South Bend VA Loans

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 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 80 lenders originated 615 VA loans during 2021. The total origination value was $119,545,000, with an average VA loan value of $194,382.

South Bend VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in South Bend averaged 5.41% 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 5.74% and one month ago for the week of 2022-04-08, the average rate was 5.06%.

The average rate one year ago was 3.17%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.53%.

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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the South Bend level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 84 2.92% $4,220
QUICKEN LOANS, LLC 65 2.57% $4,606
FREEDOM MORTGAGE CORPORATION 51 2.58% $1,575
RUOFF MORTGAGE COMPANY, INC. 26 3.11% $4,492
HALLMARK HOME MORTGAGE, LLC 23 3.01% $6,289
PENNYMAC LOAN SERVICES, LLC 21 2.55% $3,816
USAA Federal Savings Bank 18 2.83% $2,798
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 16 3.34% $6,740
NAVY FEDERAL CREDIT UNION 15 2.46% $5,321
NEW DAY FINANCIAL, LLC 15 2.91% $6,297
UNITED WHOLESALE MORTGAGE, LLC 15 2.63% $2,998
CALIBER HOME LOANS, INC. 10 2.51% $3,497
LOANDEPOT.COM, LLC 9 2.61% $5,673
Mr. Cooper ( Nationstar Mortgage ) 9 2.96% $4,105
GUARANTEED RATE, INC. 8 2.83% $6,369
Wells Fargo Bank 7 2.52% $3,055
CLEARPATH LENDING 6 2.25% $3,277
The Federal Savings Bank 6 2.52% $13,997
Low VA Rates, LLC 6 2.33% $2,779
Barrington Bank & Trust Company, N.A. 5 2.63% $7,567
SOVEREIGN LENDING GROUP INCORPORATED 5 2.65% $3,992
NEWREZ LLC 4 2.84% $1,827
Carrington Mortgage Services, LLC 4 3.13% $4,486
TEACHERS CREDIT UNION 4 2.69% $4,696
VILLAGE CAPITAL & INVESTMENT LLC 4 2.44% $3,070
SUN WEST MORTGAGE COMPANY, INC. 3 2.67% $3,759
AMERIFIRST FINANCIAL CORPORATION 3 4.21% $3,378
BROKER SOLUTIONS, INC. 3 2.29% $6,057
Horizon Bank 3 3.08% $5,189
LAKEVIEW LOAN SERVICING, LLC 3 2.34% $2,748
MUTUAL OF OMAHA MORTGAGE, INC. 3 2.58% $8,832
1st Source Bank 3 3.58% $3,097
TOP FLITE FINANCIAL, INC. 3 3.42% $8,074
AMERICAN FINANCIAL NETWORK, INC. 2 3.25% $6,781
UNION HOME MORTGAGE CORP. 2 2.75% $4,730
InterContinental Capital Group, Inc 2 3.19% $6,099
LOANPAL, LLC 2 2.44% $3,959
First Federal Bank 2 2.75% $10,594
Mid-Continent Funding, Inc. 2 3.06% $7,022
Fifth Third Bank 2 2.63% $3,510
NBKC BANK 2 2.50% $5,697
CROSSCOUNTRY MORTGAGE, LLC 2 2.88% $5,367
North American Savings Bank, F.S.B. 2 2.50% $2,374
The Huntington National Bank 2 2.69% $4,828
ACCELERATE MORTGAGE, LLC 2 2.25% $5,784
First Guaranty Mortgage Corporation 2 2.75% $1,149
HOME POINT FINANCIAL CORPORATION 2 2.50% $8,134
Manufacturers and Traders Trust Company 1 3.50% $3,855
MID AMERICA MORTGAGE, INC. 1 2.88% $1,831
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $4,730
FIRST CENTENNIAL MORTGAGE CORPORATION 1 3.50% $7,573
AMERISAVE MORTGAGE CORPORATION 1 2.75% $10,406
AMERICAN FINANCING CORPORATION 1 2.75% $515
Nations Lending Corporation 1 3.25% $6,826
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.99% $10,004
Flagstar Bank, FSB 1 3.25% $2,462
HOMESIDE FINANCIAL, LLC 1 2.75% $3,669
Colonial Savings, F.A. 1 2.50% $2,510
GENEVA FINANCIAL, LLC 1 3.25% $5,826
OCEANSIDE MORTGAGE COMPANY 1 2.75% $0
Centier Bank 1 2.88% $9,762
PENTAGON FEDERAL CREDIT UNION 1 2.75% $1,152
PLANET HOME LENDING, LLC 1 2.25% $2,933
CELEBRITY HOME LOANS, LLC 1 3.13% $11,570
RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.88% $2,420
ROYAL UNITED MORTGAGE LLC 1 3.00% $5,064
BNC National Bank 1 2.50% $2,091
Hometown Lenders, Inc. 1 2.50% $3,554
Bank of America 1 3.25% $20,879
Independent Bank 1 3.25% $4,469
INLAND BANK & TRUST 1 4.13% $1,440
INOVA FEDERAL CREDIT UNION 1 2.88% $1,690
INTERCAP LENDING INC. 1 2.63% $1,979
SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $8,880
KeyBank 1 2.75% $6,584
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.38% $3,475
First Federal Bank of Kansas City 1 2.88% $3,482
HOMESTEAD FUNDING CORP. 1 2.25% $886
T2 FINANCIAL LLC 1 2.88% $21,704
Magnolia Bank 1 2.75% $7,503

The top South Bend VA lender as defined by loan originations is Mortgage Research Center, LLC, with 84 VA loans originated. Their average total fees are $4,220, which is $386 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee South Bend VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($1,575), USAA Federal Savings Bank ($2,798), UNITED WHOLESALE MORTGAGE, LLC ($2,998), CALIBER HOME LOANS, INC. ($3,497) and PENNYMAC LOAN SERVICES, LLC ($3,816).

The lowest rate South Bend VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (2.46%), CALIBER HOME LOANS, INC. (2.51%), PENNYMAC LOAN SERVICES, LLC (2.55%), QUICKEN LOANS, LLC (2.57%) and FREEDOM MORTGAGE CORPORATION (2.58%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - South Bend (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 $129,900 (21.4%) $209,535 (7.9%) 0.48 979
2018-02-01 $133,200 (21.1%) $218,123 (8.6%) 0.48 906
2018-03-01 $139,900 (14.8%) $230,055 (5.1%) 0.48 849
2018-04-01 $157,400 (21.2%) $244,493 (4.4%) 0.53 840
2018-05-01 $169,950 (15.0%) $252,535 (3.8%) 0.57 888
2018-06-01 $169,900 (11.5%) $255,544 (7.1%) 0.57 963
2018-07-01 $176,950 (18.1%) $257,750 (12.3%) 0.59 1,053
2018-08-01 $175,000 (17.0%) $246,290 (9.2%) 0.58 1,107
2018-09-01 $167,000 (15.2%) $238,504 (6.5%) 0.56 1,147
2018-10-01 $159,950 (13.0%) $237,673 (5.2%) 0.53 1,121
2018-11-01 $155,825 (11.4%) $234,533 (6.7%) 0.52 1,009
2018-12-01 $154,777 (19.1%) $228,603 (9.2%) 0.53 949
2019-01-01 $153,450 (18.1%) $225,930 (7.8%) 0.53 846
2019-02-01 $162,400 (21.9%) $232,919 (6.8%) 0.54 818
2019-03-01 $184,800 (32.1%) $250,484 (8.9%) 0.60 784
2019-04-01 $210,000 (33.4%) $270,349 (10.6%) 0.66 755
2019-05-01 $229,000 (34.8%) $280,361 (11.0%) 0.71 784
2019-06-01 $220,900 (30.0%) $278,769 (9.1%) 0.68 891
2019-07-01 $222,200 (25.6%) $280,372 (8.8%) 0.69 954
2019-08-01 $204,814 (17.0%) $265,404 (7.8%) 0.64 1,095
2019-09-01 $189,900 (13.7%) $254,935 (6.9%) 0.60 1,113
2019-10-01 $184,950 (15.6%) $256,517 (7.9%) 0.59 1,021
2019-11-01 $179,000 (14.9%) $255,363 (8.9%) 0.58 925
2019-12-01 $172,400 (11.4%) $250,714 (9.7%) 0.57 853
2020-01-01 $179,700 (17.1%) $249,055 (10.2%) 0.60 750
2020-02-01 $214,900 (32.3%) $270,982 (16.3%) 0.69 672
2020-03-01 $222,500 (20.4%) $283,543 (13.2%) 0.70 654
2020-04-01 $221,950 (5.7%) $284,872 (5.4%) 0.69 673
2020-05-01 $239,900 (4.8%) $306,327 (9.3%) 0.73 652
2020-06-01 $252,450 (14.3%) $315,061 (13.0%) 0.74 583
2020-07-01 $244,950 (10.2%) $304,842 (8.7%) 0.70 576
2020-08-01 $247,400 (20.8%) $305,976 (15.3%) 0.71 575
2020-09-01 $249,450 (31.4%) $308,341 (21.0%) 0.71 523
2020-10-01 $224,500 (21.4%) $294,642 (14.9%) 0.64 543
2020-11-01 $192,400 (7.5%) $273,929 (7.3%) 0.55 528
2020-12-01 $182,450 (5.8%) $261,705 (4.4%) 0.54 494
2021-01-01 $175,000 (-2.6%) $258,257 (3.7%) 0.51 431
2021-02-01 $207,400 (-3.5%) $302,499 (11.6%) 0.60 323
2021-03-01 $230,000 (3.4%) $333,711 (17.7%) 0.64 285
2021-04-01 $234,500 (5.7%) $382,191 (34.2%) 0.63 262
2021-05-01 $225,000 (-6.2%) $352,475 (15.1%) 0.59 306
2021-06-01 $245,000 (-3.0%) $354,075 (12.4%) 0.64 359
2021-07-01 $239,950 (-2.0%) $354,140 (16.2%) 0.62 400
2021-08-01 $224,700 (-9.2%) $364,879 (19.3%) 0.59 434
2021-09-01 $221,950 (-11.0%) $360,665 (17.0%) 0.58 447
2021-10-01 $219,000 (-2.5%) $354,851 (20.4%) 0.58 428
2021-11-01 $222,400 (15.6%) $339,694 (24.0%) 0.59 376
2021-12-01 $223,500 (22.5%) $330,983 (26.5%) 0.60 312
2022-01-01 $249,900 (42.8%) $365,849 (41.7%) 0.67 245
2022-02-01 $287,000 (38.4%) $393,105 (30.0%) 0.73 223
2022-03-01 $249,900 (8.7%) $379,521 (13.7%) 0.62 240
2022-04-01 $269,500 (14.9%) $410,842 (7.5%) 0.63 256
South Bend's median listing price for 2022-04-01 was $269,500, a difference of $35,000 (14.9%) versus the prior year and $19,600 versus the prior month.

South Bend's median listing price comes in at 63% of the national average.

South Bend's average listing price for 2022-04-01 was $410,842, a difference of $28,651 (7.5%) versus the prior year and $31,321 versus the prior month.

For the 2022-04-01 period, South Bend had 256 MLS listings, a difference of 16 listings (7%) versus the prior month and -6 listings (-2%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - South Bend (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 93 days 1,636 sqft
2018-02-01 94 days 1,622 sqft
2018-03-01 74 days 1,634 sqft
2018-04-01 59 days 1,702 sqft
2018-05-01 47 days 1,731 sqft
2018-06-01 44 days 1,760 sqft
2018-07-01 46 days 1,791 sqft
2018-08-01 50 days 1,763 sqft
2018-09-01 55 days 1,744 sqft
2018-10-01 64 days 1,737 sqft
2018-11-01 74 days 1,728 sqft
2018-12-01 78 days 1,700 sqft
2019-01-01 81 days 1,687 sqft
2019-02-01 80 days 1,711 sqft
2019-03-01 71 days 1,765 sqft
2019-04-01 56 days 1,817 sqft
2019-05-01 53 days 1,888 sqft
2019-06-01 50 days 1,912 sqft
2019-07-01 52 days 1,916 sqft
2019-08-01 53 days 1,879 sqft
2019-09-01 58 days 1,830 sqft
2019-10-01 62 days 1,773 sqft
2019-11-01 67 days 1,728 sqft
2019-12-01 80 days 1,718 sqft
2020-01-01 89 days 1,715 sqft
2020-02-01 92 days 1,806 sqft
2020-03-01 65 days 1,800 sqft
2020-04-01 58 days 1,792 sqft
2020-05-01 65 days 1,824 sqft
2020-06-01 70 days 1,924 sqft
2020-07-01 57 days 1,898 sqft
2020-08-01 53 days 1,900 sqft
2020-09-01 53 days 1,950 sqft
2020-10-01 44 days 1,870 sqft
2020-11-01 48 days 1,756 sqft
2020-12-01 53 days 1,622 sqft
2021-01-01 67 days 1,611 sqft
2021-02-01 75 days 1,636 sqft
2021-03-01 50 days 1,643 sqft
2021-04-01 43 days 1,736 sqft
2021-05-01 30 days 1,680 sqft
2021-06-01 30 days 1,802 sqft
2021-07-01 35 days 1,828 sqft
2021-08-01 37 days 1,764 sqft
2021-09-01 40 days 1,657 sqft
2021-10-01 43 days 1,656 sqft
2021-11-01 49 days 1,674 sqft
2021-12-01 61 days 1,675 sqft
2022-01-01 71 days 1,837 sqft
2022-02-01 49 days 1,829 sqft
2022-03-01 35 days 1,806 sqft
2022-04-01 30 days 1,850 sqft
South Bend's median listing age (time on market) for 2022-04-01 was 30 days. This is -29% shorter than the same period one year ago.

South Bend's median square footage for active listings during the 2022-04-01 period was 1,850 sqft. One year prior, the average listing was 1,736 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.