Duluth VA Loans

DULUTH, MN-WI

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.