Fergus Falls VA Loan Rates, Closing Costs & Stats

Fergus Falls, 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.

    Fergus Falls's 30 lenders originated 70 VA loans during 2024. The total origination value was $20,300,000, with an average VA loan value of $290,000.

    Fergus Falls VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Fergus Falls averaged 0.66% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

    Fergus Falls's average VA mortgage closing costs are $5,576.

    The average rate for the prior week (2025-06-13) was 6.8% and one month ago for the week of 2025-05-16, the average rate was 6.86%.

    The average rate one year ago was 6.66%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.37%.

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

    Fergus Falls 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 Fergus Falls level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 14 6.27% $4,774
    UNITED WHOLESALE MORTGAGE, LLC 12 5.85% $7,549
    QUICKEN LOANS, LLC 5 6.00% $11,048
    PENNYMAC LOAN SERVICES, LLC 4 5.56% $4,465
    Gate City Bank 2 6.13% $8,717
    VILLAGE CAPITAL MORTGAGE 2 5.13% $7,627
    NAVY FEDERAL CREDIT UNION 2 5.50% $5,184
    GUARANTEED RATE, INC. 2 6.37% $3,649
    Barrington Bank & Trust Company, N.A. 2 6.25% $3,829
    MOVEMENT MORTGAGE, LLC 1 6.75% $11,094
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $6,455
    Bank of Colorado 1 5.63% $4,736
    NEW DAY FINANCIAL, LLC 1 7.99% $14,891
    NEWREZ LLC 1 5.25% $3,098
    Plains Commerce Bank 1 6.50% $2,933
    PLANET HOME LENDING, LLC 1 5.50% $5,184
    Texana Bank 1 6.75% $20,995
    The Federal Savings Bank 1 6.63% $30,946
    Tradition Mortgage, LLC 1 6.13% $2,807
    USAA Federal Savings Bank 1 6.50% $3,208
    VALLEY MORTGAGE, INC. 1 6.25% $10,260
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.13% $6,073
    Bell Bank 1 6.38% $6,209
    Bremer Bank 1 6.63% $3,252
    BROKER SOLUTIONS, INC. 1 6.75% $2,563
    First Bank & Trust 1 6.00% $10,363
    Flagstar Bank, FSB 1 6.25% $13,787
    FREEDOM MORTGAGE CORPORATION 1 5.75% $10,523
    LOANPAL, LLC 1 6.13% $13,291
    Magnolia Bank 1 6.75% $14,801

    The top Fergus Falls VA lender as defined by loan originations is Mortgage Research Center, LLC, with 14 VA loans originated. Their average total fees are $4,774, which is $2,776 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Fergus Falls VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,774), UNITED WHOLESALE MORTGAGE, LLC ($7,549), .

    The lowest rate Fergus Falls VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.85%), Mortgage Research Center, LLC (6.27%), .

    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.