Madison VA Loans

MADISON, 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.

Madison's 95 lenders originated 1,272 VA loans during 2021. The total origination value was $367,270,000, with an average VA loan value of $288,734.

Madison VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Madison averaged 5.58% 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 5.31% and one month ago for the week of 2022-04-08, the average rate was 5.03%.

The average rate one year ago was 3.05%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.23%.

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

Madison 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 Madison level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FREEDOM MORTGAGE CORPORATION 118 2.41% $3,123
Mortgage Research Center, LLC 106 2.78% $5,447
QUICKEN LOANS, LLC 105 2.44% $4,636
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 60 2.84% $6,450
Barrington Bank & Trust Company, N.A. 59 2.65% $4,048
PENNYMAC LOAN SERVICES, LLC 50 2.35% $6,128
USAA Federal Savings Bank 38 2.78% $4,694
NAVY FEDERAL CREDIT UNION 37 2.52% $4,524
GUARANTEED RATE, INC. 36 2.51% $5,453
GUILD MORTGAGE COMPANY 34 2.79% $7,869
Wells Fargo Bank 33 2.54% $5,306
THOMPSON KANE & COMPANY, LLC 32 2.53% $6,031
NEWREZ LLC 26 2.73% $3,534
CALIBER HOME LOANS, INC. 25 2.52% $3,735
HOME POINT FINANCIAL CORPORATION 23 2.45% $3,875
NEW DAY FINANCIAL, LLC 23 2.66% $7,898
CLEARPATH LENDING 22 2.26% $4,376
PLANET HOME LENDING, LLC 19 2.38% $3,023
LOANDEPOT.COM, LLC 17 2.57% $3,707
UNITED WHOLESALE MORTGAGE, LLC 14 2.62% $2,822
LAKEVIEW LOAN SERVICING, LLC 12 2.55% $2,150
Prosperity Home Mortgage, LLC 12 2.71% $7,043
VILLAGE CAPITAL & INVESTMENT LLC 11 2.33% $2,770
The Federal Savings Bank 10 2.56% $7,858
Mr. Cooper ( Nationstar Mortgage ) 10 2.76% $3,810
Old National Bank 10 2.53% $6,474
MUTUAL OF OMAHA MORTGAGE, INC. 9 2.46% $7,295
DAS Acquisition Company, LLC 9 2.83% $9,659
Associated Bank 8 2.91% $1,784
Settlers Bank 8 2.75% $4,192
INLANTA MORTGAGE, INC. 8 3.00% $5,851
PENTAGON FEDERAL CREDIT UNION 7 2.30% $839
Low VA Rates, LLC 6 2.35% $4,993
BROKER SOLUTIONS, INC. 6 2.47% $8,296
U.S. Bank 6 2.75% $4,394
Servion, Inc. 5 2.73% $6,978
CORNERSTONE HOME LENDING, INC. 4 3.00% $11,649
Flagstar Bank, FSB 4 2.44% $5,966
SUN WEST MORTGAGE COMPANY, INC. 4 2.47% $4,240
Paramount Residential Mortgage Group, Inc. 4 3.15% $4,482
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.53% $2,573
NBKC BANK 4 2.50% $4,867
Key Mortgage Services, Inc. 3 2.75% $4,198
BNC National Bank 3 2.29% $1,850
EVERETT FINANCIAL, INC. 3 3.21% $5,811
INLAND BANK & TRUST 3 2.54% $3,160
First Guaranty Mortgage Corporation 3 2.38% $4,641
SOVEREIGN LENDING GROUP INCORPORATED 3 2.46% $4,398
Mid-Continent Funding, Inc. 3 2.83% $5,013
MID AMERICA MORTGAGE, INC. 3 2.33% $1,191
InterContinental Capital Group, Inc 2 2.63% $8,272
AMERICAN FINANCIAL NETWORK, INC. 2 2.25% $14,263
AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.50% $2,709
AMERISAVE MORTGAGE CORPORATION 2 2.63% $5,074
Citizens Bank 2 2.44% $1,855
FIRST CENTENNIAL MORTGAGE CORPORATION 2 2.38% $1,215
GSF Mortgage Corporation 2 2.50% $3,095
ACADEMY MORTGAGE CORPORATION 2 3.25% $2,416
KS StateBank 2 2.81% $6,746
Lend Smart Mortgage, LLC 2 2.88% $2,318
North American Savings Bank, F.S.B. 2 2.38% $527
Plains Commerce Bank 2 2.38% $8,373
WISCONSIN MORTGAGE CORPORATION 2 2.69% $4,443
Loan Simple, Inc. 1 2.50% $10,959
HOMESTEAD FUNDING CORP. 1 2.25% $1,804
GoPrime Mortgage, Inc. 1 3.25% $13,545
Goldwater Bank, N.A. 1 2.38% $6,402
ACCELERATE MORTGAGE, LLC 1 2.25% $2,353
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.63% $5,692
Paramount Bank 1 2.25% $2,505
Gateway First Bank 1 3.00% $5,371
EMM LOANS LLC 1 2.38% $7,293
EMBRACE HOME LOANS, INC. 1 2.25% $4,354
Wyndham Capital Mortgage, Inc. 1 2.25% $0
Community First National Bank 1 2.63% $4,364
CHURCHILL MORTGAGE CORPORATION 1 2.63% $3,688
CHERRY CREEK MORTGAGE, LLC 1 2.38% $573
CELEBRITY HOME LOANS, LLC 1 2.88% $2,767
Carrington Mortgage Services, LLC 1 2.75% $11,399
SIRVA MORTGAGE, INC. 1 2.38% $6,940
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.25% $4,369
Strong Home Mortgage, LLC 1 2.25% $42
Sunflower Bank 1 2.38% $9,716
CANOPY MORTGAGE, LLC 1 2.25% $24,499
Blue Ridge Bank 1 2.25% $1,422
BAYSHORE MORTGAGE FUNDING, LLC 1 2.75% $10,625
UNION HOME MORTGAGE CORP. 1 2.25% $3,641
Bankers' Bank 1 2.75% $3,235
Armed Forces Bank 1 2.50% $2,651
A + MORTGAGE SERVICES, INC. 1 3.13% $5,974
VERIDIAN CREDIT UNION 1 2.25% $2,482
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.88% $7,285
Meridian Bank Corporation 1 2.25% $4,171
Magnolia Bank 1 2.38% $5,668
NATIONS DIRECT MORTGAGE, LLC 1 3.75% $4,872

The top Madison VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with 118 VA loans originated. Their average total fees are $3,123, which is $2,325 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Madison VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,150), VILLAGE CAPITAL & INVESTMENT LLC ($2,770), UNITED WHOLESALE MORTGAGE, LLC ($2,822), PLANET HOME LENDING, LLC ($3,023) and FREEDOM MORTGAGE CORPORATION ($3,123).

The lowest rate Madison VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.26%), VILLAGE CAPITAL & INVESTMENT LLC (2.33%), PENNYMAC LOAN SERVICES, LLC (2.35%), PLANET HOME LENDING, LLC (2.38%) and FREEDOM MORTGAGE CORPORATION (2.41%).

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.