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.