Mankato VA Loan Rates, Closing Costs & Stats

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 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.

    Mankato's 28 lenders originated 110 VA loans during 2024. The total origination value was $35,830,000, with an average VA loan value of $325,727.

    Mankato VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mankato averaged 0.59% for the week of 2025-07-04, compared to the national average (all VA variants) of 0% for the same period.

    Mankato's average VA mortgage closing costs are $5,291.

    The average rate for the prior week (2025-06-27) was 6.82% and one month ago for the week of 2025-05-30, the average rate was 6.95%.

    The average rate one year ago was 6.76%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.25%.

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

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 36 6.16% $6,301
    Mortgage Research Center, LLC 16 6.62% $5,915
    CROSSCOUNTRY MORTGAGE, LLC 8 6.23% $5,464
    QUICKEN LOANS, LLC 4 5.90% $13,850
    FREEDOM MORTGAGE CORPORATION 4 5.75% $12,567
    PENNYMAC LOAN SERVICES, LLC 4 6.06% $7,859
    USAA Federal Savings Bank 4 5.97% $11,433
    Wells Fargo Bank 3 6.42% $3,797
    LOANDEPOT.COM, LLC 3 6.21% $8,355
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.00% $20,313
    Barrington Bank & Trust Company, N.A. 2 6.25% $4,056
    Bell Bank 2 6.31% $3,131
    NEW DAY FINANCIAL, LLC 2 7.12% $13,908
    IOWA BANKERS MORTGAGE CORPORATION 1 6.38% $3,802
    NAVY FEDERAL CREDIT UNION 1 6.25% $2,959
    CARDINAL FINANCIAL 1 6.25% $6,447
    NEWREZ LLC 1 5.75% $3,843
    GUARANTEED RATE, INC. 1 6.38% $4,961
    Plains Commerce Bank 1 5.50% $10,095
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.13% $0
    GENEVA FINANCIAL, LLC 1 7.13% $10,338
    Texana Bank 1 6.63% $21,674
    TOWNE MORTGAGE COMPANY 1 6.63% $5,951
    First Federal Bank 1 6.25% $983
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $7,206
    U.S. Bank 1 5.75% $6,142
    VILLAGE CAPITAL MORTGAGE 1 5.75% $8,942
    Ixonia Bank 1 5.75% $20,407

    The top Mankato VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 36 VA loans originated. Their average total fees are $6,301, which is $386 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Mankato VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,915), UNITED WHOLESALE MORTGAGE, LLC ($6,301), .

    The lowest rate Mankato VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.16%), Mortgage Research Center, LLC (6.62%), .

    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.