Minnesota VA Loan Rates, Closing Costs & Stats

Minnesota

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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.

    Minnesota VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Minnesota averaged 6.26% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Minnesota's average VA mortgage closing costs are $5,468.

    The average rate for the prior week (2023-05-19) was 6.29% and one month ago for the week of 2023-04-21, the average rate was 5.91%.

    The average rate one year ago was 5.18%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.09%.

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

    Minnesota 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 Minnesota level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 906 5.10% $7,268
    UNITED WHOLESALE MORTGAGE, LLC 374 4.61% $8,321
    QUICKEN LOANS, LLC 333 4.09% $9,624
    FREEDOM MORTGAGE CORPORATION 198 4.20% $9,933
    PENNYMAC LOAN SERVICES, LLC 197 3.45% $8,335
    CROSSCOUNTRY MORTGAGE, LLC 180 4.87% $9,744
    USAA Federal Savings Bank 177 4.43% $8,563
    NAVY FEDERAL CREDIT UNION 170 4.08% $7,333
    LOANDEPOT.COM, LLC 154 4.25% $9,772
    Bell Bank 151 4.83% $7,866
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 117 5.20% $7,872
    NEW DAY FINANCIAL, LLC 116 5.12% $10,439
    Prosperity Home Mortgage, LLC 113 4.67% $8,816
    BROKER SOLUTIONS, INC. 107 5.05% $10,927
    GUARANTEED RATE, INC. 100 4.66% $8,135
    Flagstar Bank, FSB 88 4.27% $7,219
    Wells Fargo Bank 84 4.46% $5,422
    The Federal Savings Bank 69 4.65% $14,516
    AMERISAVE MORTGAGE CORPORATION 55 4.57% $12,000
    Mr. Cooper ( Nationstar Mortgage ) 55 4.50% $9,346
    American Mortgage & Equity Consultants, Inc. 54 4.56% $7,962
    EVERETT FINANCIAL, INC. 53 5.07% $6,207
    GUARANTEED RATE AFFINITY, LLC 51 4.53% $5,966
    Goldwater Bank, N.A. 48 4.81% $11,343
    PRIMELENDING, A PLAINSCAPITAL COMPANY 46 4.89% $7,158
    CALIBER HOME LOANS, INC. 44 4.77% $9,997
    Servion, Inc. 43 4.63% $8,063
    PLAZA HOME MORTGAGE, INC. 43 4.57% $8,509
    NEWREZ LLC 41 4.47% $9,110
    BAY EQUITY LLC 40 4.91% $13,340
    HOME POINT FINANCIAL CORPORATION 40 4.08% $9,479
    Barrington Bank & Trust Company, N.A. 40 4.56% $9,007
    U.S. Bank 39 4.41% $7,372
    EAGLE HOME MORTGAGE, LLC 36 4.85% $5,220
    CARDINAL FINANCIAL 36 4.60% $10,679
    DHI MORTGAGE COMPANY, LTD. 35 4.16% $6,240
    LAKEVIEW LOAN SERVICING, LLC 32 3.92% $6,158
    RESULTS MORTGAGE, LLC 31 4.61% $9,209
    Tradition Mortgage, LLC 31 4.59% $8,839
    Summit Mortgage Corporation 27 4.65% $8,902
    M/I FINANCIAL, LLC 24 4.56% $11,477
    CMG MORTGAGE, INC. 23 4.82% $8,672
    Paramount Residential Mortgage Group, Inc. 22 4.80% $13,703
    MOVEMENT MORTGAGE, LLC 22 4.81% $9,274
    Lend Smart Mortgage, LLC 22 4.52% $11,574
    MUTUAL OF OMAHA MORTGAGE, INC. 22 4.18% $9,728
    PULTE MORTGAGE LLC 21 4.73% $7,495
    Armed Forces Bank 21 3.84% $6,946
    Alerus Financial 20 4.71% $7,892
    CRESCENT MORTGAGE COMPANY 20 4.76% $7,870
    Northpointe Bank 20 4.69% $8,726
    MEGASTAR FINANCIAL CORP. 20 4.36% $9,325
    Cambria Financial Group, LLC 19 4.59% $8,076
    North Shore Bank of Commerce 19 4.91% $5,657
    VILLAGE CAPITAL MORTGAGE 18 3.99% $9,652
    Royal Credit Union 18 4.11% $8,950
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 17 4.57% $11,070
    GUILD MORTGAGE COMPANY 15 4.13% $6,136
    The Huntington National Bank 15 4.83% $8,353
    Mortgages Unlimited Inc. 14 4.40% $12,313
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 14 5.23% $5,864
    First Western Bank & Trust 13 4.23% $5,639
    Bremer Bank 13 4.61% $6,669
    NBKC BANK 13 3.19% $9,433
    AMERICAN FINANCING CORPORATION 13 3.48% $6,086
    AXIA FINANCIAL, LLC 13 4.44% $12,730
    Gate City Bank 13 4.29% $6,379
    HOMEBRIDGE FINANCIAL SERVICES, INC. 12 4.80% $8,084
    Magnolia Bank 12 4.41% $13,579
    Merchants Bank 12 4.46% $7,394
    PENTAGON FEDERAL CREDIT UNION 12 3.49% $5,253
    Carrington Mortgage Services, LLC 12 4.03% $6,895
    Waterstone Mortgage Corporation 11 4.95% $15,382
    HANCOCK MORTGAGE PARTNERS, LLC 11 4.56% $11,381
    Plains Commerce Bank 11 4.95% $7,034
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 11 4.18% $8,745
    Wyndham Capital Mortgage, Inc. 10 3.61% $5,591
    ENVOY MORTGAGE, LTD 10 5.09% $8,226
    MORTGAGE SOLUTIONS OF COLORADO, LLC 10 5.63% $9,086
    North American Savings Bank, F.S.B. 10 3.99% $12,614
    Hometown Lenders, Inc. 10 5.15% $14,979
    HOMEOWNERS FINANCIAL GROUP USA, LLC 8 4.34% $7,171
    AMERICAN PACIFIC MORTGAGE CORPORATION 8 5.44% $13,646
    Sunflower Bank 7 3.62% $8,732
    FINANCE OF AMERICA MORTGAGE LLC 7 4.14% $7,588
    Low VA Rates, LLC 7 5.00% $17,233
    PLANET HOME LENDING, LLC 7 4.50% $13,958
    BNC National Bank 7 4.20% $9,924
    First International Bank & Trust 7 4.80% $5,295
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 6 4.44% $8,989
    Bank of England 6 4.69% $12,164
    M&T Bank 6 3.71% $7,656
    IOWA BANKERS MORTGAGE CORPORATION 6 4.35% $9,106
    Texana Bank 6 4.85% $10,871
    CONTOUR MORTGAGE CORPORATION 6 4.71% $6,938
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 5 4.90% $12,392
    ALAMEDA MORTGAGE CORPORATION 5 5.85% $10,992
    Ixonia Bank 5 5.55% $13,193
    NP, Inc. 5 2.28% $4,903
    KELLER MORTGAGE, LLC 5 4.55% $7,040
    Century Mortgage Company DBA Century Lending Company 5 6.43% $8,926
    First Bank & Trust 5 4.03% $6,102
    MANN FINANCIAL INC. 5 5.15% $7,061
    HomePromise Corporation 5 5.23% $21,478
    Home Federal Savings Bank 5 5.20% $9,645
    DATA MORTGAGE, INC. 4 5.22% $12,021
    BankVista 4 3.13% $4,515
    CHERRY CREEK MORTGAGE, LLC 4 4.81% $7,587
    CORTRUST MORTGAGE, INC. 4 4.81% $15,911
    First Federal Bank 4 4.56% $9,420
    First Guaranty Mortgage Corporation 4 3.94% $5,559
    GSF Mortgage Corporation 4 5.03% $10,775
    GUARANTY HOME MORTGAGE CORPORATION 4 4.44% $10,117
    Mid-Continent Funding, Inc. 4 5.75% $8,817
    Old National Bank 4 4.19% $13,349
    PREMIA MORTGAGE, LLC 4 4.56% $12,137
    PREMIER MORTGAGE RESOURCES, L.L.C. 4 6.22% $10,186
    Strong Home Mortgage, LLC 4 2.87% $4,843
    SUN WEST MORTGAGE COMPANY, INC. 4 4.26% $7,006
    UNION HOME MORTGAGE CORP. 4 3.34% $16,935
    SIRVA MORTGAGE, INC. 3 5.04% $4,950
    COMPASS MORTGAGE, INC. 3 4.42% $10,712
    Community First National Bank 3 4.25% $8,114
    Florida Capital Bank 3 3.46% $9,438
    Nations Lending Corporation 3 5.42% $8,507
    ST. CLOUD FINANCIAL 3 4.63% $5,865
    Equity Prime Mortgage LLC 3 5.54% $8,152
    Lakeview Community Capital, LLC 3 3.63% $7,061
    The Central Trust Bank 3 4.17% $3,345
    TOWNE MORTGAGE COMPANY 3 4.58% $6,833
    Neighborhood Loans, Inc. 3 6.38% $18,210
    NETWORK CAPITAL FUNDING CORPORATION 3 5.00% $11,145
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.58% $4,166
    JPMorgan Chase Bank 3 4.21% $5,257
    Academy Bank 3 4.88% $4,677
    Liberty Bank Minnesota 3 4.38% $2,569
    Citizens Bank 2 4.31% $4,979
    LENOX FINANCIAL MORTGAGE CORPORATION 2 3.81% $12,862
    AFFINITY PLUS 2 5.44% $3,753
    Heritage Bank 2 3.94% $6,052
    Associated Bank 2 4.69% $7,759
    HOMESTEAD FUNDING CORP. 2 3.94% $2,121
    LADERA LENDING, INC. 2 3.25% $3,330
    EMBRACE HOME LOANS, INC. 2 4.31% $7,082
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.31% $12,248
    Regent Financial Group, Inc. 2 6.69% $5,290
    Gateway First Bank 2 6.19% $16,551
    POLARIS HOME FUNDING CORP. 2 6.25% $9,730
    DAS Acquisition Company, LLC 2 5.69% $10,603
    ROYAL UNITED MORTGAGE LLC 2 4.19% $13,997
    BANKWEST, INC. 2 5.44% $8,447
    LEADERONE FINANCIAL CORPORATION 2 3.31% $11,275
    INLANTA MORTGAGE, INC. 2 5.56% $11,329
    LAND HOME FINANCIAL SERVICES, INC. 2 4.94% $15,195
    Sierra Pacific Mortgage Company, Inc. 2 4.13% $4,649
    RELIANCE FIRST CAPITAL, LLC 2 5.88% $8,260
    NFM, INC. 2 5.50% $2,675
    SOVEREIGN LENDING GROUP INCORPORATED 2 4.63% $12,146
    LOANFLIGHT LENDING, LLC 2 2.69% $4,582
    First Internet Bank of Indiana 2 4.44% $6,414
    FIRST COMMUNITY CREDIT UNION 2 5.56% $3,664
    Meridian Bank Corporation 1 4.38% $13,639
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.13% $4,398
    INTERCOASTAL MORTGAGE COMPANY 1 2.75% $4,409
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $6,154
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.00% $14,215
    HOMESIDE FINANCIAL, LLC 1 5.75% $16,854
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $3,939
    First Savings Bank 1 5.13% $3,704
    First PREMIER Bank 1 5.99% $13,369
    OCEANSIDE MORTGAGE COMPANY 1 2.75% $5,750
    Ameris Bank 1 3.00% $15,422
    Peoples Bank 1 4.88% $6,468
    PHH Mortgage Corporation 1 4.50% $4,971
    Encompass Lending Group, LP 1 3.88% $7,685
    Amerifirst Financial, Inc. 1 6.13% $2,190
    ALTRA 1 3.13% $1,195
    Prime Choice Funding Inc. 1 3.25% $5,279
    DEVELOPER'S MORTGAGE COMPANY 1 5.88% $4,439
    Cornerstone First Mortgage, Inc 1 2.50% $16,475
    Residential Mortgage Solutions, Inc. 1 3.88% $31,403
    S1L, Inc. 1 3.50% $6,313
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.75% $4,040
    Service Federal Credit Union 1 4.38% $3,003
    Commerce Home Mortgage, Inc. 1 3.25% $7,956
    South State Bank 1 6.25% $8,249
    STEARNS LENDING, LLC 1 2.75% $9,929
    Western State Bank 1 5.25% $8,876
    CHURCHILL MORTGAGE CORPORATION 1 3.75% $2,813
    CHARTER WEST BANK 1 5.25% $3,279
    CAPITAL CREDIT UNION 1 4.38% $18,409
    Capital Bank 1 6.25% $9,821
    TJC Mortgage, Inc. 1 4.75% $8,024
    TOWN AND COUNTRY Credit Union 1 4.75% $1,882
    BELEM SERVICING LLC 1 2.99% $6,455
    Truist 1 4.70% $6,945
    ZILLOW HOME LOANS, LLC 1 4.63% $16,518
    UNITED HOME LOANS, INC. 1 3.50% $2,699
    Bankers' Bank 1 6.75% $7,096
    Assurance Financial Group, L.L.C. 1 4.75% $8,978
    Loan Simple, Inc. 1 3.75% $6,183
    LOANPAL, LLC 1 3.00% $6,176
    MASON MCDUFFIE MORTGAGE CORPORATION 1 5.63% $5,179

    The top Minnesota VA lender as defined by loan originations is Mortgage Research Center, LLC, with 906 VA loans originated. Their average total fees are $7,268, which is $1,053 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Minnesota VA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC ($5,220), PENTAGON FEDERAL CREDIT UNION ($5,253), Wells Fargo Bank ($5,422), Wyndham Capital Mortgage, Inc. ($5,591) and First Western Bank & Trust ($5,639).

    The lowest rate Minnesota VA lenders (with over 10 loans originated) are NBKC BANK (3.19%), PENNYMAC LOAN SERVICES, LLC (3.45%), AMERICAN FINANCING CORPORATION (3.48%), PENTAGON FEDERAL CREDIT UNION (3.49%) and Wyndham Capital Mortgage, Inc. (3.61%).

    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.