Minneapolis VA Loan Rates, Closing Costs & Stats

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI

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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.

    Minneapolis's 139 lenders originated 2,243 VA loans during 2023. The total origination value was $832,795,000, with an average VA loan value of $371,286.

    Minneapolis VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Minneapolis averaged 6.25% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Minneapolis's average VA mortgage closing costs are $6,100.

    The average rate for the prior week (2024-07-12) was 6.39% and one month ago for the week of 2024-06-14, the average rate was 6.75%.

    The average rate one year ago was 6.94%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.59%.

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

    Minneapolis 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 Minneapolis level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 314 6.64% $7,819
    UNITED WHOLESALE MORTGAGE, LLC 168 6.43% $8,221
    QUICKEN LOANS, LLC 102 6.12% $12,526
    Bell Bank 100 6.22% $8,426
    CROSSCOUNTRY MORTGAGE, LLC 89 6.57% $10,019
    Prosperity Home Mortgage, LLC 81 5.98% $10,287
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 76 6.67% $8,829
    PENNYMAC LOAN SERVICES, LLC 73 5.86% $8,051
    NAVY FEDERAL CREDIT UNION 71 5.85% $6,095
    FREEDOM MORTGAGE CORPORATION 61 6.44% $17,000
    LOANDEPOT.COM, LLC 61 6.17% $12,348
    USAA Federal Savings Bank 60 6.35% $8,568
    BROKER SOLUTIONS, INC. 43 6.65% $12,867
    DHI MORTGAGE COMPANY, LTD. 36 5.52% $5,602
    EAGLE HOME MORTGAGE, LLC 35 5.73% $6,363
    BAY EQUITY LLC 34 6.36% $10,410
    GUARANTEED RATE AFFINITY, LLC 33 6.30% $7,477
    GUARANTEED RATE, INC. 30 6.20% $8,530
    The Federal Savings Bank 29 6.35% $18,445
    American Mortgage & Equity Consultants, Inc. 24 6.71% $10,381
    Wells Fargo Bank 24 6.04% $6,457
    NEWREZ LLC 24 6.69% $7,771
    M/I FINANCIAL, LLC 24 5.50% $15,724
    NEW DAY FINANCIAL, LLC 23 7.51% $14,266
    EVERETT FINANCIAL, INC. 21 6.80% $10,031
    PLAZA HOME MORTGAGE, INC. 20 6.06% $10,808
    U.S. Bank 18 6.59% $10,323
    Tradition Mortgage, LLC 18 6.30% $10,117
    Northpointe Bank 17 6.34% $9,038
    Mr. Cooper ( Nationstar Mortgage ) 17 6.14% $15,651
    MOVEMENT MORTGAGE, LLC 17 6.29% $7,814
    Flagstar Bank, FSB 15 6.50% $7,342
    CMG MORTGAGE, INC. 14 6.39% $11,229
    MUTUAL OF OMAHA MORTGAGE, INC. 13 6.22% $17,721
    Servion, Inc. 12 6.97% $5,443
    Cambria Financial Group, LLC 12 6.26% $12,275
    CARDINAL FINANCIAL 12 6.48% $14,344
    PULTE MORTGAGE LLC 12 5.99% $9,206
    AMERICAN PACIFIC MORTGAGE CORPORATION 12 6.56% $11,124
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 12 6.66% $9,575
    PENTAGON FEDERAL CREDIT UNION 11 5.60% $12,350
    Summit Mortgage Corporation 11 6.25% $11,333
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 10 6.14% $9,473
    Ixonia Bank 10 7.06% $14,595
    Barrington Bank & Trust Company, N.A. 10 6.40% $5,577
    Century Mortgage Company DBA Century Lending Company 9 6.26% $11,348
    NBKC BANK 8 5.84% $7,284
    Alerus Financial 8 6.59% $7,813
    Royal Credit Union 8 6.28% $8,337
    MEGASTAR FINANCIAL CORP. 8 6.64% $8,295
    Goldwater Bank, N.A. 7 5.86% $14,899
    Neighborhood Loans, Inc. 7 6.70% $12,003
    AXIA FINANCIAL, LLC 7 6.05% $11,003
    Paramount Residential Mortgage Group, Inc. 7 6.82% $11,079
    Waterstone Mortgage Corporation 6 6.77% $12,715
    Magnolia Bank 6 6.44% $19,994
    VILLAGE CAPITAL MORTGAGE 6 6.25% $6,634
    AMERISAVE MORTGAGE CORPORATION 6 5.75% $16,436
    SUN WEST MORTGAGE COMPANY, INC. 6 6.58% $10,695
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.27% $17,260
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.23% $7,520
    Equity Prime Mortgage LLC 5 6.43% $11,645
    LAKEVIEW LOAN SERVICING, LLC 5 5.88% $15,561
    The Huntington National Bank 5 6.70% $6,256
    AMERICAN FINANCIAL NETWORK, INC. 4 6.41% $7,896
    GUILD MORTGAGE COMPANY 4 6.81% $8,371
    JPMorgan Chase Bank 4 6.31% $13,007
    Mid-Continent Funding, Inc. 4 6.03% $8,864
    Bremer Bank 4 6.59% $16,495
    CALIBER HOME LOANS, INC. 4 6.00% $9,947
    Armed Forces Bank 4 6.25% $9,563
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 6.97% $12,396
    Mortgages Unlimited Inc. 4 6.13% $10,843
    HOMEOWNERS FINANCIAL GROUP USA, LLC 4 6.16% $8,581
    Citizens Bank 3 6.79% $7,963
    DRAPER AND KRAMER MORTGAGE CORP. 3 6.17% $12,092
    Nations Lending Corporation 3 7.50% $12,246
    Associated Bank 3 5.96% $4,198
    Bank of England 3 7.04% $9,211
    HOMESIDE FINANCIAL, LLC 3 7.42% $19,797
    SWBC MORTGAGE CORPORATION 3 6.54% $13,197
    Academy Bank 3 6.21% $10,034
    The Central Trust Bank 2 5.00% $17,608
    HOMESTEAD FUNDING CORP. 2 5.69% $10,521
    Lend Smart Mortgage, LLC 2 6.00% $9,080
    Merchants Bank 2 5.75% $10,289
    Farmers Bank & Trust 2 5.69% $6,023
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 7.12% $11,463
    Plains Commerce Bank 2 6.25% $6,512
    Sierra Pacific Mortgage Company, Inc. 2 7.38% $7,994
    BNC National Bank 2 5.25% $7,392
    AMERICAN FINANCING CORPORATION 2 6.00% $7,016
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.19% $8,911
    DATA MORTGAGE, INC. 1 7.13% $5,555
    North Shore Bank of Commerce 1 6.25% $14,666
    Old National Bank 1 6.88% $3,781
    CRESCENT MORTGAGE COMPANY 1 6.50% $5,493
    CORTRUST MORTGAGE, INC. 1 5.88% $10,219
    VERIDIAN CREDIT UNION 1 6.25% $3,358
    PHH Mortgage Corporation 1 6.13% $6,066
    AMCAP MORTGAGE, LTD. 1 6.25% $8,544
    PLANET HOME LENDING, LLC 1 5.00% $15,361
    First Savings Bank 1 5.75% $3,604
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $17,547
    MORTGAGEONE, INC. 1 6.63% $4,472
    CHERRY CREEK MORTGAGE, LLC 1 5.63% $1,370
    CASTLE & COOKE MORTGAGE, LLC 1 7.49% $7,866
    MILEND, INC. 1 7.13% $31,012
    Residential Mortgage Solutions, Inc. 1 7.00% $17,650
    CALCON MUTUAL MORTGAGE LLC 1 6.63% $11,729
    RUOFF MORTGAGE COMPANY, INC. 1 7.25% $0
    SeaTrust Mortgage Company 1 5.63% $6,146
    Florida Capital Bank 1 6.13% $18,906
    ALTRA 1 6.75% $6,887
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.25% $27,581
    ST. CLOUD FINANCIAL 1 7.25% $20,672
    Strong Home Mortgage, LLC 1 6.13% $9,205
    AFFINITY PLUS 1 7.75% $9,879
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.75% $15,034
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.38% $22,074
    MANN FINANCIAL INC. 1 6.63% $2,078
    GREENSTATE CREDIT UNION 1 5.63% $8,625
    ZILLOW HOME LOANS, LLC 1 5.63% $20,089
    The Loan Store, Inc. 1 6.13% $13,474
    THRIVE MORTGAGE, LLC 1 7.13% $3,364
    TOWNE MORTGAGE COMPANY 1 6.88% $4,087
    LOANPAL, LLC 1 5.25% $25,540
    GSF Mortgage Corporation 1 7.13% $9,029
    UNION HOME MORTGAGE CORP. 1 5.75% $3,641
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 7.13% $5,289
    West Gate Bank 1 5.38% $5,928
    LEADERONE FINANCIAL CORPORATION 1 6.13% $23,271
    FIRST INTEGRITY MORTGAGE SERVICES, INC. 1 7.75% $4,859
    First International Bank & Trust 1 5.13% $22,805
    First Federal Bank 1 6.50% $10,786
    VALLEY MORTGAGE, INC. 1 5.63% $0
    ENVOY MORTGAGE, LTD 1 6.25% $17,086
    EMBRACE HOME LOANS, INC. 1 6.25% $5,064
    First National Bank of Omaha 1 6.13% $7,193

    The top Minneapolis VA lender as defined by loan originations is Mortgage Research Center, LLC, with 314 VA loans originated. Their average total fees are $7,819, which is $402 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Minneapolis VA lenders (with over 10 loans originated) are Servion, Inc. ($5,443), Barrington Bank & Trust Company, N.A. ($5,577), DHI MORTGAGE COMPANY, LTD. ($5,602), NAVY FEDERAL CREDIT UNION ($6,095) and EAGLE HOME MORTGAGE, LLC ($6,363).

    The lowest rate Minneapolis VA lenders (with over 10 loans originated) are M/I FINANCIAL, LLC (5.50%), DHI MORTGAGE COMPANY, LTD. (5.52%), PENTAGON FEDERAL CREDIT UNION (5.60%), EAGLE HOME MORTGAGE, LLC (5.73%) and NAVY FEDERAL CREDIT UNION (5.85%).

    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.