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 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 0.12% for the week of 2022-11-25, compared to the national average (all VA variants) of 0% for the same period.

    Madison's average VA mortgage closing costs are $4,976.

    The average rate for the prior week (2022-11-18) was 6.51% and one month ago for the week of 2022-10-21, the average rate was 6.85%.

    The average rate one year ago was 3.24%.

    For refis of the same type during the week of 2022-11-25, the average rate was -0.03%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 MORTGAGE 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 MORTGAGE ($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 MORTGAGE (2.33%), PENNYMAC LOAN SERVICES, LLC (2.35%), PLANET HOME LENDING, LLC (2.38%) and FREEDOM MORTGAGE CORPORATION (2.41%).

    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 $329,450 (6.4%) $384,604 (7.8%) 1.22 1,112
    2018-02-01 $349,900 (8.5%) $399,247 (7.7%) 1.27 1,088
    2018-03-01 $354,950 (6.3%) $405,486 (4.9%) 1.25 1,185
    2018-04-01 $357,925 (2.3%) $412,194 (2.6%) 1.21 1,298
    2018-05-01 $349,900 (0.0%) $405,680 (1.8%) 1.17 1,404
    2018-06-01 $341,000 (-0.4%) $396,277 (1.3%) 1.14 1,581
    2018-07-01 $339,900 (3.0%) $392,568 (1.4%) 1.13 1,697
    2018-08-01 $332,450 (2.2%) $390,476 (3.3%) 1.11 1,804
    2018-09-01 $335,000 (5.0%) $396,005 (5.8%) 1.12 1,877
    2018-10-01 $329,900 (7.3%) $395,689 (8.1%) 1.11 1,854
    2018-11-01 $329,950 (4.8%) $392,842 (6.1%) 1.12 1,668
    2018-12-01 $329,900 (3.1%) $388,892 (3.4%) 1.14 1,406
    2019-01-01 $340,450 (3.3%) $403,904 (5.0%) 1.18 1,262
    2019-02-01 $365,950 (4.6%) $427,548 (7.1%) 1.24 1,187
    2019-03-01 $370,643 (4.4%) $435,088 (7.3%) 1.21 1,227
    2019-04-01 $368,118 (2.9%) $428,197 (3.9%) 1.17 1,330
    2019-05-01 $365,500 (4.5%) $428,153 (5.5%) 1.14 1,449
    2019-06-01 $365,000 (7.0%) $430,496 (8.6%) 1.14 1,557
    2019-07-01 $352,548 (3.7%) $418,110 (6.5%) 1.10 1,643
    2019-08-01 $347,245 (4.5%) $411,287 (5.3%) 1.10 1,709
    2019-09-01 $343,114 (2.4%) $405,822 (2.5%) 1.10 1,778
    2019-10-01 $339,900 (3.0%) $402,436 (1.7%) 1.10 1,803
    2019-11-01 $340,000 (3.1%) $403,345 (2.7%) 1.11 1,573
    2019-12-01 $344,950 (4.6%) $403,960 (3.9%) 1.15 1,270
    2020-01-01 $347,400 (2.0%) $409,347 (1.4%) 1.16 1,135
    2020-02-01 $369,000 (0.8%) $441,205 (3.2%) 1.21 1,097
    2020-03-01 $372,400 (0.5%) $449,574 (3.3%) 1.17 1,160
    2020-04-01 $379,450 (3.1%) $450,944 (5.3%) 1.19 1,232
    2020-05-01 $384,900 (5.3%) $451,302 (5.4%) 1.17 1,174
    2020-06-01 $387,350 (6.1%) $456,687 (6.1%) 1.14 1,134
    2020-07-01 $377,450 (7.1%) $452,481 (8.2%) 1.09 1,108
    2020-08-01 $365,000 (5.1%) $450,936 (9.6%) 1.05 1,058
    2020-09-01 $359,950 (4.9%) $443,379 (9.3%) 1.03 1,026
    2020-10-01 $359,900 (5.9%) $435,255 (8.2%) 1.03 1,045
    2020-11-01 $364,500 (7.2%) $438,055 (8.6%) 1.06 861
    2020-12-01 $362,000 (4.9%) $438,798 (8.6%) 1.08 661
    2021-01-01 $374,900 (7.9%) $455,632 (11.3%) 1.12 534
    2021-02-01 $387,950 (5.1%) $477,430 (8.2%) 1.13 464
    2021-03-01 $378,700 (1.7%) $466,204 (3.7%) 1.07 468
    2021-04-01 $381,200 (0.5%) $467,773 (3.7%) 1.03 519
    2021-05-01 $385,900 (0.3%) $468,453 (3.8%) 1.02 536
    2021-06-01 $384,900 (-0.6%) $472,550 (3.5%) 1.01 642
    2021-07-01 $385,000 (2.0%) $466,735 (3.2%) 1.01 788
    2021-08-01 $382,400 (4.8%) $462,766 (2.6%) 1.02 886
    2021-09-01 $374,900 (4.2%) $455,386 (2.7%) 1.00 913
    2021-10-01 $375,000 (4.2%) $452,101 (3.9%) 1.00 875
    2021-11-01 $379,900 (4.2%) $454,565 (3.8%) 1.01 703
    2021-12-01 $387,400 (7.0%) $458,077 (4.4%) 1.05 534
    2022-01-01 $389,900 (4.0%) $461,537 (1.3%) 1.05 410
    2022-02-01 $399,900 (3.1%) $479,531 (0.4%) 1.04 387
    2022-03-01 $399,900 (5.6%) $474,532 (1.8%) 1.00 429
    2022-04-01 $405,000 (6.2%) $475,374 (1.6%) 0.97 505
    2022-05-01 $407,500 (5.6%) $488,901 (4.4%) 0.93 601
    2022-06-01 $415,000 (7.8%) $510,776 (8.1%) 0.92 712
    2022-07-01 $410,000 (6.5%) $514,381 (10.2%) 0.93 844
    2022-08-01 $412,450 (7.9%) $521,853 (12.8%) 0.95 843
    2022-09-01 $405,725 (8.2%) $514,455 (13.0%) 0.95 821
    2022-10-01 $409,900 (9.3%) $527,222 (16.6%) 0.96 857
    Madison's median listing price for 2022-10-01 was $409,900, a difference of $34,900 (9.3%) versus the prior year and $4,175 versus the prior month.

    Madison's median listing price comes in at 96% of the national average.

    Madison's average listing price for 2022-10-01 was $527,222, a difference of $75,121 (16.6%) versus the prior year and $12,767 versus the prior month.

    For the 2022-10-01 period, Madison had 857 MLS listings, a difference of 36 listings (4%) versus the prior month and -18 listings (-2%) 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 94 days 1,984 sqft
    2018-02-01 76 days 2,052 sqft
    2018-03-01 45 days 2,119 sqft
    2018-04-01 44 days 2,157 sqft
    2018-05-01 44 days 2,158 sqft
    2018-06-01 45 days 2,143 sqft
    2018-07-01 49 days 2,100 sqft
    2018-08-01 51 days 2,076 sqft
    2018-09-01 55 days 2,055 sqft
    2018-10-01 62 days 2,022 sqft
    2018-11-01 69 days 2,016 sqft
    2018-12-01 79 days 1,966 sqft
    2019-01-01 87 days 1,996 sqft
    2019-02-01 82 days 2,119 sqft
    2019-03-01 65 days 2,177 sqft
    2019-04-01 49 days 2,169 sqft
    2019-05-01 43 days 2,163 sqft
    2019-06-01 45 days 2,151 sqft
    2019-07-01 49 days 2,120 sqft
    2019-08-01 53 days 2,108 sqft
    2019-09-01 58 days 2,073 sqft
    2019-10-01 63 days 2,046 sqft
    2019-11-01 78 days 2,017 sqft
    2019-12-01 99 days 2,008 sqft
    2020-01-01 102 days 1,988 sqft
    2020-02-01 87 days 2,076 sqft
    2020-03-01 54 days 2,106 sqft
    2020-04-01 54 days 2,164 sqft
    2020-05-01 64 days 2,172 sqft
    2020-06-01 77 days 2,164 sqft
    2020-07-01 65 days 2,114 sqft
    2020-08-01 64 days 2,065 sqft
    2020-09-01 56 days 2,009 sqft
    2020-10-01 51 days 1,967 sqft
    2020-11-01 57 days 1,928 sqft
    2020-12-01 68 days 1,906 sqft
    2021-01-01 71 days 1,924 sqft
    2021-02-01 51 days 1,991 sqft
    2021-03-01 38 days 1,965 sqft
    2021-04-01 32 days 1,977 sqft
    2021-05-01 37 days 2,051 sqft
    2021-06-01 36 days 2,015 sqft
    2021-07-01 37 days 1,976 sqft
    2021-08-01 38 days 1,939 sqft
    2021-09-01 43 days 1,909 sqft
    2021-10-01 47 days 1,901 sqft
    2021-11-01 53 days 1,828 sqft
    2021-12-01 61 days 1,799 sqft
    2022-01-01 61 days 1,790 sqft
    2022-02-01 43 days 1,810 sqft
    2022-03-01 33 days 1,883 sqft
    2022-04-01 30 days 1,872 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 45 days 1,962 sqft
    2022-09-01 48 days 1,947 sqft
    2022-10-01 48 days 1,967 sqft
    Madison's median listing age (time on market) for 2022-10-01 was 48 days. This is 2% longer than the same period one year ago.

    Madison's median square footage for active listings during the 2022-10-01 period was 1,967 sqft. One year prior, the average listing was 1,901 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.