Owatonna VA Loan Rates, Closing Costs & Stats

Owatonna, MN

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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 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.

    Owatonna's 37 lenders originated 108 VA loans during 2021. The total origination value was $23,460,000, with an average VA loan value of $217,222.

    Owatonna VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Owatonna averaged 6.5% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

    Owatonna's average VA mortgage closing costs are $4,295.

    The average rate for the prior week (2022-11-25) was 6.54% and one month ago for the week of 2022-10-28, the average rate was 6.93%.

    The average rate one year ago was 3.21%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.43%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Owatonna 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 Owatonna level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    Mortgage Research Center, LLC 10 2.87% $4,501
    FREEDOM MORTGAGE CORPORATION 9 2.38% $1,733
    USAA Federal Savings Bank 5 2.98% $2,924
    QUICKEN LOANS, LLC 5 2.50% $6,509
    NEW DAY FINANCIAL, LLC 4 2.63% $5,283
    LOANDEPOT.COM, LLC 4 2.75% $3,863
    VILLAGE CAPITAL MORTGAGE 4 2.69% $3,392
    Plains Commerce Bank 4 2.47% $7,120
    PENNYMAC LOAN SERVICES, LLC 4 2.75% $4,233
    LEADERONE FINANCIAL CORPORATION 3 2.42% $6,339
    GUARANTEED RATE, INC. 3 2.58% $4,916
    Wells Fargo Bank 3 2.25% $6,057
    CROSSCOUNTRY MORTGAGE, LLC 3 2.71% $4,512
    MEGASTAR FINANCIAL CORP. 2 2.75% $4,626
    Bell Bank 2 3.19% $1,100
    CALIBER HOME LOANS, INC. 2 3.00% $3,856
    LAKEVIEW LOAN SERVICING, LLC 2 2.57% $3,176
    Summit Mortgage Corporation 2 2.44% $2,837
    The Federal Savings Bank 2 2.25% $4,523
    TOWNE MORTGAGE COMPANY 2 2.81% $3,034
    UNITED WHOLESALE MORTGAGE, LLC 2 2.49% $5,062
    KELLER MORTGAGE, LLC 1 2.75% $11,440
    North American Savings Bank, F.S.B. 1 2.50% $1,884
    InterContinental Capital Group, Inc 1 2.25% $3,077
    PENTAGON FEDERAL CREDIT UNION 1 2.38% $1,159
    CONTOUR MORTGAGE CORPORATION 1 2.25% $4,399
    POLARIS HOME FUNDING CORP. 1 3.25% $5,812
    Prosperity Home Mortgage, LLC 1 2.75% $8,436
    Carrington Mortgage Services, LLC 1 3.00% $6,536
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.38% $3,811
    AMERISAVE MORTGAGE CORPORATION 1 2.25% $4,067
    Bremer Bank 1 2.88% $6,425
    Barrington Bank & Trust Company, N.A. 1 2.63% $7,938
    Magnolia Bank 1 3.25% $4,529
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.88% $4,019
    Low VA Rates, LLC 1 2.25% $2,568
    Mortgages Unlimited Inc. 1 2.63% $4,070

    The top Owatonna VA lender as defined by loan originations is Mortgage Research Center, LLC, with 10 VA loans originated. Their average total fees are $4,501, which is $2,768 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

    The lowest fee Owatonna VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,501), .

    The lowest rate Owatonna VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (2.87%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Owatonna (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $199,700 (35.5%) $236,700 (29.4%) 0.00 68
    2018-02-01 $184,800 (15.6%) $222,855 (14.1%) 0.00 69
    2018-03-01 $202,250 (33.5%) $232,882 (18.4%) 0.00 71
    2018-04-01 $221,600 (27.0%) $252,251 (17.1%) 0.00 71
    2018-05-01 $212,700 (0.2%) $244,073 (4.0%) 0.00 78
    2018-06-01 $215,000 (2.4%) $241,586 (3.7%) 0.00 82
    2018-07-01 $206,150 (-3.0%) $239,150 (3.7%) 0.00 81
    2018-08-01 $212,725 (0.7%) $244,981 (4.9%) 0.00 88
    2018-09-01 $205,000 (-5.5%) $239,393 (-0.1%) 0.00 99
    2018-10-01 $202,450 (-6.7%) $233,247 (-3.2%) 0.00 102
    2018-11-01 $196,400 (-2.8%) $216,047 (-7.9%) 0.00 105
    2018-12-01 $197,700 (-8.0%) $216,248 (-8.6%) 0.00 97
    2019-01-01 $198,950 (-0.4%) $217,321 (-8.2%) 0.00 83
    2019-02-01 $206,450 (11.7%) $224,983 (1.0%) 0.00 78
    2019-03-01 $208,786 (3.2%) $231,319 (-0.7%) 0.00 76
    2019-04-01 $208,786 (-5.8%) $231,631 (-8.2%) 0.00 88
    2019-05-01 $221,150 (4.0%) $240,085 (-1.6%) 0.00 102
    2019-06-01 $226,900 (5.5%) $243,637 (0.9%) 0.00 101
    2019-07-01 $240,975 (16.9%) $253,024 (5.8%) 0.00 107
    2019-08-01 $225,809 (6.2%) $246,741 (0.7%) 0.00 110
    2019-09-01 $219,673 (7.2%) $242,222 (1.2%) 0.00 116
    2019-10-01 $215,582 (6.5%) $239,663 (2.8%) 0.00 114
    2019-11-01 $229,900 (17.1%) $250,891 (16.1%) 0.00 104
    2019-12-01 $225,000 (13.8%) $246,231 (13.9%) 0.00 91
    2020-01-01 $217,425 (9.3%) $242,780 (11.7%) 0.00 78
    2020-02-01 $215,000 (4.1%) $241,489 (7.3%) 0.00 68
    2020-03-01 $204,100 (-2.2%) $241,877 (4.6%) 0.00 68
    2020-04-01 $211,950 (1.5%) $250,638 (8.2%) 0.00 59
    2020-05-01 $239,900 (8.5%) $252,621 (5.2%) 0.00 75
    2020-06-01 $251,950 (11.0%) $262,979 (7.9%) 0.00 75
    2020-07-01 $254,425 (5.6%) $266,874 (5.5%) 0.00 58
    2020-08-01 $249,900 (10.7%) $264,811 (7.3%) 0.00 66
    2020-09-01 $241,150 (9.8%) $264,093 (9.0%) 0.00 65
    2020-10-01 $225,000 (4.4%) $262,631 (9.6%) 0.00 50
    2020-11-01 $201,475 (-12.4%) $257,383 (2.6%) 0.00 49
    2020-12-01 $199,225 (-11.5%) $243,111 (-1.3%) 0.00 35
    2021-01-01 $197,700 (-9.1%) $235,145 (-3.1%) 0.00 30
    2021-02-01 $197,450 (-8.2%) $229,680 (-4.9%) 0.00 29
    2021-03-01 $219,900 (7.7%) $251,098 (3.8%) 0.00 31
    2021-04-01 $256,200 (20.9%) $266,117 (6.2%) 0.00 34
    2021-05-01 $224,250 (-6.5%) $252,092 (-0.2%) 0.00 28
    2021-06-01 $246,075 (-2.3%) $276,374 (5.1%) 0.00 29
    2021-07-01 $239,900 (-5.7%) $262,181 (-1.8%) 0.00 43
    2021-08-01 $245,875 (-1.6%) $257,242 (-2.9%) 0.00 40
    2021-09-01 $232,500 (-3.6%) $251,631 (-4.7%) 0.00 58
    2021-10-01 $224,900 (0.0%) $240,521 (-8.4%) 0.00 53
    2021-11-01 $234,950 (16.6%) $248,528 (-3.4%) 0.00 52
    2021-12-01 $229,950 (15.4%) $258,671 (6.4%) 0.00 43
    2022-01-01 $232,400 (17.6%) $262,350 (11.6%) 0.00 38
    2022-02-01 $244,650 (23.9%) $247,480 (7.8%) 0.00 26
    2022-03-01 $223,950 (1.8%) $254,356 (1.3%) 0.00 24
    2022-04-01 $269,450 (5.2%) $265,193 (-0.4%) 0.00 26
    2022-05-01 $275,400 (22.8%) $297,542 (18.0%) 0.00 36
    2022-06-01 $257,750 (4.7%) $277,254 (0.3%) 0.00 44
    2022-07-01 $275,000 (14.6%) $291,916 (11.3%) 0.00 46
    2022-08-01 $277,000 (12.7%) $300,813 (16.9%) 0.00 54
    2022-09-01 $270,000 (16.1%) $296,679 (17.9%) 0.00 47
    2022-10-01 $289,900 (28.9%) $307,452 (27.8%) 0.00 50
    2022-11-01 $279,950 (19.2%) $301,081 (21.2%) 0.00 54
    Owatonna's median listing price for 2022-11-01 was $279,950, a difference of $45,000 (19.2%) versus the prior year and $-9,950 versus the prior month.

    Owatonna's median listing price comes in at 0% of the national average.

    Owatonna's average listing price for 2022-11-01 was $301,081, a difference of $52,553 (21.2%) versus the prior year and $-6,371 versus the prior month.

    For the 2022-11-01 period, Owatonna had 54 MLS listings, a difference of 4 listings (8%) versus the prior month and 2 listings (4%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Owatonna (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,560 sqft
    2018-02-01 0 days 2,468 sqft
    2018-03-01 0 days 2,404 sqft
    2018-04-01 0 days 2,499 sqft
    2018-05-01 0 days 2,356 sqft
    2018-06-01 0 days 2,498 sqft
    2018-07-01 0 days 2,374 sqft
    2018-08-01 0 days 2,437 sqft
    2018-09-01 0 days 2,424 sqft
    2018-10-01 0 days 2,355 sqft
    2018-11-01 0 days 2,295 sqft
    2018-12-01 0 days 2,253 sqft
    2019-01-01 0 days 1,855 sqft
    2019-02-01 0 days 1,915 sqft
    2019-03-01 0 days 1,881 sqft
    2019-04-01 0 days 1,863 sqft
    2019-05-01 0 days 1,955 sqft
    2019-06-01 0 days 2,001 sqft
    2019-07-01 0 days 1,985 sqft
    2019-08-01 0 days 1,959 sqft
    2019-09-01 0 days 1,928 sqft
    2019-10-01 0 days 1,928 sqft
    2019-11-01 0 days 2,032 sqft
    2019-12-01 0 days 1,988 sqft
    2020-01-01 0 days 1,980 sqft
    2020-02-01 0 days 1,768 sqft
    2020-03-01 0 days 1,805 sqft
    2020-04-01 0 days 1,969 sqft
    2020-05-01 0 days 1,919 sqft
    2020-06-01 0 days 2,086 sqft
    2020-07-01 0 days 2,117 sqft
    2020-08-01 0 days 2,122 sqft
    2020-09-01 0 days 2,070 sqft
    2020-10-01 0 days 1,890 sqft
    2020-11-01 0 days 1,842 sqft
    2020-12-01 0 days 1,776 sqft
    2021-01-01 0 days 1,731 sqft
    2021-02-01 0 days 1,809 sqft
    2021-03-01 0 days 1,850 sqft
    2021-04-01 0 days 1,894 sqft
    2021-05-01 0 days 1,872 sqft
    2021-06-01 0 days 1,840 sqft
    2021-07-01 0 days 1,813 sqft
    2021-08-01 0 days 1,875 sqft
    2021-09-01 0 days 1,933 sqft
    2021-10-01 0 days 1,814 sqft
    2021-11-01 0 days 1,852 sqft
    2021-12-01 0 days 1,813 sqft
    2022-01-01 0 days 1,796 sqft
    2022-02-01 0 days 1,997 sqft
    2022-03-01 0 days 2,084 sqft
    2022-04-01 0 days 2,364 sqft
    2022-05-01 0 days 1,946 sqft
    2022-06-01 0 days 1,860 sqft
    2022-07-01 0 days 2,002 sqft
    2022-08-01 0 days 1,980 sqft
    2022-09-01 0 days 1,926 sqft
    2022-10-01 0 days 1,932 sqft
    2022-11-01 0 days 1,893 sqft
    Owatonna's median listing age (time on market) for 2022-11-01 was 0 days.

    Owatonna's median square footage for active listings during the 2022-11-01 period was 1,893 sqft. One year prior, the average listing was 1,852 sqft.

    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.