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 46 lenders originated 194 VA loans during 2024. The total origination value was $61,820,000, with an average VA loan value of $318,660.

    Rochester VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Rochester averaged 0.3% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

    Rochester's average VA mortgage closing costs are $5,518.

    The average rate for the prior week (2025-06-13) was 6.94% and one month ago for the week of 2025-05-16, the average rate was 7%.

    The average rate one year ago was 6.7%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.03%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 32 6.06% $6,474
    Mortgage Research Center, LLC 19 6.44% $4,239
    QUICKEN LOANS, LLC 13 6.16% $10,440
    FREEDOM MORTGAGE CORPORATION 13 5.96% $5,652
    GUARANTEED RATE, INC. 12 6.16% $6,337
    PENNYMAC LOAN SERVICES, LLC 8 5.87% $5,708
    NAVY FEDERAL CREDIT UNION 7 6.11% $3,838
    Bell Bank 7 6.21% $6,918
    GUARANTEED RATE AFFINITY, LLC 6 6.28% $4,634
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.72% $8,393
    LOANDEPOT.COM, LLC 4 5.66% $10,847
    NEWREZ LLC 4 5.94% $6,879
    Prosperity Home Mortgage, LLC 4 5.94% $7,308
    Alerus Financial 4 6.47% $6,120
    U.S. Bank 3 6.08% $5,965
    BROKER SOLUTIONS, INC. 3 6.54% $11,991
    NEW DAY FINANCIAL, LLC 3 7.41% $10,754
    JMAC LENDING, INC. 3 5.79% $9,728
    USAA Federal Savings Bank 2 6.19% $2,907
    American Mortgage & Equity Consultants, Inc. 2 6.00% $14,925
    JPMorgan Chase Bank 2 5.63% $19,724
    BAY EQUITY LLC 2 5.94% $7,799
    Merchants Bank 2 5.89% $12,832
    Wells Fargo Bank 1 7.25% $2,774
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $5,960
    Armed Forces Bank 1 6.25% $8,695
    Barrington Bank & Trust Company, N.A. 1 7.25% $1,048
    Century Mortgage Company DBA Century Lending Company 1 5.25% $6,880
    DELMAR FINANCIAL COMPANY 1 5.63% $4,195
    Equity Prime Mortgage LLC 1 6.75% $5,158
    First Federal Bank 1 7.13% $15,802
    Flagstar Bank, FSB 1 5.75% $3,296
    GUILD MORTGAGE COMPANY 1 5.13% $4,910
    LAKEVIEW LOAN SERVICING, LLC 1 7.75% $1,853
    LAND HOME FINANCIAL SERVICES, INC. 1 5.38% $20,188
    LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $16,267
    MORTGAGEONE, INC. 1 6.38% $5,460
    Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $1,362
    NBH Bank 1 5.75% $2,745
    PENTAGON FEDERAL CREDIT UNION 1 6.25% $4,235
    Plains Commerce Bank 1 6.50% $6,839
    PREMIA MORTGAGE, LLC 1 5.75% $4,661
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $6,950
    Summit Mortgage Corporation 1 6.25% $21,346
    UNION HOME MORTGAGE CORP. 1 7.13% $7,139
    Academy Bank 1 5.75% $4,913

    The top Rochester VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 32 VA loans originated. Their average total fees are $6,474, which is $2,235 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Rochester VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,239), FREEDOM MORTGAGE CORPORATION ($5,652), GUARANTEED RATE, INC. ($6,337), UNITED WHOLESALE MORTGAGE, LLC ($6,474) and QUICKEN LOANS, LLC ($10,440).

    The lowest rate Rochester VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (5.96%), UNITED WHOLESALE MORTGAGE, LLC (6.06%), GUARANTEED RATE, INC. (6.16%), QUICKEN LOANS, LLC (6.16%) and Mortgage Research Center, LLC (6.44%).

    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.