Minnesota VA Loan Rates, Closing Costs & Stats

Minnesota

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 6.27% for the week of 2024-03-01, compared to the national average (all VA variants) of 6.517% for the same period.

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

The average rate for the prior week (2024-02-23) was 6.2% and one month ago for the week of 2024-01-26, the average rate was 6.03%.

The average rate one year ago was 5.97%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.3%.

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.