Rochester VA Loans

ROCHESTER, 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 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.

    Rochester's 72 lenders originated 535 VA loans during 2021. The total origination value was $138,335,000, with an average VA loan value of $258,570.

    Rochester VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Rochester averaged 5.42% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.35% and one month ago for the week of 2022-04-08, the average rate was 4.98%.

    The average rate one year ago was 2.79%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.43%.

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

    Rochester 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 Rochester level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Mortgage Research Center, LLC 49 2.85% $4,277
    LOANDEPOT.COM, LLC 33 2.71% $6,394
    QUICKEN LOANS, LLC 31 2.47% $4,176
    UNITED WHOLESALE MORTGAGE, LLC 28 2.46% $4,725
    Bell Bank 26 2.70% $7,374
    FREEDOM MORTGAGE CORPORATION 22 2.47% $2,522
    Wells Fargo Bank 20 2.61% $4,254
    USAA Federal Savings Bank 18 2.78% $4,259
    PENNYMAC LOAN SERVICES, LLC 16 2.45% $4,285
    Prosperity Home Mortgage, LLC 13 2.71% $6,501
    GUARANTEED RATE AFFINITY, LLC 13 2.63% $4,394
    Barrington Bank & Trust Company, N.A. 12 2.66% $6,100
    LAKEVIEW LOAN SERVICING, LLC 12 2.64% $3,821
    NAVY FEDERAL CREDIT UNION 10 2.44% $8,037
    The Federal Savings Bank 10 2.74% $8,038
    NEW DAY FINANCIAL, LLC 10 2.90% $10,314
    Merchants Bank 8 2.44% $7,955
    GUARANTEED RATE, INC. 8 2.72% $9,562
    RESULTS MORTGAGE, LLC 7 2.77% $7,813
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 2.84% $3,158
    CALIBER HOME LOANS, INC. 6 2.81% $2,875
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 3.25% $4,010
    First Federal Bank 5 2.40% $6,832
    CROSSCOUNTRY MORTGAGE, LLC 5 2.70% $6,897
    Mr. Cooper ( Nationstar Mortgage ) 4 2.66% $7,340
    AMERICAN FINANCIAL NETWORK, INC. 4 2.56% $11,139
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.81% $10,270
    VILLAGE CAPITAL & INVESTMENT LLC 3 2.29% $2,212
    Bremer Bank 3 3.13% $12,575
    BAY EQUITY LLC 3 2.62% $6,505
    PENTAGON FEDERAL CREDIT UNION 3 2.54% $4,614
    Home Federal Savings Bank 3 2.92% $3,309
    NBKC BANK 3 2.33% $2,406
    Carrington Mortgage Services, LLC 3 2.54% $3,533
    The Central Trust Bank 2 2.31% $10,708
    First Bank & Trust 2 2.37% $3,023
    BROKER SOLUTIONS, INC. 2 2.63% $3,687
    ACCELERATE MORTGAGE, LLC 2 2.25% $2,197
    Servion, Inc. 2 2.75% $3,294
    AMERISAVE MORTGAGE CORPORATION 2 2.50% $2,904
    Plains Commerce Bank 2 2.50% $8,052
    Low VA Rates, LLC 2 2.31% $2,552
    Wyndham Capital Mortgage, Inc. 1 2.25% $0
    Alerus Financial 1 2.75% $2,310
    ALTRA 1 2.88% $7,641
    AMCAP MORTGAGE, LTD. 1 3.25% $10,988
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.63% $0
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.00% $7,185
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.63% $10,465
    Cambria Financial Group, LLC 1 2.50% $2,163
    Citizens Bank 1 2.75% $1,608
    CONTOUR MORTGAGE CORPORATION 1 3.50% $1,860
    First Federal Bank of Kansas City 1 2.88% $2,557
    First Guaranty Mortgage Corporation 1 2.25% $1,990
    First Western Trust Bank 1 2.25% $9,559
    Flanagan State Bank 1 2.63% $5,276
    HANCOCK MORTGAGE PARTNERS, LLC 1 3.00% $0
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $3,245
    HOME POINT FINANCIAL CORPORATION 1 2.75% $847
    LEADERONE FINANCIAL CORPORATION 1 2.38% $754
    Lend Smart Mortgage, LLC 1 3.25% $0
    Nations Lending Corporation 1 2.88% $7,940
    NEWREZ LLC 1 2.25% $3,033
    Paramount Residential Mortgage Group, Inc. 1 3.75% $12,928
    PLANET HOME LENDING, LLC 1 2.63% $790
    PREMIA MORTGAGE, LLC 1 2.25% $2,988
    ROYAL UNITED MORTGAGE LLC 1 2.75% $6,851
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $2,421
    Summit Mortgage Corporation 1 3.50% $8,643
    SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $2,432
    TJC Mortgage, Inc. 1 2.75% $4,350
    U.S. Bank 1 2.38% $6,133

    The top Rochester VA lender as defined by loan originations is Mortgage Research Center, LLC, with 49 VA loans originated. Their average total fees are $4,277, which is $2,116 lower than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Rochester VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,522), LAKEVIEW LOAN SERVICING, LLC ($3,821), QUICKEN LOANS, LLC ($4,176), Wells Fargo Bank ($4,254) and USAA Federal Savings Bank ($4,259).

    The lowest rate Rochester VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (2.44%), PENNYMAC LOAN SERVICES, LLC (2.45%), UNITED WHOLESALE MORTGAGE, LLC (2.46%), QUICKEN LOANS, LLC (2.47%) and FREEDOM MORTGAGE CORPORATION (2.47%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Rochester (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 $290,900 (21.3%) $324,233 (10.7%) 1.07 536
    2018-02-01 $297,000 (22.5%) $335,839 (14.8%) 1.07 537
    2018-03-01 $319,000 (27.7%) $354,569 (19.1%) 1.10 604
    2018-04-01 $312,400 (15.8%) $357,137 (15.0%) 1.05 635
    2018-05-01 $299,950 (10.1%) $353,792 (11.2%) 1.00 666
    2018-06-01 $299,900 (10.8%) $352,139 (10.1%) 1.00 703
    2018-07-01 $297,400 (10.6%) $346,485 (10.2%) 0.99 774
    2018-08-01 $287,800 (4.7%) $335,946 (7.2%) 0.96 805
    2018-09-01 $279,900 (7.7%) $329,923 (7.8%) 0.94 848
    2018-10-01 $274,900 (2.8%) $320,000 (2.9%) 0.92 853
    2018-11-01 $274,900 (0.8%) $323,646 (4.3%) 0.92 801
    2018-12-01 $294,900 (5.7%) $337,496 (8.1%) 1.01 698
    2019-01-01 $304,900 (4.8%) $352,369 (8.7%) 1.05 500
    2019-02-01 $300,000 (1.0%) $353,878 (5.4%) 1.01 388
    2019-03-01 $313,043 (-1.9%) $359,553 (1.4%) 1.02 516
    2019-04-01 $319,900 (2.4%) $365,979 (2.5%) 1.01 670
    2019-05-01 $319,400 (6.5%) $361,283 (2.1%) 0.98 708
    2019-06-01 $309,900 (3.3%) $360,500 (2.4%) 0.95 741
    2019-07-01 $309,900 (4.2%) $359,779 (3.8%) 0.96 755
    2019-08-01 $305,614 (6.2%) $358,144 (6.6%) 0.96 750
    2019-09-01 $300,614 (7.4%) $355,632 (7.8%) 0.95 764
    2019-10-01 $299,900 (9.1%) $355,922 (11.2%) 0.96 779
    2019-11-01 $296,900 (8.0%) $353,770 (9.3%) 0.96 736
    2019-12-01 $308,450 (4.6%) $360,227 (6.7%) 1.03 609
    2020-01-01 $304,250 (-0.2%) $355,672 (0.9%) 1.01 536
    2020-02-01 $319,900 (6.6%) $371,785 (5.1%) 1.03 484
    2020-03-01 $317,400 (1.4%) $374,138 (4.1%) 0.99 517
    2020-04-01 $319,950 (0.0%) $370,113 (1.1%) 1.00 564
    2020-05-01 $320,000 (0.2%) $378,054 (4.6%) 0.97 574
    2020-06-01 $330,450 (6.6%) $390,277 (8.3%) 0.97 542
    2020-07-01 $329,950 (6.5%) $400,648 (11.4%) 0.95 494
    2020-08-01 $321,900 (5.3%) $395,191 (10.3%) 0.92 485
    2020-09-01 $311,450 (3.6%) $391,333 (10.0%) 0.89 463
    2020-10-01 $299,890 (0.0%) $377,657 (6.1%) 0.86 455
    2020-11-01 $289,450 (-2.5%) $381,818 (7.9%) 0.83 392
    2020-12-01 $294,950 (-4.4%) $392,482 (9.0%) 0.86 301
    2021-01-01 $304,900 (0.2%) $404,847 (13.8%) 0.90 250
    2021-02-01 $315,950 (-1.2%) $408,730 (9.9%) 0.91 244
    2021-03-01 $334,450 (5.4%) $410,464 (9.7%) 0.94 260
    2021-04-01 $334,850 (4.7%) $411,203 (11.1%) 0.90 235
    2021-05-01 $344,900 (7.8%) $413,726 (9.4%) 0.91 228
    2021-06-01 $339,450 (2.7%) $405,213 (3.8%) 0.88 255
    2021-07-01 $335,000 (1.5%) $413,893 (3.3%) 0.87 319
    2021-08-01 $322,500 (0.2%) $413,627 (4.7%) 0.85 368
    2021-09-01 $329,500 (5.8%) $406,178 (3.8%) 0.87 402
    2021-10-01 $339,900 (13.3%) $414,661 (9.8%) 0.89 421
    2021-11-01 $349,450 (20.7%) $424,310 (11.1%) 0.92 378
    2021-12-01 $355,000 (20.4%) $433,199 (10.4%) 0.95 306
    2022-01-01 $360,000 (18.1%) $432,748 (6.9%) 0.96 242
    2022-02-01 $387,450 (22.6%) $475,697 (16.4%) 0.99 202
    2022-03-01 $383,900 (14.8%) $470,886 (14.7%) 0.95 219
    2022-04-01 $390,000 (16.5%) $463,427 (12.7%) 0.92 249
    Rochester's median listing price for 2022-04-01 was $390,000, a difference of $55,150 (16.5%) versus the prior year and $6,100 versus the prior month.

    Rochester's median listing price comes in at 92% of the national average.

    Rochester's average listing price for 2022-04-01 was $463,427, a difference of $52,224 (12.7%) versus the prior year and $-7,459 versus the prior month.

    For the 2022-04-01 period, Rochester had 249 MLS listings, a difference of 30 listings (14%) versus the prior month and 14 listings (6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Rochester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 2,544 sqft
    2018-02-01 96 days 2,567 sqft
    2018-03-01 56 days 2,738 sqft
    2018-04-01 47 days 2,748 sqft
    2018-05-01 50 days 2,659 sqft
    2018-06-01 50 days 2,695 sqft
    2018-07-01 53 days 2,709 sqft
    2018-08-01 59 days 2,602 sqft
    2018-09-01 59 days 2,578 sqft
    2018-10-01 64 days 2,458 sqft
    2018-11-01 69 days 2,481 sqft
    2018-12-01 78 days 2,352 sqft
    2019-01-01 101 days 2,087 sqft
    2019-02-01 70 days 2,093 sqft
    2019-03-01 64 days 2,167 sqft
    2019-04-01 54 days 2,231 sqft
    2019-05-01 53 days 2,235 sqft
    2019-06-01 57 days 2,246 sqft
    2019-07-01 58 days 2,256 sqft
    2019-08-01 53 days 2,259 sqft
    2019-09-01 56 days 2,220 sqft
    2019-10-01 57 days 2,226 sqft
    2019-11-01 67 days 2,192 sqft
    2019-12-01 79 days 2,199 sqft
    2020-01-01 93 days 2,130 sqft
    2020-02-01 97 days 2,206 sqft
    2020-03-01 52 days 2,190 sqft
    2020-04-01 46 days 2,194 sqft
    2020-05-01 53 days 2,235 sqft
    2020-06-01 57 days 2,269 sqft
    2020-07-01 56 days 2,320 sqft
    2020-08-01 50 days 2,212 sqft
    2020-09-01 49 days 2,180 sqft
    2020-10-01 47 days 2,117 sqft
    2020-11-01 55 days 2,050 sqft
    2020-12-01 60 days 2,088 sqft
    2021-01-01 69 days 1,989 sqft
    2021-02-01 62 days 2,018 sqft
    2021-03-01 40 days 2,106 sqft
    2021-04-01 36 days 2,036 sqft
    2021-05-01 40 days 2,096 sqft
    2021-06-01 38 days 2,113 sqft
    2021-07-01 36 days 2,082 sqft
    2021-08-01 36 days 2,098 sqft
    2021-09-01 42 days 2,072 sqft
    2021-10-01 43 days 2,139 sqft
    2021-11-01 46 days 2,075 sqft
    2021-12-01 58 days 2,068 sqft
    2022-01-01 66 days 2,162 sqft
    2022-02-01 47 days 2,616 sqft
    2022-03-01 37 days 2,577 sqft
    2022-04-01 31 days 2,614 sqft
    Rochester's median listing age (time on market) for 2022-04-01 was 31 days. This is -13% shorter than the same period one year ago.

    Rochester's median square footage for active listings during the 2022-04-01 period was 2,614 sqft. One year prior, the average listing was 2,036 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.