South Bend VA Loan Rates, Closing Costs & Stats

SOUTH BEND-MISHAWAKA, IN-MI

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.

South Bend's 60 lenders originated 328 VA loans during 2024. The total origination value was $86,530,000, with an average VA loan value of $263,811.

South Bend VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in South Bend averaged 0.42% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

South Bend's average VA mortgage closing costs are $5,202.

The average rate for the prior week (2025-06-13) was 7.07% and one month ago for the week of 2025-05-16, the average rate was 6.83%.

The average rate one year ago was 6.82%.

For refis of the same type during the week of 2025-06-20, the average rate was 0.77%.

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

South Bend 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 South Bend level.

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
Mortgage Research Center, LLC 82 6.38% $4,827
QUICKEN LOANS, LLC 26 6.27% $9,831
FREEDOM MORTGAGE CORPORATION 23 6.27% $7,726
UNITED WHOLESALE MORTGAGE, LLC 22 5.87% $6,128
HALLMARK HOME MORTGAGE, LLC 19 6.67% $9,806
NAVY FEDERAL CREDIT UNION 14 5.80% $5,581
RUOFF MORTGAGE COMPANY, INC. 13 6.41% $7,225
NEW DAY FINANCIAL, LLC 8 7.68% $8,881
PENNYMAC LOAN SERVICES, LLC 8 5.66% $7,236
UNION HOME MORTGAGE CORP. 7 6.45% $7,761
CARDINAL FINANCIAL 7 6.89% $6,460
VILLAGE CAPITAL MORTGAGE 5 5.85% $5,546
GUARANTEED RATE, INC. 4 6.44% $5,050
LOANDEPOT.COM, LLC 4 6.28% $5,885
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 7.08% $12,085
The Federal Savings Bank 3 6.54% $12,741
USAA Federal Savings Bank 3 5.79% $5,822
JPMorgan Chase Bank 3 6.00% $7,684
CROSSCOUNTRY MORTGAGE, LLC 3 6.21% $5,372
CHURCHILL MORTGAGE CORPORATION 2 7.00% $4,996
TEACHERS CREDIT UNION 2 6.44% $3,402
AMERISAVE MORTGAGE CORPORATION 2 6.31% $12,284
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.00% $2,960
Carrington Mortgage Services, LLC 2 5.75% $14,652
CLEARPATH LENDING 2 6.19% $6,599
LAKEVIEW LOAN SERVICING, LLC 2 5.25% $5,706
LAKE MICHIGAN CREDIT UNION 2 6.38% $8,115
NEWREZ LLC 2 6.00% $4,577
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.63% $16,988
Barrington Bank & Trust Company, N.A. 2 6.25% $5,816
The Dart Bank 1 6.13% $3,935
AMERICAN FINANCIAL NETWORK, INC. 1 5.75% $7,900
AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $29,894
AMERICAN FINANCING CORPORATION 1 4.99% $37,613
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.75% $27,062
AmeriHome Mortgage Company, LLC 1 5.99% $3,389
BROKER SOLUTIONS, INC. 1 7.25% $8,262
CMG MORTGAGE, INC. 1 5.99% $15,813
CONTOUR MORTGAGE CORPORATION 1 7.13% $4,863
Credence Funding Corporation 1 5.88% $5,172
Fifth Third Bank 1 6.38% $6,121
First Federal Bank 1 6.00% $9,038
Flagstar Bank, FSB 1 5.00% $4,273
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.63% $12,818
GVC MORTGAGE, INC. 1 6.75% $4,697
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $2,499
Horizon Bank 1 6.63% $1,283
Ixonia Bank 1 7.00% $14,746
Magnolia Bank 1 5.88% $12,045
Mid-Continent Funding, Inc. 1 6.00% $1,031
MOVEMENT MORTGAGE, LLC 1 6.25% $10,568
Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $6,387
PHH Mortgage Corporation 1 7.13% $4,606
PLAZA HOME MORTGAGE, INC. 1 6.49% $8,042
PNC Bank 1 6.25% $1,259
Regions Bank 1 7.13% $19,831
ROYAL UNITED MORTGAGE LLC 1 6.75% $15,778
1st Source Bank 1 6.75% $4,348
Truist 1 6.13% $5,242
VAN DYK MORTGAGE CORPORATION 1 6.63% $8,892

The top South Bend VA lender as defined by loan originations is Mortgage Research Center, LLC, with 82 VA loans originated. Their average total fees are $4,827, which is $5,004 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee South Bend VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,827), NAVY FEDERAL CREDIT UNION ($5,581), UNITED WHOLESALE MORTGAGE, LLC ($6,128), RUOFF MORTGAGE COMPANY, INC. ($7,225) and FREEDOM MORTGAGE CORPORATION ($7,726).

The lowest rate South Bend VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.80%), UNITED WHOLESALE MORTGAGE, LLC (5.87%), QUICKEN LOANS, LLC (6.27%), FREEDOM MORTGAGE CORPORATION (6.27%) and Mortgage Research Center, LLC (6.38%).

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.