Madison VA Loan Rates, Closing Costs & Stats

MADISON, WI

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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.

    Madison's 53 lenders originated 280 VA loans during 2023. The total origination value was $99,860,000, with an average VA loan value of $356,643.

    Madison VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Madison averaged 6.1% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Madison's average VA mortgage closing costs are $5,537.

    The average rate for the prior week (2024-07-12) was 6.54% and one month ago for the week of 2024-06-14, the average rate was 6.51%.

    The average rate one year ago was 6.79%.

    For refis of the same type during the week of 2024-07-19, the average rate was 3.83%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Madison level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 50 6.64% $8,403
    QUICKEN LOANS, LLC 21 6.11% $13,544
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 6.43% $6,184
    Barrington Bank & Trust Company, N.A. 18 6.52% $8,450
    UNITED WHOLESALE MORTGAGE, LLC 14 6.41% $10,098
    NAVY FEDERAL CREDIT UNION 10 5.89% $5,692
    USAA Federal Savings Bank 9 6.17% $7,806
    GUILD MORTGAGE COMPANY 9 6.46% $11,518
    THOMPSON KANE & COMPANY, LLC 8 6.64% $5,866
    Bell Bank 7 6.61% $1,626
    FREEDOM MORTGAGE CORPORATION 7 6.41% $16,069
    CORNERSTONE HOME LENDING, INC. 7 6.25% $13,597
    NEWREZ LLC 6 6.54% $7,666
    Mr. Cooper ( Nationstar Mortgage ) 6 6.52% $20,345
    CROSSCOUNTRY MORTGAGE, LLC 6 6.50% $3,884
    U.S. Bank 6 6.21% $9,004
    PENNYMAC LOAN SERVICES, LLC 5 5.15% $9,804
    LOANDEPOT.COM, LLC 5 6.65% $9,662
    PLANET HOME LENDING, LLC 4 5.75% $3,136
    EAGLE HOME MORTGAGE, LLC 4 5.34% $4,771
    GUARANTEED RATE, INC. 4 6.22% $4,395
    CARDINAL FINANCIAL 3 6.54% $12,556
    Magnolia Bank 3 5.96% $13,273
    MOVEMENT MORTGAGE, LLC 3 6.33% $8,051
    Prosperity Home Mortgage, LLC 3 6.46% $8,382
    NEW DAY FINANCIAL, LLC 2 7.25% $16,812
    VILLAGE CAPITAL MORTGAGE 2 6.12% $11,489
    Century Mortgage Company DBA Century Lending Company 2 6.19% $11,462
    Nations Lending Corporation 2 6.94% $7,754
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.00% $7,736
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.13% $4,608
    Armed Forces Bank 1 6.13% $18,514
    Associated Bank 1 7.38% $1,779
    Bank Five Nine 1 5.50% $19,286
    Blackhawk Bank 1 7.13% $4,378
    Bremer Bank 1 5.63% $3,481
    CALIBER HOME LOANS, INC. 1 7.25% $3,979
    CONTOUR MORTGAGE CORPORATION 1 5.25% $24,633
    DAS Acquisition Company, LLC 1 7.25% $575
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.00% $0
    First Federal Bank 1 6.13% $4,207
    FIRST STATE MORTGAGE SERVICES, LLC 1 5.75% $4,459
    GUARANTEED RATE AFFINITY, LLC 1 6.15% $12,080
    Johnson Bank 1 6.63% $2,198
    Meridian Bank Corporation 1 6.75% $21,088
    American Mortgage & Equity Consultants, Inc. 1 5.75% $7,369
    Old National Bank 1 5.50% $5,211
    ON Q FINANCIAL, INC. 1 7.25% $10,101
    Presidential Bank, FSB 1 5.63% $12,825
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.25% $26,356
    The Bank of New Glarus 1 7.25% $2,926
    VERITAS FUNDING, LLC 1 7.00% $15,145
    Wells Fargo Bank 1 6.50% $3,992

    The top Madison VA lender as defined by loan originations is Mortgage Research Center, LLC, with 50 VA loans originated. Their average total fees are $8,403, which is $5,141 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Madison VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,692), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,184), Mortgage Research Center, LLC ($8,403), Barrington Bank & Trust Company, N.A. ($8,450) and UNITED WHOLESALE MORTGAGE, LLC ($10,098).

    The lowest rate Madison VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.89%), QUICKEN LOANS, LLC (6.11%), UNITED WHOLESALE MORTGAGE, LLC (6.41%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.43%) and Barrington Bank & Trust Company, N.A. (6.52%).

    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.