Rochester VA Loans

ROCHESTER, MN

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.