Albert Lea VA Loan Rates, Closing Costs & Stats

Albert Lea, MN

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Albert Lea's 11 lenders originated 23 VA loans during 2023. The total origination value was $4,825,000, with an average VA loan value of $209,783.

    Albert Lea VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Albert Lea averaged 6.96% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

    Albert Lea's average VA mortgage closing costs are $4,177.

    The average rate for the prior week (2024-04-05) was 6.51% and one month ago for the week of 2024-03-08, the average rate was 6.54%.

    The average rate one year ago was 6.03%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.67%.

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

    Albert Lea 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 Albert Lea level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 8 6.89% $4,337
    GUARANTEED RATE, INC. 3 6.12% $2,552
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.00% $4,339
    LAKEVIEW LOAN SERVICING, LLC 2 7.00% $6,346
    PENNYMAC LOAN SERVICES, LLC 1 5.13% $2,737
    UNION HOME MORTGAGE CORP. 1 6.88% $17,508
    CROSSCOUNTRY MORTGAGE, LLC 1 6.63% $2,485
    UNITED WHOLESALE MORTGAGE, LLC 1 6.38% $4,792
    EVERETT FINANCIAL, INC. 1 7.63% $10,858
    LAND HOME FINANCIAL SERVICES, INC. 1 6.50% $4,627
    NAVY FEDERAL CREDIT UNION 1 5.13% $100

    The top Albert Lea VA lender as defined by loan originations is Mortgage Research Center, LLC, with 8 VA loans originated. Their average total fees are $4,337, which is $1,785 higher than the next largest lender, GUARANTEED RATE, INC..

    The lowest fee Albert Lea VA lenders (with over 10 loans originated) are .

    The lowest rate Albert Lea VA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Albert Lea (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 $88,700 (-16.4%) $144,353 (2.2%) 0.00 83
    2018-02-01 $110,925 (9.7%) $149,606 (0.7%) 0.00 75
    2018-03-01 $114,900 (14.6%) $146,910 (-1.0%) 0.00 74
    2018-04-01 $147,175 (28.1%) $166,938 (8.8%) 0.00 68
    2018-05-01 $159,650 (29.1%) $183,682 (20.3%) 0.00 81
    2018-06-01 $150,950 (17.1%) $181,077 (9.5%) 0.00 99
    2018-07-01 $138,350 (15.4%) $170,575 (5.1%) 0.00 95
    2018-08-01 $123,500 (9.9%) $167,574 (7.0%) 0.00 89
    2018-09-01 $119,900 (9.1%) $165,142 (6.3%) 0.00 85
    2018-10-01 $129,775 (18.1%) $163,958 (3.1%) 0.00 95
    2018-11-01 $128,400 (16.8%) $156,269 (0.1%) 0.00 93
    2018-12-01 $129,950 (45.2%) $162,702 (10.0%) 0.00 89
    2019-01-01 $138,325 (56.0%) $171,003 (18.5%) 0.00 70
    2019-02-01 $140,900 (27.0%) $174,896 (16.9%) 0.00 56
    2019-03-01 $144,043 (25.4%) $178,005 (21.2%) 0.00 67
    2019-04-01 $153,900 (4.6%) $184,015 (10.2%) 0.00 84
    2019-05-01 $155,650 (-2.5%) $180,962 (-1.5%) 0.00 93
    2019-06-01 $164,900 (9.2%) $186,051 (2.8%) 0.00 97
    2019-07-01 $162,400 (17.4%) $181,832 (6.6%) 0.00 104
    2019-08-01 $149,900 (21.4%) $172,561 (3.0%) 0.00 113
    2019-09-01 $149,900 (25.0%) $174,048 (5.4%) 0.00 119
    2019-10-01 $149,900 (15.5%) $174,627 (6.5%) 0.00 125
    2019-11-01 $148,900 (16.0%) $172,258 (10.2%) 0.00 123
    2019-12-01 $143,650 (10.5%) $167,550 (3.0%) 0.00 115
    2020-01-01 $139,625 (0.9%) $169,323 (-1.0%) 0.00 103
    2020-02-01 $142,900 (1.4%) $174,375 (-0.3%) 0.00 92
    2020-03-01 $144,900 (0.6%) $178,250 (0.1%) 0.00 99
    2020-04-01 $149,950 (-2.6%) $177,391 (-3.6%) 0.00 100
    2020-05-01 $163,900 (5.3%) $191,108 (5.6%) 0.00 105
    2020-06-01 $158,400 (-3.9%) $195,567 (5.1%) 0.00 95
    2020-07-01 $156,650 (-3.5%) $208,145 (14.5%) 0.00 81
    2020-08-01 $159,900 (6.7%) $209,367 (21.3%) 0.00 85
    2020-09-01 $153,900 (2.7%) $205,178 (17.9%) 0.00 76
    2020-10-01 $145,700 (-2.8%) $190,376 (9.0%) 0.00 71
    2020-11-01 $131,200 (-11.9%) $165,572 (-3.9%) 0.00 66
    2020-12-01 $122,400 (-14.8%) $160,821 (-4.0%) 0.00 52
    2021-01-01 $125,400 (-10.2%) $163,177 (-3.6%) 0.00 35
    2021-02-01 $121,900 (-14.7%) $173,673 (-0.4%) 0.00 29
    2021-03-01 $149,500 (3.2%) $202,360 (13.5%) 0.00 29
    2021-04-01 $168,725 (12.5%) $225,764 (27.3%) 0.00 23
    2021-05-01 $184,900 (12.8%) $237,376 (24.2%) 0.00 30
    2021-06-01 $192,400 (21.5%) $241,133 (23.3%) 0.00 27
    2021-07-01 $169,900 (8.5%) $217,513 (4.5%) 0.00 38
    2021-08-01 $142,050 (-11.2%) $195,828 (-6.5%) 0.00 57
    2021-09-01 $149,225 (-3.0%) $193,462 (-5.7%) 0.00 61
    2021-10-01 $149,000 (2.3%) $190,143 (-0.1%) 0.00 70
    2021-11-01 $137,925 (5.1%) $180,510 (9.0%) 0.00 71
    2021-12-01 $119,950 (-2.0%) $178,142 (10.8%) 0.00 55
    2022-01-01 $128,000 (2.1%) $189,438 (16.1%) 0.00 51
    2022-02-01 $147,400 (20.9%) $210,922 (21.5%) 0.00 35
    2022-03-01 $146,200 (-2.2%) $198,906 (-1.7%) 0.00 34
    2022-04-01 $159,900 (-5.2%) $224,765 (-0.4%) 0.00 29
    2022-05-01 $173,400 (-6.2%) $250,429 (5.5%) 0.00 34
    2022-06-01 $212,400 (10.4%) $262,744 (9.0%) 0.00 42
    2022-07-01 $235,900 (38.9%) $262,157 (20.5%) 0.00 51
    2022-08-01 $204,900 (44.2%) $251,372 (28.4%) 0.00 56
    2022-09-01 $199,900 (34.0%) $252,303 (30.4%) 0.00 61
    2022-10-01 $220,000 (47.7%) $256,843 (35.1%) 0.00 58
    2022-11-01 $218,225 (58.2%) $274,918 (52.3%) 0.00 54
    2022-12-01 $201,900 (68.3%) $249,034 (39.8%) 0.00 56
    2023-01-01 $190,150 (48.6%) $251,005 (32.5%) 0.00 46
    2023-02-01 $195,425 (32.6%) $247,707 (17.4%) 0.00 43
    2023-03-01 $180,000 (23.1%) $240,434 (20.9%) 0.00 40
    2023-04-01 $190,900 (19.4%) $238,998 (6.3%) 0.00 42
    2023-05-01 $232,175 (33.9%) $269,978 (7.8%) 0.00 50
    2023-06-01 $224,900 (5.9%) $266,097 (1.3%) 0.00 52
    2023-07-01 $224,900 (-4.7%) $259,330 (-1.1%) 0.00 57
    2023-08-01 $210,000 (2.5%) $248,989 (-1.0%) 0.00 57
    2023-09-01 $259,900 (30.0%) $260,125 (3.1%) 0.00 55
    2023-10-01 $262,900 (19.5%) $255,882 (-0.4%) 0.00 59
    2023-11-01 $219,925 (0.8%) $241,041 (-12.3%) 0.00 58
    2023-12-01 $229,500 (13.7%) $242,352 (-2.7%) 0.00 53
    2024-01-01 $200,000 (5.2%) $229,071 (-8.7%) 0.00 45
    2024-02-01 $219,950 (12.6%) $243,533 (-1.7%) 0.00 39
    2024-03-01 $232,450 (29.1%) $261,036 (8.6%) 0.00 39
    Albert Lea's median listing price for 2024-03-01 was $232,450, a difference of $52,450 (29.1%) versus the prior year and $12,500 versus the prior month.

    Albert Lea's median listing price comes in at 0% of the national average.

    Albert Lea's average listing price for 2024-03-01 was $261,036, a difference of $20,602 (8.6%) versus the prior year and $17,503 versus the prior month.

    For the 2024-03-01 period, Albert Lea had 39 MLS listings, a difference of 0 listings (0%) versus the prior month and -1 listings (-3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Albert Lea (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,080 sqft
    2018-02-01 0 days 2,151 sqft
    2018-03-01 0 days 2,112 sqft
    2018-04-01 0 days 2,247 sqft
    2018-05-01 0 days 2,278 sqft
    2018-06-01 0 days 2,472 sqft
    2018-07-01 0 days 2,280 sqft
    2018-08-01 0 days 2,237 sqft
    2018-09-01 0 days 2,240 sqft
    2018-10-01 0 days 2,244 sqft
    2018-11-01 0 days 2,221 sqft
    2018-12-01 0 days 2,240 sqft
    2019-01-01 0 days 1,624 sqft
    2019-02-01 0 days 1,553 sqft
    2019-03-01 0 days 1,664 sqft
    2019-04-01 0 days 1,800 sqft
    2019-05-01 0 days 1,786 sqft
    2019-06-01 0 days 1,871 sqft
    2019-07-01 0 days 1,919 sqft
    2019-08-01 0 days 1,738 sqft
    2019-09-01 0 days 1,793 sqft
    2019-10-01 0 days 1,769 sqft
    2019-11-01 0 days 1,776 sqft
    2019-12-01 0 days 1,652 sqft
    2020-01-01 0 days 1,643 sqft
    2020-02-01 0 days 1,652 sqft
    2020-03-01 0 days 1,832 sqft
    2020-04-01 0 days 1,827 sqft
    2020-05-01 0 days 1,826 sqft
    2020-06-01 0 days 1,833 sqft
    2020-07-01 0 days 1,805 sqft
    2020-08-01 0 days 1,808 sqft
    2020-09-01 0 days 1,803 sqft
    2020-10-01 0 days 1,776 sqft
    2020-11-01 0 days 1,604 sqft
    2020-12-01 0 days 1,541 sqft
    2021-01-01 0 days 1,540 sqft
    2021-02-01 0 days 1,512 sqft
    2021-03-01 0 days 1,569 sqft
    2021-04-01 0 days 1,736 sqft
    2021-05-01 0 days 1,717 sqft
    2021-06-01 0 days 1,685 sqft
    2021-07-01 0 days 1,700 sqft
    2021-08-01 0 days 1,468 sqft
    2021-09-01 0 days 1,352 sqft
    2021-10-01 0 days 1,488 sqft
    2021-11-01 0 days 1,588 sqft
    2021-12-01 0 days 1,486 sqft
    2022-01-01 0 days 1,578 sqft
    2022-02-01 0 days 2,112 sqft
    2022-03-01 0 days 1,957 sqft
    2022-04-01 0 days 2,100 sqft
    2022-05-01 0 days 1,785 sqft
    2022-06-01 0 days 1,842 sqft
    2022-07-01 0 days 1,830 sqft
    2022-08-01 0 days 1,750 sqft
    2022-09-01 0 days 1,745 sqft
    2022-10-01 0 days 1,876 sqft
    2022-11-01 0 days 1,924 sqft
    2022-12-01 0 days 1,835 sqft
    2023-01-01 0 days 1,793 sqft
    2023-02-01 0 days 1,757 sqft
    2023-03-01 0 days 1,870 sqft
    2023-04-01 0 days 1,781 sqft
    2023-05-01 0 days 1,801 sqft
    2023-06-01 0 days 1,658 sqft
    2023-07-01 0 days 1,704 sqft
    2023-08-01 0 days 1,669 sqft
    2023-09-01 0 days 1,802 sqft
    2023-10-01 0 days 1,780 sqft
    2023-11-01 0 days 1,659 sqft
    2023-12-01 0 days 1,701 sqft
    2024-01-01 0 days 1,624 sqft
    2024-02-01 0 days 1,638 sqft
    2024-03-01 0 days 1,785 sqft
    Albert Lea's median listing age (time on market) for 2024-03-01 was 0 days.

    Albert Lea's median square footage for active listings during the 2024-03-01 period was 1,785 sqft. One year prior, the average listing was 1,870 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.