Milwaukee VA Loan Rates, Closing Costs & Stats

MILWAUKEE-WAUKESHA, WI

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.

Milwaukee's 95 lenders originated 726 VA loans during 2023. The total origination value was $227,810,000, with an average VA loan value of $313,788.

Milwaukee VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Milwaukee averaged 6.64% for the week of 2024-05-24, compared to the national average (all VA variants) of 6.567% for the same period.

Milwaukee's average VA mortgage closing costs are $5,213.

The average rate for the prior week (2024-05-17) was 6.96% and one month ago for the week of 2024-04-19, the average rate was 7.13%.

The average rate one year ago was 6.5%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.11%.

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

Milwaukee 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 Milwaukee level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 144 6.76% $6,377
QUICKEN LOANS, LLC 41 6.26% $12,428
UNITED WHOLESALE MORTGAGE, LLC 34 6.55% $8,315
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 25 6.66% $7,985
NAVY FEDERAL CREDIT UNION 25 5.80% $4,543
FREEDOM MORTGAGE CORPORATION 20 6.32% $15,817
Bank of England 19 6.61% $10,056
CMG MORTGAGE, INC. 18 6.63% $12,889
NEWREZ LLC 18 6.56% $6,884
GUILD MORTGAGE COMPANY 17 6.65% $11,448
Prosperity Home Mortgage, LLC 15 6.37% $4,669
USAA Federal Savings Bank 14 6.11% $5,770
PENNYMAC LOAN SERVICES, LLC 13 5.47% $7,806
Bank Five Nine 13 6.67% $6,519
NEW DAY FINANCIAL, LLC 12 7.35% $12,192
LOANDEPOT.COM, LLC 12 6.30% $12,168
Paramount Residential Mortgage Group, Inc. 12 6.68% $5,669
PLANET HOME LENDING, LLC 10 6.46% $6,515
GUARANTEED RATE, INC. 10 6.45% $10,624
CARDINAL FINANCIAL 9 6.55% $10,518
Bell Bank 9 6.81% $4,435
WISCONSIN MORTGAGE CORPORATION 8 6.55% $9,888
The Federal Savings Bank 8 6.50% $14,014
VILLAGE CAPITAL MORTGAGE 7 5.80% $7,312
AMERISAVE MORTGAGE CORPORATION 7 6.09% $10,807
CROSSCOUNTRY MORTGAGE, LLC 7 6.78% $7,626
A + MORTGAGE SERVICES, INC. 7 6.25% $10,217
Barrington Bank & Trust Company, N.A. 7 6.32% $4,506
U.S. Bank 6 6.44% $9,885
Mr. Cooper ( Nationstar Mortgage ) 6 6.00% $15,152
American Mortgage & Equity Consultants, Inc. 6 6.60% $16,241
The Huntington National Bank 6 6.50% $8,532
FIRST CENTENNIAL MORTGAGE CORPORATION 5 6.90% $6,829
Century Mortgage Company DBA Century Lending Company 5 6.87% $6,761
Ixonia Bank 5 7.18% $10,904
HOMESIDE FINANCIAL, LLC 5 6.95% $7,882
Nations Lending Corporation 5 6.70% $8,144
Servion, Inc. 4 6.91% $9,212
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.63% $9,375
SUN WEST MORTGAGE COMPANY, INC. 4 6.69% $7,944
Waterstone Mortgage Corporation 4 6.56% $7,203
ENVOY MORTGAGE, LTD 4 6.91% $7,849
JPMorgan Chase Bank 4 6.22% $878
AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.83% $8,756
VERITAS FUNDING, LLC 3 6.38% $20,452
V.I.P. MORTGAGE, INC. 3 5.79% $7,756
GSF Mortgage Corporation 3 6.04% $13,285
NBKC BANK 3 6.21% $7,378
Magnolia Bank 2 6.00% $16,268
MID AMERICA MORTGAGE, INC. 2 5.88% $4,512
Mid-Continent Funding, Inc. 2 7.06% $9,268
First Federal Bank 2 6.44% $3,136
Waukesha State Bank 2 6.69% $8,370
MOVEMENT MORTGAGE, LLC 2 7.25% $4,637
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.31% $11,659
CHURCHILL MORTGAGE CORPORATION 2 6.63% $7,227
University of Wisconsin Credit Union 2 6.69% $4,321
TOWNE MORTGAGE COMPANY 2 6.25% $5,428
EDUCATORS CREDIT UNION 2 6.81% $1,448
The Equitable Bank, S.S.B. 2 6.94% $6,742
Associated Bank 2 6.00% $3,839
Plains Commerce Bank 2 6.56% $13,256
GUARANTEED RATE AFFINITY, LLC 2 6.64% $5,000
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 7.13% $7,470
Johnson Bank 2 6.25% $5,430
CONTOUR MORTGAGE CORPORATION 2 7.38% $7,027
AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 6.44% $11,775
Flagstar Bank, FSB 2 5.94% $3,664
TJC Mortgage, Inc. 1 6.75% $6,351
AMERICAN FINANCING CORPORATION 1 6.00% $4,420
Ameris Bank 1 6.25% $2,424
BAY EQUITY LLC 1 7.25% $575
BROKER SOLUTIONS, INC. 1 6.63% $10,780
CHERRY CREEK MORTGAGE, LLC 1 6.63% $1,719
CIBM Bank 1 7.13% $4,000
Colonial Savings, F.A. 1 6.50% $8,697
DAS Acquisition Company, LLC 1 7.25% $8,263
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.88% $6,630
Equity Prime Mortgage LLC 1 6.63% $5,334
Farmers Bank & Trust 1 5.25% $18,077
First-Citizens Bank & Trust Company 1 5.63% $10,740
FIRST STATE MORTGAGE SERVICES, LLC 1 7.75% $2,829
LAKE MICHIGAN CREDIT UNION 1 6.63% $3,679
Lakeview Community Capital, LLC 1 6.25% $10,346
MORTGAGEONE, INC. 1 7.00% $195
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.00% $7,717
NATIONS DIRECT MORTGAGE, LLC 1 7.75% $6,995
NATIONS RELIABLE LENDING, LLC 1 6.25% $11,272
NETWORK CAPITAL FUNDING CORPORATION 1 7.25% $6,434
NexBank 1 5.50% $12,823
NFM, INC. 1 7.38% $6,177
Presidential Bank, FSB 1 6.38% $6,009
SOVEREIGN LENDING GROUP INCORPORATED 1 6.25% $13,275
THOMPSON KANE & COMPANY, LLC 1 6.00% $18,852
AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $4,669

The top Milwaukee VA lender as defined by loan originations is Mortgage Research Center, LLC, with 144 VA loans originated. Their average total fees are $6,377, which is $6,051 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Milwaukee VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($4,543), Prosperity Home Mortgage, LLC ($4,669), Paramount Residential Mortgage Group, Inc. ($5,669), USAA Federal Savings Bank ($5,770) and Mortgage Research Center, LLC ($6,377).

The lowest rate Milwaukee VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.47%), NAVY FEDERAL CREDIT UNION (5.80%), USAA Federal Savings Bank (6.11%), QUICKEN LOANS, LLC (6.26%) and LOANDEPOT.COM, LLC (6.30%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Milwaukee (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 $213,950 (7.0%) $304,492 (6.1%) 0.79 3,853
2018-02-01 $222,400 (9.0%) $315,261 (8.0%) 0.81 4,074
2018-03-01 $232,450 (6.2%) $321,757 (6.3%) 0.82 4,494
2018-04-01 $241,425 (9.8%) $328,105 (8.0%) 0.82 4,827
2018-05-01 $249,900 (10.1%) $331,661 (7.3%) 0.83 5,146
2018-06-01 $259,900 (13.0%) $343,249 (9.7%) 0.87 5,337
2018-07-01 $254,950 (10.9%) $338,895 (7.2%) 0.85 5,416
2018-08-01 $249,900 (8.9%) $333,963 (6.8%) 0.84 5,521
2018-09-01 $249,900 (11.1%) $336,092 (8.1%) 0.84 5,366
2018-10-01 $249,900 (13.6%) $334,642 (8.6%) 0.85 5,223
2018-11-01 $249,000 (13.4%) $331,330 (7.8%) 0.84 4,819
2018-12-01 $244,900 (14.0%) $327,679 (8.5%) 0.84 4,059
2019-01-01 $249,575 (16.7%) $332,532 (9.2%) 0.86 3,608
2019-02-01 $261,900 (17.8%) $342,888 (8.8%) 0.88 3,779
2019-03-01 $270,943 (16.6%) $351,332 (9.2%) 0.89 4,193
2019-04-01 $304,450 (26.1%) $385,958 (17.6%) 0.97 4,721
2019-05-01 $304,900 (22.0%) $386,754 (16.6%) 0.95 4,973
2019-06-01 $279,900 (7.7%) $358,176 (4.4%) 0.87 5,244
2019-07-01 $281,713 (10.5%) $364,387 (7.5%) 0.88 5,221
2019-08-01 $275,855 (10.4%) $360,673 (8.0%) 0.87 5,236
2019-09-01 $269,749 (7.9%) $355,033 (5.6%) 0.86 5,207
2019-10-01 $264,950 (6.0%) $349,048 (4.3%) 0.85 5,162
2019-11-01 $259,900 (4.4%) $342,044 (3.2%) 0.85 4,588
2019-12-01 $253,450 (3.5%) $339,705 (3.7%) 0.85 3,760
2020-01-01 $256,475 (2.8%) $341,509 (2.7%) 0.86 3,366
2020-02-01 $269,900 (3.1%) $352,524 (2.8%) 0.88 3,607
2020-03-01 $279,900 (3.3%) $356,161 (1.4%) 0.88 3,994
2020-04-01 $282,450 (-7.2%) $356,228 (-7.7%) 0.88 3,907
2020-05-01 $293,950 (-3.6%) $370,498 (-4.2%) 0.89 4,032
2020-06-01 $294,925 (5.4%) $371,487 (3.7%) 0.87 4,432
2020-07-01 $299,900 (6.5%) $375,615 (3.1%) 0.87 4,500
2020-08-01 $289,900 (5.1%) $372,590 (3.3%) 0.83 4,557
2020-09-01 $275,000 (2.0%) $359,972 (1.4%) 0.79 4,634
2020-10-01 $267,900 (1.1%) $352,902 (1.1%) 0.77 4,433
2020-11-01 $263,700 (1.5%) $352,325 (3.0%) 0.77 3,788
2020-12-01 $260,000 (2.6%) $352,173 (3.7%) 0.77 3,041
2021-01-01 $259,900 (1.3%) $353,181 (3.4%) 0.78 2,481
2021-02-01 $264,900 (-1.9%) $356,453 (1.1%) 0.77 2,489
2021-03-01 $274,900 (-1.8%) $359,178 (0.9%) 0.78 2,704
2021-04-01 $277,450 (-1.8%) $361,118 (1.4%) 0.75 3,054
2021-05-01 $289,900 (-1.4%) $371,738 (0.3%) 0.77 3,450
2021-06-01 $289,900 (-1.7%) $371,004 (-0.1%) 0.76 3,911
2021-07-01 $284,900 (-5.0%) $362,260 (-3.6%) 0.75 4,361
2021-08-01 $280,000 (-3.4%) $359,763 (-3.4%) 0.75 4,433
2021-09-01 $276,850 (0.7%) $357,279 (-0.8%) 0.74 4,388
2021-10-01 $274,900 (2.6%) $357,071 (1.2%) 0.73 4,163
2021-11-01 $262,400 (-0.5%) $350,043 (-0.7%) 0.70 3,708
2021-12-01 $250,000 (-3.9%) $341,680 (-3.0%) 0.68 2,930
2022-01-01 $259,900 (0.0%) $353,801 (0.2%) 0.70 2,124
2022-02-01 $267,900 (1.1%) $363,553 (2.0%) 0.70 2,284
2022-03-01 $289,950 (5.5%) $389,002 (8.3%) 0.73 2,389
2022-04-01 $299,900 (8.1%) $397,866 (10.2%) 0.71 2,615
2022-05-01 $322,450 (11.2%) $408,308 (9.8%) 0.74 3,099
2022-06-01 $334,900 (15.5%) $420,023 (13.2%) 0.75 3,399
2022-07-01 $325,000 (14.1%) $413,933 (14.3%) 0.73 3,597
2022-08-01 $332,400 (18.7%) $415,704 (15.6%) 0.77 3,590
2022-09-01 $332,450 (20.1%) $416,238 (16.5%) 0.78 3,203
2022-10-01 $329,900 (20.0%) $415,246 (16.3%) 0.78 3,111
2022-11-01 $324,950 (23.8%) $414,015 (18.3%) 0.78 2,992
2022-12-01 $337,900 (35.2%) $427,662 (25.2%) 0.83 2,353
2023-01-01 $349,900 (34.6%) $431,805 (22.1%) 0.87 1,947
2023-02-01 $349,900 (30.6%) $438,030 (20.5%) 0.84 1,989
2023-03-01 $366,200 (26.3%) $452,577 (16.3%) 0.86 1,977
2023-04-01 $369,000 (23.0%) $452,755 (13.8%) 0.86 2,186
2023-05-01 $374,950 (16.3%) $460,004 (12.7%) 0.85 2,385
2023-06-01 $379,950 (13.5%) $478,344 (13.9%) 0.85 2,551
2023-07-01 $374,900 (15.4%) $475,517 (14.9%) 0.85 2,712
2023-08-01 $352,500 (6.1%) $461,060 (10.9%) 0.81 2,839
2023-09-01 $349,900 (5.3%) $453,475 (9.0%) 0.81 2,927
2023-10-01 $339,975 (3.1%) $437,790 (5.4%) 0.80 3,024
2023-11-01 $342,450 (5.4%) $441,520 (6.6%) 0.82 2,844
2023-12-01 $335,000 (-0.9%) $434,646 (1.6%) 0.82 2,360
2024-01-01 $341,950 (-2.3%) $434,354 (0.6%) 0.84 2,038
2024-02-01 $353,950 (1.2%) $448,558 (2.4%) 0.85 1,950
2024-03-01 $365,000 (-0.3%) $459,758 (1.6%) 0.86 2,173
2024-04-01 $376,450 (2.0%) $469,251 (3.6%) 0.88 2,452
Milwaukee's median listing price for 2024-04-01 was $376,450, a difference of $7,450 (2.0%) versus the prior year and $11,450 versus the prior month.

Milwaukee's median listing price comes in at 88% of the national average.

Milwaukee's average listing price for 2024-04-01 was $469,251, a difference of $16,496 (3.6%) versus the prior year and $9,493 versus the prior month.

For the 2024-04-01 period, Milwaukee had 2,452 MLS listings, a difference of 279 listings (13%) versus the prior month and 266 listings (12%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Milwaukee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 77 days 1,643 sqft
2018-02-01 55 days 1,670 sqft
2018-03-01 40 days 1,714 sqft
2018-04-01 36 days 1,735 sqft
2018-05-01 36 days 1,747 sqft
2018-06-01 36 days 1,785 sqft
2018-07-01 40 days 1,763 sqft
2018-08-01 40 days 1,738 sqft
2018-09-01 43 days 1,728 sqft
2018-10-01 45 days 1,733 sqft
2018-11-01 50 days 1,725 sqft
2018-12-01 59 days 1,720 sqft
2019-01-01 67 days 1,739 sqft
2019-02-01 54 days 1,781 sqft
2019-03-01 42 days 1,806 sqft
2019-04-01 39 days 1,900 sqft
2019-05-01 38 days 1,922 sqft
2019-06-01 36 days 1,833 sqft
2019-07-01 37 days 1,835 sqft
2019-08-01 39 days 1,823 sqft
2019-09-01 42 days 1,805 sqft
2019-10-01 44 days 1,788 sqft
2019-11-01 50 days 1,757 sqft
2019-12-01 61 days 1,719 sqft
2020-01-01 65 days 1,707 sqft
2020-02-01 43 days 1,754 sqft
2020-03-01 37 days 1,783 sqft
2020-04-01 39 days 1,795 sqft
2020-05-01 42 days 1,825 sqft
2020-06-01 36 days 1,824 sqft
2020-07-01 36 days 1,823 sqft
2020-08-01 33 days 1,800 sqft
2020-09-01 35 days 1,727 sqft
2020-10-01 36 days 1,680 sqft
2020-11-01 40 days 1,666 sqft
2020-12-01 46 days 1,637 sqft
2021-01-01 48 days 1,625 sqft
2021-02-01 37 days 1,635 sqft
2021-03-01 30 days 1,633 sqft
2021-04-01 29 days 1,629 sqft
2021-05-01 26 days 1,691 sqft
2021-06-01 26 days 1,702 sqft
2021-07-01 29 days 1,690 sqft
2021-08-01 32 days 1,679 sqft
2021-09-01 35 days 1,656 sqft
2021-10-01 37 days 1,633 sqft
2021-11-01 41 days 1,613 sqft
2021-12-01 49 days 1,580 sqft
2022-01-01 50 days 1,576 sqft
2022-02-01 30 days 1,610 sqft
2022-03-01 30 days 1,655 sqft
2022-04-01 28 days 1,682 sqft
2022-05-01 25 days 1,743 sqft
2022-06-01 28 days 1,778 sqft
2022-07-01 29 days 1,758 sqft
2022-08-01 32 days 1,762 sqft
2022-09-01 36 days 1,733 sqft
2022-10-01 35 days 1,736 sqft
2022-11-01 37 days 1,717 sqft
2022-12-01 46 days 1,718 sqft
2023-01-01 55 days 1,702 sqft
2023-02-01 37 days 1,711 sqft
2023-03-01 33 days 1,730 sqft
2023-04-01 30 days 1,763 sqft
2023-05-01 29 days 1,776 sqft
2023-06-01 29 days 1,785 sqft
2023-07-01 29 days 1,753 sqft
2023-08-01 29 days 1,716 sqft
2023-09-01 30 days 1,695 sqft
2023-10-01 32 days 1,700 sqft
2023-11-01 36 days 1,719 sqft
2023-12-01 44 days 1,690 sqft
2024-01-01 46 days 1,677 sqft
2024-02-01 37 days 1,706 sqft
2024-03-01 29 days 1,725 sqft
2024-04-01 31 days 1,762 sqft
Milwaukee's median listing age (time on market) for 2024-04-01 was 31 days. This is 2% longer than the same period one year ago.

Milwaukee's median square footage for active listings during the 2024-04-01 period was 1,762 sqft. One year prior, the average listing was 1,763 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.