St. Cloud VA Loan Rates, Closing Costs & Stats

ST. CLOUD, MN

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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.

    St. Cloud's 52 lenders originated 172 VA loans during 2023. The total origination value was $49,230,000, with an average VA loan value of $286,221.

    St. Cloud VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in St. Cloud averaged 6.68% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    St. Cloud's average VA mortgage closing costs are $4,635.

    The average rate for the prior week (2024-07-12) was 6.42% and one month ago for the week of 2024-06-14, the average rate was 6.89%.

    The average rate one year ago was 6.97%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.97%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    St. Cloud 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 St. Cloud level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 39 6.73% $6,069
    UNITED WHOLESALE MORTGAGE, LLC 11 6.44% $3,708
    QUICKEN LOANS, LLC 7 6.39% $10,590
    PLAZA HOME MORTGAGE, INC. 6 6.37% $7,005
    GUARANTEED RATE AFFINITY, LLC 5 6.25% $10,596
    HOMEOWNERS FINANCIAL GROUP USA, LLC 5 6.40% $7,379
    NAVY FEDERAL CREDIT UNION 5 5.80% $5,699
    BROKER SOLUTIONS, INC. 5 6.95% $10,494
    PENNYMAC LOAN SERVICES, LLC 5 5.53% $6,637
    ST. CLOUD FINANCIAL 4 6.22% $7,582
    NEWREZ LLC 4 6.28% $8,312
    Wells Fargo Bank 3 6.42% $2,842
    American Mortgage & Equity Consultants, Inc. 3 7.08% $6,558
    CROSSCOUNTRY MORTGAGE, LLC 3 6.16% $6,155
    EVERETT FINANCIAL, INC. 3 6.25% $7,513
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.92% $9,236
    Bell Bank 3 6.71% $12,394
    FREEDOM MORTGAGE CORPORATION 3 6.33% $18,085
    USAA Federal Savings Bank 3 5.92% $9,378
    LOANDEPOT.COM, LLC 3 6.71% $11,422
    NEW DAY FINANCIAL, LLC 2 7.74% $12,713
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.75% $9,872
    Bremer Bank 2 6.69% $8,598
    CALIBER HOME LOANS, INC. 2 6.50% $6,871
    CARDINAL FINANCIAL 2 6.00% $24,363
    CRESCENT MORTGAGE COMPANY 2 6.44% $1,081
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.44% $7,436
    Prosperity Home Mortgage, LLC 2 5.88% $8,435
    The Federal Savings Bank 2 6.19% $15,699
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 2 5.88% $7,217
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $6,483
    Neighborhood Loans, Inc. 1 7.13% $14,944
    GUILD MORTGAGE COMPANY 1 5.13% $11,615
    GUARANTEED RATE, INC. 1 5.73% $14,466
    NFM, INC. 1 6.88% $6,565
    Northpointe Bank 1 6.75% $3,643
    Old National Bank 1 5.13% $4,344
    Paramount Residential Mortgage Group, Inc. 1 7.50% $3,053
    DATA MORTGAGE, INC. 1 6.63% $13,090
    CMG MORTGAGE, INC. 1 5.75% $20,672
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $14,043
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $9,219
    BAY EQUITY LLC 1 5.50% $12,181
    Armed Forces Bank 1 5.75% $6,164
    VILLAGE CAPITAL MORTGAGE 1 6.13% $25,578
    The Huntington National Bank 1 7.75% $2,993
    The Loan Store, Inc. 1 6.75% $6,646
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.13% $8,603
    MASON MCDUFFIE MORTGAGE CORPORATION 1 7.13% $12,552
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $17,599
    MOVEMENT MORTGAGE, LLC 1 6.63% $7,533
    Mr. Cooper ( Nationstar Mortgage ) 1 5.50% $11,969

    The top St. Cloud VA lender as defined by loan originations is Mortgage Research Center, LLC, with 39 VA loans originated. Their average total fees are $6,069, which is $2,361 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee St. Cloud VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($3,708), Mortgage Research Center, LLC ($6,069), .

    The lowest rate St. Cloud VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.44%), Mortgage Research Center, LLC (6.73%), .

    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.