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%
for the week of 2024-10-11, compared to the national average (all VA variants) of
5.854% for the same period.
Iowa's average VA mortgage closing costs are $4,901.
The average rate for the prior week (2024-10-04) was
5.67% and
one month ago for the week of 2024-09-06, the
average rate was 5.96%.
The average rate one year ago was 7.23%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.04%.
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.