Madison VA Loan Rates, Closing Costs & Stats

MADISON, WI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 67 lenders originated 390 VA loans during 2022. The total origination value was $132,420,000, with an average VA loan value of $339,538.

    Madison VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Madison averaged 5.96% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Madison's average VA mortgage closing costs are $5,306.

    The average rate for the prior week (2023-05-19) was 5.88% and one month ago for the week of 2023-04-21, the average rate was 5.71%.

    The average rate one year ago was 4.68%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.33%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 86 5.10% $7,949
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 29 4.86% $6,572
    Barrington Bank & Trust Company, N.A. 23 4.62% $10,394
    USAA Federal Savings Bank 20 4.39% $7,979
    THOMPSON KANE & COMPANY, LLC 19 4.04% $6,536
    QUICKEN LOANS, LLC 17 4.13% $12,553
    NAVY FEDERAL CREDIT UNION 14 4.30% $6,016
    FREEDOM MORTGAGE CORPORATION 14 3.70% $8,570
    GUARANTEED RATE, INC. 13 4.25% $9,721
    GUILD MORTGAGE COMPANY 12 5.23% $12,310
    UNITED WHOLESALE MORTGAGE, LLC 11 4.61% $10,372
    CROSSCOUNTRY MORTGAGE, LLC 6 5.27% $10,427
    FINANCE OF AMERICA MORTGAGE LLC 6 4.58% $8,953
    Prosperity Home Mortgage, LLC 6 4.41% $7,578
    PENNYMAC LOAN SERVICES, LLC 6 2.75% $10,072
    NEWREZ LLC 6 3.85% $8,240
    The Federal Savings Bank 5 5.03% $16,331
    INLANTA MORTGAGE, INC. 5 4.93% $9,950
    Nations Lending Corporation 5 4.88% $6,456
    CORNERSTONE HOME LENDING, INC. 4 4.84% $3,680
    Wells Fargo Bank 4 4.50% $11,477
    LOANDEPOT.COM, LLC 3 3.33% $6,887
    NEW DAY FINANCIAL, LLC 3 5.24% $12,579
    PENTAGON FEDERAL CREDIT UNION 3 3.21% $4,143
    CALIBER HOME LOANS, INC. 3 4.46% $5,929
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 4.21% $12,611
    PLANET HOME LENDING, LLC 2 4.81% $6,754
    Armed Forces Bank 2 3.63% $4,852
    Carrington Mortgage Services, LLC 2 3.63% $9,277
    DAS Acquisition Company, LLC 2 5.56% $2,504
    Flagstar Bank, FSB 2 4.94% $4,219
    GUARANTEED RATE AFFINITY, LLC 2 4.31% $10,780
    HOME POINT FINANCIAL CORPORATION 2 4.44% $5,249
    MUTUAL OF OMAHA MORTGAGE, INC. 2 4.25% $14,331
    Old National Bank 2 3.69% $11,428
    AMERICAN FINANCING CORPORATION 2 3.75% $6,293
    Mid-Continent Funding, Inc. 1 2.38% $2,065
    Lakeview Community Capital, LLC 1 4.63% $6,534
    MOVEMENT MORTGAGE, LLC 1 6.25% $8,323
    M&T Bank 1 5.63% $8,084
    Mutual Federal Bank 1 5.75% $6,831
    A + MORTGAGE SERVICES, INC. 1 5.63% $1,617
    Key Mortgage Services, Inc. 1 3.13% $9,615
    NATIONS RELIABLE LENDING, LLC 1 4.63% $4,596
    Ixonia Bank 1 6.75% $16,925
    GSF Mortgage Corporation 1 5.63% $18,170
    First Federal Bank 1 3.00% $6,686
    U.S. Bank 1 3.63% $8,716
    EVERETT FINANCIAL, INC. 1 3.38% $1,234
    Equity Prime Mortgage LLC 1 3.38% $6,394
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $9,592
    EMBRACE HOME LOANS, INC. 1 2.99% $8,616
    EAGLE HOME MORTGAGE, LLC 1 4.63% $23,504
    Servion, Inc. 1 4.38% $2,398
    Settlers Bank 1 5.38% $1,737
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.63% $14,238
    The Bank of New Glarus 1 3.00% $10,236
    Century Mortgage Company DBA Century Lending Company 1 5.25% $17,110
    The Huntington National Bank 1 3.00% $10,578
    CARDINAL FINANCIAL 1 2.99% $4,648
    Truist 1 3.10% $10,448
    UNITED HOME LOANS, INC. 1 3.75% $10,458
    BROKER SOLUTIONS, INC. 1 6.13% $7,584
    University of Wisconsin Credit Union 1 5.13% $5,507
    Lend Smart Mortgage, LLC 1 4.13% $2,000
    LOANPAL, LLC 1 2.75% $14,206
    Magnolia Bank 1 3.25% $11,070

    The top Madison VA lender as defined by loan originations is Mortgage Research Center, LLC, with 86 VA loans originated. Their average total fees are $7,949, which is $1,377 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Madison VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($6,016), THOMPSON KANE & COMPANY, LLC ($6,536), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,572), Mortgage Research Center, LLC ($7,949) and USAA Federal Savings Bank ($7,979).

    The lowest rate Madison VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (3.70%), THOMPSON KANE & COMPANY, LLC (4.04%), QUICKEN LOANS, LLC (4.13%), GUARANTEED RATE, INC. (4.25%) and NAVY FEDERAL CREDIT UNION (4.30%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Madison (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $329,950 (6.5%) $385,123 (7.8%) 1.22 1,109
    2018-02-01 $349,900 (8.5%) $398,958 (7.4%) 1.27 1,090
    2018-03-01 $355,000 (6.1%) $405,281 (4.7%) 1.25 1,188
    2018-04-01 $357,350 (1.8%) $411,931 (2.4%) 1.21 1,302
    2018-05-01 $349,900 (0.0%) $405,438 (1.7%) 1.17 1,408
    2018-06-01 $339,950 (-0.7%) $395,725 (1.2%) 1.13 1,589
    2018-07-01 $339,700 (3.0%) $392,059 (1.2%) 1.13 1,701
    2018-08-01 $331,725 (1.7%) $390,043 (3.1%) 1.11 1,812
    2018-09-01 $334,900 (5.0%) $395,327 (5.6%) 1.13 1,885
    2018-10-01 $329,900 (7.3%) $395,350 (8.0%) 1.12 1,862
    2018-11-01 $329,900 (4.8%) $392,518 (6.1%) 1.12 1,673
    2018-12-01 $329,900 (3.1%) $388,997 (3.4%) 1.14 1,413
    2019-01-01 $339,950 (3.0%) $403,944 (4.9%) 1.17 1,264
    2019-02-01 $365,900 (4.6%) $427,374 (7.1%) 1.24 1,189
    2019-03-01 $369,228 (4.0%) $428,764 (5.8%) 1.23 1,262
    2019-04-01 $367,400 (2.8%) $427,315 (3.7%) 1.17 1,341
    2019-05-01 $365,500 (4.5%) $428,411 (5.7%) 1.14 1,448
    2019-06-01 $365,000 (7.4%) $430,553 (8.8%) 1.14 1,557
    2019-07-01 $352,548 (3.8%) $418,204 (6.7%) 1.10 1,646
    2019-08-01 $350,000 (5.5%) $422,948 (8.4%) 1.10 1,653
    2019-09-01 $349,950 (4.5%) $416,116 (5.3%) 1.10 1,645
    2019-10-01 $339,900 (3.0%) $403,001 (1.9%) 1.10 1,808
    2019-11-01 $340,000 (3.1%) $404,437 (3.0%) 1.11 1,575
    2019-12-01 $346,250 (5.0%) $405,473 (4.2%) 1.15 1,272
    2020-01-01 $347,400 (2.2%) $411,246 (1.8%) 1.16 1,137
    2020-02-01 $369,000 (0.9%) $442,460 (3.5%) 1.21 1,102
    2020-03-01 $372,400 (0.9%) $451,346 (5.3%) 1.17 1,162
    2020-04-01 $379,450 (3.3%) $450,710 (5.5%) 1.19 1,232
    2020-05-01 $385,000 (5.3%) $451,701 (5.4%) 1.17 1,173
    2020-06-01 $387,450 (6.2%) $457,707 (6.3%) 1.14 1,132
    2020-07-01 $377,450 (7.1%) $453,102 (8.3%) 1.09 1,110
    2020-08-01 $367,500 (5.0%) $451,793 (6.8%) 1.05 1,068
    2020-09-01 $359,950 (2.9%) $443,050 (6.5%) 1.03 1,036
    2020-10-01 $359,900 (5.9%) $434,897 (7.9%) 1.03 1,057
    2020-11-01 $364,625 (7.2%) $438,409 (8.4%) 1.07 863
    2020-12-01 $362,000 (4.6%) $438,266 (8.1%) 1.08 666
    2021-01-01 $374,900 (7.9%) $454,642 (10.6%) 1.12 536
    2021-02-01 $387,700 (5.1%) $476,783 (7.8%) 1.13 468
    2021-03-01 $383,700 (3.0%) $467,550 (3.6%) 1.09 468
    2021-04-01 $382,000 (0.7%) $468,805 (4.0%) 1.03 524
    2021-05-01 $387,200 (0.6%) $468,859 (3.8%) 1.03 547
    2021-06-01 $384,975 (-0.6%) $474,756 (3.7%) 1.01 651
    2021-07-01 $385,000 (2.0%) $466,992 (3.1%) 1.02 791
    2021-08-01 $382,400 (4.1%) $463,159 (2.5%) 1.02 895
    2021-09-01 $374,900 (4.2%) $455,179 (2.7%) 1.00 920
    2021-10-01 $375,000 (4.2%) $451,330 (3.8%) 1.00 882
    2021-11-01 $380,650 (4.4%) $455,124 (3.8%) 1.02 708
    2021-12-01 $387,400 (7.0%) $458,987 (4.7%) 1.05 535
    2022-01-01 $389,900 (4.0%) $464,133 (2.1%) 1.05 412
    2022-02-01 $399,900 (3.2%) $480,781 (0.8%) 1.04 390
    2022-03-01 $399,900 (4.2%) $474,752 (1.5%) 1.00 433
    2022-04-01 $408,100 (6.8%) $476,363 (1.6%) 0.97 510
    2022-05-01 $407,500 (5.2%) $489,828 (4.5%) 0.93 615
    2022-06-01 $415,975 (8.1%) $510,928 (7.6%) 0.93 724
    2022-07-01 $410,000 (6.5%) $515,357 (10.4%) 0.93 847
    2022-08-01 $412,450 (7.9%) $521,600 (12.6%) 0.95 846
    2022-09-01 $406,450 (8.4%) $514,439 (13.0%) 0.95 825
    2022-10-01 $409,900 (9.3%) $526,734 (16.7%) 0.96 866
    2022-11-01 $419,425 (10.2%) $525,389 (15.4%) 1.01 816
    2022-12-01 $424,150 (9.5%) $522,661 (13.9%) 1.05 641
    2023-01-01 $443,950 (13.9%) $547,784 (18.0%) 1.10 568
    2023-02-01 $446,900 (11.8%) $566,054 (17.7%) 1.08 506
    2023-03-01 $464,900 (16.3%) $580,909 (22.4%) 1.10 500
    2023-04-01 $479,900 (17.6%) $599,909 (25.9%) 1.12 524
    Madison's median listing price for 2023-04-01 was $479,900, a difference of $71,800 (17.6%) versus the prior year and $15,000 versus the prior month.

    Madison's median listing price comes in at 112% of the national average.

    Madison's average listing price for 2023-04-01 was $599,909, a difference of $123,546 (25.9%) versus the prior year and $19,000 versus the prior month.

    For the 2023-04-01 period, Madison had 524 MLS listings, a difference of 24 listings (5%) versus the prior month and 14 listings (3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Madison (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 1,987 sqft
    2018-02-01 75 days 2,054 sqft
    2018-03-01 46 days 2,120 sqft
    2018-04-01 44 days 2,158 sqft
    2018-05-01 44 days 2,158 sqft
    2018-06-01 45 days 2,142 sqft
    2018-07-01 49 days 2,097 sqft
    2018-08-01 51 days 2,073 sqft
    2018-09-01 55 days 2,053 sqft
    2018-10-01 62 days 2,020 sqft
    2018-11-01 69 days 2,016 sqft
    2018-12-01 79 days 1,967 sqft
    2019-01-01 87 days 1,998 sqft
    2019-02-01 82 days 2,119 sqft
    2019-03-01 57 days 2,143 sqft
    2019-04-01 49 days 2,163 sqft
    2019-05-01 43 days 2,167 sqft
    2019-06-01 45 days 2,150 sqft
    2019-07-01 48 days 2,121 sqft
    2019-08-01 57 days 2,115 sqft
    2019-09-01 64 days 2,077 sqft
    2019-10-01 64 days 2,046 sqft
    2019-11-01 77 days 2,017 sqft
    2019-12-01 98 days 2,008 sqft
    2020-01-01 101 days 1,989 sqft
    2020-02-01 87 days 2,076 sqft
    2020-03-01 53 days 2,107 sqft
    2020-04-01 54 days 2,160 sqft
    2020-05-01 64 days 2,170 sqft
    2020-06-01 75 days 2,163 sqft
    2020-07-01 64 days 2,115 sqft
    2020-08-01 61 days 2,069 sqft
    2020-09-01 56 days 2,005 sqft
    2020-10-01 51 days 1,957 sqft
    2020-11-01 57 days 1,927 sqft
    2020-12-01 67 days 1,900 sqft
    2021-01-01 69 days 1,916 sqft
    2021-02-01 48 days 1,986 sqft
    2021-03-01 37 days 1,962 sqft
    2021-04-01 32 days 1,975 sqft
    2021-05-01 37 days 2,048 sqft
    2021-06-01 35 days 2,014 sqft
    2021-07-01 37 days 1,964 sqft
    2021-08-01 38 days 1,936 sqft
    2021-09-01 43 days 1,903 sqft
    2021-10-01 46 days 1,886 sqft
    2021-11-01 53 days 1,833 sqft
    2021-12-01 60 days 1,790 sqft
    2022-01-01 61 days 1,790 sqft
    2022-02-01 42 days 1,807 sqft
    2022-03-01 32 days 1,875 sqft
    2022-04-01 30 days 1,865 sqft
    2022-05-01 31 days 1,909 sqft
    2022-06-01 36 days 1,986 sqft
    2022-07-01 38 days 1,977 sqft
    2022-08-01 44 days 1,958 sqft
    2022-09-01 48 days 1,945 sqft
    2022-10-01 47 days 1,960 sqft
    2022-11-01 54 days 1,965 sqft
    2022-12-01 68 days 1,933 sqft
    2023-01-01 78 days 1,957 sqft
    2023-02-01 63 days 1,963 sqft
    2023-03-01 43 days 1,977 sqft
    2023-04-01 39 days 2,055 sqft
    Madison's median listing age (time on market) for 2023-04-01 was 39 days. This is 28% longer than the same period one year ago.

    Madison's median square footage for active listings during the 2023-04-01 period was 2,055 sqft. One year prior, the average listing was 1,865 sqft.

    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.