Ann Arbor VA Loans

ANN ARBOR, MI

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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 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.

    Ann Arbor's 76 lenders originated 493 VA loans during 2021. The total origination value was $137,455,000, with an average VA loan value of $278,813.

    Ann Arbor VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Ann Arbor averaged 5.66% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.39% and one month ago for the week of 2022-04-08, the average rate was 5.01%.

    The average rate one year ago was 3.13%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.52%.

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

    Ann Arbor VA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Ann Arbor level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 82 2.45% $4,228
    Mortgage Research Center, LLC 52 2.79% $7,060
    FREEDOM MORTGAGE CORPORATION 25 2.42% $3,110
    UNITED WHOLESALE MORTGAGE, LLC 21 2.51% $6,424
    NEW DAY FINANCIAL, LLC 15 2.74% $5,062
    UNIVERSITY LENDING GROUP, LLC 15 2.85% $7,041
    CALIBER HOME LOANS, INC. 13 2.46% $4,896
    NAVY FEDERAL CREDIT UNION 12 2.39% $6,061
    USAA Federal Savings Bank 12 2.79% $3,667
    STAUNTON FINANCIAL, INC. 11 2.63% $6,198
    MORTGAGE 1 INCORPORATED 11 2.91% $6,104
    HOME POINT FINANCIAL CORPORATION 9 2.56% $5,061
    Flagstar Bank, FSB 8 3.00% $6,662
    The Federal Savings Bank 6 2.44% $6,966
    CLEARPATH LENDING 6 2.25% $3,273
    ROSS MORTGAGE CORPORATION 5 2.68% $2,790
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 5 2.58% $3,915
    LOANDEPOT.COM, LLC 5 2.87% $3,616
    Barrington Bank & Trust Company, N.A. 4 2.65% $7,053
    PENTAGON FEDERAL CREDIT UNION 4 2.31% $3,497
    BROKER SOLUTIONS, INC. 4 2.53% $5,884
    HOMESITE MORTGAGE, LLC 4 3.06% $7,550
    VILLAGE CAPITAL & INVESTMENT LLC 4 2.38% $2,789
    AMERISAVE MORTGAGE CORPORATION 4 2.50% $7,080
    LAKE MICHIGAN CREDIT UNION 4 2.44% $10,737
    LAKEVIEW LOAN SERVICING, LLC 4 2.63% $1,822
    CROSSCOUNTRY MORTGAGE, LLC 4 2.81% $3,907
    PENNYMAC LOAN SERVICES, LLC 4 2.16% $4,501
    PULTE MORTGAGE LLC 3 2.75% $18,246
    RUOFF MORTGAGE COMPANY, INC. 3 3.29% $6,616
    PLANET HOME LENDING, LLC 3 2.25% $1,963
    NBKC BANK 3 2.58% $1,767
    CMG MORTGAGE, INC. 3 2.92% $7,599
    NEWREZ LLC 3 2.71% $1,922
    GUARANTEED RATE, INC. 3 2.46% $3,709
    First Federal Bank 2 3.68% $10,857
    First Guaranty Mortgage Corporation 2 2.50% $1,441
    InterContinental Capital Group, Inc 2 2.25% $2,374
    TCF National Bank 2 2.50% $2,838
    Wells Fargo Bank 2 2.81% $7,494
    Carrington Mortgage Services, LLC 2 2.25% $5,472
    ACADEMY MORTGAGE CORPORATION 2 3.25% $12,784
    Platinum Home Mortgage Corporation 2 2.81% $4,733
    SUN WEST MORTGAGE COMPANY, INC. 2 2.38% $3,238
    SOVEREIGN LENDING GROUP INCORPORATED 2 2.25% $8,709
    BNC National Bank 2 2.25% $9,243
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 2.88% $5,286
    Mr. Cooper ( Nationstar Mortgage ) 2 2.25% $2,522
    ZILLOW HOME LOANS, LLC 1 2.25% $15,922
    AMERIFIRST FINANCIAL CORPORATION 1 2.75% $3,796
    Bank of Ann Arbor 1 2.50% $3,230
    Citizens Bank 1 2.38% $2,084
    FirstBank 1 2.25% $2,670
    GENEVA FINANCIAL, LLC 1 2.25% $11,111
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.88% $2,260
    INSPIRE HOME LOANS INC. 1 2.62% $9,258
    J. VIRGIL, INC. 1 3.75% $2,538
    KeyBank 1 2.88% $8,229
    Lakeview Community Capital, LLC 1 2.75% $798
    LAND HOME FINANCIAL SERVICES, INC. 1 2.88% $23,125
    Magnolia Bank 1 2.88% $14,129
    MID AMERICA MORTGAGE, INC. 1 2.25% $1,278
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $14,652
    NATIONS DIRECT MORTGAGE, LLC 1 4.00% $12,292
    NETWORK CAPITAL FUNDING CORPORATION 1 2.63% $17,716
    NFM, INC. 1 3.38% $18,309
    Paramount Bank 1 2.75% $9,835
    PNC Bank 1 2.88% $545
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.88% $7,555
    SECURITYNATIONAL MORTGAGE COMPANY 1 3.75% $3,930
    TBI MORTGAGE COMPANY 1 3.00% $12,378
    The Huntington National Bank 1 2.38% $4,979
    TJC Mortgage, Inc. 1 2.38% $1,598
    Triumph Bank 1 2.25% $2,977
    UNION HOME MORTGAGE CORP. 1 2.25% $7,113
    Wyndham Capital Mortgage, Inc. 1 2.38% $1,231

    The top Ann Arbor VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 82 VA loans originated. Their average total fees are $4,228, which is $2,832 lower than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Ann Arbor VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,110), USAA Federal Savings Bank ($3,667), QUICKEN LOANS, LLC ($4,228), CALIBER HOME LOANS, INC. ($4,896) and NEW DAY FINANCIAL, LLC ($5,062).

    The lowest rate Ann Arbor VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (2.39%), FREEDOM MORTGAGE CORPORATION (2.42%), QUICKEN LOANS, LLC (2.45%), CALIBER HOME LOANS, INC. (2.46%) and UNITED WHOLESALE MORTGAGE, LLC (2.51%).

    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.