South Bend VA Loans

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 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 5.41% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.74% and one month ago for the week of 2022-04-08, the average rate was 5.06%.

    The average rate one year ago was 3.17%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.53%.

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

    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 (21.4%) $209,535 (7.9%) 0.48 979
    2018-02-01 $133,200 (21.1%) $218,123 (8.6%) 0.48 906
    2018-03-01 $139,900 (14.8%) $230,055 (5.1%) 0.48 849
    2018-04-01 $157,400 (21.2%) $244,493 (4.4%) 0.53 840
    2018-05-01 $169,950 (15.0%) $252,535 (3.8%) 0.57 888
    2018-06-01 $169,900 (11.5%) $255,544 (7.1%) 0.57 963
    2018-07-01 $176,950 (18.1%) $257,750 (12.3%) 0.59 1,053
    2018-08-01 $175,000 (17.0%) $246,290 (9.2%) 0.58 1,107
    2018-09-01 $167,000 (15.2%) $238,504 (6.5%) 0.56 1,147
    2018-10-01 $159,950 (13.0%) $237,673 (5.2%) 0.53 1,121
    2018-11-01 $155,825 (11.4%) $234,533 (6.7%) 0.52 1,009
    2018-12-01 $154,777 (19.1%) $228,603 (9.2%) 0.53 949
    2019-01-01 $153,450 (18.1%) $225,930 (7.8%) 0.53 846
    2019-02-01 $162,400 (21.9%) $232,919 (6.8%) 0.54 818
    2019-03-01 $184,800 (32.1%) $250,484 (8.9%) 0.60 784
    2019-04-01 $210,000 (33.4%) $270,349 (10.6%) 0.66 755
    2019-05-01 $229,000 (34.8%) $280,361 (11.0%) 0.71 784
    2019-06-01 $220,900 (30.0%) $278,769 (9.1%) 0.68 891
    2019-07-01 $222,200 (25.6%) $280,372 (8.8%) 0.69 954
    2019-08-01 $204,814 (17.0%) $265,404 (7.8%) 0.64 1,095
    2019-09-01 $189,900 (13.7%) $254,935 (6.9%) 0.60 1,113
    2019-10-01 $184,950 (15.6%) $256,517 (7.9%) 0.59 1,021
    2019-11-01 $179,000 (14.9%) $255,363 (8.9%) 0.58 925
    2019-12-01 $172,400 (11.4%) $250,714 (9.7%) 0.57 853
    2020-01-01 $179,700 (17.1%) $249,055 (10.2%) 0.60 750
    2020-02-01 $214,900 (32.3%) $270,982 (16.3%) 0.69 672
    2020-03-01 $222,500 (20.4%) $283,543 (13.2%) 0.70 654
    2020-04-01 $221,950 (5.7%) $284,872 (5.4%) 0.69 673
    2020-05-01 $239,900 (4.8%) $306,327 (9.3%) 0.73 652
    2020-06-01 $252,450 (14.3%) $315,061 (13.0%) 0.74 583
    2020-07-01 $244,950 (10.2%) $304,842 (8.7%) 0.70 576
    2020-08-01 $247,400 (20.8%) $305,976 (15.3%) 0.71 575
    2020-09-01 $249,450 (31.4%) $308,341 (21.0%) 0.71 523
    2020-10-01 $224,500 (21.4%) $294,642 (14.9%) 0.64 543
    2020-11-01 $192,400 (7.5%) $273,929 (7.3%) 0.55 528
    2020-12-01 $182,450 (5.8%) $261,705 (4.4%) 0.54 494
    2021-01-01 $175,000 (-2.6%) $258,257 (3.7%) 0.51 431
    2021-02-01 $207,400 (-3.5%) $302,499 (11.6%) 0.60 323
    2021-03-01 $230,000 (3.4%) $333,711 (17.7%) 0.64 285
    2021-04-01 $234,500 (5.7%) $382,191 (34.2%) 0.63 262
    2021-05-01 $225,000 (-6.2%) $352,475 (15.1%) 0.59 306
    2021-06-01 $245,000 (-3.0%) $354,075 (12.4%) 0.64 359
    2021-07-01 $239,950 (-2.0%) $354,140 (16.2%) 0.62 400
    2021-08-01 $224,700 (-9.2%) $364,879 (19.3%) 0.59 434
    2021-09-01 $221,950 (-11.0%) $360,665 (17.0%) 0.58 447
    2021-10-01 $219,000 (-2.5%) $354,851 (20.4%) 0.58 428
    2021-11-01 $222,400 (15.6%) $339,694 (24.0%) 0.59 376
    2021-12-01 $223,500 (22.5%) $330,983 (26.5%) 0.60 312
    2022-01-01 $249,900 (42.8%) $365,849 (41.7%) 0.67 245
    2022-02-01 $287,000 (38.4%) $393,105 (30.0%) 0.73 223
    2022-03-01 $249,900 (8.7%) $379,521 (13.7%) 0.62 240
    2022-04-01 $269,500 (14.9%) $410,842 (7.5%) 0.63 256
    South Bend's median listing price for 2022-04-01 was $269,500, a difference of $35,000 (14.9%) versus the prior year and $19,600 versus the prior month.

    South Bend's median listing price comes in at 63% of the national average.

    South Bend's average listing price for 2022-04-01 was $410,842, a difference of $28,651 (7.5%) versus the prior year and $31,321 versus the prior month.

    For the 2022-04-01 period, South Bend had 256 MLS listings, a difference of 16 listings (7%) versus the prior month and -6 listings (-2%) 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 93 days 1,636 sqft
    2018-02-01 94 days 1,622 sqft
    2018-03-01 74 days 1,634 sqft
    2018-04-01 59 days 1,702 sqft
    2018-05-01 47 days 1,731 sqft
    2018-06-01 44 days 1,760 sqft
    2018-07-01 46 days 1,791 sqft
    2018-08-01 50 days 1,763 sqft
    2018-09-01 55 days 1,744 sqft
    2018-10-01 64 days 1,737 sqft
    2018-11-01 74 days 1,728 sqft
    2018-12-01 78 days 1,700 sqft
    2019-01-01 81 days 1,687 sqft
    2019-02-01 80 days 1,711 sqft
    2019-03-01 71 days 1,765 sqft
    2019-04-01 56 days 1,817 sqft
    2019-05-01 53 days 1,888 sqft
    2019-06-01 50 days 1,912 sqft
    2019-07-01 52 days 1,916 sqft
    2019-08-01 53 days 1,879 sqft
    2019-09-01 58 days 1,830 sqft
    2019-10-01 62 days 1,773 sqft
    2019-11-01 67 days 1,728 sqft
    2019-12-01 80 days 1,718 sqft
    2020-01-01 89 days 1,715 sqft
    2020-02-01 92 days 1,806 sqft
    2020-03-01 65 days 1,800 sqft
    2020-04-01 58 days 1,792 sqft
    2020-05-01 65 days 1,824 sqft
    2020-06-01 70 days 1,924 sqft
    2020-07-01 57 days 1,898 sqft
    2020-08-01 53 days 1,900 sqft
    2020-09-01 53 days 1,950 sqft
    2020-10-01 44 days 1,870 sqft
    2020-11-01 48 days 1,756 sqft
    2020-12-01 53 days 1,622 sqft
    2021-01-01 67 days 1,611 sqft
    2021-02-01 75 days 1,636 sqft
    2021-03-01 50 days 1,643 sqft
    2021-04-01 43 days 1,736 sqft
    2021-05-01 30 days 1,680 sqft
    2021-06-01 30 days 1,802 sqft
    2021-07-01 35 days 1,828 sqft
    2021-08-01 37 days 1,764 sqft
    2021-09-01 40 days 1,657 sqft
    2021-10-01 43 days 1,656 sqft
    2021-11-01 49 days 1,674 sqft
    2021-12-01 61 days 1,675 sqft
    2022-01-01 71 days 1,837 sqft
    2022-02-01 49 days 1,829 sqft
    2022-03-01 35 days 1,806 sqft
    2022-04-01 30 days 1,850 sqft
    South Bend's median listing age (time on market) for 2022-04-01 was 30 days. This is -29% shorter than the same period one year ago.

    South Bend's median square footage for active listings during the 2022-04-01 period was 1,850 sqft. One year prior, the average listing was 1,736 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.