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.