South Bend VA Loan Rates, Closing Costs & Stats

SOUTH BEND-MISHAWAKA, IN-MI

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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.

    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 6.84% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

    South Bend's average VA mortgage closing costs are $4,289.

    The average rate for the prior week (2022-11-25) was 7.08% and one month ago for the week of 2022-10-28, the average rate was 7.27%.

    The average rate one year ago was 3.44%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.57%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 MORTGAGE 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
    LOANPAL, LLC 2 2.44% $3,959
    North American Savings Bank, F.S.B. 2 2.50% $2,374
    Fifth Third Bank 2 2.63% $3,510
    AMERICAN FINANCIAL NETWORK, INC. 2 3.25% $6,781
    First Federal Bank 2 2.75% $10,594
    InterContinental Capital Group, Inc 2 3.19% $6,099
    UNION HOME MORTGAGE CORP. 2 2.75% $4,730
    The Huntington National Bank 2 2.69% $4,828
    ACCELERATE MORTGAGE, LLC 2 2.25% $5,784
    Mid-Continent Funding, Inc. 2 3.06% $7,022
    NBKC BANK 2 2.50% $5,697
    First Guaranty Mortgage Corporation 2 2.75% $1,149
    HOME POINT FINANCIAL CORPORATION 2 2.50% $8,134
    CROSSCOUNTRY MORTGAGE, LLC 2 2.88% $5,367
    Nations Lending Corporation 1 3.25% $6,826
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.99% $10,004
    Colonial Savings, F.A. 1 2.50% $2,510
    OCEANSIDE MORTGAGE COMPANY 1 2.75% $0
    Centier Bank 1 2.88% $9,762
    HOMESTEAD FUNDING CORP. 1 2.25% $886
    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
    Bank of America 1 3.25% $20,879
    SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $8,880
    T2 FINANCIAL LLC 1 2.88% $21,704
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $4,730
    AMERISAVE MORTGAGE CORPORATION 1 2.75% $10,406
    GENEVA FINANCIAL, LLC 1 3.25% $5,826
    Flagstar Bank, FSB 1 3.25% $2,462
    HOMESIDE FINANCIAL, LLC 1 2.75% $3,669
    PENTAGON FEDERAL CREDIT UNION 1 2.75% $1,152
    Hometown Lenders, Inc. 1 2.50% $3,554
    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
    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
    Magnolia Bank 1 2.75% $7,503
    MID AMERICA MORTGAGE, INC. 1 2.88% $1,831
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 3.50% $7,573
    M&T Bank 1 3.50% $3,855
    AMERICAN FINANCING CORPORATION 1 2.75% $515

    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 (23.7%) $215,859 (11.0%) 0.48 963
    2018-02-01 $135,000 (23.1%) $226,398 (11.9%) 0.49 885
    2018-03-01 $139,500 (16.4%) $237,065 (7.7%) 0.49 827
    2018-04-01 $159,900 (23.0%) $254,892 (7.2%) 0.54 810
    2018-05-01 $169,900 (13.3%) $261,294 (6.4%) 0.57 855
    2018-06-01 $170,000 (9.8%) $263,841 (8.2%) 0.57 936
    2018-07-01 $175,725 (17.2%) $259,678 (10.3%) 0.59 1,027
    2018-08-01 $174,700 (17.3%) $249,956 (8.4%) 0.58 1,084
    2018-09-01 $169,000 (16.6%) $241,650 (5.2%) 0.57 1,119
    2018-10-01 $165,000 (13.9%) $242,330 (4.8%) 0.56 1,104
    2018-11-01 $159,900 (12.3%) $240,862 (6.4%) 0.54 993
    2018-12-01 $151,450 (16.5%) $234,010 (7.9%) 0.52 937
    2019-01-01 $154,900 (19.3%) $232,935 (7.9%) 0.53 830
    2019-02-01 $162,400 (20.3%) $236,581 (4.5%) 0.55 798
    2019-03-01 $184,757 (32.4%) $251,674 (6.2%) 0.60 765
    2019-04-01 $209,650 (31.1%) $272,573 (6.9%) 0.67 745
    2019-05-01 $222,925 (31.2%) $281,296 (7.7%) 0.70 775
    2019-06-01 $219,900 (29.4%) $280,981 (6.5%) 0.69 875
    2019-07-01 $218,550 (24.4%) $284,311 (9.5%) 0.68 930
    2019-08-01 $206,700 (18.3%) $275,700 (10.3%) 0.65 999
    2019-09-01 $194,325 (15.0%) $266,658 (10.4%) 0.62 1,017
    2019-10-01 $184,800 (12.0%) $261,126 (7.8%) 0.60 1,022
    2019-11-01 $179,700 (12.4%) $262,001 (8.8%) 0.59 925
    2019-12-01 $174,450 (15.2%) $258,659 (10.5%) 0.58 853
    2020-01-01 $176,575 (14.0%) $257,855 (10.7%) 0.59 748
    2020-02-01 $199,950 (23.1%) $271,417 (14.7%) 0.65 671
    2020-03-01 $224,575 (21.6%) $288,823 (14.8%) 0.70 667
    2020-04-01 $220,623 (5.2%) $287,396 (5.4%) 0.69 682
    2020-05-01 $239,900 (7.6%) $304,831 (8.4%) 0.73 660
    2020-06-01 $254,925 (15.9%) $316,719 (12.7%) 0.75 592
    2020-07-01 $246,225 (12.7%) $310,621 (9.3%) 0.71 590
    2020-08-01 $247,500 (19.7%) $311,474 (13.0%) 0.71 580
    2020-09-01 $248,400 (27.8%) $311,390 (16.8%) 0.71 532
    2020-10-01 $225,000 (21.8%) $297,082 (13.8%) 0.64 551
    2020-11-01 $189,900 (5.7%) $275,944 (5.3%) 0.55 525
    2020-12-01 $180,950 (3.7%) $262,342 (1.4%) 0.54 481
    2021-01-01 $174,900 (-1.0%) $256,174 (-0.7%) 0.52 420
    2021-02-01 $194,950 (-2.5%) $296,299 (9.2%) 0.57 316
    2021-03-01 $229,850 (2.4%) $333,188 (15.4%) 0.65 279
    2021-04-01 $241,000 (9.2%) $380,578 (32.4%) 0.65 263
    2021-05-01 $229,900 (-4.2%) $343,888 (12.8%) 0.61 306
    2021-06-01 $244,925 (-3.9%) $351,459 (11.0%) 0.64 360
    2021-07-01 $233,900 (-5.0%) $350,120 (12.7%) 0.62 409
    2021-08-01 $219,975 (-11.1%) $356,475 (14.5%) 0.59 437
    2021-09-01 $226,350 (-8.9%) $366,963 (17.9%) 0.60 442
    2021-10-01 $221,500 (-1.6%) $360,504 (21.4%) 0.59 436
    2021-11-01 $222,450 (17.1%) $338,715 (22.8%) 0.59 377
    2021-12-01 $223,950 (23.8%) $328,278 (25.1%) 0.61 314
    2022-01-01 $249,450 (42.6%) $358,241 (39.8%) 0.67 248
    2022-02-01 $283,425 (45.4%) $397,038 (34.0%) 0.74 227
    2022-03-01 $249,450 (8.5%) $384,575 (15.4%) 0.62 246
    2022-04-01 $271,200 (12.5%) $418,247 (9.9%) 0.65 263
    2022-05-01 $302,400 (31.5%) $424,666 (23.5%) 0.69 316
    2022-06-01 $281,200 (14.8%) $422,548 (20.2%) 0.63 386
    2022-07-01 $262,450 (12.2%) $390,819 (11.6%) 0.59 467
    2022-08-01 $271,750 (23.5%) $380,732 (6.8%) 0.63 481
    2022-09-01 $279,900 (23.7%) $396,879 (8.2%) 0.66 495
    2022-10-01 $275,000 (24.2%) $408,951 (13.4%) 0.65 518
    2022-11-01 $284,650 (28.0%) $422,325 (24.7%) 0.68 516
    South Bend's median listing price for 2022-11-01 was $284,650, a difference of $62,200 (28.0%) versus the prior year and $9,650 versus the prior month.

    South Bend's median listing price comes in at 68% of the national average.

    South Bend's average listing price for 2022-11-01 was $422,325, a difference of $83,610 (24.7%) versus the prior year and $13,374 versus the prior month.

    For the 2022-11-01 period, South Bend had 516 MLS listings, a difference of -2 listings (0%) versus the prior month and 139 listings (37%) 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 92 days 1,632 sqft
    2018-02-01 95 days 1,615 sqft
    2018-03-01 73 days 1,636 sqft
    2018-04-01 59 days 1,706 sqft
    2018-05-01 46 days 1,730 sqft
    2018-06-01 44 days 1,772 sqft
    2018-07-01 46 days 1,794 sqft
    2018-08-01 50 days 1,782 sqft
    2018-09-01 54 days 1,750 sqft
    2018-10-01 63 days 1,746 sqft
    2018-11-01 72 days 1,738 sqft
    2018-12-01 78 days 1,700 sqft
    2019-01-01 82 days 1,696 sqft
    2019-02-01 82 days 1,721 sqft
    2019-03-01 69 days 1,771 sqft
    2019-04-01 54 days 1,825 sqft
    2019-05-01 51 days 1,903 sqft
    2019-06-01 48 days 1,931 sqft
    2019-07-01 51 days 1,919 sqft
    2019-08-01 52 days 1,884 sqft
    2019-09-01 56 days 1,837 sqft
    2019-10-01 59 days 1,800 sqft
    2019-11-01 67 days 1,729 sqft
    2019-12-01 80 days 1,725 sqft
    2020-01-01 90 days 1,713 sqft
    2020-02-01 92 days 1,804 sqft
    2020-03-01 66 days 1,814 sqft
    2020-04-01 60 days 1,789 sqft
    2020-05-01 66 days 1,830 sqft
    2020-06-01 67 days 1,937 sqft
    2020-07-01 56 days 1,900 sqft
    2020-08-01 54 days 1,920 sqft
    2020-09-01 53 days 1,970 sqft
    2020-10-01 44 days 1,868 sqft
    2020-11-01 49 days 1,737 sqft
    2020-12-01 56 days 1,624 sqft
    2021-01-01 67 days 1,620 sqft
    2021-02-01 72 days 1,632 sqft
    2021-03-01 45 days 1,648 sqft
    2021-04-01 37 days 1,725 sqft
    2021-05-01 28 days 1,663 sqft
    2021-06-01 25 days 1,788 sqft
    2021-07-01 32 days 1,800 sqft
    2021-08-01 35 days 1,722 sqft
    2021-09-01 38 days 1,663 sqft
    2021-10-01 39 days 1,654 sqft
    2021-11-01 48 days 1,641 sqft
    2021-12-01 62 days 1,649 sqft
    2022-01-01 64 days 1,821 sqft
    2022-02-01 45 days 1,835 sqft
    2022-03-01 32 days 1,803 sqft
    2022-04-01 30 days 1,830 sqft
    2022-05-01 22 days 1,872 sqft
    2022-06-01 25 days 1,903 sqft
    2022-07-01 27 days 1,905 sqft
    2022-08-01 33 days 1,865 sqft
    2022-09-01 37 days 1,838 sqft
    2022-10-01 37 days 1,847 sqft
    2022-11-01 44 days 1,811 sqft
    South Bend's median listing age (time on market) for 2022-11-01 was 44 days. This is -9% shorter than the same period one year ago.

    South Bend's median square footage for active listings during the 2022-11-01 period was 1,811 sqft. One year prior, the average listing was 1,641 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.