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 55 lenders originated 454 VA loans during 2023. The total origination value was $158,720,000, with an average VA loan value of $349,604.

    Rapid City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Rapid City averaged 6.15% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Rapid City's average VA mortgage closing costs are $6,556.

    The average rate for the prior week (2024-07-12) was 6.29% and one month ago for the week of 2024-06-14, the average rate was 6.45%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.51%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CMG MORTGAGE, INC. 88 6.15% $10,773
    UNITED WHOLESALE MORTGAGE, LLC 54 6.43% $7,990
    Mortgage Research Center, LLC 38 6.70% $7,126
    Plains Commerce Bank 36 6.26% $9,650
    Gateway First Bank 30 6.21% $6,644
    Unify Home Lending Inc. 30 6.14% $8,428
    QUICKEN LOANS, LLC 14 6.15% $12,947
    PENNYMAC LOAN SERVICES, LLC 13 6.07% $11,151
    BLACK HILLS FEDERAL CREDIT UNION 12 5.83% $6,795
    USAA Federal Savings Bank 10 6.39% $8,617
    AMERICAN PACIFIC MORTGAGE CORPORATION 9 6.36% $13,241
    LOANDEPOT.COM, LLC 7 5.86% $12,500
    NAVY FEDERAL CREDIT UNION 7 5.46% $6,739
    The Federal Savings Bank 5 5.88% $13,093
    DAS Acquisition Company, LLC 4 7.06% $12,189
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.54% $7,770
    Mr. Cooper ( Nationstar Mortgage ) 3 6.42% $13,403
    PENTAGON FEDERAL CREDIT UNION 3 5.67% $12,524
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.25% $11,083
    FIRST COLONY MORTGAGE CORPORATION 3 5.58% $9,179
    FREEDOM MORTGAGE CORPORATION 3 6.58% $11,524
    Century Mortgage Company DBA Century Lending Company 2 6.56% $14,628
    AMERISAVE MORTGAGE CORPORATION 2 4.94% $12,860
    BANKWEST, INC. 2 5.88% $7,474
    BROKER SOLUTIONS, INC. 2 6.38% $10,933
    First Interstate Bank 2 5.50% $3,389
    GUARANTEED RATE, INC. 2 6.44% $15,248
    GUILD MORTGAGE COMPANY 2 6.06% $14,227
    Lend Smart Mortgage, LLC 2 5.75% $7,459
    Magnolia Bank 2 5.94% $17,108
    MOVEMENT MORTGAGE, LLC 2 6.44% $8,419
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.19% $15,014
    NEWREZ LLC 2 6.63% $17,611
    VILLAGE CAPITAL MORTGAGE 2 6.38% $7,055
    Wells Fargo Bank 2 5.94% $4,941
    Equity Prime Mortgage LLC 1 5.88% $26,847
    NEW DAY FINANCIAL, LLC 1 6.75% $2,527
    Willamette Valley Bank 1 6.13% $13,555
    North American Savings Bank, F.S.B. 1 5.25% $7,855
    OPEN MORTGAGE, LLC 1 6.75% $6,020
    Paramount Residential Mortgage Group, Inc. 1 5.75% $6,841
    CU MORTGAGE DIRECT, LLC 1 5.50% $7,404
    Core Bank 1 6.99% $6,240
    AMCAP MORTGAGE, LTD. 1 7.25% $23,063
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.50% $6,510
    CARDINAL FINANCIAL 1 7.25% $12,113
    BNC National Bank 1 6.00% $9,045
    Barrington Bank & Trust Company, N.A. 1 6.25% $10,582
    United Fidelity Funding Corp. 1 7.25% $17,163
    Bank of England 1 6.25% $16,459
    Lakeview Community Capital, LLC 1 6.25% $8,560
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.75% $6,759
    GSF Mortgage Corporation 1 5.63% $11,000
    U.S. Bank 1 8.13% $2,443
    Nations Lending Corporation 1 6.50% $12,699

    The top Rapid City VA lender as defined by loan originations is CMG MORTGAGE, INC., with 88 VA loans originated. Their average total fees are $10,773, which is $2,784 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 ($6,644), BLACK HILLS FEDERAL CREDIT UNION ($6,795), Mortgage Research Center, LLC ($7,126), UNITED WHOLESALE MORTGAGE, LLC ($7,990) and Unify Home Lending Inc. ($8,428).

    The lowest rate Rapid City VA lenders (with over 10 loans originated) are BLACK HILLS FEDERAL CREDIT UNION (5.83%), PENNYMAC LOAN SERVICES, LLC (6.07%), Unify Home Lending Inc. (6.14%), QUICKEN LOANS, LLC (6.15%) and CMG MORTGAGE, INC. (6.15%).

    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.