Faribault VA Loan Rates, Closing Costs & Stats

Faribault-Northfield, MN

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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 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.

    Faribault's 23 lenders originated 47 VA loans during 2023. The total origination value was $17,535,000, with an average VA loan value of $373,085.

    Faribault VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Faribault averaged 7% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Faribault's average VA mortgage closing costs are $5,935.

    The average rate for the prior week (2024-04-12) was 6.93% and one month ago for the week of 2024-03-15, the average rate was 6.39%.

    The average rate one year ago was 6.28%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Faribault 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 Faribault level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 8 6.86% $8,682
    Bell Bank 5 6.35% $8,363
    UNITED WHOLESALE MORTGAGE, LLC 4 6.27% $7,858
    Wells Fargo Bank 3 5.83% $11,928
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.38% $9,078
    PENNYMAC LOAN SERVICES, LLC 3 5.92% $10,983
    NEW DAY FINANCIAL, LLC 2 7.31% $20,837
    QUICKEN LOANS, LLC 2 6.62% $10,578
    GUARANTEED RATE AFFINITY, LLC 1 5.73% $3,164
    GUARANTEED RATE, INC. 1 6.75% $2,559
    LOANDEPOT.COM, LLC 1 5.88% $10,863
    CMG MORTGAGE, INC. 1 7.38% $9,787
    Park State Bank 1 6.00% $21,993
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.75% $11,335
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $3,385
    PLAZA HOME MORTGAGE, INC. 1 5.75% $8,242
    Prosperity Home Mortgage, LLC 1 5.99% $18,619
    The Federal Savings Bank 1 6.75% $8,378
    Cambria Financial Group, LLC 1 5.99% $8,329
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $35,779
    Flagstar Bank, FSB 1 5.38% $10,124
    USAA Federal Savings Bank 1 7.63% $2,693
    FREEDOM MORTGAGE CORPORATION 1 6.38% $3,290

    The top Faribault VA lender as defined by loan originations is Mortgage Research Center, LLC, with 8 VA loans originated. Their average total fees are $8,682, which is $319 higher than the next largest lender, Bell Bank.

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Faribault (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 $247,450 (-9.1%) $272,411 (-9.4%) 0.00 129
    2018-02-01 $249,950 (-6.9%) $275,026 (-10.3%) 0.00 134
    2018-03-01 $262,400 (-5.2%) $291,092 (-2.7%) 0.00 142
    2018-04-01 $281,000 (2.2%) $311,591 (3.2%) 0.00 149
    2018-05-01 $282,475 (2.7%) $309,880 (1.7%) 0.00 177
    2018-06-01 $292,500 (5.9%) $313,008 (4.8%) 0.00 188
    2018-07-01 $289,234 (5.2%) $315,517 (5.4%) 0.00 208
    2018-08-01 $289,625 (7.3%) $316,251 (6.1%) 0.00 197
    2018-09-01 $284,894 (5.9%) $312,130 (1.8%) 0.00 190
    2018-10-01 $289,800 (7.4%) $314,610 (6.1%) 0.00 194
    2018-11-01 $283,625 (6.1%) $310,705 (6.0%) 0.00 188
    2018-12-01 $289,500 (14.0%) $310,311 (10.7%) 0.00 177
    2019-01-01 $294,925 (19.2%) $321,343 (18.0%) 0.00 162
    2019-02-01 $309,950 (24.0%) $342,407 (24.5%) 0.00 154
    2019-03-01 $306,550 (16.8%) $337,852 (16.1%) 0.00 165
    2019-04-01 $302,425 (7.6%) $325,908 (4.6%) 0.00 177
    2019-05-01 $289,900 (2.6%) $317,850 (2.6%) 0.00 186
    2019-06-01 $289,900 (-0.9%) $324,915 (3.8%) 0.00 208
    2019-07-01 $293,700 (1.5%) $334,727 (6.1%) 0.00 223
    2019-08-01 $294,391 (1.7%) $338,608 (7.1%) 0.00 222
    2019-09-01 $286,240 (0.5%) $336,057 (7.7%) 0.00 220
    2019-10-01 $277,450 (-4.3%) $331,419 (5.3%) 0.00 219
    2019-11-01 $274,900 (-3.1%) $319,256 (2.8%) 0.00 217
    2019-12-01 $276,053 (-4.6%) $325,550 (4.9%) 0.00 177
    2020-01-01 $283,250 (-4.0%) $329,842 (2.6%) 0.00 153
    2020-02-01 $310,000 (0.0%) $338,447 (-1.2%) 0.00 163
    2020-03-01 $313,400 (2.2%) $342,825 (1.5%) 0.00 161
    2020-04-01 $307,175 (1.6%) $335,580 (3.0%) 0.00 174
    2020-05-01 $299,999 (3.5%) $336,497 (5.9%) 0.00 180
    2020-06-01 $299,900 (3.5%) $333,305 (2.6%) 0.00 180
    2020-07-01 $312,675 (6.5%) $349,511 (4.4%) 0.00 160
    2020-08-01 $307,801 (4.6%) $356,037 (5.2%) 0.00 157
    2020-09-01 $313,225 (9.4%) $355,483 (5.8%) 0.00 163
    2020-10-01 $302,900 (9.2%) $352,857 (6.5%) 0.00 160
    2020-11-01 $310,975 (13.1%) $349,367 (9.4%) 0.00 118
    2020-12-01 $300,000 (8.7%) $343,807 (5.6%) 0.00 89
    2021-01-01 $319,900 (12.9%) $358,105 (8.6%) 0.00 79
    2021-02-01 $331,553 (7.0%) $381,386 (12.7%) 0.00 71
    2021-03-01 $343,400 (9.6%) $378,905 (10.5%) 0.00 82
    2021-04-01 $346,000 (12.6%) $375,486 (11.9%) 0.00 84
    2021-05-01 $349,900 (16.6%) $381,215 (13.3%) 0.00 95
    2021-06-01 $350,300 (16.8%) $391,006 (17.3%) 0.00 111
    2021-07-01 $349,900 (11.9%) $391,321 (12.0%) 0.00 112
    2021-08-01 $347,113 (12.8%) $386,989 (8.7%) 0.00 119
    2021-09-01 $328,470 (4.9%) $361,187 (1.6%) 0.00 126
    2021-10-01 $344,900 (13.9%) $384,296 (8.9%) 0.00 135
    2021-11-01 $348,317 (12.0%) $392,145 (12.2%) 0.00 118
    2021-12-01 $360,150 (20.1%) $405,173 (17.9%) 0.00 109
    2022-01-01 $379,900 (18.8%) $439,216 (22.7%) 0.00 89
    2022-02-01 $392,715 (18.5%) $438,264 (14.9%) 0.00 83
    2022-03-01 $399,253 (16.3%) $446,078 (17.7%) 0.00 81
    2022-04-01 $402,604 (16.4%) $455,918 (21.4%) 0.00 86
    2022-05-01 $404,400 (15.6%) $478,156 (25.4%) 0.00 106
    2022-06-01 $408,002 (16.5%) $466,050 (19.2%) 0.00 125
    2022-07-01 $404,654 (15.7%) $467,857 (19.6%) 0.00 127
    2022-08-01 $413,302 (19.1%) $480,288 (24.1%) 0.00 138
    2022-09-01 $397,900 (21.1%) $469,071 (29.9%) 0.00 139
    2022-10-01 $399,900 (16.0%) $464,982 (21.0%) 0.00 141
    2022-11-01 $396,675 (13.9%) $456,346 (16.4%) 0.00 136
    2022-12-01 $399,900 (11.0%) $456,811 (12.7%) 0.00 120
    2023-01-01 $410,150 (8.0%) $469,560 (6.9%) 0.00 100
    2023-02-01 $421,900 (7.4%) $506,659 (15.6%) 0.00 89
    2023-03-01 $424,700 (6.4%) $521,196 (16.8%) 0.00 84
    2023-04-01 $427,950 (6.3%) $505,645 (10.9%) 0.00 75
    2023-05-01 $433,314 (7.2%) $523,650 (9.5%) 0.00 84
    2023-06-01 $429,675 (5.3%) $523,720 (12.4%) 0.00 97
    2023-07-01 $433,314 (7.1%) $514,434 (10.0%) 0.00 100
    2023-08-01 $429,422 (3.9%) $500,781 (4.3%) 0.00 106
    2023-09-01 $429,787 (8.0%) $473,746 (1.0%) 0.00 108
    2023-10-01 $434,614 (8.7%) $447,512 (-3.8%) 0.00 103
    2023-11-01 $399,672 (0.8%) $429,514 (-5.9%) 0.00 117
    2023-12-01 $404,850 (1.2%) $431,484 (-5.5%) 0.00 98
    2024-01-01 $404,850 (-1.3%) $475,109 (1.2%) 0.00 76
    2024-02-01 $406,002 (-3.8%) $484,373 (-4.4%) 0.00 80
    2024-03-01 $440,000 (3.6%) $523,167 (0.4%) 0.00 90
    Faribault's median listing price for 2024-03-01 was $440,000, a difference of $15,300 (3.6%) versus the prior year and $33,998 versus the prior month.

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

    Faribault's average listing price for 2024-03-01 was $523,167, a difference of $1,971 (0.4%) versus the prior year and $38,794 versus the prior month.

    For the 2024-03-01 period, Faribault had 90 MLS listings, a difference of 10 listings (13%) versus the prior month and 6 listings (7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Faribault (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,814 sqft
    2018-02-01 0 days 1,807 sqft
    2018-03-01 0 days 1,935 sqft
    2018-04-01 0 days 1,949 sqft
    2018-05-01 0 days 1,971 sqft
    2018-06-01 0 days 2,115 sqft
    2018-07-01 0 days 2,063 sqft
    2018-08-01 0 days 2,065 sqft
    2018-09-01 0 days 2,092 sqft
    2018-10-01 0 days 1,995 sqft
    2018-11-01 0 days 1,975 sqft
    2018-12-01 0 days 1,940 sqft
    2019-01-01 0 days 1,958 sqft
    2019-02-01 0 days 2,026 sqft
    2019-03-01 0 days 2,029 sqft
    2019-04-01 0 days 2,020 sqft
    2019-05-01 0 days 2,020 sqft
    2019-06-01 0 days 2,041 sqft
    2019-07-01 0 days 2,044 sqft
    2019-08-01 0 days 2,022 sqft
    2019-09-01 0 days 1,993 sqft
    2019-10-01 0 days 1,968 sqft
    2019-11-01 0 days 1,947 sqft
    2019-12-01 0 days 1,880 sqft
    2020-01-01 0 days 1,862 sqft
    2020-02-01 0 days 1,911 sqft
    2020-03-01 0 days 1,982 sqft
    2020-04-01 0 days 1,925 sqft
    2020-05-01 0 days 1,975 sqft
    2020-06-01 0 days 1,911 sqft
    2020-07-01 0 days 1,903 sqft
    2020-08-01 0 days 1,895 sqft
    2020-09-01 0 days 1,911 sqft
    2020-10-01 0 days 1,855 sqft
    2020-11-01 0 days 1,852 sqft
    2020-12-01 0 days 1,760 sqft
    2021-01-01 0 days 1,750 sqft
    2021-02-01 0 days 1,799 sqft
    2021-03-01 0 days 1,869 sqft
    2021-04-01 0 days 1,847 sqft
    2021-05-01 0 days 1,851 sqft
    2021-06-01 0 days 1,982 sqft
    2021-07-01 0 days 1,953 sqft
    2021-08-01 0 days 1,950 sqft
    2021-09-01 0 days 1,829 sqft
    2021-10-01 0 days 1,839 sqft
    2021-11-01 0 days 1,900 sqft
    2021-12-01 0 days 1,829 sqft
    2022-01-01 0 days 1,973 sqft
    2022-02-01 0 days 2,659 sqft
    2022-03-01 0 days 2,606 sqft
    2022-04-01 0 days 2,637 sqft
    2022-05-01 0 days 1,935 sqft
    2022-06-01 0 days 2,091 sqft
    2022-07-01 0 days 2,101 sqft
    2022-08-01 0 days 2,161 sqft
    2022-09-01 0 days 2,144 sqft
    2022-10-01 0 days 2,160 sqft
    2022-11-01 0 days 1,995 sqft
    2022-12-01 0 days 1,927 sqft
    2023-01-01 0 days 2,016 sqft
    2023-02-01 0 days 1,954 sqft
    2023-03-01 0 days 2,026 sqft
    2023-04-01 0 days 2,051 sqft
    2023-05-01 0 days 2,178 sqft
    2023-06-01 0 days 2,105 sqft
    2023-07-01 0 days 2,079 sqft
    2023-08-01 0 days 2,047 sqft
    2023-09-01 0 days 2,079 sqft
    2023-10-01 0 days 2,087 sqft
    2023-11-01 0 days 1,985 sqft
    2023-12-01 0 days 1,848 sqft
    2024-01-01 0 days 1,907 sqft
    2024-02-01 0 days 1,947 sqft
    2024-03-01 0 days 2,056 sqft
    Faribault's median listing age (time on market) for 2024-03-01 was 0 days.

    Faribault's median square footage for active listings during the 2024-03-01 period was 2,056 sqft. One year prior, the average listing was 2,026 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.