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 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 7.14% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.97% and one month ago for the week of 2024-03-15, the average rate was 6.73%.

    The average rate one year ago was 6.42%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.7%.

    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
    South Bend's median listing price for 2024-03-01 was $239,000, a difference of $-80,950 (-25.3%) versus the prior year and $14,000 versus the prior month.

    South Bend's median listing price comes in at 56% of the national average.

    South Bend's average listing price for 2024-03-01 was $367,545, a difference of $-78,165 (-17.5%) versus the prior year and $6,110 versus the prior month.

    For the 2024-03-01 period, South Bend had 462 MLS listings, a difference of -7 listings (-1%) versus the prior month and 116 listings (34%) 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 1,624 sqft
    South Bend's median listing age (time on market) for 2024-03-01 was 45 days. This is -15% shorter than the same period one year ago.

    South Bend's median square footage for active listings during the 2024-03-01 period was 1,624 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.