Waterloo VA Loans

WATERLOO-CEDAR FALLS, 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 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.