Vermillion VA Loan Rates, Closing Costs & Stats

Vermillion, SD

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.

Vermillion's 9 lenders originated 11 VA loans during 2023. The total origination value was $3,145,000, with an average VA loan value of $285,909.

Vermillion VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Vermillion averaged 6.44% for the week of 2024-07-12, compared to the national average (all VA variants) of 6.364% for the same period.

Vermillion's average VA mortgage closing costs are $5,786.

The average rate for the prior week (2024-07-05) was 6.75% and one month ago for the week of 2024-06-07, the average rate was 6.27%.

The average rate one year ago was 6.94%.

For refis of the same type during the week of 2024-07-12, the average rate was 6.36%.

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

Vermillion 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 Vermillion level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.06% $7,877
Mortgage Research Center, LLC 2 6.49% $10,087
Flanagan State Bank 1 7.13% $12,410
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $23,166
NAVY FEDERAL CREDIT UNION 1 5.88% $44
Plains Commerce Bank 1 6.13% $8,993
CU MORTGAGE DIRECT, LLC 1 6.25% $9,568
USAA Federal Savings Bank 1 6.50% $12,791
First Bank & Trust 1 6.13% $11,682

The top Vermillion VA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 2 VA loans originated. Their average total fees are $7,877, which is $2,211 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Vermillion VA lenders (with over 10 loans originated) are .

The lowest rate Vermillion VA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Vermillion (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 $150,725 (-18.0%) $173,677 (-7.0%) 0.00 26
2018-02-01 $179,925 (-1.8%) $203,648 (8.8%) 0.00 28
2018-03-01 $219,500 (17.6%) $216,027 (10.2%) 0.00 30
2018-04-01 $225,925 (18.3%) $232,509 (13.2%) 0.00 36
2018-05-01 $216,425 (22.0%) $223,744 (10.3%) 0.00 30
2018-06-01 $220,000 (25.7%) $223,461 (11.8%) 0.00 33
2018-07-01 $225,900 (27.3%) $224,433 (18.5%) 0.00 33
2018-08-01 $181,150 (1.3%) $199,425 (4.7%) 0.00 35
2018-09-01 $189,950 (11.8%) $207,871 (14.7%) 0.00 24
2018-10-01 $179,900 (4.3%) $204,614 (14.8%) 0.00 22
2018-11-01 $203,725 (30.4%) $225,184 (28.4%) 0.00 20
2018-12-01 $259,900 (74.4%) $258,347 (47.2%) 0.00 17
2019-01-01 $254,950 (69.2%) $247,153 (42.3%) 0.00 16
2019-02-01 $264,450 (47.0%) $253,660 (24.6%) 0.00 23
2019-03-01 $241,786 (10.2%) $245,136 (13.5%) 0.00 25
2019-04-01 $227,011 (0.5%) $238,918 (2.8%) 0.00 26
2019-05-01 $183,700 (-15.1%) $199,676 (-10.8%) 0.00 24
2019-06-01 $189,900 (-13.7%) $224,406 (0.4%) 0.00 31
2019-07-01 $184,950 (-18.1%) $207,916 (-7.4%) 0.00 36
2019-08-01 $178,108 (-1.7%) $203,425 (2.0%) 0.00 36
2019-09-01 $167,919 (-11.6%) $208,409 (0.3%) 0.00 34
2019-10-01 $161,127 (-10.4%) $211,829 (3.5%) 0.00 32
2019-11-01 $159,948 (-21.5%) $216,159 (-4.0%) 0.00 30
2019-12-01 $154,500 (-40.6%) $225,688 (-12.6%) 0.00 26
2020-01-01 $156,950 (-38.4%) $238,896 (-3.3%) 0.00 23
2020-02-01 $139,900 (-47.1%) $209,074 (-17.6%) 0.00 27
2020-03-01 $159,450 (-34.1%) $220,990 (-9.9%) 0.00 26
2020-04-01 $158,675 (-30.1%) $237,158 (-0.7%) 0.00 27
2020-05-01 $199,900 (8.8%) $255,561 (28.0%) 0.00 28
2020-06-01 $198,675 (4.6%) $260,713 (16.2%) 0.00 29
2020-07-01 $196,225 (6.1%) $273,595 (31.6%) 0.00 29
2020-08-01 $189,900 (6.6%) $284,648 (39.9%) 0.00 24
2020-09-01 $181,925 (8.3%) $283,441 (36.0%) 0.00 24
2020-10-01 $179,000 (11.1%) $286,787 (35.4%) 0.00 25
2020-11-01 $169,900 (6.2%) $230,993 (6.9%) 0.00 27
2020-12-01 $236,175 (52.9%) $305,567 (35.4%) 0.00 17
2021-01-01 $289,900 (84.7%) $323,650 (35.5%) 0.00 14
2021-02-01 $279,900 (100.1%) $323,506 (54.7%) 0.00 14
2021-03-01 $198,675 (24.6%) $276,535 (25.1%) 0.00 14
2021-04-01 $231,450 (45.9%) $368,735 (55.5%) 0.00 14
2021-05-01 $199,900 (0.0%) $333,105 (30.3%) 0.00 19
2021-06-01 $253,750 (27.7%) $331,083 (27.0%) 0.00 21
2021-07-01 $230,000 (17.2%) $288,243 (5.4%) 0.00 24
2021-08-01 $217,400 (14.5%) $282,369 (-0.8%) 0.00 22
2021-09-01 $219,450 (20.6%) $297,570 (5.0%) 0.00 18
2021-10-01 $235,000 (31.3%) $300,704 (4.9%) 0.00 17
2021-11-01 $200,725 (18.1%) $290,479 (25.8%) 0.00 18
2021-12-01 $230,925 (-2.2%) $309,238 (1.2%) 0.00 17
2022-01-01 $254,950 (-12.1%) $331,681 (2.5%) 0.00 14
2022-02-01 $274,900 (-1.8%) $285,496 (-11.8%) 0.00 10
2022-03-01 $242,450 (22.0%) $371,326 (34.3%) 0.00 10
2022-04-01 $335,000 (44.7%) $489,288 (32.7%) 0.00 12
2022-05-01 $368,675 (84.4%) $541,042 (62.4%) 0.00 12
2022-06-01 $382,400 (50.7%) $524,387 (58.4%) 0.00 16
2022-07-01 $275,000 (19.6%) $454,043 (57.5%) 0.00 19
2022-08-01 $215,350 (-0.9%) $336,849 (19.3%) 0.00 27
2022-09-01 $224,900 (2.5%) $374,251 (25.8%) 0.00 32
2022-10-01 $234,900 (0.0%) $341,439 (13.6%) 0.00 27
2022-11-01 $255,000 (27.0%) $360,824 (24.2%) 0.00 20
2022-12-01 $260,000 (12.6%) $379,200 (22.6%) 0.00 17
2023-01-01 $271,225 (6.4%) $257,364 (-22.4%) 0.00 15
2023-02-01 $274,950 (0.0%) $269,630 (-5.6%) 0.00 10
2023-03-01 $250,000 (3.1%) $259,128 (-30.2%) 0.00 10
2023-04-01 $199,900 (-40.3%) $264,150 (-46.0%) 0.00 11
2023-05-01 $215,000 (-41.7%) $259,208 (-52.1%) 0.00 19
2023-06-01 $239,750 (-37.3%) $261,937 (-50.1%) 0.00 24
2023-07-01 $237,540 (-13.6%) $271,515 (-40.2%) 0.00 20
2023-08-01 $247,200 (14.8%) $278,637 (-17.3%) 0.00 18
2023-09-01 $295,000 (31.2%) $316,300 (-15.5%) 0.00 17
2023-10-01 $286,250 (21.9%) $323,456 (-5.3%) 0.00 16
2023-11-01 $303,225 (18.9%) $336,899 (-6.6%) 0.00 17
2023-12-01 $314,900 (21.1%) $329,137 (-13.2%) 0.00 16
2024-01-01 $355,550 (31.1%) $371,377 (44.3%) 0.00 12
2024-02-01 $325,600 (18.4%) $345,614 (28.2%) 0.00 16
2024-03-01 $312,450 (25.0%) $330,275 (27.5%) 0.00 15
2024-04-01 $310,000 (55.1%) $353,593 (33.9%) 0.00 16
2024-05-01 $294,975 (37.2%) $366,606 (41.4%) 0.00 20
2024-06-01 $283,750 (18.4%) $342,922 (30.9%) 0.00 22
Vermillion's median listing price for 2024-06-01 was $283,750, a difference of $44,000 (18.4%) versus the prior year and $-11,225 versus the prior month.

Vermillion's median listing price comes in at 0% of the national average.

Vermillion's average listing price for 2024-06-01 was $342,922, a difference of $80,985 (30.9%) versus the prior year and $-23,684 versus the prior month.

For the 2024-06-01 period, Vermillion had 22 MLS listings, a difference of 2 listings (10%) versus the prior month and -2 listings (-8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Vermillion (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,920 sqft
2018-02-01 0 days 2,216 sqft
2018-03-01 0 days 2,460 sqft
2018-04-01 0 days 2,460 sqft
2018-05-01 0 days 2,402 sqft
2018-06-01 0 days 2,415 sqft
2018-07-01 0 days 2,373 sqft
2018-08-01 0 days 2,105 sqft
2018-09-01 0 days 2,109 sqft
2018-10-01 0 days 2,108 sqft
2018-11-01 0 days 2,170 sqft
2018-12-01 0 days 2,694 sqft
2019-01-01 0 days 2,480 sqft
2019-02-01 0 days 2,549 sqft
2019-03-01 0 days 2,172 sqft
2019-04-01 0 days 1,803 sqft
2019-05-01 0 days 1,912 sqft
2019-06-01 0 days 1,901 sqft
2019-07-01 0 days 1,846 sqft
2019-08-01 0 days 1,824 sqft
2019-09-01 0 days 1,800 sqft
2019-10-01 0 days 1,782 sqft
2019-11-01 0 days 1,758 sqft
2019-12-01 0 days 1,693 sqft
2020-01-01 0 days 1,532 sqft
2020-02-01 0 days 1,474 sqft
2020-03-01 0 days 1,516 sqft
2020-04-01 0 days 1,524 sqft
2020-05-01 0 days 1,540 sqft
2020-06-01 0 days 1,798 sqft
2020-07-01 0 days 1,944 sqft
2020-08-01 0 days 1,825 sqft
2020-09-01 0 days 1,836 sqft
2020-10-01 0 days 1,846 sqft
2020-11-01 0 days 1,830 sqft
2020-12-01 0 days 1,874 sqft
2021-01-01 0 days 2,133 sqft
2021-02-01 0 days 2,340 sqft
2021-03-01 0 days 2,354 sqft
2021-04-01 0 days 2,318 sqft
2021-05-01 0 days 2,252 sqft
2021-06-01 0 days 2,252 sqft
2021-07-01 0 days 2,167 sqft
2021-08-01 0 days 2,015 sqft
2021-09-01 0 days 2,195 sqft
2021-10-01 0 days 1,825 sqft
2021-11-01 0 days 1,609 sqft
2021-12-01 0 days 1,741 sqft
2022-01-01 0 days 1,560 sqft
2022-02-01 0 days 2,314 sqft
2022-03-01 0 days 1,539 sqft
2022-04-01 0 days 1,800 sqft
2022-05-01 0 days 1,645 sqft
2022-06-01 0 days 2,313 sqft
2022-07-01 0 days 1,822 sqft
2022-08-01 0 days 1,697 sqft
2022-09-01 0 days 1,689 sqft
2022-10-01 0 days 1,728 sqft
2022-11-01 0 days 1,740 sqft
2022-12-01 0 days 1,760 sqft
2023-01-01 0 days 2,264 sqft
2023-02-01 0 days 2,262 sqft
2023-03-01 0 days 2,033 sqft
2023-04-01 0 days 1,947 sqft
2023-05-01 0 days 2,044 sqft
2023-06-01 0 days 1,948 sqft
2023-07-01 0 days 1,728 sqft
2023-08-01 0 days 1,635 sqft
2023-09-01 0 days 1,752 sqft
2023-10-01 0 days 2,065 sqft
2023-11-01 0 days 2,014 sqft
2023-12-01 0 days 1,958 sqft
2024-01-01 0 days 2,131 sqft
2024-02-01 0 days 2,121 sqft
2024-03-01 0 days 2,079 sqft
2024-04-01 0 days 2,014 sqft
2024-05-01 0 days 2,149 sqft
2024-06-01 0 days 2,025 sqft
Vermillion's median listing age (time on market) for 2024-06-01 was 0 days.

Vermillion's median square footage for active listings during the 2024-06-01 period was 2,025 sqft. One year prior, the average listing was 1,948 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.