Rochester VA Loan Rates, Closing Costs & Stats

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 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.

    Rochester's 38 lenders originated 153 VA loans during 2023. The total origination value was $46,405,000, with an average VA loan value of $303,301.

    Rochester VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Rochester averaged 6.56% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Rochester's average VA mortgage closing costs are $5,372.

    The average rate for the prior week (2024-07-12) was 6.3% and one month ago for the week of 2024-06-14, the average rate was 6.26%.

    The average rate one year ago was 6.44%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.03%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Rochester level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 23 6.54% $8,060
    UNITED WHOLESALE MORTGAGE, LLC 23 6.08% $6,732
    QUICKEN LOANS, LLC 11 6.31% $9,439
    NAVY FEDERAL CREDIT UNION 8 5.70% $4,744
    GUARANTEED RATE, INC. 7 6.38% $3,946
    Wells Fargo Bank 6 5.98% $10,044
    Bell Bank 6 6.56% $7,524
    FREEDOM MORTGAGE CORPORATION 6 6.23% $14,954
    Prosperity Home Mortgage, LLC 6 6.23% $5,470
    LOANDEPOT.COM, LLC 5 6.40% $20,136
    PENNYMAC LOAN SERVICES, LLC 4 5.44% $9,896
    GUARANTEED RATE AFFINITY, LLC 4 6.34% $5,733
    USAA Federal Savings Bank 3 6.71% $2,554
    Barrington Bank & Trust Company, N.A. 3 6.25% $11,381
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.38% $15,009
    CROSSCOUNTRY MORTGAGE, LLC 2 6.69% $16,840
    Mr. Cooper ( Nationstar Mortgage ) 2 6.44% $8,507
    NEW DAY FINANCIAL, LLC 2 6.88% $12,086
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $1,432
    Nations Lending Corporation 1 5.75% $7,776
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.13% $6,061
    NEWREZ LLC 1 6.75% $8,055
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $4,977
    Plains Commerce Bank 1 6.25% $8,951
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $10,377
    The Federal Savings Bank 1 6.50% $36,208
    TOWNE MORTGAGE COMPANY 1 6.49% $26,414
    Union Savings Bank 1 6.25% $3,126
    CMG MORTGAGE, INC. 1 7.63% $10,061
    Bremer Bank 1 6.63% $5,419
    VILLAGE CAPITAL MORTGAGE 1 5.75% $7,339
    Century Mortgage Company DBA Century Lending Company 1 5.63% $5,687
    GUILD MORTGAGE COMPANY 1 6.13% $16,760
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $8,493
    Home Federal Savings Bank 1 6.75% $8,055
    Magnolia Bank 1 6.75% $14,341
    Merchants Bank 1 5.25% $3,628
    BROKER SOLUTIONS, INC. 1 7.13% $12,499

    The top Rochester VA lender as defined by loan originations is Mortgage Research Center, LLC, with 23 VA loans originated. Their average total fees are $8,060, which is $1,328 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Rochester VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($6,732), Mortgage Research Center, LLC ($8,060), QUICKEN LOANS, LLC ($9,439), .

    The lowest rate Rochester VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.08%), QUICKEN LOANS, LLC (6.31%), Mortgage Research Center, LLC (6.54%), .

    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.