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 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.