Brainerd VA Loans

Brainerd, MN

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.

Brainerd's 59 lenders originated 392 VA loans during 2021. The total origination value was $95,800,000, with an average VA loan value of $244,388.

Brainerd VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Brainerd averaged 5.17% for the week of 2022-08-05, compared to the national average (all VA variants) of 5.013% for the same period.

The average rate for the prior week (2022-07-29) was 5.52% and one month ago for the week of 2022-07-01, the average rate was 5.64%.

The average rate one year ago was 2.92%.

For refis of the same type during the week of 2022-08-05, the average rate was 4.93%.

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

Brainerd 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 Brainerd level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 42 2.85% $4,501
QUICKEN LOANS, LLC 39 2.46% $4,362
FREEDOM MORTGAGE CORPORATION 21 2.60% $2,119
PENNYMAC LOAN SERVICES, LLC 19 2.56% $5,210
First Western Bank & Trust 17 2.45% $4,060
Servion, Inc. 16 2.80% $6,427
NEW DAY FINANCIAL, LLC 15 2.57% $6,072
Prosperity Home Mortgage, LLC 13 2.62% $6,917
LOANDEPOT.COM, LLC 12 2.86% $4,526
UNITED WHOLESALE MORTGAGE, LLC 10 2.46% $3,994
Flagstar Bank, FSB 9 2.61% $5,851
Wells Fargo Bank 8 2.66% $4,844
LAKEVIEW LOAN SERVICING, LLC 7 2.61% $2,296
U.S. Bank 7 2.46% $3,016
USAA Federal Savings Bank 7 2.86% $7,868
Mr. Cooper ( Nationstar Mortgage ) 6 2.60% $2,661
NAVY FEDERAL CREDIT UNION 5 2.65% $2,721
CROSSCOUNTRY MORTGAGE, LLC 5 3.17% $5,473
NEWREZ LLC 5 2.60% $2,675
HOME POINT FINANCIAL CORPORATION 5 2.45% $4,602
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 2.94% $3,233
American Mortgage & Equity Consultants, Inc. 4 2.88% $3,022
BROKER SOLUTIONS, INC. 4 2.81% $4,458
CALIBER HOME LOANS, INC. 4 2.63% $1,685
Goldwater Bank, N.A. 4 2.88% $5,454
The Federal Savings Bank 4 2.44% $6,621
VILLAGE CAPITAL & INVESTMENT LLC 4 2.63% $1,995
PLANET HOME LENDING, LLC 3 2.75% $6,087
PLAZA HOME MORTGAGE, INC. 3 2.67% $3,334
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.00% $7,327
NBKC BANK 2 2.63% $1,840
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.12% $2,732
Barrington Bank & Trust Company, N.A. 2 2.38% $2,515
RELIANCE FIRST CAPITAL, LLC 2 2.75% $5,542
LEADERONE FINANCIAL CORPORATION 2 2.38% $3,350
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 2.93% $4,331
Bremer Bank 1 2.88% $18,839
PENTAGON FEDERAL CREDIT UNION 1 2.50% $1,746
ACCELERATE MORTGAGE, LLC 1 2.25% $1,999
BNC National Bank 1 2.25% $4,677
ARC HOME LLC 1 2.63% $8,087
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $5,675
ST. CLOUD FINANCIAL 1 2.75% $2,068
SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $1,723
TCF National Bank 1 3.13% $1,433
AMCAP MORTGAGE, LTD. 1 2.63% $3,670
AMERICAN FINANCING CORPORATION 1 2.75% $2,345
AMERICAN FINANCIAL NETWORK, INC. 1 2.25% $4,127
GUILD MORTGAGE COMPANY 1 2.25% $3,205
HOMESTEAD FUNDING CORP. 1 2.25% $4,304
First Home Bank 1 3.25% $2,150
KS StateBank 1 2.88% $2,528
First Guaranty Mortgage Corporation 1 2.38% $4,066
FIRST COMMUNITY MORTGAGE, INC. 1 2.88% $3,630
EVERETT FINANCIAL, INC. 1 2.38% $450
EMM LOANS LLC 1 2.75% $7,143
CRESCENT MORTGAGE COMPANY 1 2.25% $2,486
North American Savings Bank, F.S.B. 1 2.25% $1,369
North Shore Bank of Commerce 1 2.25% $1,482

The top Brainerd VA lender as defined by loan originations is Mortgage Research Center, LLC, with 42 VA loans originated. Their average total fees are $4,501, which is $139 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Brainerd VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,119), UNITED WHOLESALE MORTGAGE, LLC ($3,994), First Western Bank & Trust ($4,060), QUICKEN LOANS, LLC ($4,362) and Mortgage Research Center, LLC ($4,501).

The lowest rate Brainerd VA lenders (with over 10 loans originated) are First Western Bank & Trust (2.45%), QUICKEN LOANS, LLC (2.46%), UNITED WHOLESALE MORTGAGE, LLC (2.46%), PENNYMAC LOAN SERVICES, LLC (2.56%) and NEW DAY FINANCIAL, LLC (2.57%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Brainerd (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 $259,950 (11.2%) $388,921 (14.6%) 0.00 643
2018-02-01 $271,450 (9.7%) $409,104 (11.4%) 0.00 662
2018-03-01 $284,000 (6.2%) $405,627 (4.1%) 0.00 773
2018-04-01 $299,166 (4.6%) $417,417 (6.7%) 0.00 796
2018-05-01 $299,000 (4.4%) $422,250 (8.1%) 0.00 890
2018-06-01 $289,900 (0.0%) $408,707 (4.3%) 0.00 1,004
2018-07-01 $291,500 (2.3%) $416,277 (5.8%) 0.00 1,056
2018-08-01 $289,950 (3.6%) $408,126 (4.1%) 0.00 1,037
2018-09-01 $289,000 (3.4%) $417,890 (6.3%) 0.00 1,003
2018-10-01 $281,200 (0.7%) $422,585 (3.0%) 0.00 935
2018-11-01 $275,000 (1.9%) $416,434 (2.0%) 0.00 797
2018-12-01 $265,800 (2.2%) $419,389 (9.8%) 0.00 643
2019-01-01 $255,000 (-1.9%) $399,421 (2.7%) 0.00 562
2019-02-01 $272,450 (0.4%) $416,027 (1.7%) 0.00 572
2019-03-01 $293,671 (3.4%) $436,538 (7.6%) 0.00 652
2019-04-01 $299,900 (0.3%) $448,270 (7.4%) 0.00 762
2019-05-01 $304,450 (1.8%) $445,730 (5.6%) 0.00 872
2019-06-01 $299,900 (3.5%) $429,258 (5.0%) 0.00 967
2019-07-01 $299,900 (2.9%) $429,241 (3.1%) 0.00 1,009
2019-08-01 $299,900 (3.4%) $422,545 (3.5%) 0.00 1,002
2019-09-01 $297,450 (2.9%) $407,251 (-2.6%) 0.00 968
2019-10-01 $295,000 (4.9%) $398,608 (-5.7%) 0.00 914
2019-11-01 $289,500 (5.3%) $397,341 (-4.6%) 0.00 763
2019-12-01 $279,700 (5.2%) $385,396 (-8.1%) 0.00 600
2020-01-01 $274,950 (7.8%) $384,793 (-3.7%) 0.00 486
2020-02-01 $295,000 (8.3%) $403,841 (-2.9%) 0.00 523
2020-03-01 $299,950 (2.1%) $418,480 (-4.1%) 0.00 564
2020-04-01 $308,000 (2.7%) $424,737 (-5.3%) 0.00 620
2020-05-01 $299,900 (-1.5%) $415,943 (-6.7%) 0.00 668
2020-06-01 $299,450 (-0.2%) $414,531 (-3.4%) 0.00 639
2020-07-01 $298,500 (-0.5%) $407,226 (-5.1%) 0.00 562
2020-08-01 $300,000 (0.0%) $431,408 (2.1%) 0.00 514
2020-09-01 $309,950 (4.2%) $449,687 (10.4%) 0.00 453
2020-10-01 $289,900 (-1.7%) $437,940 (9.9%) 0.00 386
2020-11-01 $299,900 (3.6%) $451,269 (13.6%) 0.00 319
2020-12-01 $299,900 (7.2%) $430,650 (11.7%) 0.00 256
2021-01-01 $289,900 (5.4%) $416,745 (8.3%) 0.00 202
2021-02-01 $301,950 (2.4%) $465,680 (15.3%) 0.00 187
2021-03-01 $315,500 (5.2%) $490,454 (17.2%) 0.00 196
2021-04-01 $327,000 (6.2%) $528,023 (24.3%) 0.00 200
2021-05-01 $349,900 (16.7%) $525,053 (26.2%) 0.00 213
2021-06-01 $349,900 (16.9%) $504,320 (21.7%) 0.00 248
2021-07-01 $354,004 (18.6%) $514,017 (26.2%) 0.00 274
2021-08-01 $341,950 (14.0%) $516,055 (19.6%) 0.00 321
2021-09-01 $359,450 (16.0%) $529,740 (17.8%) 0.00 351
2021-10-01 $349,900 (20.7%) $547,346 (25.0%) 0.00 311
2021-11-01 $348,250 (16.1%) $529,808 (17.4%) 0.00 233
2021-12-01 $346,950 (15.7%) $496,678 (15.3%) 0.00 183
2022-01-01 $350,000 (20.7%) $495,321 (18.9%) 0.00 141
2022-02-01 $377,450 (25.0%) $514,337 (10.5%) 0.00 231
2022-03-01 $405,450 (28.5%) $557,787 (13.7%) 0.00 250
2022-04-01 $419,900 (28.4%) $579,450 (9.7%) 0.00 266
2022-05-01 $416,200 (19.0%) $595,572 (13.4%) 0.00 234
2022-06-01 $422,400 (20.7%) $596,276 (18.2%) 0.00 276
Brainerd's median listing price for 2022-06-01 was $422,400, a difference of $72,500 (20.7%) versus the prior year and $6,200 versus the prior month.

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

Brainerd's average listing price for 2022-06-01 was $596,276, a difference of $91,956 (18.2%) versus the prior year and $704 versus the prior month.

For the 2022-06-01 period, Brainerd had 276 MLS listings, a difference of 42 listings (18%) versus the prior month and 28 listings (11%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Brainerd (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,889 sqft
2018-02-01 0 days 1,943 sqft
2018-03-01 0 days 2,032 sqft
2018-04-01 0 days 2,064 sqft
2018-05-01 0 days 2,015 sqft
2018-06-01 0 days 1,981 sqft
2018-07-01 0 days 1,925 sqft
2018-08-01 0 days 1,849 sqft
2018-09-01 0 days 1,840 sqft
2018-10-01 0 days 1,846 sqft
2018-11-01 0 days 1,800 sqft
2018-12-01 0 days 1,751 sqft
2019-01-01 0 days 1,780 sqft
2019-02-01 0 days 1,849 sqft
2019-03-01 0 days 1,874 sqft
2019-04-01 0 days 1,898 sqft
2019-05-01 0 days 1,904 sqft
2019-06-01 0 days 1,920 sqft
2019-07-01 0 days 1,901 sqft
2019-08-01 0 days 1,879 sqft
2019-09-01 0 days 1,862 sqft
2019-10-01 0 days 1,880 sqft
2019-11-01 0 days 1,848 sqft
2019-12-01 0 days 1,819 sqft
2020-01-01 0 days 1,800 sqft
2020-02-01 0 days 1,858 sqft
2020-03-01 0 days 1,910 sqft
2020-04-01 0 days 1,922 sqft
2020-05-01 0 days 1,911 sqft
2020-06-01 0 days 1,920 sqft
2020-07-01 0 days 1,926 sqft
2020-08-01 0 days 1,920 sqft
2020-09-01 0 days 1,925 sqft
2020-10-01 0 days 1,914 sqft
2020-11-01 0 days 1,874 sqft
2020-12-01 0 days 1,758 sqft
2021-01-01 0 days 1,738 sqft
2021-02-01 0 days 1,754 sqft
2021-03-01 0 days 1,733 sqft
2021-04-01 0 days 1,728 sqft
2021-05-01 0 days 1,780 sqft
2021-06-01 0 days 1,806 sqft
2021-07-01 0 days 1,784 sqft
2021-08-01 0 days 1,784 sqft
2021-09-01 0 days 1,837 sqft
2021-10-01 0 days 1,866 sqft
2021-11-01 0 days 1,782 sqft
2021-12-01 0 days 1,779 sqft
2022-01-01 0 days 1,776 sqft
2022-02-01 0 days 1,848 sqft
2022-03-01 0 days 2,008 sqft
2022-04-01 0 days 2,104 sqft
2022-05-01 0 days 1,912 sqft
2022-06-01 0 days 1,978 sqft
Brainerd's median listing age (time on market) for 2022-06-01 was 0 days.

Brainerd's median square footage for active listings during the 2022-06-01 period was 1,978 sqft. One year prior, the average listing was 1,806 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.