Ann Arbor VA Loans
ANN ARBOR, MI
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.