Minneapolis VA Loans

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 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 208 lenders originated 9,646 VA loans during 2021. The total origination value was $2,926,550,000, with an average VA loan value of $303,395.

Minneapolis VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Minneapolis averaged 5.32% for the week of 2022-05-20, compared to the national average (all VA variants) of 5.143% for the same period.

The average rate for the prior week (2022-05-13) was 5.23% and one month ago for the week of 2022-04-15, the average rate was 5.29%.

The average rate one year ago was 2.98%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.39%.

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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Minneapolis level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 728 2.46% $4,769
Mortgage Research Center, LLC 701 2.82% $6,348
PENNYMAC LOAN SERVICES, LLC 570 2.38% $5,759
FREEDOM MORTGAGE CORPORATION 560 2.42% $2,776
Bell Bank 307 2.63% $6,396
UNITED WHOLESALE MORTGAGE, LLC 256 2.50% $5,461
CROSSCOUNTRY MORTGAGE, LLC 239 2.83% $7,862
LAKEVIEW LOAN SERVICING, LLC 225 2.48% $2,580
USAA Federal Savings Bank 215 2.82% $4,736
Wells Fargo Bank 215 2.50% $4,473
LOANDEPOT.COM, LLC 204 2.58% $5,414
NEW DAY FINANCIAL, LLC 189 2.76% $7,511
BROKER SOLUTIONS, INC. 170 2.68% $7,367
NAVY FEDERAL CREDIT UNION 151 2.50% $5,419
The Federal Savings Bank 133 2.55% $6,840
GUARANTEED RATE, INC. 131 2.58% $6,004
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 130 2.94% $6,226
CALIBER HOME LOANS, INC. 130 2.57% $5,171
Mr. Cooper ( Nationstar Mortgage ) 127 2.71% $4,291
Prosperity Home Mortgage, LLC 126 2.64% $7,091
HOME POINT FINANCIAL CORPORATION 109 2.46% $4,074
GUARANTEED RATE AFFINITY, LLC 105 2.61% $4,202
NEWREZ LLC 101 2.65% $4,101
Tradition Mortgage, LLC 93 2.61% $5,497
Alerus Financial 70 2.59% $5,469
AXIA FINANCIAL, LLC 69 2.68% $6,394
BAY EQUITY LLC 65 2.83% $7,674
U.S. Bank 65 2.69% $5,256
InterContinental Capital Group, Inc 63 2.35% $3,676
Barrington Bank & Trust Company, N.A. 62 2.62% $7,251
American Mortgage & Equity Consultants, Inc. 60 2.80% $7,292
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 59 3.08% $7,849
Goldwater Bank, N.A. 59 2.75% $9,125
ACCELERATE MORTGAGE, LLC 58 2.26% $5,570
Summit Mortgage Corporation 56 2.71% $5,950
First Guaranty Mortgage Corporation 55 2.47% $4,316
Flagstar Bank, FSB 49 2.58% $5,550
PLAZA HOME MORTGAGE, INC. 47 2.57% $6,517
Low VA Rates, LLC 46 2.33% $4,426
Servion, Inc. 45 2.84% $4,703
EAGLE HOME MORTGAGE, LLC 44 2.82% $5,793
AMERISAVE MORTGAGE CORPORATION 44 2.68% $6,194
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 44 2.61% $4,540
VILLAGE CAPITAL & INVESTMENT LLC 41 2.36% $2,937
MOVEMENT MORTGAGE, LLC 40 2.72% $5,147
AMERICAN FINANCIAL NETWORK, INC. 40 2.42% $9,042
PRIMELENDING, A PLAINSCAPITAL COMPANY 38 2.99% $8,109
CMG MORTGAGE, INC. 38 2.80% $8,402
Cambria Financial Group, LLC 37 2.62% $7,446
Lend Smart Mortgage, LLC 36 2.82% $5,816
MEGASTAR FINANCIAL CORP. 36 2.59% $6,066
M/I FINANCIAL, LLC 36 2.55% $7,875
Mortgages Unlimited Inc. 36 2.88% $7,363
KS StateBank 34 2.42% $4,510
SUN WEST MORTGAGE COMPANY, INC. 33 2.56% $4,526
NP, Inc. 32 2.37% $4,320
RESULTS MORTGAGE, LLC 31 2.61% $5,766
LEADERONE FINANCIAL CORPORATION 31 2.44% $5,083
Lake Area Bank 30 2.83% $8,361
NBKC BANK 29 2.45% $3,664
HOMEBRIDGE FINANCIAL SERVICES, INC. 29 2.46% $3,952
Magnolia Bank 28 2.56% $7,545
Carrington Mortgage Services, LLC 28 2.68% $5,765
Waterstone Mortgage Corporation 27 2.83% $9,068
DHI MORTGAGE COMPANY, LTD. 26 2.55% $4,265
PENTAGON FEDERAL CREDIT UNION 23 2.38% $2,298
HANCOCK MORTGAGE PARTNERS, LLC 23 2.88% $5,950
PLANET HOME LENDING, LLC 22 2.48% $2,070
Ixonia Bank 21 2.69% $5,020
Paramount Residential Mortgage Group, Inc. 21 3.05% $6,696
PULTE MORTGAGE LLC 19 2.85% $4,958
North American Savings Bank, F.S.B. 19 2.35% $3,648
Hometown Lenders, Inc. 18 3.17% $9,786
MUTUAL OF OMAHA MORTGAGE, INC. 17 2.68% $6,303
BNC National Bank 17 2.31% $2,227
GUARANTY HOME MORTGAGE CORPORATION 17 2.73% $7,404
ENVOY MORTGAGE, LTD 16 3.21% $6,961
SOVEREIGN LENDING GROUP INCORPORATED 15 2.55% $6,203
AMERICAN PORTFOLIO MORTGAGE CORPORATION 15 2.58% $7,110
First Federal Bank 15 2.81% $7,672
EVERETT FINANCIAL, INC. 15 3.03% $6,230
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 14 2.95% $4,740
Associated Bank 13 2.75% $3,771
Bank of England 13 2.79% $6,724
KELLER MORTGAGE, LLC 12 2.70% $8,348
GSF Mortgage Corporation 12 2.74% $9,355
UNION HOME MORTGAGE CORP. 11 2.49% $8,295
Wyndham Capital Mortgage, Inc. 10 2.46% $3,105
Plains Commerce Bank 10 2.54% $5,673
TJC Mortgage, Inc. 10 2.36% $4,332
GUILD MORTGAGE COMPANY 10 2.85% $2,972
TCF National Bank 9 2.61% $3,079
Bremer Bank 9 3.06% $5,746
Meridian Bank Corporation 9 2.44% $4,945
CLEARPATH LENDING 8 2.25% $3,343
AMERICAN FINANCING CORPORATION 8 2.66% $4,102
COMPASS MORTGAGE, INC. 8 2.39% $3,546
HOMEOWNERS FINANCIAL GROUP USA, LLC 7 2.89% $7,783
CRESCENT MORTGAGE COMPANY 7 2.79% $6,708
Old National Bank 7 2.52% $5,957
CHERRY CREEK MORTGAGE, LLC 7 2.55% $954
CONTOUR MORTGAGE CORPORATION 6 2.63% $10,059
First Bank & Trust 6 2.46% $6,121
MANN FINANCIAL INC. 6 2.94% $7,746
Armed Forces Bank 6 2.44% $7,515
Strong Home Mortgage, LLC 6 2.23% $3,404
Merchants Bank 5 2.60% $5,647
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 2.38% $5,507
MID AMERICA MORTGAGE, INC. 5 2.73% $2,893
First Savings Bank 5 2.88% $5,111
Florida Capital Bank 5 2.43% $7,088
Sierra Pacific Mortgage Company, Inc. 5 2.93% $5,653
The Huntington National Bank 5 2.73% $8,369
HOMESIDE FINANCIAL, LLC 4 3.03% $4,854
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.19% $8,107
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 3.00% $6,603
BankVista 4 2.34% $2,290
ZILLOW HOME LOANS, LLC 4 2.56% $12,151
Paramount Bank 4 2.50% $7,027
AmeriHome Mortgage Company, LLC 4 2.84% $1,281
HOMESTEAD FUNDING CORP. 4 2.31% $5,126
The Central Trust Bank 4 2.28% $2,447
Lakeview Community Capital, LLC 3 2.54% $2,647
LENOX FINANCIAL MORTGAGE CORPORATION 3 2.50% $3,001
Liberty Bank Minnesota 3 2.67% $3,116
LOANPAL, LLC 3 2.42% $10,088
Capital Bank 3 2.42% $13,575
Manufacturers and Traders Trust Company 3 2.67% $8,320
FLAT BRANCH MORTGAGE, INC. 3 2.25% $3,072
CHURCHILL MORTGAGE CORPORATION 3 2.33% $3,686
Nations Lending Corporation 3 2.88% $6,328
NBH Bank 3 2.75% $7,088
CORTRUST MORTGAGE, INC. 3 2.38% $6,723
PHH Mortgage Corporation 3 2.79% $6,643
First Home Bank 3 2.42% $2,914
PREMIA MORTGAGE, LLC 3 2.50% $14,833
Prime Choice Funding Inc. 3 2.25% $3,090
Princeton Mortgage Corporation 3 2.46% $7,819
Sunflower Bank 3 2.41% $2,954
FINANCE OF AMERICA MORTGAGE LLC 3 2.58% $4,815
Equity Prime Mortgage LLC 3 3.00% $1,690
EMBRACE HOME LOANS, INC. 3 2.42% $2,971
DATA MORTGAGE, INC. 3 2.58% $12,105
Community First National Bank 3 2.50% $7,342
IOWA BANKERS MORTGAGE CORPORATION 3 2.83% $11,469
Stifel Bank and Trust 2 2.44% $5,468
Mid-Continent Funding, Inc. 2 2.63% $11,802
AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.50% $10,521
American Bank of the North 2 2.56% $8,700
DAS Acquisition Company, LLC 2 3.25% $13,190
OCEANSIDE MORTGAGE COMPANY 2 2.25% $596
FIRST COMMUNITY MORTGAGE, INC. 2 2.81% $1,158
Texana Bank 2 2.81% $2,199
Willamette Valley Bank 2 3.00% $10,631
INLANTA MORTGAGE, INC. 2 2.94% $8,046
First PREMIER Bank 2 2.25% $2,683
EMM LOANS LLC 2 2.44% $11,239
UNITED SECURITY FINANCIAL CORP 2 2.31% $5,380
MORTGAGEONE, INC. 2 2.69% $3,647
TOWNE MORTGAGE COMPANY 2 2.68% $6,232
Presidential Bank, FSB 2 2.75% $7,079
CELEBRITY HOME LOANS, LLC 2 3.06% $16,931
DRAPER AND KRAMER MORTGAGE CORP. 2 2.38% $1,901
FirstBank 2 2.25% $1,193
First Western Bank & Trust 2 2.44% $6,297
NATIONS DIRECT MORTGAGE, LLC 2 3.62% $7,277
Triumph Bank 2 2.25% $7,092
First Federal Bank of Kansas City 2 2.25% $2,017
Truist Bank 2 2.83% $844
Citizens Bank 2 2.94% $8,048
ST. CLOUD FINANCIAL 2 2.44% $5,647
BOKF 2 2.75% $3,087
STEARNS LENDING, LLC 2 2.50% $2,173
Northpointe Bank 2 2.25% $3,072
Assurance Financial Group, L.L.C. 1 3.13% $12,463
FIRST STATE MORTGAGE SERVICES, LLC 1 2.75% $29,464
First State Bank of St. Charles, Missouri 1 2.38% $2,352
Arvest Bank 1 2.75% $2,306
Mid Penn Bank 1 3.25% $7,396
First Bank 1 2.25% $2,610
First National Bank of Omaha 1 2.75% $18,506
First Internet Bank of Indiana 1 2.50% $1,700
MICHIGAN MUTUAL, INC. 1 3.75% $23,897
First International Bank & Trust 1 2.25% $21,615
ALTRA 1 2.50% $1,206
United Fidelity Funding Corp. 1 2.50% $4,723
Anoka Hennepin Credit Union 1 2.63% $5,017
PNC Bank 1 2.63% $18,606
POLARIS HOME FUNDING CORP. 1 2.75% $10,688
IMPAC MORTGAGE CORP. 1 2.75% $1,362
Progress Bank and Trust 1 2.38% $8,454
Ameris Bank 1 2.63% $3,692
RELIANCE FIRST CAPITAL, LLC 1 3.63% $13,954
Renasant Bank 1 3.13% $2,040
FIRST CENTENNIAL MORTGAGE CORPORATION 1 2.25% $2,660
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.25% $3,261
ROYAL UNITED MORTGAGE LLC 1 3.38% $8,472
LOANFLIGHT LENDING, LLC 1 2.25% $1,058
North Shore Bank of Commerce 1 2.25% $2,262
CORNERSTONE HOME LENDING, INC. 1 2.25% $7,464
T2 FINANCIAL LLC 1 3.25% $12,222
Evolve Bank & Trust 1 3.00% $4,184
LIBERTY HOME MORTGAGE CORPORATION 1 3.25% $12,296
HOMESTAR FINANCIAL CORPORATION 1 3.75% $5,625
MILEND, INC. 1 2.75% $6,263
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.25% $3,883
Flanagan State Bank 1 2.88% $1,253
American National Bank 1 3.63% $7,131

The top Minneapolis VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 728 VA loans originated. Their average total fees are $4,769, which is $1,579 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Minneapolis VA lenders (with over 10 loans originated) are PLANET HOME LENDING, LLC ($2,070), BNC National Bank ($2,227), PENTAGON FEDERAL CREDIT UNION ($2,298), LAKEVIEW LOAN SERVICING, LLC ($2,580) and FREEDOM MORTGAGE CORPORATION ($2,776).

The lowest rate Minneapolis VA lenders (with over 10 loans originated) are ACCELERATE MORTGAGE, LLC (2.26%), BNC National Bank (2.31%), Low VA Rates, LLC (2.33%), North American Savings Bank, F.S.B. (2.35%) and InterContinental Capital Group, Inc (2.35%).

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.