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 5.92% for the week of 2024-10-11, compared to the national average (all VA variants) of 5.854% for the same period.

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

The average rate for the prior week (2024-10-04) was 5.99% and one month ago for the week of 2024-09-06, the average rate was 5.88%.

The average rate one year ago was 7.45%.

For refis of the same type during the week of 2024-10-11, the average rate was 5.2%.

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%).

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.