Minneapolis VA Loan Rates, Closing Costs & Stats

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-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.

Minneapolis's 144 lenders originated 3,098 VA loans during 2024. The total origination value was $1,195,750,000, with an average VA loan value of $385,975.

Minneapolis VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Minneapolis averaged 0.6% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

Minneapolis's average VA mortgage closing costs are $6,294.

The average rate for the prior week (2025-06-13) was 6.65% and one month ago for the week of 2025-05-16, the average rate was 6.71%.

The average rate one year ago was 6.61%.

For refis of the same type during the week of 2025-06-20, the average rate was -0.06%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 399 5.98% $7,977
Mortgage Research Center, LLC 380 6.40% $6,930
FREEDOM MORTGAGE CORPORATION 150 6.15% $9,312
PENNYMAC LOAN SERVICES, LLC 142 5.70% $7,954
QUICKEN LOANS, LLC 140 6.03% $11,933
CROSSCOUNTRY MORTGAGE, LLC 123 6.31% $7,173
Bell Bank 106 6.31% $8,146
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 88 6.36% $7,849
USAA Federal Savings Bank 75 6.08% $7,937
NAVY FEDERAL CREDIT UNION 70 5.89% $7,735
NEWREZ LLC 56 6.13% $8,634
BROKER SOLUTIONS, INC. 55 6.52% $11,583
Prosperity Home Mortgage, LLC 54 6.09% $9,752
DHI MORTGAGE COMPANY, LTD. 51 5.17% $4,624
EAGLE HOME MORTGAGE, LLC 43 5.89% $7,775
GUARANTEED RATE, INC. 42 5.92% $5,760
LOANDEPOT.COM, LLC 41 5.80% $9,278
Tradition Mortgage, LLC 35 6.27% $8,614
CMG MORTGAGE, INC. 34 6.20% $8,994
The Federal Savings Bank 32 6.13% $15,934
American Mortgage & Equity Consultants, Inc. 32 6.38% $12,378
VILLAGE CAPITAL MORTGAGE 31 5.65% $7,337
GUARANTEED RATE AFFINITY, LLC 26 6.38% $7,074
Flagstar Bank, FSB 26 6.30% $9,057
Mr. Cooper ( Nationstar Mortgage ) 23 6.28% $9,139
M/I FINANCIAL, LLC 23 5.67% $11,861
NEW DAY FINANCIAL, LLC 23 7.45% $13,489
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 21 6.30% $6,896
LAKEVIEW LOAN SERVICING, LLC 20 5.74% $5,036
PLANET HOME LENDING, LLC 19 5.77% $4,870
BAY EQUITY LLC 18 6.38% $9,180
MOVEMENT MORTGAGE, LLC 18 6.37% $7,925
Waterstone Mortgage Corporation 17 6.51% $12,903
GUILD MORTGAGE COMPANY 17 6.21% $10,973
U.S. Bank 16 6.20% $8,903
Plains Commerce Bank 15 6.13% $10,286
PLAZA HOME MORTGAGE, INC. 15 6.24% $8,558
First Federal Bank 14 5.71% $5,412
PULTE MORTGAGE LLC 14 5.98% $10,470
Granite Community Bank 13 6.36% $8,315
UNION HOME MORTGAGE CORP. 13 6.50% $7,902
Wells Fargo Bank 13 6.31% $9,305
Servion, Inc. 12 6.25% $9,949
EVERETT FINANCIAL, INC. 12 6.66% $9,515
ARK-LA-TEX FINANCIAL SERVICES, LLC. 12 6.29% $9,807
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 11 6.36% $9,009
MUTUAL OF OMAHA MORTGAGE, INC. 11 6.13% $16,842
Royal Credit Union 11 6.58% $8,829
Alerus Financial 11 6.41% $7,582
MASON MCDUFFIE MORTGAGE CORPORATION 10 6.01% $11,186
Summit Mortgage Corporation 10 6.15% $7,642
MEGASTAR FINANCIAL CORP. 10 6.00% $9,029
AMERISAVE MORTGAGE CORPORATION 10 6.01% $20,308
CARDINAL FINANCIAL 9 6.50% $19,974
AMERICAN PACIFIC MORTGAGE CORPORATION 9 6.60% $15,015
Cambria Financial Group, LLC 9 6.24% $8,546
NBKC BANK 9 5.88% $5,403
JPMorgan Chase Bank 9 6.01% $5,479
PRIMELENDING, A PLAINSCAPITAL COMPANY 8 6.62% $6,015
Barrington Bank & Trust Company, N.A. 8 6.47% $8,313
Carrington Mortgage Services, LLC 8 5.77% $13,341
MORTGAGE SOLUTIONS OF COLORADO, LLC 8 7.22% $10,266
Equity Prime Mortgage LLC 7 6.80% $7,234
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 6.55% $2,150
SUN WEST MORTGAGE COMPANY, INC. 7 5.75% $8,461
Ixonia Bank 7 6.57% $9,537
Paramount Residential Mortgage Group, Inc. 7 6.43% $11,005
Century Mortgage Company DBA Century Lending Company 6 5.73% $10,604
PENTAGON FEDERAL CREDIT UNION 6 6.15% $8,036
LOANPAL, LLC 5 5.53% $14,807
Lakeview Community Capital, LLC 5 5.87% $5,539
Armed Forces Bank 5 6.23% $8,182
Magnolia Bank 5 5.63% $17,659
PHH Mortgage Corporation 4 6.27% $6,221
Sierra Pacific Mortgage Company, Inc. 4 6.06% $15,718
SUCCESS MORTGAGE PARTNERS, INC. 4 6.31% $12,487
The Huntington National Bank 4 5.97% $11,413
Bank Five Nine 4 5.87% $4,561
Nations Lending Corporation 4 6.44% $6,415
IOWA BANKERS MORTGAGE CORPORATION 3 6.17% $6,488
Old National Bank 3 5.63% $8,575
TOWNE MORTGAGE COMPANY 3 6.46% $8,914
GSF Mortgage Corporation 3 6.17% $15,211
GoPrime Mortgage, Inc. 3 6.42% $4,011
SWBC MORTGAGE CORPORATION 3 6.29% $7,151
Strong Home Mortgage, LLC 3 5.46% $13,977
NATIONS DIRECT MORTGAGE, LLC 3 6.17% $9,717
CITY FIRST MORTGAGE SERVICES, L.L.C. 3 6.75% $7,613
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 5.91% $11,033
AMERICAN FINANCIAL RESOURCES, INC. 3 6.08% $12,252
AMERICAN FINANCIAL NETWORK, INC. 3 6.25% $8,874
AXIA FINANCIAL, LLC 3 6.92% $7,260
First International Bank & Trust 3 5.96% $8,808
First Bank & Trust 3 6.17% $11,441
Bank of America 2 6.69% $15,153
LENOX FINANCIAL MORTGAGE CORPORATION 2 5.19% $1,356
ALLIED MORTGAGE GROUP, INC. 2 5.75% $9,276
NETWORK CAPITAL FUNDING CORPORATION 2 6.13% $13,971
Northpointe Bank 2 6.13% $7,160
The Loan Store, Inc. 2 6.38% $4,205
Texana Bank 2 6.69% $12,527
SIRVA MORTGAGE, INC. 2 6.94% $14,054
MORTGAGE ACCESS CORP. 2 5.69% $9,746
ZILLOW HOME LOANS, LLC 1 6.25% $16,614
AFFINITY PLUS 1 6.38% $2,489
ALAMEDA MORTGAGE CORPORATION 1 6.75% $29,640
ALTRA 1 6.63% $1,182
AMERICAN FINANCING CORPORATION 1 5.50% $9,153
American National Bank 1 6.75% $4,090
AmeriHome Mortgage Company, LLC 1 6.63% $2,347
Ameris Bank 1 5.75% $6,680
Arvest Bank 1 6.38% $3,629
Associated Bank 1 6.13% $0
Citizens Bank 1 6.50% $4,133
CONTOUR MORTGAGE CORPORATION 1 6.25% $3,301
First Bank 1 5.75% $13,660
First Western Bank & Trust 1 5.63% $8,776
Florida Capital Bank 1 5.25% $21,078
Gate City Bank 1 5.00% $10,088
Home Mortgage Alliance Corp 1 5.63% $10,775
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.63% $2,329
HomePromise Corporation 1 7.88% $24,896
HOMESIDE FINANCIAL, LLC 1 5.75% $16,442
HOMESTEAD FUNDING CORP. 1 5.75% $1,822
LAND HOME FINANCIAL SERVICES, INC. 1 6.50% $5,258
Lincoln Savings Bank 1 5.75% $4,272
Merchants Bank 1 6.78% $5,963
Mid-Continent Funding, Inc. 1 5.25% $1,168
MORTGAGEONE, INC. 1 8.00% $7,522
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.00% $11,526
OPEN MORTGAGE, LLC 1 5.75% $5,450
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.75% $10,655
Paramount Bank 1 6.25% $3,290
Park State Bank 1 6.00% $14,300
PLUS RELOCATION MORTGAGE, LLC 1 5.63% $5,286
PREMIA MORTGAGE, LLC 1 5.99% $4,899
S1L, Inc. 1 6.75% $7,951
Service Federal Credit Union 1 6.50% $2,074
SFMC, LP 1 6.25% $6,243
SUMMIT FUNDING, INC. 1 6.75% $23,416
Sunflower Bank 1 6.38% $8,172
UNITED MORTGAGE CORP 1 5.75% $14,261
V.I.P. MORTGAGE, INC. 1 6.13% $2,716
Academy Bank 1 6.25% $4,338

The top Minneapolis VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 399 VA loans originated. Their average total fees are $7,977, which is $1,047 higher than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Minneapolis VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($4,624), PLANET HOME LENDING, LLC ($4,870), LAKEVIEW LOAN SERVICING, LLC ($5,036), First Federal Bank ($5,412) and GUARANTEED RATE, INC. ($5,760).

The lowest rate Minneapolis VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.17%), VILLAGE CAPITAL MORTGAGE (5.65%), M/I FINANCIAL, LLC (5.67%), PENNYMAC LOAN SERVICES, LLC (5.70%) and First Federal Bank (5.71%).

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.