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 45 lenders originated 236 VA loans during 2023. The total origination value was $55,230,000, with an average VA loan value of $234,025.

South Bend VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in South Bend averaged 6.77% for the week of 2024-06-07, compared to the national average (all VA variants) of 6.387% for the same period.

South Bend's average VA mortgage closing costs are $4,934.

The average rate for the prior week (2024-05-31) was 7.08% and one month ago for the week of 2024-05-03, the average rate was 7.3%.

The average rate one year ago was 7%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.33%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 64 6.85% $4,802
QUICKEN LOANS, LLC 22 6.14% $10,030
CARDINAL FINANCIAL 16 7.09% $7,499
USAA Federal Savings Bank 12 6.46% $7,040
RUOFF MORTGAGE COMPANY, INC. 11 6.48% $4,939
NAVY FEDERAL CREDIT UNION 10 6.06% $4,066
HALLMARK HOME MORTGAGE, LLC 9 6.65% $8,800
FREEDOM MORTGAGE CORPORATION 9 6.58% $15,382
LOANDEPOT.COM, LLC 7 6.39% $8,263
NEW DAY FINANCIAL, LLC 7 7.73% $8,010
UNITED WHOLESALE MORTGAGE, LLC 6 6.94% $7,018
PENNYMAC LOAN SERVICES, LLC 6 5.63% $6,039
JPMorgan Chase Bank 5 6.90% $4,144
Mr. Cooper ( Nationstar Mortgage ) 2 6.19% $14,773
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.00% $7,653
VILLAGE CAPITAL MORTGAGE 2 5.50% $5,449
AMERISAVE MORTGAGE CORPORATION 2 5.69% $11,846
GUARANTEED RATE, INC. 2 6.25% $1,381
NEWREZ LLC 2 6.75% $10,359
Flagstar Bank, FSB 2 7.19% $6,065
PNC Bank 2 6.56% $7,338
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.69% $13,504
The Federal Savings Bank 2 6.94% $14,485
Mid-Continent Funding, Inc. 2 6.87% $6,030
UNION HOME MORTGAGE CORP. 2 6.75% $11,410
V.I.P. MORTGAGE, INC. 1 6.25% $7,470
Barrington Bank & Trust Company, N.A. 1 5.13% $2,734
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.99% $8,614
Fifth Third Bank 1 6.38% $495
INOVA FEDERAL CREDIT UNION 1 6.50% $2,106
Magnolia Bank 1 6.63% $10,007
MASON MCDUFFIE MORTGAGE CORPORATION 1 6.49% $6,008
MICHIGAN MUTUAL, INC. 1 8.13% $4,885
NETWORK CAPITAL FUNDING CORPORATION 1 5.25% $12,514
North American Savings Bank, F.S.B. 1 6.49% $5,959
OPEN MORTGAGE, LLC 1 8.13% $9,837
Paramount Residential Mortgage Group, Inc. 1 6.75% $5,988
PENTAGON FEDERAL CREDIT UNION 1 5.38% $7,707
PLANET HOME LENDING, LLC 1 5.88% $9,793
SOVEREIGN LENDING GROUP INCORPORATED 1 4.88% $11,056
TEACHERS CREDIT UNION 1 5.75% $2,042
TOWNE MORTGAGE COMPANY 1 5.99% $6,881
TUCKER MORTGAGE, LLC 1 6.75% $2,935
UNITED 1 6.75% $8,632
U.S. Bank 1 6.75% $8,632

The top South Bend VA lender as defined by loan originations is Mortgage Research Center, LLC, with 64 VA loans originated. Their average total fees are $4,802, which is $5,228 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 ($4,066), Mortgage Research Center, LLC ($4,802), RUOFF MORTGAGE COMPANY, INC. ($4,939), USAA Federal Savings Bank ($7,040) and CARDINAL FINANCIAL ($7,499).

The lowest rate South Bend VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (6.06%), QUICKEN LOANS, LLC (6.14%), USAA Federal Savings Bank (6.46%), RUOFF MORTGAGE COMPANY, INC. (6.48%) and Mortgage Research Center, LLC (6.85%).


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 $223,450 (31.5%) $281,613 (7.8%) 0.70 771
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%) 0.65 995
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 (7.4%) $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%) $310,970 (16.5%) 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%) 0.54 477
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 (18.4%) 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 $264,900 (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%) 0.65 514
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
2023-11-01 $234,900 (-17.6%) $353,830 (-16.5%) 0.56 593
2023-12-01 $220,000 (-20.7%) $344,957 (-16.4%) 0.54 551
2024-01-01 $212,425 (-29.1%) $343,894 (-17.1%) 0.52 501
2024-02-01 $225,000 (-23.6%) $361,435 (-14.5%) 0.54 469
2024-03-01 $239,000 (-25.3%) $367,545 (-17.5%) 0.56 462
2024-04-01 $269,450 (-10.2%) $388,301 (-13.0%) 0.63 472
2024-05-01 $299,500 (-7.4%) $413,451 (-9.5%) 0.68 472
South Bend's median listing price for 2024-05-01 was $299,500, a difference of $-23,950 (-7.4%) versus the prior year and $30,050 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 2024-05-01 was $413,451, a difference of $-43,560 (-9.5%) versus the prior year and $25,150 versus the prior month.

For the 2024-05-01 period, South Bend had 472 MLS listings, a difference of 0 listings (0%) versus the prior month and 86 listings (22%) 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 1,783 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 1,900 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 55 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 1,711 sqft
2020-02-01 81 days 1,804 sqft
2020-03-01 57 days 1,814 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 1,980 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 1,646 sqft
2021-12-01 58 days 1,654 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 1,859 sqft
2022-09-01 36 days 1,838 sqft
2022-10-01 36 days 1,847 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
2023-11-01 45 days 1,684 sqft
2023-12-01 57 days 1,621 sqft
2024-01-01 60 days 1,595 sqft
2024-02-01 59 days 1,600 sqft
2024-03-01 45 days 1,620 sqft
2024-04-01 38 days 1,691 sqft
2024-05-01 36 days 1,733 sqft
South Bend's median listing age (time on market) for 2024-05-01 was 36 days. This is 20% longer than the same period one year ago.

South Bend's median square footage for active listings during the 2024-05-01 period was 1,733 sqft. One year prior, the average listing was 1,833 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.