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 0.38% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Minnesota's average VA mortgage closing costs are $5,699.

    The average rate for the prior week (2024-11-08) was 6.48% and one month ago for the week of 2024-10-11, the average rate was 6.25%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.38%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 625 6.74% $6,676
    UNITED WHOLESALE MORTGAGE, LLC 324 6.46% $7,407
    QUICKEN LOANS, LLC 185 6.23% $11,170
    PENNYMAC LOAN SERVICES, LLC 126 5.75% $7,600
    CROSSCOUNTRY MORTGAGE, LLC 121 6.63% $9,062
    Bell Bank 119 6.27% $8,222
    USAA Federal Savings Bank 116 6.36% $8,020
    NAVY FEDERAL CREDIT UNION 112 5.88% $5,413
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 108 6.67% $7,944
    Prosperity Home Mortgage, LLC 102 6.11% $9,183
    LOANDEPOT.COM, LLC 98 6.25% $12,773
    FREEDOM MORTGAGE CORPORATION 93 6.43% $15,445
    BROKER SOLUTIONS, INC. 73 6.72% $11,341
    NEW DAY FINANCIAL, LLC 58 7.44% $11,629
    GUARANTEED RATE, INC. 53 6.28% $6,826
    GUARANTEED RATE AFFINITY, LLC 51 6.31% $7,559
    Wells Fargo Bank 48 6.09% $7,359
    The Federal Savings Bank 43 6.39% $18,049
    NEWREZ LLC 39 6.70% $8,245
    DHI MORTGAGE COMPANY, LTD. 36 5.52% $5,602
    EAGLE HOME MORTGAGE, LLC 35 5.73% $6,363
    Mr. Cooper ( Nationstar Mortgage ) 35 6.08% $14,093
    American Mortgage & Equity Consultants, Inc. 33 6.84% $9,463
    BAY EQUITY LLC 32 6.37% $10,442
    PLAZA HOME MORTGAGE, INC. 31 6.14% $9,552
    U.S. Bank 30 6.57% $9,027
    EVERETT FINANCIAL, INC. 28 6.77% $9,657
    Flagstar Bank, FSB 28 6.44% $7,383
    AMERICAN PACIFIC MORTGAGE CORPORATION 26 6.58% $10,599
    M/I FINANCIAL, LLC 24 5.50% $15,724
    North Shore Bank of Commerce 22 6.27% $6,216
    MOVEMENT MORTGAGE, LLC 21 6.28% $7,690
    Barrington Bank & Trust Company, N.A. 21 6.51% $7,164
    Servion, Inc. 21 6.85% $5,408
    Tradition Mortgage, LLC 20 6.35% $10,052
    CMG MORTGAGE, INC. 18 6.49% $11,226
    Northpointe Bank 18 6.50% $8,577
    CARDINAL FINANCIAL 18 6.54% $15,189
    MUTUAL OF OMAHA MORTGAGE, INC. 16 6.23% $16,504
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 16 6.60% $9,181
    Cambria Financial Group, LLC 16 6.26% $12,662
    Summit Mortgage Corporation 16 6.38% $11,883
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 16 6.47% $9,078
    PENTAGON FEDERAL CREDIT UNION 16 5.70% $9,733
    NBKC BANK 16 6.19% $5,254
    HOMEOWNERS FINANCIAL GROUP USA, LLC 13 6.39% $6,906
    AMERISAVE MORTGAGE CORPORATION 13 5.92% $14,629
    PRIMELENDING, A PLAINSCAPITAL COMPANY 12 6.51% $10,300
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 12 6.09% $9,097
    PULTE MORTGAGE LLC 12 5.99% $9,206
    VILLAGE CAPITAL MORTGAGE 12 6.26% $13,052
    Plains Commerce Bank 12 6.63% $6,543
    MORTGAGE SOLUTIONS OF COLORADO, LLC 11 6.94% $9,744
    LAKEVIEW LOAN SERVICING, LLC 11 6.06% $12,311
    Paramount Residential Mortgage Group, Inc. 11 6.93% $9,157
    Nations Lending Corporation 10 6.65% $7,409
    Bremer Bank 10 6.68% $11,023
    Gate City Bank 10 6.56% $5,353
    Merchants Bank 10 6.27% $6,301
    Century Mortgage Company DBA Century Lending Company 10 6.25% $10,147
    Alerus Financial 9 6.61% $7,413
    GUILD MORTGAGE COMPANY 9 6.26% $7,273
    MEGASTAR FINANCIAL CORP. 9 6.60% $8,074
    Ixonia Bank 9 7.04% $14,900
    Goldwater Bank, N.A. 8 5.83% $13,813
    First International Bank & Trust 8 5.94% $9,050
    Magnolia Bank 8 6.50% $18,128
    Neighborhood Loans, Inc. 8 6.75% $12,371
    Equity Prime Mortgage LLC 7 6.66% $11,098
    Regent Financial Group, Inc. 7 6.71% $10,219
    Royal Credit Union 7 6.11% $8,886
    The Huntington National Bank 7 6.93% $6,499
    AMERICAN FINANCIAL NETWORK, INC. 7 6.55% $9,155
    AXIA FINANCIAL, LLC 7 6.05% $9,077
    SUN WEST MORTGAGE COMPANY, INC. 7 6.66% $9,912
    Mid-Continent Funding, Inc. 7 6.18% $6,350
    CALIBER HOME LOANS, INC. 7 6.18% $9,035
    MANN FINANCIAL INC. 6 6.94% $8,856
    ST. CLOUD FINANCIAL 6 6.48% $10,133
    Armed Forces Bank 6 6.17% $7,919
    PLANET HOME LENDING, LLC 5 5.83% $7,324
    JPMorgan Chase Bank 5 6.40% $11,191
    Mortgages Unlimited Inc. 4 6.13% $10,843
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.91% $7,317
    Bank of England 4 7.16% $7,137
    First Western Bank & Trust 4 5.94% $4,268
    CRESCENT MORTGAGE COMPANY 4 6.41% $2,715
    HOMESIDE FINANCIAL, LLC 4 7.06% $10,978
    Waterstone Mortgage Corporation 4 6.84% $13,086
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.47% $6,933
    Academy Bank 3 6.21% $10,034
    AFFINITY PLUS 3 7.63% $4,878
    ALTRA 3 6.79% $5,098
    Associated Bank 3 6.29% $3,185
    BNC National Bank 3 5.38% $6,025
    Citizens Bank 3 6.79% $7,963
    CONTOUR MORTGAGE CORPORATION 3 6.58% $9,553
    CORTRUST MORTGAGE, INC. 3 5.96% $7,523
    DRAPER AND KRAMER MORTGAGE CORP. 3 6.17% $12,092
    Farmers Bank & Trust 3 5.75% $10,278
    First Bank & Trust 3 6.25% $5,752
    First Federal Bank 3 6.42% $6,659
    MID AMERICA MORTGAGE, INC. 3 6.33% $4,700
    MILEND, INC. 3 6.75% $17,813
    Park State Bank 3 6.63% $14,633
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 6.96% $15,426
    SWBC MORTGAGE CORPORATION 3 6.54% $9,835
    TOWNE MORTGAGE COMPANY 3 6.33% $13,196
    UNION HOME MORTGAGE CORP. 3 6.54% $9,583
    VALLEY MORTGAGE, INC. 3 6.13% $5,379
    Western State Bank 2 7.38% $3,976
    HOMESTEAD FUNDING CORP. 2 5.69% $10,521
    SUMMIT FUNDING, INC. 2 5.94% $24,252
    Sierra Pacific Mortgage Company, Inc. 2 7.38% $7,994
    DATA MORTGAGE, INC. 2 6.88% $9,323
    V.I.P. MORTGAGE, INC. 2 5.88% $12,606
    The Central Trust Bank 2 5.00% $17,608
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 6.25% $6,806
    Community First National Bank 2 6.38% $6,917
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 7.12% $11,463
    The Loan Store, Inc. 2 6.44% $10,060
    MORTGAGEONE, INC. 2 7.19% $3,454
    MASON MCDUFFIE MORTGAGE CORPORATION 2 7.19% $10,681
    Old National Bank 2 6.00% $4,062
    TOP FLITE FINANCIAL, INC. 2 7.00% $10,239
    TOWN AND COUNTRY Credit Union 2 5.19% $7,315
    Lend Smart Mortgage, LLC 2 6.00% $9,080
    Florida Capital Bank 1 6.13% $18,906
    Flanagan State Bank 1 6.63% $4,070
    First Savings Bank 1 5.75% $3,604
    First National Bank of Omaha 1 6.13% $7,193
    FIRST INTEGRITY MORTGAGE SERVICES, INC. 1 7.75% $4,859
    FIRST COMMUNITY CREDIT UNION 1 6.50% $7,147
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $4,386
    RESIDENTIAL BANCORP 1 5.75% $12,900
    Residential Mortgage Solutions, Inc. 1 7.00% $17,650
    Firstar Bank 1 6.75% $2,752
    ROYAL UNITED MORTGAGE LLC 1 7.13% $7,282
    RUOFF MORTGAGE COMPANY, INC. 1 7.25% $0
    SeaTrust Mortgage Company 1 5.63% $6,146
    Service Federal Credit Union 1 6.50% $10,267
    ENVOY MORTGAGE, LTD 1 6.25% $17,086
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.25% $27,581
    EMM LOANS LLC 1 5.88% $16,739
    Strong Home Mortgage, LLC 1 6.13% $9,205
    EMBRACE HOME LOANS, INC. 1 6.25% $5,064
    AMCAP MORTGAGE, LTD. 1 6.25% $8,544
    THRIVE MORTGAGE, LLC 1 7.13% $3,364
    CASTLE & COOKE MORTGAGE, LLC 1 7.49% $7,866
    Carrington Mortgage Services, LLC 1 5.13% $2,706
    West Gate Bank 1 5.38% $5,928
    Union Savings Bank 1 6.25% $3,126
    CALCON MUTUAL MORTGAGE LLC 1 6.63% $11,729
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.75% $15,034
    ZILLOW HOME LOANS, LLC 1 5.63% $20,089
    VERIDIAN CREDIT UNION 1 6.25% $3,358
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 7.13% $5,289
    LOANPAL, LLC 1 5.25% $25,540
    Lincoln Savings Bank 1 6.63% $17,083
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $7,262
    Liberty Bank Minnesota 1 6.75% $1,505
    LEADERONE FINANCIAL CORPORATION 1 6.13% $23,271
    LAND HOME FINANCIAL SERVICES, INC. 1 6.50% $4,627
    IOWA BANKERS MORTGAGE CORPORATION 1 6.63% $2,299
    NFM, INC. 1 6.88% $6,565
    HomePromise Corporation 1 7.50% $15,363
    Home Federal Savings Bank 1 6.75% $8,055
    Northwest Bank 1 7.13% $4,195
    Heritage Bank 1 6.38% $5,009
    GUARANTY HOME MORTGAGE CORPORATION 1 6.25% $5,711
    GSF Mortgage Corporation 1 7.13% $9,029
    PHH Mortgage Corporation 1 6.13% $6,066
    GREENSTATE CREDIT UNION 1 5.63% $8,625
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.38% $22,074
    Fortress Bank 1 7.63% $0
    PNC Bank 1 7.63% $642
    AMERICAN FINANCING CORPORATION 1 5.25% $9,438

    The top Minnesota VA lender as defined by loan originations is Mortgage Research Center, LLC, with 625 VA loans originated. Their average total fees are $6,676, which is $731 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Minnesota VA lenders (with over 10 loans originated) are NBKC BANK ($5,254), Gate City Bank ($5,353), Servion, Inc. ($5,408), NAVY FEDERAL CREDIT UNION ($5,413) and DHI MORTGAGE COMPANY, LTD. ($5,602).

    The lowest rate Minnesota VA lenders (with over 10 loans originated) are M/I FINANCIAL, LLC (5.50%), DHI MORTGAGE COMPANY, LTD. (5.52%), PENTAGON FEDERAL CREDIT UNION (5.70%), EAGLE HOME MORTGAGE, LLC (5.73%) and PENNYMAC LOAN SERVICES, LLC (5.75%).

    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.