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.