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 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
5.8%
for the week of 2024-10-11, compared to the national average (all VA variants) of
5.854% for the same period.
Minneapolis's average VA mortgage closing costs are $6,100.
The average rate for the prior week (2024-10-04) was
5.97% and
one month ago for the week of 2024-09-06, the
average rate was 6.06%.
The average rate one year ago was 7.43%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.24%.
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.