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 56 lenders originated 319 VA loans during 2022. The total origination value was $70,785,000, with an average VA loan value of $221,897.

    South Bend VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in South Bend averaged 0% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    South Bend's average VA mortgage closing costs are $4,698.

    The average rate for the prior week (2023-11-17) was 7.24% and one month ago for the week of 2023-10-20, the average rate was 7.67%.

    The average rate one year ago was 6.59%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.04%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 61 5.35% $5,108
    QUICKEN LOANS, LLC 38 4.06% $7,962
    RUOFF MORTGAGE COMPANY, INC. 22 5.20% $5,437
    HALLMARK HOME MORTGAGE, LLC 19 5.14% $9,636
    CARDINAL FINANCIAL 15 5.56% $8,923
    FREEDOM MORTGAGE CORPORATION 15 4.63% $7,730
    USAA Federal Savings Bank 13 4.30% $5,348
    NEW DAY FINANCIAL, LLC 12 4.50% $8,556
    NAVY FEDERAL CREDIT UNION 10 4.08% $3,262
    PENNYMAC LOAN SERVICES, LLC 9 3.86% $12,636
    UNITED WHOLESALE MORTGAGE, LLC 7 4.58% $8,029
    GUARANTEED RATE, INC. 6 4.98% $5,121
    LOANDEPOT.COM, LLC 5 4.72% $9,311
    Flagstar Bank, FSB 3 5.92% $7,116
    1st Source Bank 3 6.04% $8,301
    Horizon Bank 3 5.42% $6,631
    NEWREZ LLC 3 4.67% $6,174
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 4.08% $9,893
    Barrington Bank & Trust Company, N.A. 3 5.04% $5,766
    MUTUAL OF OMAHA MORTGAGE, INC. 3 4.83% $14,693
    Wells Fargo Bank 2 3.69% $5,766
    AMERIFIRST FINANCIAL CORPORATION 2 4.81% $5,232
    AMERISAVE MORTGAGE CORPORATION 2 3.81% $11,933
    CALIBER HOME LOANS, INC. 2 5.25% $9,499
    CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $1,348
    EVERETT FINANCIAL, INC. 2 4.38% $5,407
    LOANPAL, LLC 2 3.00% $6,926
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 5.25% $8,166
    Mr. Cooper ( Nationstar Mortgage ) 2 3.75% $9,640
    PLANET HOME LENDING, LLC 2 3.00% $1,668
    TEACHERS CREDIT UNION 2 5.44% $7,194
    The Federal Savings Bank 2 5.88% $9,994
    Mid-Continent Funding, Inc. 1 5.63% $1,357
    FLAT BRANCH MORTGAGE, INC. 1 5.13% $2,712
    UNITED SECURITY FINANCIAL CORP 1 5.50% $12,730
    BROKER SOLUTIONS, INC. 1 6.13% $8,703
    First Home Bank 1 5.75% $13,974
    Fifth Third Bank 1 5.25% $1,298
    CLEARPATH LENDING 1 3.88% $12,930
    CHERRY CREEK MORTGAGE, LLC 1 2.88% $798
    Notre Dame Federal Credit Union Corporation 1 3.13% $4,135
    Century Mortgage Company DBA Century Lending Company 1 4.75% $12,212
    UNIVERSITY LENDING GROUP, LLC 1 4.13% $13,258
    Carrington Mortgage Services, LLC 1 3.00% $10,067
    Regions Bank 1 3.25% $6,326
    CANOPY MORTGAGE, LLC 1 3.25% $11,235
    SIRVA MORTGAGE, INC. 1 5.00% $3,466
    SOUTHWEST FUNDING, LP 1 7.50% $7,153
    BNC National Bank 1 5.00% $9,471
    AMERICAN FINANCING CORPORATION 1 2.50% $3,133
    Hometown Lenders, Inc. 1 3.88% $12,426
    GVC MORTGAGE, INC. 1 6.25% $6,449
    JAMES B. NUTTER & COMPANY 1 5.25% $11,558
    JPMorgan Chase Bank 1 3.13% $4,295
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 4.75% $5,225
    UNION HOME MORTGAGE CORP. 1 2.25% $4,314

    The top South Bend VA lender as defined by loan originations is Mortgage Research Center, LLC, with 61 VA loans originated. Their average total fees are $5,108, which is $2,853 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee South Bend VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,262), Mortgage Research Center, LLC ($5,108), USAA Federal Savings Bank ($5,348), RUOFF MORTGAGE COMPANY, INC. ($5,437) and FREEDOM MORTGAGE CORPORATION ($7,730).

    The lowest rate South Bend VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.06%), NAVY FEDERAL CREDIT UNION (4.08%), USAA Federal Savings Bank (4.30%), NEW DAY FINANCIAL, LLC (4.50%) and FREEDOM MORTGAGE CORPORATION (4.63%).

    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%) 0.59 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%) 0.54 830
    2019-02-01 $162,400 (20.3%) $236,581 (4.5%) 0.55 798
    2019-03-01 $184,757 (32.4%) $251,858 (6.2%) 0.60 764
    2019-04-01 $209,900 (31.3%) $272,879 (7.1%) 0.67 743
    2019-05-01 $223,675 (31.7%) $281,719 (7.8%) 0.70 772
    2019-06-01 $220,000 (29.4%) $281,451 (6.7%) 0.69 872
    2019-07-01 $218,950 (24.6%) $284,780 (9.7%) 0.69 927
    2019-08-01 $206,791 (18.4%) $276,066 (10.5%) 0.66 995
    2019-09-01 $194,477 (15.1%) $266,919 (10.5%) 0.62 1,014
    2019-10-01 $184,900 (12.1%) $261,314 (7.8%) 0.60 1,018
    2019-11-01 $179,900 (12.5%) $262,210 (8.9%) 0.59 921
    2019-12-01 $174,900 (15.5%) $258,861 (10.6%) 0.58 849
    2020-01-01 $177,450 (14.6%) $257,988 (10.8%) 0.59 744
    2020-02-01 $202,450 (24.7%) $271,753 (14.9%) 0.66 667
    2020-03-01 $224,800 (21.7%) $289,262 (14.9%) 0.70 663
    2020-04-01 $222,875 (6.2%) $287,825 (5.5%) 0.70 678
    2020-05-01 $239,950 (7.3%) $305,377 (8.4%) 0.73 656
    2020-06-01 $257,425 (17.0%) $317,503 (12.8%) 0.76 589
    2020-07-01 $246,250 (12.5%) $311,270 (9.3%) 0.71 586
    2020-08-01 $247,900 (19.9%) $312,145 (13.1%) 0.71 576
    2020-09-01 $249,450 (28.3%) $312,109 (16.9%) 0.71 528
    2020-10-01 $225,000 (21.7%) $297,683 (13.9%) 0.64 547
    2020-11-01 $189,925 (5.6%) $276,437 (5.4%) 0.56 521
    2020-12-01 $183,169 (4.7%) $262,739 (1.5%) 0.55 477
    2021-01-01 $175,000 (-1.4%) $256,681 (-0.5%) 0.52 416
    2021-02-01 $195,950 (-3.2%) $297,303 (9.4%) 0.57 312
    2021-03-01 $232,350 (3.4%) $334,831 (15.8%) 0.66 275
    2021-04-01 $248,475 (11.5%) $383,009 (33.1%) 0.67 259
    2021-05-01 $229,950 (-4.2%) $345,499 (13.1%) 0.61 302
    2021-06-01 $244,950 (-4.9%) $352,913 (11.2%) 0.64 356
    2021-07-01 $234,000 (-5.0%) $351,458 (12.9%) 0.62 405
    2021-08-01 $220,000 (-11.3%) $357,719 (14.6%) 0.59 433
    2021-09-01 $228,250 (-8.5%) $368,275 (18.0%) 0.61 438
    2021-10-01 $223,950 (-0.5%) $361,805 (21.5%) 0.60 432
    2021-11-01 $222,500 (17.2%) $340,035 (23.0%) 0.59 373
    2021-12-01 $224,450 (22.5%) $329,626 (25.5%) 0.61 310
    2022-01-01 $249,900 (42.8%) $360,616 (40.5%) 0.68 244
    2022-02-01 $287,000 (46.5%) $400,143 (34.6%) 0.75 223
    2022-03-01 $249,900 (7.6%) $386,805 (15.5%) 0.63 242
    2022-04-01 $274,900 (10.6%) $421,405 (10.0%) 0.66 259
    2022-05-01 $304,925 (32.6%) $427,389 (23.7%) 0.70 312
    2022-06-01 $283,450 (15.7%) $424,586 (20.3%) 0.63 382
    2022-07-01 $264,950 (13.2%) $392,242 (11.6%) 0.60 463
    2022-08-01 $273,225 (24.2%) $382,054 (6.8%) 0.63 477
    2022-09-01 $279,900 (22.6%) $397,724 (8.0%) 0.65 491
    2022-10-01 $275,000 (22.8%) $410,430 (13.4%) 0.65 515
    2022-11-01 $284,900 (28.0%) $423,804 (24.6%) 0.68 512
    2022-12-01 $277,450 (23.6%) $412,621 (25.2%) 0.69 476
    2023-01-01 $299,738 (19.9%) $414,787 (15.0%) 0.74 415
    2023-02-01 $294,425 (2.6%) $422,711 (5.6%) 0.71 371
    2023-03-01 $319,950 (28.0%) $445,710 (15.2%) 0.75 346
    2023-04-01 $299,950 (9.1%) $446,537 (6.0%) 0.70 340
    2023-05-01 $323,450 (6.1%) $457,011 (6.9%) 0.73 386
    2023-06-01 $292,450 (3.2%) $434,202 (2.3%) 0.66 417
    2023-07-01 $289,900 (9.4%) $429,712 (9.6%) 0.66 417
    2023-08-01 $271,750 (-0.5%) $398,801 (4.4%) 0.62 454
    2023-09-01 $259,900 (-7.2%) $376,159 (-5.4%) 0.61 520
    2023-10-01 $252,475 (-8.2%) $368,878 (-10.1%) 0.59 583
    South Bend's median listing price for 2023-10-01 was $252,475, a difference of $-22,525 (-8.2%) versus the prior year and $-7,425 versus the prior month.

    South Bend's median listing price comes in at 59% of the national average.

    South Bend's average listing price for 2023-10-01 was $368,878, a difference of $-41,552 (-10.1%) versus the prior year and $-7,281 versus the prior month.

    For the 2023-10-01 period, South Bend had 583 MLS listings, a difference of 63 listings (12%) versus the prior month and 68 listings (13%) 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 87 days 1,632 sqft
    2018-02-01 90 days 1,615 sqft
    2018-03-01 66 days 1,636 sqft
    2018-04-01 55 days 1,706 sqft
    2018-05-01 43 days 1,730 sqft
    2018-06-01 40 days 1,772 sqft
    2018-07-01 44 days 1,794 sqft
    2018-08-01 46 days 1,782 sqft
    2018-09-01 51 days 1,750 sqft
    2018-10-01 60 days 1,746 sqft
    2018-11-01 70 days 1,738 sqft
    2018-12-01 74 days 1,700 sqft
    2019-01-01 80 days 1,696 sqft
    2019-02-01 76 days 1,721 sqft
    2019-03-01 65 days 1,771 sqft
    2019-04-01 51 days 1,824 sqft
    2019-05-01 47 days 1,903 sqft
    2019-06-01 45 days 1,938 sqft
    2019-07-01 48 days 1,920 sqft
    2019-08-01 50 days 1,886 sqft
    2019-09-01 54 days 1,838 sqft
    2019-10-01 57 days 1,800 sqft
    2019-11-01 65 days 1,729 sqft
    2019-12-01 76 days 1,725 sqft
    2020-01-01 84 days 1,709 sqft
    2020-02-01 81 days 1,803 sqft
    2020-03-01 57 days 1,813 sqft
    2020-04-01 56 days 1,789 sqft
    2020-05-01 61 days 1,830 sqft
    2020-06-01 58 days 1,941 sqft
    2020-07-01 47 days 1,900 sqft
    2020-08-01 47 days 1,920 sqft
    2020-09-01 47 days 1,985 sqft
    2020-10-01 41 days 1,868 sqft
    2020-11-01 45 days 1,737 sqft
    2020-12-01 51 days 1,624 sqft
    2021-01-01 61 days 1,620 sqft
    2021-02-01 66 days 1,632 sqft
    2021-03-01 40 days 1,648 sqft
    2021-04-01 33 days 1,725 sqft
    2021-05-01 25 days 1,663 sqft
    2021-06-01 24 days 1,788 sqft
    2021-07-01 30 days 1,800 sqft
    2021-08-01 32 days 1,722 sqft
    2021-09-01 36 days 1,663 sqft
    2021-10-01 38 days 1,656 sqft
    2021-11-01 47 days 1,647 sqft
    2021-12-01 58 days 1,655 sqft
    2022-01-01 58 days 1,820 sqft
    2022-02-01 39 days 1,835 sqft
    2022-03-01 30 days 1,800 sqft
    2022-04-01 26 days 1,826 sqft
    2022-05-01 19 days 1,872 sqft
    2022-06-01 24 days 1,898 sqft
    2022-07-01 25 days 1,900 sqft
    2022-08-01 32 days 1,862 sqft
    2022-09-01 36 days 1,838 sqft
    2022-10-01 36 days 1,846 sqft
    2022-11-01 43 days 1,811 sqft
    2022-12-01 52 days 1,800 sqft
    2023-01-01 65 days 1,806 sqft
    2023-02-01 63 days 1,767 sqft
    2023-03-01 53 days 1,833 sqft
    2023-04-01 36 days 1,800 sqft
    2023-05-01 30 days 1,833 sqft
    2023-06-01 32 days 1,808 sqft
    2023-07-01 37 days 1,833 sqft
    2023-08-01 35 days 1,764 sqft
    2023-09-01 37 days 1,691 sqft
    2023-10-01 37 days 1,725 sqft
    South Bend's median listing age (time on market) for 2023-10-01 was 37 days. This is 3% longer than the same period one year ago.

    South Bend's median square footage for active listings during the 2023-10-01 period was 1,725 sqft. One year prior, the average listing was 1,846 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.