Waterloo VA Loans

WATERLOO-CEDAR FALLS, IA

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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 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.

    Waterloo's 49 lenders originated 236 VA loans during 2021. The total origination value was $46,530,000, with an average VA loan value of $197,161.

    Waterloo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Waterloo averaged 5.56% 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 5.29% and one month ago for the week of 2022-04-08, the average rate was 5.21%.

    The average rate one year ago was 3.13%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.08%.

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

    Waterloo 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 Waterloo level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    VERIDIAN CREDIT UNION 34 2.30% $3,447
    Mortgage Research Center, LLC 27 2.91% $3,109
    QUICKEN LOANS, LLC 21 2.54% $4,240
    FREEDOM MORTGAGE CORPORATION 14 2.61% $1,434
    PENNYMAC LOAN SERVICES, LLC 11 2.64% $4,743
    DAS Acquisition Company, LLC 8 3.11% $5,811
    Lincoln Savings Bank 8 2.81% $3,656
    NEW DAY FINANCIAL, LLC 7 2.87% $7,765
    VILLAGE CAPITAL & INVESTMENT LLC 6 2.50% $1,780
    GUILD MORTGAGE COMPANY 6 2.63% $7,029
    LOANDEPOT.COM, LLC 5 2.65% $4,113
    Low VA Rates, LLC 4 2.59% $2,708
    Servion, Inc. 4 2.50% $4,757
    Mr. Cooper ( Nationstar Mortgage ) 3 3.33% $2,716
    AMERISAVE MORTGAGE CORPORATION 3 2.54% $5,694
    NBKC BANK 3 2.67% $8,448
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.75% $4,661
    Barrington Bank & Trust Company, N.A. 3 2.75% $12,540
    HOME POINT FINANCIAL CORPORATION 3 2.25% $1,135
    Collins Community Credit Union 3 2.38% $5,277
    LAKEVIEW LOAN SERVICING, LLC 3 2.42% $2,274
    CALIBER HOME LOANS, INC. 3 2.25% $3,574
    USAA Federal Savings Bank 2 3.00% $5,940
    IOWA BANKERS MORTGAGE CORPORATION 2 2.88% $2,702
    Citizens Bank 2 2.31% $4,395
    NAVY FEDERAL CREDIT UNION 2 2.44% $1,132
    Wells Fargo Bank 2 2.81% $2,450
    The Central Trust Bank 1 2.38% $5,584
    Capital Bank 1 2.25% $2,285
    Carrington Mortgage Services, LLC 1 2.75% $2,772
    First Bank & Trust 1 2.25% $15,491
    Flagstar Bank, FSB 1 2.75% $2,775
    GERSHMAN INVESTMENT CORP. 1 3.25% $7,695
    Great Western Bank 1 2.25% $3,115
    HOMESERVICES LENDING, LLC 1 3.00% $1,567
    HOMESIDE FINANCIAL, LLC 1 2.75% $3,731
    Magnolia Bank 1 2.25% $8,480
    MOVEMENT MORTGAGE, LLC 1 2.88% $2,691
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.88% $6,663
    NEWREZ LLC 1 2.63% $1,216
    NP, Inc. 1 2.38% $2,823
    Regions Bank 1 3.25% $2,684
    RESIDENTIAL MORTGAGE NETWORK, INC. 1 2.63% $7,028
    ROYAL UNITED MORTGAGE LLC 1 2.50% $5,057
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.50% $1,499
    SUN WEST MORTGAGE COMPANY, INC. 1 2.50% $3,051
    AMERICAN FINANCING CORPORATION 1 2.50% $1,865
    The Federal Savings Bank 1 3.25% $5,351
    TOWNE MORTGAGE COMPANY 1 3.13% $3,684

    The top Waterloo VA lender as defined by loan originations is VERIDIAN CREDIT UNION, with 34 VA loans originated. Their average total fees are $3,447, which is $338 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Waterloo VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($1,434), Mortgage Research Center, LLC ($3,109), VERIDIAN CREDIT UNION ($3,447), QUICKEN LOANS, LLC ($4,240) and PENNYMAC LOAN SERVICES, LLC ($4,743).

    The lowest rate Waterloo VA lenders (with over 10 loans originated) are VERIDIAN CREDIT UNION (2.30%), QUICKEN LOANS, LLC (2.54%), FREEDOM MORTGAGE CORPORATION (2.61%), PENNYMAC LOAN SERVICES, LLC (2.64%) and Mortgage Research Center, LLC (2.91%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Waterloo (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 $134,900 (-0.1%) $176,134 (3.4%) 0.50 637
    2018-02-01 $136,950 (-2.0%) $173,744 (0.8%) 0.49 612
    2018-03-01 $139,900 (-3.3%) $175,285 (-2.0%) 0.48 580
    2018-04-01 $144,700 (-2.2%) $181,071 (-0.2%) 0.49 565
    2018-05-01 $139,950 (-3.4%) $180,976 (1.1%) 0.47 577
    2018-06-01 $144,900 (-2.4%) $182,601 (1.6%) 0.48 628
    2018-07-01 $146,000 (0.7%) $183,618 (1.7%) 0.49 657
    2018-08-01 $141,700 (-2.9%) $183,563 (0.1%) 0.47 697
    2018-09-01 $142,500 (-0.7%) $185,600 (2.9%) 0.48 673
    2018-10-01 $144,700 (3.4%) $184,975 (2.2%) 0.48 670
    2018-11-01 $144,900 (4.4%) $183,186 (2.3%) 0.49 657
    2018-12-01 $139,900 (5.3%) $182,268 (5.1%) 0.48 606
    2019-01-01 $142,250 (5.5%) $186,373 (5.8%) 0.49 540
    2019-02-01 $144,950 (5.8%) $190,870 (9.9%) 0.49 505
    2019-03-01 $152,371 (8.9%) $202,593 (15.6%) 0.50 493
    2019-04-01 $155,921 (7.8%) $206,841 (14.2%) 0.49 508
    2019-05-01 $159,900 (14.3%) $210,918 (16.5%) 0.49 535
    2019-06-01 $169,500 (17.0%) $216,779 (18.7%) 0.52 587
    2019-07-01 $169,400 (16.0%) $216,018 (17.7%) 0.53 567
    2019-08-01 $166,657 (17.6%) $213,433 (16.3%) 0.52 574
    2019-09-01 $166,657 (17.0%) $214,004 (15.3%) 0.53 593
    2019-10-01 $162,225 (12.1%) $208,969 (13.0%) 0.52 623
    2019-11-01 $164,900 (13.8%) $204,963 (11.9%) 0.53 616
    2019-12-01 $159,753 (14.2%) $200,490 (10.0%) 0.53 585
    2020-01-01 $159,900 (12.4%) $200,348 (7.5%) 0.53 532
    2020-02-01 $162,500 (12.1%) $204,045 (6.9%) 0.52 487
    2020-03-01 $155,000 (1.7%) $203,458 (0.4%) 0.48 485
    2020-04-01 $159,000 (2.0%) $204,050 (-1.4%) 0.50 490
    2020-05-01 $170,000 (6.3%) $213,990 (1.5%) 0.52 455
    2020-06-01 $174,900 (3.2%) $222,663 (2.7%) 0.51 469
    2020-07-01 $179,000 (5.7%) $228,786 (5.9%) 0.51 450
    2020-08-01 $177,500 (6.5%) $229,183 (7.4%) 0.51 441
    2020-09-01 $171,000 (2.6%) $222,492 (4.0%) 0.49 418
    2020-10-01 $164,900 (1.7%) $215,394 (3.1%) 0.47 445
    2020-11-01 $156,750 (-4.9%) $218,715 (6.7%) 0.45 433
    2020-12-01 $152,200 (-4.7%) $225,498 (12.5%) 0.45 361
    2021-01-01 $159,900 (0.0%) $231,422 (15.5%) 0.47 307
    2021-02-01 $163,000 (0.3%) $228,142 (11.8%) 0.47 253
    2021-03-01 $157,450 (1.6%) $223,928 (10.1%) 0.44 221
    2021-04-01 $164,900 (3.7%) $232,360 (13.9%) 0.44 198
    2021-05-01 $169,900 (-0.1%) $228,402 (6.7%) 0.45 187
    2021-06-01 $161,325 (-7.8%) $219,191 (-1.6%) 0.42 212
    2021-07-01 $160,200 (-10.5%) $217,034 (-5.1%) 0.42 254
    2021-08-01 $158,950 (-10.5%) $215,443 (-6.0%) 0.42 300
    2021-09-01 $154,700 (-9.5%) $214,332 (-3.7%) 0.41 297
    2021-10-01 $149,900 (-9.1%) $212,697 (-1.3%) 0.39 280
    2021-11-01 $149,450 (-4.7%) $203,057 (-7.2%) 0.39 252
    2021-12-01 $149,000 (-2.1%) $195,703 (-13.2%) 0.40 221
    2022-01-01 $159,500 (-0.3%) $206,905 (-10.6%) 0.43 185
    2022-02-01 $180,000 (10.4%) $255,091 (11.8%) 0.46 141
    2022-03-01 $244,450 (55.3%) $262,735 (17.3%) 0.60 126
    2022-04-01 $234,900 (42.5%) $272,990 (17.5%) 0.55 124
    Waterloo's median listing price for 2022-04-01 was $234,900, a difference of $70,000 (42.5%) versus the prior year and $-9,550 versus the prior month.

    Waterloo's median listing price comes in at 55% of the national average.

    Waterloo's average listing price for 2022-04-01 was $272,990, a difference of $40,630 (17.5%) versus the prior year and $10,255 versus the prior month.

    For the 2022-04-01 period, Waterloo had 124 MLS listings, a difference of -2 listings (-2%) versus the prior month and -74 listings (-37%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Waterloo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 81 days 1,569 sqft
    2018-02-01 80 days 1,565 sqft
    2018-03-01 63 days 1,565 sqft
    2018-04-01 51 days 1,585 sqft
    2018-05-01 46 days 1,594 sqft
    2018-06-01 48 days 1,610 sqft
    2018-07-01 53 days 1,594 sqft
    2018-08-01 51 days 1,584 sqft
    2018-09-01 58 days 1,600 sqft
    2018-10-01 65 days 1,606 sqft
    2018-11-01 68 days 1,608 sqft
    2018-12-01 78 days 1,600 sqft
    2019-01-01 83 days 1,611 sqft
    2019-02-01 87 days 1,611 sqft
    2019-03-01 82 days 1,626 sqft
    2019-04-01 54 days 1,596 sqft
    2019-05-01 48 days 1,536 sqft
    2019-06-01 52 days 1,480 sqft
    2019-07-01 59 days 1,480 sqft
    2019-08-01 65 days 1,461 sqft
    2019-09-01 63 days 1,450 sqft
    2019-10-01 64 days 1,436 sqft
    2019-11-01 65 days 1,430 sqft
    2019-12-01 72 days 1,399 sqft
    2020-01-01 83 days 1,415 sqft
    2020-02-01 85 days 1,442 sqft
    2020-03-01 59 days 1,428 sqft
    2020-04-01 57 days 1,428 sqft
    2020-05-01 67 days 1,485 sqft
    2020-06-01 68 days 1,491 sqft
    2020-07-01 57 days 1,472 sqft
    2020-08-01 59 days 1,457 sqft
    2020-09-01 67 days 1,446 sqft
    2020-10-01 57 days 1,432 sqft
    2020-11-01 53 days 1,403 sqft
    2020-12-01 57 days 1,396 sqft
    2021-01-01 70 days 1,395 sqft
    2021-02-01 88 days 1,452 sqft
    2021-03-01 63 days 1,430 sqft
    2021-04-01 56 days 1,473 sqft
    2021-05-01 38 days 1,497 sqft
    2021-06-01 32 days 1,468 sqft
    2021-07-01 31 days 1,434 sqft
    2021-08-01 39 days 1,389 sqft
    2021-09-01 49 days 1,426 sqft
    2021-10-01 57 days 1,360 sqft
    2021-11-01 52 days 1,342 sqft
    2021-12-01 55 days 1,302 sqft
    2022-01-01 67 days 1,340 sqft
    2022-02-01 67 days 1,374 sqft
    2022-03-01 51 days 1,442 sqft
    2022-04-01 39 days 1,456 sqft
    Waterloo's median listing age (time on market) for 2022-04-01 was 39 days. This is -30% shorter than the same period one year ago.

    Waterloo's median square footage for active listings during the 2022-04-01 period was 1,456 sqft. One year prior, the average listing was 1,473 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.