Duluth VA Loans

DULUTH, MN-WI

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    • 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.

    Duluth's 95 lenders originated 920 VA loans during 2021. The total origination value was $205,280,000, with an average VA loan value of $223,130.

    Duluth VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Duluth averaged 5.61% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.34% and one month ago for the week of 2022-04-08, the average rate was 4.96%.

    The average rate one year ago was 3.28%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.1%.

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

    Duluth 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 Duluth level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 98 2.51% $4,537
    Mortgage Research Center, LLC 84 2.90% $5,561
    North Shore Bank of Commerce 61 2.80% $5,242
    FREEDOM MORTGAGE CORPORATION 51 2.56% $1,927
    USAA Federal Savings Bank 32 2.82% $4,085
    PENNYMAC LOAN SERVICES, LLC 28 2.38% $4,850
    NEW DAY FINANCIAL, LLC 27 2.87% $5,641
    HANCOCK MORTGAGE PARTNERS, LLC 25 3.29% $5,680
    NAVY FEDERAL CREDIT UNION 21 2.56% $4,232
    Wells Fargo Bank 20 2.54% $3,477
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 3.08% $5,714
    VILLAGE CAPITAL & INVESTMENT LLC 17 2.44% $2,444
    Servion, Inc. 17 2.83% $4,969
    Mr. Cooper ( Nationstar Mortgage ) 17 2.73% $4,749
    GUILD MORTGAGE COMPANY 16 2.62% $4,931
    UNITED WHOLESALE MORTGAGE, LLC 16 2.50% $5,073
    RESULTS MORTGAGE, LLC 16 2.65% $6,291
    CALIBER HOME LOANS, INC. 13 2.51% $2,073
    LOANDEPOT.COM, LLC 13 2.52% $2,839
    The Federal Savings Bank 12 2.56% $5,349
    LAKEVIEW LOAN SERVICING, LLC 12 2.57% $1,941
    Lend Smart Mortgage, LLC 11 2.91% $6,112
    Low VA Rates, LLC 11 2.35% $5,346
    U.S. Bank 9 2.71% $4,657
    MID AMERICA MORTGAGE, INC. 8 2.50% $2,665
    Regent Financial Group, Inc. 8 2.73% $5,948
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.39% $6,035
    BAY EQUITY LLC 6 2.69% $3,745
    NEWREZ LLC 5 2.57% $4,660
    SOVEREIGN LENDING GROUP INCORPORATED 5 2.67% $2,898
    HOME POINT FINANCIAL CORPORATION 5 2.63% $6,154
    Prosperity Home Mortgage, LLC 4 2.72% $6,611
    Summit Mortgage Corporation 4 2.78% $5,077
    Barrington Bank & Trust Company, N.A. 4 2.81% $5,279
    Bell Bank 4 2.31% $4,084
    CRESCENT MORTGAGE COMPANY 4 2.56% $4,985
    PLANET HOME LENDING, LLC 4 2.59% $1,658
    BROKER SOLUTIONS, INC. 3 2.63% $2,660
    AMERICAN FINANCIAL NETWORK, INC. 3 2.42% $7,429
    First Federal Bank 3 2.75% $5,486
    GUARANTEED RATE, INC. 3 2.50% $5,712
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.67% $2,829
    Magnolia Bank 3 2.96% $5,844
    MANN FINANCIAL INC. 3 2.75% $2,450
    NBKC BANK 3 2.42% $3,265
    North American Savings Bank, F.S.B. 3 2.46% $2,256
    SUN WEST MORTGAGE COMPANY, INC. 3 2.50% $5,259
    TOWNE MORTGAGE COMPANY 3 3.00% $4,586
    BELEM SERVICING LLC 2 3.50% $6,385
    PLAZA HOME MORTGAGE, INC. 2 2.50% $6,745
    Nations Lending Corporation 2 2.56% $4,964
    American Mortgage & Equity Consultants, Inc. 2 2.56% $3,454
    Sierra Pacific Mortgage Company, Inc. 2 2.38% $6,337
    Flagstar Bank, FSB 2 3.23% $17,397
    ACCELERATE MORTGAGE, LLC 2 2.00% $6,090
    CROSSCOUNTRY MORTGAGE, LLC 2 2.25% $2,539
    AMERISAVE MORTGAGE CORPORATION 2 3.38% $6,485
    AMERICAN FINANCING CORPORATION 2 3.00% $3,357
    Manufacturers and Traders Trust Company 2 2.81% $3,714
    Meridian Bank Corporation 2 2.25% $2,694
    KS StateBank 2 2.50% $7,340
    FBC MORTGAGE, LLC 1 2.25% $4,737
    PENTAGON FEDERAL CREDIT UNION 1 2.75% $9,481
    PHH Mortgage Corporation 1 2.75% $1,859
    Plains Commerce Bank 1 2.99% $896
    EVERETT FINANCIAL, INC. 1 4.13% $5,521
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.13% $8,693
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 4.38% $2,913
    Equity Prime Mortgage LLC 1 3.25% $5,580
    CONTOUR MORTGAGE CORPORATION 1 3.00% $6,060
    CMG MORTGAGE, INC. 1 2.63% $15,891
    CLEARPATH LENDING 1 2.75% $4,573
    CHERRY CREEK MORTGAGE, LLC 1 3.00% $2,036
    Sunflower Bank 1 2.25% $9,793
    The Huntington National Bank 1 2.63% $14,156
    THRIVENT Federal Credit Union 1 3.13% $18,993
    TJC Mortgage, Inc. 1 2.25% $3,367
    Wyndham Capital Mortgage, Inc. 1 2.25% $3,810
    UNION HOME MORTGAGE CORP. 1 2.25% $1,634
    Bank of England 1 2.50% $1,381
    Mid-Continent Funding, Inc. 1 2.75% $8,567
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.25% $2,346
    LEADERONE FINANCIAL CORPORATION 1 2.38% $2,914
    MORTGAGE ACCESS CORP. 1 2.75% $14,310
    InterContinental Capital Group, Inc 1 2.25% $3,232
    MOVEMENT MORTGAGE, LLC 1 3.13% $5,088
    HOMESIDE FINANCIAL, LLC 1 3.00% $999
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $2,652
    HomePromise Corporation 1 3.13% $16,803
    NETWORK CAPITAL FUNDING CORPORATION 1 3.63% $6,161
    Florida Capital Bank 1 2.25% $2,714
    Watermark Capital, Inc. 1 2.38% $2,259
    First Guaranty Mortgage Corporation 1 2.38% $2,744
    NP, Inc. 1 2.25% $1,379
    Paramount Bank 1 2.25% $1,458

    The top Duluth VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 98 VA loans originated. Their average total fees are $4,537, which is $1,024 lower than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Duluth VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($1,927), LAKEVIEW LOAN SERVICING, LLC ($1,941), CALIBER HOME LOANS, INC. ($2,073), VILLAGE CAPITAL & INVESTMENT LLC ($2,444) and LOANDEPOT.COM, LLC ($2,839).

    The lowest rate Duluth VA lenders (with over 10 loans originated) are Low VA Rates, LLC (2.35%), PENNYMAC LOAN SERVICES, LLC (2.38%), VILLAGE CAPITAL & INVESTMENT LLC (2.44%), UNITED WHOLESALE MORTGAGE, LLC (2.50%) and QUICKEN LOANS, LLC (2.51%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Duluth (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 $165,000 (5.9%) $262,259 (9.2%) 0.61 1,392
    2018-02-01 $169,000 (7.3%) $267,641 (8.8%) 0.61 1,363
    2018-03-01 $184,900 (12.1%) $287,060 (14.6%) 0.64 1,406
    2018-04-01 $189,700 (11.7%) $294,426 (17.2%) 0.64 1,470
    2018-05-01 $192,400 (7.2%) $295,046 (15.0%) 0.64 1,695
    2018-06-01 $193,900 (7.8%) $287,258 (12.1%) 0.65 1,995
    2018-07-01 $192,000 (6.7%) $277,648 (5.2%) 0.64 2,090
    2018-08-01 $189,250 (5.2%) $270,616 (-0.7%) 0.63 2,066
    2018-09-01 $189,900 (6.7%) $271,208 (1.0%) 0.64 2,048
    2018-10-01 $187,900 (7.4%) $270,873 (4.0%) 0.63 1,989
    2018-11-01 $185,000 (9.5%) $267,162 (4.5%) 0.62 1,803
    2018-12-01 $182,000 (10.3%) $265,056 (2.4%) 0.62 1,603
    2019-01-01 $180,950 (9.7%) $278,437 (6.2%) 0.62 1,277
    2019-02-01 $179,450 (6.2%) $273,865 (2.3%) 0.60 1,238
    2019-03-01 $196,529 (6.3%) $282,759 (-1.5%) 0.64 1,284
    2019-04-01 $219,900 (15.9%) $291,632 (-1.0%) 0.69 1,376
    2019-05-01 $219,500 (14.1%) $296,105 (0.4%) 0.68 1,546
    2019-06-01 $214,777 (10.8%) $290,480 (1.1%) 0.66 1,767
    2019-07-01 $212,450 (10.7%) $289,386 (4.2%) 0.66 1,904
    2019-08-01 $195,671 (3.4%) $282,580 (4.4%) 0.62 1,954
    2019-09-01 $190,621 (0.4%) $275,467 (1.6%) 0.61 1,923
    2019-10-01 $197,450 (5.1%) $275,992 (1.9%) 0.63 1,858
    2019-11-01 $199,900 (8.1%) $277,673 (3.9%) 0.65 1,606
    2019-12-01 $199,450 (9.6%) $279,793 (5.6%) 0.66 1,345
    2020-01-01 $199,000 (10.0%) $287,660 (3.3%) 0.66 1,120
    2020-02-01 $218,000 (21.5%) $307,747 (12.4%) 0.70 1,039
    2020-03-01 $234,950 (19.6%) $328,511 (16.2%) 0.73 1,063
    2020-04-01 $239,000 (8.7%) $326,623 (12.0%) 0.74 1,137
    2020-05-01 $235,000 (7.1%) $319,735 (8.0%) 0.71 1,215
    2020-06-01 $239,000 (11.3%) $322,664 (11.1%) 0.70 1,241
    2020-07-01 $235,750 (11.0%) $324,685 (12.2%) 0.68 1,199
    2020-08-01 $239,000 (22.1%) $322,973 (14.3%) 0.68 1,129
    2020-09-01 $229,450 (20.4%) $319,311 (15.9%) 0.66 1,022
    2020-10-01 $224,900 (13.9%) $324,443 (17.6%) 0.64 954
    2020-11-01 $224,450 (12.3%) $331,795 (19.5%) 0.64 825
    2020-12-01 $222,000 (11.3%) $337,273 (20.5%) 0.65 701
    2021-01-01 $220,000 (10.6%) $351,072 (22.0%) 0.65 525
    2021-02-01 $225,000 (3.2%) $359,881 (16.9%) 0.65 428
    2021-03-01 $227,450 (-3.2%) $363,911 (10.8%) 0.64 413
    2021-04-01 $237,250 (-0.7%) $367,106 (12.4%) 0.64 444
    2021-05-01 $229,500 (-2.3%) $349,773 (9.4%) 0.60 539
    2021-06-01 $227,450 (-4.8%) $337,805 (4.7%) 0.59 673
    2021-07-01 $216,950 (-8.0%) $324,514 (-0.1%) 0.56 729
    2021-08-01 $209,950 (-12.2%) $312,941 (-3.1%) 0.55 737
    2021-09-01 $211,750 (-7.7%) $315,762 (-1.1%) 0.56 681
    2021-10-01 $199,900 (-11.1%) $285,989 (-11.9%) 0.53 646
    2021-11-01 $210,000 (-6.4%) $304,753 (-8.2%) 0.55 506
    2021-12-01 $196,950 (-11.3%) $302,584 (-10.3%) 0.53 407
    2022-01-01 $199,000 (-9.6%) $317,441 (-9.6%) 0.53 362
    2022-02-01 $226,950 (0.9%) $364,955 (1.4%) 0.58 296
    2022-03-01 $249,950 (9.9%) $385,764 (6.0%) 0.62 287
    2022-04-01 $265,000 (11.7%) $373,680 (1.8%) 0.62 333
    Duluth's median listing price for 2022-04-01 was $265,000, a difference of $27,750 (11.7%) versus the prior year and $15,050 versus the prior month.

    Duluth's median listing price comes in at 62% of the national average.

    Duluth's average listing price for 2022-04-01 was $373,680, a difference of $6,574 (1.8%) versus the prior year and $-12,084 versus the prior month.

    For the 2022-04-01 period, Duluth had 333 MLS listings, a difference of 46 listings (16%) versus the prior month and -111 listings (-25%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Duluth (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 121 days 1,516 sqft
    2018-02-01 120 days 1,526 sqft
    2018-03-01 99 days 1,574 sqft
    2018-04-01 80 days 1,585 sqft
    2018-05-01 67 days 1,580 sqft
    2018-06-01 57 days 1,580 sqft
    2018-07-01 65 days 1,584 sqft
    2018-08-01 73 days 1,585 sqft
    2018-09-01 81 days 1,568 sqft
    2018-10-01 88 days 1,512 sqft
    2018-11-01 98 days 1,500 sqft
    2018-12-01 119 days 1,482 sqft
    2019-01-01 128 days 1,489 sqft
    2019-02-01 138 days 1,500 sqft
    2019-03-01 134 days 1,542 sqft
    2019-04-01 100 days 1,609 sqft
    2019-05-01 69 days 1,596 sqft
    2019-06-01 57 days 1,568 sqft
    2019-07-01 62 days 1,564 sqft
    2019-08-01 70 days 1,507 sqft
    2019-09-01 80 days 1,435 sqft
    2019-10-01 87 days 1,417 sqft
    2019-11-01 100 days 1,422 sqft
    2019-12-01 121 days 1,432 sqft
    2020-01-01 133 days 1,456 sqft
    2020-02-01 147 days 1,464 sqft
    2020-03-01 141 days 1,493 sqft
    2020-04-01 98 days 1,505 sqft
    2020-05-01 79 days 1,508 sqft
    2020-06-01 70 days 1,500 sqft
    2020-07-01 64 days 1,541 sqft
    2020-08-01 63 days 1,568 sqft
    2020-09-01 66 days 1,504 sqft
    2020-10-01 67 days 1,508 sqft
    2020-11-01 78 days 1,454 sqft
    2020-12-01 90 days 1,460 sqft
    2021-01-01 108 days 1,425 sqft
    2021-02-01 117 days 1,419 sqft
    2021-03-01 93 days 1,472 sqft
    2021-04-01 51 days 1,569 sqft
    2021-05-01 37 days 1,549 sqft
    2021-06-01 35 days 1,542 sqft
    2021-07-01 41 days 1,491 sqft
    2021-08-01 48 days 1,439 sqft
    2021-09-01 56 days 1,453 sqft
    2021-10-01 54 days 1,446 sqft
    2021-11-01 62 days 1,480 sqft
    2021-12-01 76 days 1,440 sqft
    2022-01-01 85 days 1,406 sqft
    2022-02-01 93 days 1,472 sqft
    2022-03-01 67 days 1,592 sqft
    2022-04-01 37 days 1,568 sqft
    Duluth's median listing age (time on market) for 2022-04-01 was 37 days. This is -27% shorter than the same period one year ago.

    Duluth's median square footage for active listings during the 2022-04-01 period was 1,568 sqft. One year prior, the average listing was 1,569 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.