Iowa VA Loan Rates, Closing Costs & Stats

Iowa

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 6.72% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.57% and one month ago for the week of 2024-03-08, the average rate was 6.3%.

The average rate one year ago was 5.99%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.76%.

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.