Rapid City VA Loan Rates, Closing Costs & Stats

RAPID CITY, SD

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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.

    Rapid City's 58 lenders originated 549 VA loans during 2024. The total origination value was $203,705,000, with an average VA loan value of $371,047.

    Rapid City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Rapid City averaged 6.69% for the week of 2025-07-18, compared to the national average (all VA variants) of 6.385% for the same period.

    Rapid City's average VA mortgage closing costs are $6,815.

    The average rate for the prior week (2025-07-11) was 6.48% and one month ago for the week of 2025-06-13, the average rate was 6.55%.

    The average rate one year ago was 6.35%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.34%.

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

    Rapid City 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 Rapid City level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    CMG MORTGAGE, INC. 100 6.09% $10,238
    UNITED WHOLESALE MORTGAGE, LLC 77 6.31% $7,984
    Mortgage Research Center, LLC 46 6.29% $8,150
    Plains Commerce Bank 40 6.15% $9,756
    PENNYMAC LOAN SERVICES, LLC 25 5.87% $9,381
    Granite Community Bank 21 5.82% $7,904
    QUICKEN LOANS, LLC 17 5.99% $10,416
    FREEDOM MORTGAGE CORPORATION 17 6.21% $9,152
    TOWNE MORTGAGE COMPANY 13 5.64% $12,541
    Century Mortgage Company DBA Century Lending Company 13 5.95% $11,750
    BLACK HILLS FEDERAL CREDIT UNION 12 5.73% $8,590
    Gateway First Bank 12 6.35% $6,276
    USAA Federal Savings Bank 11 6.16% $8,723
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 5.99% $12,840
    NEWREZ LLC 8 5.71% $12,273
    NAVY FEDERAL CREDIT UNION 8 5.83% $6,703
    LAKEVIEW LOAN SERVICING, LLC 7 5.64% $6,476
    The Federal Savings Bank 4 6.03% $21,001
    BANKWEST, INC. 4 5.94% $7,318
    Carrington Mortgage Services, LLC 4 5.56% $9,760
    Flagstar Bank, FSB 4 6.55% $8,173
    LOANDEPOT.COM, LLC 4 5.78% $8,055
    BROKER SOLUTIONS, INC. 4 6.37% $11,402
    Wells Fargo Bank 3 6.08% $6,906
    Dacotah Bank 3 5.71% $4,376
    MOVEMENT MORTGAGE, LLC 3 6.17% $17,977
    Mr. Cooper ( Nationstar Mortgage ) 3 6.54% $5,996
    PLANET HOME LENDING, LLC 3 3.46% $8,819
    U.S. Bank 3 6.00% $3,250
    VILLAGE CAPITAL MORTGAGE 3 5.75% $8,639
    OPEN MORTGAGE, LLC 2 6.00% $8,265
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.44% $7,064
    GUILD MORTGAGE COMPANY 2 6.13% $15,367
    NBKC BANK 2 6.12% $5,765
    CHURCHILL MORTGAGE CORPORATION 2 6.94% $7,174
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.75% $14,289
    First Federal Bank 2 5.19% $2,268
    PHH Mortgage Corporation 1 5.63% $1,937
    CU MORTGAGE DIRECT, LLC 1 6.50% $3,753
    AIR ACADEMY 1 5.63% $15,681
    PLAZA HOME MORTGAGE, INC. 1 7.38% $9,665
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $4,308
    POLARIS HOME FUNDING CORP. 1 6.75% $8,310
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $13,448
    Servion, Inc. 1 6.50% $19,174
    SUN WEST MORTGAGE COMPANY, INC. 1 5.87% $2,466
    UNION HOME MORTGAGE CORP. 1 5.63% $3,747
    American Mortgage & Equity Consultants, Inc. 1 5.75% $9,406
    Ixonia Bank 1 6.13% $5,024
    GUARANTEED RATE, INC. 1 5.75% $7,906
    Flanagan State Bank 1 6.75% $7,530
    PNC Bank 1 5.75% $25,258
    Waterstone Mortgage Corporation 1 5.75% $20,955
    FIRST COMMUNITY MORTGAGE, INC. 1 5.99% $7,569
    NEW DAY FINANCIAL, LLC 1 7.75% $19,265
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.38% $15,900
    DAS Acquisition Company, LLC 1 5.75% $6,201
    PENTAGON FEDERAL CREDIT UNION 1 6.13% $2,881

    The top Rapid City VA lender as defined by loan originations is CMG MORTGAGE, INC., with 100 VA loans originated. Their average total fees are $10,238, which is $2,255 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Rapid City VA lenders (with over 10 loans originated) are Gateway First Bank ($6,276), Granite Community Bank ($7,904), UNITED WHOLESALE MORTGAGE, LLC ($7,984), Mortgage Research Center, LLC ($8,150) and BLACK HILLS FEDERAL CREDIT UNION ($8,590).

    The lowest rate Rapid City VA lenders (with over 10 loans originated) are TOWNE MORTGAGE COMPANY (5.64%), BLACK HILLS FEDERAL CREDIT UNION (5.73%), Granite Community Bank (5.82%), PENNYMAC LOAN SERVICES, LLC (5.87%) and Century Mortgage Company DBA Century Lending Company (5.95%).

    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.