Iowa VA Loan Rates, Closing Costs & Stats

Iowa

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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.

    Iowa VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Iowa averaged 6.9% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Iowa's average VA mortgage closing costs are $4,901.

    The average rate for the prior week (2024-04-12) was 6.64% and one month ago for the week of 2024-03-15, the average rate was 6.3%.

    The average rate one year ago was 5.89%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.85%.

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

    Iowa 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 Iowa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 591 6.76% $5,106
    GREENSTATE CREDIT UNION 134 5.89% $5,506
    QUICKEN LOANS, LLC 118 6.22% $9,859
    RESIDENTIAL MORTGAGE NETWORK, INC. 94 6.18% $4,101
    UNITED WHOLESALE MORTGAGE, LLC 81 6.55% $5,778
    BROKER SOLUTIONS, INC. 72 6.51% $8,640
    VERIDIAN CREDIT UNION 71 5.77% $5,121
    USAA Federal Savings Bank 69 6.41% $5,913
    NAVY FEDERAL CREDIT UNION 64 5.89% $5,118
    HOMESERVICES LENDING, LLC 63 6.13% $6,440
    NEWREZ LLC 50 6.29% $8,466
    GUILD MORTGAGE COMPANY 48 6.40% $7,330
    DHI MORTGAGE COMPANY, LTD. 48 5.34% $8,817
    FREEDOM MORTGAGE CORPORATION 45 6.64% $14,528
    NEW DAY FINANCIAL, LLC 45 7.39% $10,903
    U.S. Bank 43 6.39% $5,011
    IOWA BANKERS MORTGAGE CORPORATION 42 6.58% $4,795
    Lincoln Savings Bank 41 6.05% $6,466
    Barrington Bank & Trust Company, N.A. 38 6.36% $8,604
    GERSHMAN INVESTMENT CORP. 37 6.33% $6,165
    PENNYMAC LOAN SERVICES, LLC 36 5.86% $8,183
    RUHL MORTGAGE, LLC 29 6.09% $7,440
    Plains Commerce Bank 29 6.28% $6,920
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 6.68% $6,096
    Wells Fargo Bank 26 5.95% $6,215
    GUARANTEED RATE, INC. 26 6.27% $5,962
    HOMESIDE FINANCIAL, LLC 25 6.75% $7,603
    AMERICAN PACIFIC MORTGAGE CORPORATION 25 6.38% $10,818
    Fortress Bank 23 6.43% $4,801
    Flagstar Bank, FSB 22 6.55% $7,689
    The Federal Savings Bank 20 6.27% $13,755
    LOANDEPOT.COM, LLC 20 6.25% $12,214
    MOVEMENT MORTGAGE, LLC 18 6.52% $5,516
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 18 6.83% $7,351
    Northwest Bank 16 6.73% $7,436
    FRONTIER FINANCIAL, INC. 15 6.38% $7,441
    The Central Trust Bank 15 6.15% $8,982
    FLAT BRANCH MORTGAGE, INC. 15 6.73% $9,067
    LAND HOME FINANCIAL SERVICES, INC. 13 6.40% $10,075
    MUTUAL OF OMAHA MORTGAGE, INC. 13 6.42% $6,188
    AMERISAVE MORTGAGE CORPORATION 13 5.88% $16,406
    CMG MORTGAGE, INC. 13 6.35% $9,900
    Mr. Cooper ( Nationstar Mortgage ) 12 6.03% $9,016
    VILLAGE CAPITAL MORTGAGE 12 5.71% $6,720
    PLANET HOME LENDING, LLC 12 6.43% $5,208
    First National Bank of Omaha 11 6.43% $8,962
    Ixonia Bank 11 7.02% $10,633
    CARDINAL FINANCIAL 10 7.01% $12,812
    CROSSCOUNTRY MORTGAGE, LLC 9 6.60% $5,287
    Flanagan State Bank 9 6.74% $7,490
    PRIMARY RESIDENTIAL MORTGAGE, INC. 9 7.00% $10,238
    PLAZA HOME MORTGAGE, INC. 8 6.34% $7,153
    CHARTER WEST BANK 7 6.43% $9,477
    V.I.P. MORTGAGE, INC. 6 6.44% $6,029
    Great Southern Bank 6 6.00% $5,316
    Paramount Residential Mortgage Group, Inc. 5 6.47% $5,764
    BNC National Bank 4 6.34% $5,837
    Access Bank 4 6.44% $5,289
    Citizens Bank 4 6.69% $7,180
    COMPASS MORTGAGE, INC. 4 6.65% $7,023
    Equity Prime Mortgage LLC 4 7.03% $11,585
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.19% $9,556
    HOMEOWNERS FINANCIAL GROUP USA, LLC 4 6.13% $7,768
    LAKEVIEW LOAN SERVICING, LLC 4 6.31% $8,477
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 7.66% $2,450
    Servion, Inc. 4 6.00% $5,919
    Waterstone Mortgage Corporation 3 6.29% $14,146
    CHURCHILL MORTGAGE CORPORATION 3 6.92% $7,777
    ROYAL UNITED MORTGAGE LLC 3 7.38% $16,293
    American Mortgage & Equity Consultants, Inc. 3 6.38% $16,096
    BankIowa of Cedar Rapids 3 6.46% $6,294
    MORIA DEVELOPMENT, INC. 3 6.54% $5,353
    MORTGAGE ACCESS CORP. 3 6.58% $10,773
    Magnolia Bank 3 6.42% $13,649
    UNION HOME MORTGAGE CORP. 3 6.42% $11,602
    PREMIA MORTGAGE, LLC 3 6.59% $3,059
    MID AMERICA MORTGAGE, INC. 2 7.75% $3,341
    Arbor Bank 2 6.75% $9,665
    Community Choice Credit Union 2 7.19% $1,971
    OPEN MORTGAGE, LLC 2 5.75% $11,991
    First Interstate Bank 2 6.25% $2,151
    PENTAGON FEDERAL CREDIT UNION 2 5.75% $3,218
    AMERICAN FINANCING CORPORATION 2 6.00% $5,257
    Chickasaw Community Bank 2 6.81% $9,401
    CASTLE & COOKE MORTGAGE, LLC 2 7.00% $2,649
    GENEVA FINANCIAL, LLC 2 6.19% $2,351
    Capital Bank 2 5.31% $7,159
    American Bank and Trust Company 2 6.31% $2,769
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.69% $8,253
    DuTrac Community Credit Union 2 6.06% $7,850
    First Savings Bank 2 5.88% $20,766
    Core Bank 2 5.87% $3,404
    LEADERONE FINANCIAL CORPORATION 2 6.69% $6,867
    West Gate Bank 2 5.25% $6,942
    SUCCESS MORTGAGE PARTNERS, INC. 2 7.13% $12,934
    NETWORK CAPITAL FUNDING CORPORATION 2 6.13% $10,186
    SUN WEST MORTGAGE COMPANY, INC. 2 5.56% $18,139
    TRISTAR FINANCE, INC. 1 5.63% $4,718
    TruHome Solutions, LLC 1 6.63% $2,985
    Union Savings Bank 1 5.38% $22,059
    AmeriHome Mortgage Company, LLC 1 6.00% $649
    American National Bank 1 7.25% $5,683
    GREATER IOWA CREDIT UNION 1 6.13% $2,294
    GUARANTEED RATE AFFINITY, LLC 1 6.88% $7,000
    Gateway First Bank 1 6.25% $675
    AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $14,449
    Heritage Bank 1 5.88% $7,126
    F&M Bank 1 5.75% $26,075
    First State Bank of St. Charles, Missouri 1 6.13% $2,874
    JPMorgan Chase Bank 1 6.25% $4,574
    First Bank & Trust 1 6.75% $2,505
    LIBERTY FIRST 1 7.13% $2,553
    Lincoln FSB of Nebraska 1 6.25% $8,652
    First Bank 1 5.63% $5,232
    Financial Funding Solutions, Inc. 1 7.13% $0
    MEMBER FIRST MORTGAGE, LLC 1 6.63% $5,558
    ENVOY MORTGAGE, LTD 1 6.75% $2,062
    AMCAP MORTGAGE, LTD. 1 6.00% $5,860
    ENDEAVOR CAPITAL, LLC. 1 7.13% $11,600
    M&T Bank 1 6.75% $7,417
    DAS Acquisition Company, LLC 1 7.13% $13,194
    NBKC BANK 1 7.50% $2,525
    COMMUNITY MORTGAGE, LLC 1 6.25% $17,140
    North American Savings Bank, F.S.B. 1 6.75% $5,716
    Cobalt Credit Union 1 6.25% $7,543
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.00% $13,606
    POLARIS HOME FUNDING CORP. 1 7.25% $6,537
    CALIBER HOME LOANS, INC. 1 6.75% $7,788
    BMO Harris Bank 1 6.50% $2,426
    Regent Financial Group, Inc. 1 6.99% $17,200
    Regions Bank 1 5.63% $2,709
    Bank of the West 1 7.25% $4,326
    RUOFF MORTGAGE COMPANY, INC. 1 6.75% $4,600
    Summit Mortgage Corporation 1 7.25% $6,576
    Armed Forces Bank 1 5.50% $2,427
    TJC Mortgage, Inc. 1 5.38% $14,281
    TOWNE MORTGAGE COMPANY 1 6.13% $3,691

    The top Iowa VA lender as defined by loan originations is Mortgage Research Center, LLC, with 591 VA loans originated. Their average total fees are $5,106, which is $400 lower than the next largest lender, GREENSTATE CREDIT UNION.

    The lowest fee Iowa VA lenders (with over 10 loans originated) are RESIDENTIAL MORTGAGE NETWORK, INC. ($4,101), IOWA BANKERS MORTGAGE CORPORATION ($4,795), Fortress Bank ($4,801), U.S. Bank ($5,011) and Mortgage Research Center, LLC ($5,106).

    The lowest rate Iowa VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.34%), VILLAGE CAPITAL MORTGAGE (5.71%), VERIDIAN CREDIT UNION (5.77%), PENNYMAC LOAN SERVICES, LLC (5.86%) and AMERISAVE MORTGAGE CORPORATION (5.88%).

    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.