Mankato VA Loans

MANKATO, MN

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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 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.