Minneapolis VA Loans

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 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.