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 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.