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 116 lenders originated 1,155 VA loans during 2022. The total origination value was $345,185,000, with an average VA loan value of $298,861.

Milwaukee VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Milwaukee averaged 6.09% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

Milwaukee's average VA mortgage closing costs are $4,982.

The average rate for the prior week (2023-05-19) was 5.82% and one month ago for the week of 2023-04-21, the average rate was 6.14%.

The average rate one year ago was 4.81%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.06%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 195 5.12% $6,594
QUICKEN LOANS, LLC 56 4.02% $8,773
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 51 5.12% $8,650
FREEDOM MORTGAGE CORPORATION 44 4.59% $10,633
UNITED WHOLESALE MORTGAGE, LLC 40 3.93% $7,764
NAVY FEDERAL CREDIT UNION 38 4.14% $6,108
USAA Federal Savings Bank 38 4.54% $7,775
PENNYMAC LOAN SERVICES, LLC 31 3.37% $8,394
NEW DAY FINANCIAL, LLC 26 5.17% $10,688
Prosperity Home Mortgage, LLC 25 4.52% $8,142
FINANCE OF AMERICA MORTGAGE LLC 24 4.68% $8,335
INLANTA MORTGAGE, INC. 23 4.71% $6,352
Bank of England 23 4.51% $9,921
LOANDEPOT.COM, LLC 20 4.17% $10,523
CMG MORTGAGE, INC. 19 4.54% $9,729
A + MORTGAGE SERVICES, INC. 19 4.43% $7,121
The Federal Savings Bank 19 4.68% $18,504
Mr. Cooper ( Nationstar Mortgage ) 17 4.49% $9,376
GUARANTEED RATE, INC. 15 4.71% $4,489
WISCONSIN MORTGAGE CORPORATION 14 4.42% $4,285
NEWREZ LLC 13 4.75% $6,123
PLANET HOME LENDING, LLC 12 4.24% $7,206
Associated Bank 12 4.05% $3,626
Flagstar Bank, FSB 12 4.49% $5,141
CALIBER HOME LOANS, INC. 11 4.48% $9,363
Paramount Residential Mortgage Group, Inc. 11 5.81% $5,743
CARDINAL FINANCIAL 11 5.34% $10,717
ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 4.16% $4,282
Barrington Bank & Trust Company, N.A. 9 5.39% $11,519
CHERRY CREEK MORTGAGE, LLC 9 4.88% $4,426
FIRST CENTENNIAL MORTGAGE CORPORATION 9 5.01% $7,339
GSF Mortgage Corporation 8 4.55% $4,853
ACADEMY MORTGAGE CORPORATION 8 5.25% $10,124
CROSSCOUNTRY MORTGAGE, LLC 8 5.48% $5,909
GUARANTEED RATE AFFINITY, LLC 8 4.74% $6,181
American Mortgage & Equity Consultants, Inc. 7 5.02% $7,500
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 7 5.70% $7,801
CLEARPATH LENDING 7 3.80% $16,509
LAKEVIEW LOAN SERVICING, LLC 7 3.18% $3,050
BROKER SOLUTIONS, INC. 7 5.43% $11,799
Waukesha State Bank 7 4.57% $6,684
AMERISAVE MORTGAGE CORPORATION 6 5.00% $8,525
MUTUAL OF OMAHA MORTGAGE, INC. 6 5.06% $8,882
AMERICAN PACIFIC MORTGAGE CORPORATION 6 5.25% $5,104
Ixonia Bank 6 4.60% $10,321
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 5.35% $9,748
HOME POINT FINANCIAL CORPORATION 6 4.81% $7,750
JPMorgan Chase Bank 6 5.23% $4,166
TOTAL MORTGAGE SERVICES, LLC 5 3.72% $4,383
ENVOY MORTGAGE, LTD 5 4.63% $6,552
MID AMERICA MORTGAGE, INC. 5 4.85% $6,349
Bell Bank 4 5.75% $6,612
PNC Bank 4 4.63% $8,139
Wells Fargo Bank 4 4.34% $7,334
The Equitable Bank, S.S.B. 4 4.34% $5,379
SUN WEST MORTGAGE COMPANY, INC. 4 6.53% $13,907
Bank Five Nine 4 4.34% $11,405
CITY FIRST MORTGAGE SERVICES, L.L.C. 3 6.33% $9,375
Carrington Mortgage Services, LLC 3 4.04% $11,804
EDUCATORS CREDIT UNION 3 5.75% $7,507
Loan Simple, Inc. 3 4.21% $7,842
Low VA Rates, LLC 3 4.58% $5,773
Magnolia Bank 3 4.54% $11,965
Mid-Continent Funding, Inc. 3 6.17% $7,496
Nations Lending Corporation 3 5.17% $12,469
North Shore Bank FSB 3 3.50% $3,645
U.S. Bank 3 4.83% $6,178
North American Savings Bank, F.S.B. 2 3.63% $12,659
NATIONS RELIABLE LENDING, LLC 2 5.38% $6,815
First Federal Bank 2 4.13% $6,218
NBKC BANK 2 2.63% $9,307
First-Citizens Bank & Trust Company 2 5.00% $4,942
Equity Prime Mortgage LLC 2 3.94% $2,677
PENTAGON FEDERAL CREDIT UNION 2 3.44% $7,613
PLAZA HOME MORTGAGE, INC. 2 4.13% $4,872
ROYAL UNITED MORTGAGE LLC 2 4.69% $16,351
BNC National Bank 2 3.50% $5,342
T2 FINANCIAL LLC 2 4.50% $15,582
AXIA FINANCIAL, LLC 2 5.38% $2,474
The Huntington National Bank 2 4.44% $2,018
THOMPSON KANE & COMPANY, LLC 2 4.50% $2,889
Wyndham Capital Mortgage, Inc. 2 3.31% $16,439
VILLAGE CAPITAL MORTGAGE 2 3.38% $5,153
Waterstone Mortgage Corporation 2 6.88% $9,532
DRAPER AND KRAMER MORTGAGE CORP. 1 5.13% $15,552
UNION HOME MORTGAGE CORP. 1 6.25% $11,931
PHH Mortgage Corporation 1 4.38% $6,876
Colten Mortgage, LLC 1 4.13% $8,782
Ameris Bank 1 5.50% $2,531
Citizens Bank 1 2.63% $3,464
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.13% $9,433
CIBM Bank 1 3.13% $2,670
Cambria Financial Group, LLC 1 2.75% $2,795
Amerifirst Financial, Inc. 1 2.75% $2,679
Servion, Inc. 1 5.38% $4,141
SUCCESS MORTGAGE PARTNERS, INC. 1 5.13% $13,445
AMERICAN FINANCING CORPORATION 1 2.75% $3,710
LEADERONE FINANCIAL CORPORATION 1 5.63% $3,135
The Central Trust Bank 1 4.50% $1,325
Johnson Bank 1 5.00% $6,292
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $2,852
FIRST STATE MORTGAGE SERVICES, LLC 1 4.13% $2,373
First Guaranty Mortgage Corporation 1 3.63% $2,023
NATIONS DIRECT MORTGAGE, LLC 1 5.63% $19,059
Westbury Bank 1 3.00% $10,800
Armed Forces Bank 1 4.75% $7,681
HOMESIDE FINANCIAL, LLC 1 4.50% $17,925
AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $11,234
NETWORK CAPITAL FUNDING CORPORATION 1 4.38% $12,014
TJC Mortgage, Inc. 1 2.25% $4,078
Fifth Third Bank 1 6.75% $5,591
GREENSTATE CREDIT UNION 1 6.13% $18,185
AMCAP MORTGAGE, LTD. 1 5.38% $4,174
OCMBC, INC. 1 4.75% $3,813
Old National Bank 1 5.25% $13,901
ANGEL OAK HOME LOANS LLC 1 4.50% $10,855

The top Milwaukee VA lender as defined by loan originations is Mortgage Research Center, LLC, with 195 VA loans originated. Their average total fees are $6,594, which is $2,179 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Milwaukee VA lenders (with over 10 loans originated) are Associated Bank ($3,626), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($4,282), WISCONSIN MORTGAGE CORPORATION ($4,285), GUARANTEED RATE, INC. ($4,489) and Flagstar Bank, FSB ($5,141).

The lowest rate Milwaukee VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.37%), UNITED WHOLESALE MORTGAGE, LLC (3.93%), QUICKEN LOANS, LLC (4.02%), Associated Bank (4.05%) and NAVY FEDERAL CREDIT UNION (4.14%).


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 (13.8%) $304,492 (15.2%) 0.79 2,720
2018-02-01 $222,400 (17.5%) $315,287 (20.3%) 0.81 2,546
2018-03-01 $232,000 (23.3%) $321,758 (22.5%) 0.81 2,510
2018-04-01 $241,425 (19.6%) $328,116 (11.9%) 0.82 2,485
2018-05-01 $249,900 (18.2%) $331,669 (10.9%) 0.83 2,629
2018-06-01 $259,900 (19.7%) $343,255 (14.2%) 0.87 2,866
2018-07-01 $254,950 (21.3%) $338,933 (13.1%) 0.85 3,180
2018-08-01 $249,900 (17.7%) $334,001 (11.5%) 0.84 3,427
2018-09-01 $249,900 (17.8%) $336,131 (10.5%) 0.84 3,588
2018-10-01 $249,900 (17.4%) $334,681 (11.1%) 0.85 3,589
2018-11-01 $249,000 (17.3%) $331,372 (9.1%) 0.84 3,393
2018-12-01 $244,900 (18.2%) $327,679 (9.2%) 0.84 2,971
2019-01-01 $249,700 (19.8%) $332,499 (10.4%) 0.86 2,576
2019-02-01 $261,900 (25.1%) $342,821 (10.8%) 0.88 2,369
2019-03-01 $269,900 (15.9%) $349,123 (8.4%) 0.90 2,375
2019-04-01 $304,450 (20.0%) $386,203 (9.1%) 0.97 2,468
2019-05-01 $304,900 (14.9%) $386,775 (8.7%) 0.95 2,490
2019-06-01 $279,900 (8.7%) $358,170 (4.2%) 0.87 2,720
2019-07-01 $281,713 (11.6%) $364,387 (8.2%) 0.88 2,901
2019-08-01 $284,900 (11.7%) $366,074 (8.0%) 0.89 3,112
2019-09-01 $269,450 (10.0%) $347,901 (5.7%) 0.85 3,272
2019-10-01 $264,900 (7.2%) $347,219 (3.4%) 0.85 3,361
2019-11-01 $259,900 (5.6%) $342,044 (2.1%) 0.85 3,072
2019-12-01 $253,450 (5.4%) $339,705 (3.2%) 0.85 2,603
2020-01-01 $256,475 (1.8%) $341,509 (1.7%) 0.86 2,274
2020-02-01 $269,900 (3.4%) $352,524 (3.0%) 0.88 2,066
2020-03-01 $279,900 (3.9%) $356,161 (3.2%) 0.88 2,070
2020-04-01 $282,450 (3.0%) $356,228 (-0.5%) 0.88 2,130
2020-05-01 $293,950 (11.3%) $370,498 (3.5%) 0.89 2,070
2020-06-01 $294,925 (12.3%) $371,487 (4.0%) 0.87 1,955
2020-07-01 $299,900 (8.9%) $375,615 (4.5%) 0.87 1,829
2020-08-01 $289,900 (7.7%) $372,590 (5.7%) 0.83 1,896
2020-09-01 $275,000 (7.1%) $359,972 (7.6%) 0.79 2,000
2020-10-01 $267,900 (3.3%) $352,902 (4.7%) 0.77 2,032
2020-11-01 $263,700 (4.5%) $352,325 (7.5%) 0.77 1,814
2020-12-01 $260,000 (5.6%) $352,173 (8.7%) 0.77 1,524
2021-01-01 $259,900 (4.5%) $353,181 (8.7%) 0.78 1,220
2021-02-01 $264,900 (-1.7%) $356,453 (3.8%) 0.77 1,008
2021-03-01 $274,900 (-6.8%) $359,191 (0.3%) 0.78 992
2021-04-01 $277,450 (-7.3%) $361,118 (3.4%) 0.75 999
2021-05-01 $289,900 (-14.8%) $371,738 (-3.9%) 0.77 1,135
2021-06-01 $289,900 (-17.8%) $371,004 (-5.7%) 0.76 1,433
2021-07-01 $284,900 (-19.0%) $362,260 (-11.6%) 0.75 1,831
2021-08-01 $280,000 (-14.7%) $359,763 (-10.1%) 0.75 1,958
2021-09-01 $276,850 (-13.4%) $357,279 (-10.1%) 0.74 2,075
2021-10-01 $274,900 (-8.0%) $357,071 (-4.4%) 0.73 1,945
2021-11-01 $262,400 (-8.9%) $350,043 (-5.0%) 0.70 1,688
2021-12-01 $250,000 (-11.7%) $341,680 (-9.0%) 0.68 1,402
2022-01-01 $259,900 (-3.5%) $353,758 (-4.4%) 0.70 1,018
2022-02-01 $267,675 (-8.9%) $363,540 (-4.2%) 0.70 963
2022-03-01 $289,950 (0.4%) $389,002 (2.4%) 0.73 932
2022-04-01 $299,900 (6.3%) $397,866 (6.1%) 0.71 1,007
2022-05-01 $322,450 (14.7%) $408,308 (12.4%) 0.74 1,112
2022-06-01 $334,900 (24.2%) $420,023 (16.7%) 0.75 1,371
2022-07-01 $325,000 (24.5%) $413,933 (18.6%) 0.73 1,671
2022-08-01 $332,400 (25.0%) $415,704 (17.2%) 0.77 1,724
2022-09-01 $332,450 (27.1%) $416,109 (16.9%) 0.78 1,674
2022-10-01 $329,900 (34.5%) $415,246 (18.0%) 0.78 1,754
2022-11-01 $324,950 (38.5%) $414,015 (19.0%) 0.78 1,752
2022-12-01 $337,900 (48.7%) $427,662 (26.8%) 0.83 1,495
2023-01-01 $349,900 (44.8%) $431,805 (22.5%) 0.87 1,208
2023-02-01 $349,900 (48.8%) $438,030 (21.3%) 0.84 1,137
2023-03-01 $366,200 (0.0%) $452,577 (0.0%) 0.86 0
2023-04-01 $365,000 (0.0%) $452,983 (0.0%) 0.85 0
Milwaukee's median listing price for 2023-04-01 was $365,000, a difference of $65,100 (0.0%) versus the prior year and $-1,200 versus the prior month.

Milwaukee's median listing price comes in at 85% of the national average.

Milwaukee's average listing price for 2023-04-01 was $452,983, a difference of $55,117 (0.0%) versus the prior year and $406 versus the prior month.

For the 2023-04-01 period, Milwaukee had 0 MLS listings, a difference of 0 listings versus the prior month and -1,007 listings (-100%) 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 79 days 1,643 sqft
2018-02-01 59 days 1,670 sqft
2018-03-01 43 days 1,713 sqft
2018-04-01 37 days 1,736 sqft
2018-05-01 37 days 1,748 sqft
2018-06-01 37 days 1,786 sqft
2018-07-01 42 days 1,763 sqft
2018-08-01 41 days 1,738 sqft
2018-09-01 43 days 1,728 sqft
2018-10-01 46 days 1,733 sqft
2018-11-01 51 days 1,725 sqft
2018-12-01 61 days 1,720 sqft
2019-01-01 69 days 1,739 sqft
2019-02-01 57 days 1,780 sqft
2019-03-01 44 days 1,812 sqft
2019-04-01 40 days 1,911 sqft
2019-05-01 39 days 1,925 sqft
2019-06-01 37 days 1,833 sqft
2019-07-01 38 days 1,838 sqft
2019-08-01 49 days 1,838 sqft
2019-09-01 59 days 1,787 sqft
2019-10-01 45 days 1,787 sqft
2019-11-01 51 days 1,759 sqft
2019-12-01 62 days 1,719 sqft
2020-01-01 66 days 1,709 sqft
2020-02-01 44 days 1,754 sqft
2020-03-01 37 days 1,785 sqft
2020-04-01 40 days 1,796 sqft
2020-05-01 42 days 1,825 sqft
2020-06-01 36 days 1,826 sqft
2020-07-01 36 days 1,821 sqft
2020-08-01 35 days 1,800 sqft
2020-09-01 36 days 1,732 sqft
2020-10-01 36 days 1,684 sqft
2020-11-01 41 days 1,665 sqft
2020-12-01 47 days 1,637 sqft
2021-01-01 50 days 1,627 sqft
2021-02-01 37 days 1,636 sqft
2021-03-01 31 days 1,635 sqft
2021-04-01 29 days 1,630 sqft
2021-05-01 27 days 1,700 sqft
2021-06-01 26 days 1,705 sqft
2021-07-01 29 days 1,695 sqft
2021-08-01 32 days 1,680 sqft
2021-09-01 36 days 1,661 sqft
2021-10-01 37 days 1,633 sqft
2021-11-01 41 days 1,614 sqft
2021-12-01 50 days 1,581 sqft
2022-01-01 52 days 1,579 sqft
2022-02-01 31 days 1,612 sqft
2022-03-01 30 days 1,658 sqft
2022-04-01 28 days 1,684 sqft
2022-05-01 25 days 1,745 sqft
2022-06-01 28 days 1,784 sqft
2022-07-01 29 days 1,760 sqft
2022-08-01 32 days 1,764 sqft
2022-09-01 37 days 1,737 sqft
2022-10-01 35 days 1,740 sqft
2022-11-01 37 days 1,720 sqft
2022-12-01 46 days 1,725 sqft
2023-01-01 55 days 1,703 sqft
2023-02-01 38 days 1,718 sqft
2023-03-01 33 days 1,728 sqft
2023-04-01 31 days 1,768 sqft
Milwaukee's median listing age (time on market) for 2023-04-01 was 31 days. This is 11% longer than the same period one year ago.

Milwaukee's median square footage for active listings during the 2023-04-01 period was 1,768 sqft. One year prior, the average listing was 1,684 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.