Grand Forks VA Loan Rates, Closing Costs & Stats

GRAND FORKS, ND-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.

    Grand Forks's 30 lenders originated 145 VA loans during 2023. The total origination value was $40,555,000, with an average VA loan value of $279,690.

    Grand Forks VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Grand Forks averaged 6.59% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Grand Forks's average VA mortgage closing costs are $5,796.

    The average rate for the prior week (2024-11-01) was 6.25% and one month ago for the week of 2024-10-04, the average rate was 5.48%.

    The average rate one year ago was 7.43%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

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

    Grand Forks 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 Grand Forks level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 22 6.13% $8,283
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 22 6.67% $8,085
    Mortgage Research Center, LLC 16 6.86% $5,187
    USAA Federal Savings Bank 11 6.67% $5,673
    Barrington Bank & Trust Company, N.A. 8 6.15% $9,414
    Gate City Bank 8 5.97% $5,401
    QUICKEN LOANS, LLC 5 6.50% $11,942
    PREMIER MORTGAGE RESOURCES, L.L.C. 4 6.56% $10,673
    Nations Lending Corporation 4 6.58% $5,078
    FREEDOM MORTGAGE CORPORATION 3 6.46% $7,845
    First International Bank & Trust 3 6.04% $4,740
    NBKC BANK 3 5.46% $3,368
    FIRST COMMUNITY CREDIT UNION 3 5.88% $7,641
    The Huntington National Bank 3 6.46% $10,758
    VILLAGE CAPITAL MORTGAGE 2 6.50% $9,156
    PENNYMAC LOAN SERVICES, LLC 2 6.13% $7,627
    Mr. Cooper ( Nationstar Mortgage ) 2 6.13% $16,961
    NAVY FEDERAL CREDIT UNION 2 6.00% $1,399
    West Gate Bank 1 6.99% $3,390
    BROKER SOLUTIONS, INC. 1 6.25% $7,308
    CARDINAL FINANCIAL 1 5.50% $5,947
    JPMorgan Chase Bank 1 5.75% $2,856
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $13,726
    MOVEMENT MORTGAGE, LLC 1 6.13% $12,667
    NEW DAY FINANCIAL, LLC 1 8.38% $4,031
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $3,634
    Servion, Inc. 1 6.13% $3,429
    U.S. Bank 1 5.50% $3,955
    Wells Fargo Bank 1 4.88% $19,033
    Alerus Financial 1 6.25% $366

    The top Grand Forks VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 22 VA loans originated. Their average total fees are $8,283, which is $198 higher than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

    The lowest fee Grand Forks VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,187), USAA Federal Savings Bank ($5,673), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($8,085), UNITED WHOLESALE MORTGAGE, LLC ($8,283) and .

    The lowest rate Grand Forks VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.13%), USAA Federal Savings Bank (6.67%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.67%), Mortgage Research Center, LLC (6.86%) and .

    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.