days 1,496 sqft
    2022-08-01 0 days 1,493 sqft
    2022-09-01 0 days 1,528 sqft
    2022-10-01 0 days 1,501 sqft
    2022-11-01 0 days 1,530 sqft
    2022-12-01 0 days 1,522 sqft
    2023-01-01 0 days 1,469 sqft
    2023-02-01 0 days 1,459 sqft
    2023-03-01 0 days 1,491 sqft
    2023-04-01 0 days 1,500 sqft
    2023-05-01 0 days 1,564 sqft
    2023-06-01 0 days 1,465 sqft
    2023-07-01 0 days 1,501 sqft
    2023-08-01 0 days 1,564 sqft
    2023-09-01 0 days 1,596 sqft
    2023-10-01 0 days 1,588 sqft
    2023-11-01 0 days 1,566 sqft
    2023-12-01 0 days 1,560 sqft
    2024-01-01 0 days 1,546 sqft
    2024-02-01 0 days 1,544 sqft
    2024-03-01 0 days 1,526 sqft
    Sterling's median listing age (time on market) for 2024-03-01 was 0 days.

    Sterling's median square footage for active listings during the 2024-03-01 period was 1,526 sqft. One year prior, the average listing was 1,491 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.