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 6.45% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.39% and one month ago for the week of 2024-06-14, the average rate was 6.35%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.2%.

    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 .

    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.