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 6.34% for the week of 2024-07-12, compared to the national average (all VA variants) of 6.364% for the same period.

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

The average rate for the prior week (2024-07-05) was 6.65% and one month ago for the week of 2024-06-07, the average rate was 6.57%.

The average rate one year ago was 7.04%.

For refis of the same type during the week of 2024-07-12, the average rate was 6.65%.

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.