Mankato VA Loans

MANKATO, MN

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.

Mankato's 43 lenders originated 236 VA loans during 2021. The total origination value was $58,460,000, with an average VA loan value of $247,712.

Mankato VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Mankato averaged 5.2% 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 5.33% and one month ago for the week of 2022-04-08, the average rate was 4.96%.

The average rate one year ago was 2.77%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.3%.

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

Mankato 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 Mankato level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
UNITED WHOLESALE MORTGAGE, LLC 45 2.44% $4,438
Mortgage Research Center, LLC 23 2.70% $3,988
Wells Fargo Bank 17 2.47% $3,038
QUICKEN LOANS, LLC 14 2.54% $4,194
CROSSCOUNTRY MORTGAGE, LLC 10 2.89% $5,971
FREEDOM MORTGAGE CORPORATION 10 2.38% $2,146
PENNYMAC LOAN SERVICES, LLC 8 2.47% $5,379
NEW DAY FINANCIAL, LLC 6 2.89% $9,427
U.S. Bank 5 3.00% $6,127
PLAZA HOME MORTGAGE, INC. 5 2.70% $2,330
USAA Federal Savings Bank 5 2.85% $5,630
Low VA Rates, LLC 3 2.58% $3,255
Bell Bank 3 2.88% $4,788
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.04% $3,482
NAVY FEDERAL CREDIT UNION 3 2.92% $2,907
LOANDEPOT.COM, LLC 2 3.06% $11,178
Magnolia Bank 2 2.50% $8,036
Plains Commerce Bank 2 2.25% $9,262
Mr. Cooper ( Nationstar Mortgage ) 2 3.06% $3,609
ACCELERATE MORTGAGE, LLC 2 2.44% $3,275
SUN WEST MORTGAGE COMPANY, INC. 2 2.69% $4,409
NEWREZ LLC 2 2.81% $4,500
The Federal Savings Bank 2 2.31% $9,303
Prosperity Home Mortgage, LLC 2 2.56% $3,353
VILLAGE CAPITAL & INVESTMENT LLC 2 3.00% $1,499
CALIBER HOME LOANS, INC. 2 2.75% $5,628
LAKEVIEW LOAN SERVICING, LLC 2 2.56% $1,697
AMERISAVE MORTGAGE CORPORATION 2 2.25% $3,988
NBKC BANK 1 2.75% $23,909
American Mortgage & Equity Consultants, Inc. 1 2.50% $1,108
AmRes Corporation 1 2.75% $7,669
BankVista 1 2.50% $12,539
BAY EQUITY LLC 1 3.25% $13,982
Bremer Bank 1 2.50% $4,223
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.50% $2,720
Carrington Mortgage Services, LLC 1 2.25% $4,747
GUARANTEED RATE, INC. 1 2.88% $9,364
IOWA BANKERS MORTGAGE CORPORATION 1 2.75% $10,716
LEADERONE FINANCIAL CORPORATION 1 2.38% $1,771
MEGASTAR FINANCIAL CORP. 1 2.25% $3,952
Meridian Bank Corporation 1 2.25% $3,155
North American Savings Bank, F.S.B. 1 2.75% $1,534
PNC Bank 1 2.63% $1,672

The top Mankato VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 45 VA loans originated. Their average total fees are $4,438, which is $450 higher than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Mankato VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,146), Wells Fargo Bank ($3,038), Mortgage Research Center, LLC ($3,988), QUICKEN LOANS, LLC ($4,194) and UNITED WHOLESALE MORTGAGE, LLC ($4,438).

The lowest rate Mankato VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.38%), UNITED WHOLESALE MORTGAGE, LLC (2.44%), Wells Fargo Bank (2.47%), QUICKEN LOANS, LLC (2.54%) and Mortgage Research Center, LLC (2.70%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mankato (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 $247,350 (24.7%) $296,493 (18.0%) 0.00 277
2018-02-01 $247,450 (21.3%) $294,862 (15.7%) 0.00 272
2018-03-01 $254,000 (19.2%) $315,453 (22.1%) 0.00 297
2018-04-01 $251,950 (14.6%) $322,423 (19.8%) 0.00 329
2018-05-01 $252,400 (12.4%) $320,912 (14.9%) 0.00 352
2018-06-01 $254,900 (13.4%) $317,115 (12.9%) 0.00 374
2018-07-01 $249,900 (8.7%) $313,426 (8.2%) 0.00 377
2018-08-01 $255,250 (11.0%) $310,292 (7.0%) 0.00 397
2018-09-01 $244,700 (2.4%) $302,121 (3.1%) 0.00 416
2018-10-01 $249,900 (5.1%) $296,995 (-0.1%) 0.00 422
2018-11-01 $249,900 (5.1%) $293,532 (-1.2%) 0.00 400
2018-12-01 $250,000 (2.0%) $297,917 (0.0%) 0.00 347
2019-01-01 $253,950 (2.7%) $297,779 (0.4%) 0.00 311
2019-02-01 $262,450 (6.1%) $301,874 (2.4%) 0.00 307
2019-03-01 $267,571 (5.3%) $306,602 (-2.8%) 0.00 322
2019-04-01 $265,321 (5.3%) $309,735 (-3.9%) 0.00 342
2019-05-01 $269,700 (6.9%) $319,200 (-0.5%) 0.00 383
2019-06-01 $269,900 (5.9%) $312,623 (-1.4%) 0.00 406
2019-07-01 $273,450 (9.4%) $316,654 (1.0%) 0.00 412
2019-08-01 $271,100 (6.2%) $313,206 (0.9%) 0.00 432
2019-09-01 $270,050 (10.4%) $309,776 (2.5%) 0.00 435
2019-10-01 $269,900 (8.0%) $313,319 (5.5%) 0.00 449
2019-11-01 $269,900 (8.0%) $313,861 (6.9%) 0.00 414
2019-12-01 $274,900 (10.0%) $317,752 (6.7%) 0.00 347
2020-01-01 $269,900 (6.3%) $309,450 (3.9%) 0.00 312
2020-02-01 $279,900 (6.7%) $319,662 (5.9%) 0.00 302
2020-03-01 $284,950 (6.5%) $327,612 (6.9%) 0.00 332
2020-04-01 $287,450 (8.3%) $328,053 (5.9%) 0.00 331
2020-05-01 $304,000 (12.7%) $341,570 (7.0%) 0.00 341
2020-06-01 $312,450 (15.8%) $347,530 (11.2%) 0.00 306
2020-07-01 $311,950 (14.1%) $349,362 (10.3%) 0.00 262
2020-08-01 $313,900 (15.8%) $362,593 (15.8%) 0.00 253
2020-09-01 $299,900 (11.1%) $362,760 (17.1%) 0.00 250
2020-10-01 $274,500 (1.7%) $330,104 (5.4%) 0.00 263
2020-11-01 $265,950 (-1.5%) $325,425 (3.7%) 0.00 202
2020-12-01 $272,400 (-0.9%) $337,300 (6.2%) 0.00 184
2021-01-01 $275,000 (1.9%) $360,814 (16.6%) 0.00 137
2021-02-01 $297,400 (6.3%) $375,194 (17.4%) 0.00 110
2021-03-01 $299,450 (5.1%) $377,552 (15.2%) 0.00 126
2021-04-01 $299,450 (4.2%) $388,559 (18.4%) 0.00 145
2021-05-01 $305,000 (0.3%) $377,842 (10.6%) 0.00 118
2021-06-01 $289,450 (-7.4%) $366,893 (5.6%) 0.00 138
2021-07-01 $274,900 (-11.9%) $365,698 (4.7%) 0.00 161
2021-08-01 $275,000 (-12.4%) $361,816 (-0.2%) 0.00 196
2021-09-01 $272,450 (-9.2%) $354,908 (-2.2%) 0.00 199
2021-10-01 $269,900 (-1.7%) $357,972 (8.4%) 0.00 206
2021-11-01 $272,450 (2.4%) $368,702 (13.3%) 0.00 186
2021-12-01 $299,450 (9.9%) $383,464 (13.7%) 0.00 150
2022-01-01 $324,900 (18.2%) $398,573 (10.5%) 0.00 129
2022-02-01 $352,945 (18.7%) $488,749 (30.3%) 0.00 105
2022-03-01 $318,500 (6.4%) $434,935 (15.2%) 0.00 97
2022-04-01 $298,000 (-0.5%) $375,578 (-3.3%) 0.00 113
Mankato's median listing price for 2022-04-01 was $298,000, a difference of $-1,450 (-0.5%) versus the prior year and $-20,500 versus the prior month.

Mankato's median listing price comes in at 0% of the national average.

Mankato's average listing price for 2022-04-01 was $375,578, a difference of $-12,981 (-3.3%) versus the prior year and $-59,357 versus the prior month.

For the 2022-04-01 period, Mankato had 113 MLS listings, a difference of 16 listings (16%) versus the prior month and -32 listings (-22%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mankato (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,189 sqft
2018-02-01 0 days 2,174 sqft
2018-03-01 0 days 2,170 sqft
2018-04-01 0 days 2,187 sqft
2018-05-01 0 days 2,174 sqft
2018-06-01 0 days 2,174 sqft
2018-07-01 0 days 2,172 sqft
2018-08-01 0 days 2,190 sqft
2018-09-01 0 days 2,186 sqft
2018-10-01 0 days 2,170 sqft
2018-11-01 0 days 2,169 sqft
2018-12-01 0 days 2,168 sqft
2019-01-01 0 days 2,214 sqft
2019-02-01 0 days 2,195 sqft
2019-03-01 0 days 2,185 sqft
2019-04-01 0 days 2,181 sqft
2019-05-01 0 days 2,186 sqft
2019-06-01 0 days 2,246 sqft
2019-07-01 0 days 2,277 sqft
2019-08-01 0 days 2,190 sqft
2019-09-01 0 days 2,136 sqft
2019-10-01 0 days 2,161 sqft
2019-11-01 0 days 2,156 sqft
2019-12-01 0 days 2,132 sqft
2020-01-01 0 days 2,101 sqft
2020-02-01 0 days 2,177 sqft
2020-03-01 0 days 2,261 sqft
2020-04-01 0 days 2,235 sqft
2020-05-01 0 days 2,292 sqft
2020-06-01 0 days 2,514 sqft
2020-07-01 0 days 2,592 sqft
2020-08-01 0 days 2,688 sqft
2020-09-01 0 days 2,675 sqft
2020-10-01 0 days 2,492 sqft
2020-11-01 0 days 2,415 sqft
2020-12-01 0 days 2,413 sqft
2021-01-01 0 days 2,504 sqft
2021-02-01 0 days 2,430 sqft
2021-03-01 0 days 2,438 sqft
2021-04-01 0 days 2,475 sqft
2021-05-01 0 days 2,552 sqft
2021-06-01 0 days 2,393 sqft
2021-07-01 0 days 2,379 sqft
2021-08-01 0 days 2,339 sqft
2021-09-01 0 days 2,243 sqft
2021-10-01 0 days 2,280 sqft
2021-11-01 0 days 2,260 sqft
2021-12-01 0 days 2,287 sqft
2022-01-01 0 days 2,347 sqft
2022-02-01 0 days 2,480 sqft
2022-03-01 0 days 2,458 sqft
2022-04-01 0 days 2,270 sqft
Mankato's median listing age (time on market) for 2022-04-01 was 0 days.

Mankato's median square footage for active listings during the 2022-04-01 period was 2,270 sqft. One year prior, the average listing was 2,475 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.