Ann Arbor VA Loan Rates, Closing Costs & Stats

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 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.

Ann Arbor's 41 lenders originated 113 VA loans during 2023. The total origination value was $39,975,000, with an average VA loan value of $353,761.

Ann Arbor VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Ann Arbor averaged 6.59% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

Ann Arbor's average VA mortgage closing costs are $6,040.

The average rate for the prior week (2024-07-12) was 6.33% and one month ago for the week of 2024-06-14, the average rate was 6.79%.

The average rate one year ago was 6.57%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.5%.

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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Ann Arbor level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 22 6.59% $6,397
UNITED WHOLESALE MORTGAGE, LLC 13 6.24% $10,556
QUICKEN LOANS, LLC 10 6.12% $12,554
USAA Federal Savings Bank 6 6.48% $6,825
MORTGAGE 1 INCORPORATED 6 6.60% $6,348
NAVY FEDERAL CREDIT UNION 4 5.78% $4,465
LOANDEPOT.COM, LLC 3 6.33% $9,563
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 5.87% $14,835
LAKE MICHIGAN CREDIT UNION 2 6.06% $10,040
CROSSCOUNTRY MORTGAGE, LLC 2 7.13% $17,549
ROSS MORTGAGE CORPORATION 2 6.44% $13,873
STAUNTON FINANCIAL, INC. 2 7.06% $12,817
Magnolia Bank 2 6.56% $28,316
University Bank 2 6.56% $3,321
Flagstar Bank, FSB 2 7.00% $5,846
DAS Acquisition Company, LLC 2 6.44% $9,227
Mr. Cooper ( Nationstar Mortgage ) 2 5.50% $7,280
NBKC BANK 2 6.38% $8,481
NEW DAY FINANCIAL, LLC 2 7.37% $18,072
HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.38% $11,300
PENNYMAC LOAN SERVICES, LLC 2 5.75% $5,952
MICHIGAN MUTUAL, INC. 1 4.88% $9,908
BROKER SOLUTIONS, INC. 1 6.75% $3,494
CALIBER HOME LOANS, INC. 1 6.25% $5,801
FBC MORTGAGE, LLC 1 6.75% $16,175
FIRST COMMUNITY MORTGAGE, INC. 1 6.75% $7,890
First Merchants Bank 1 6.13% $3,664
FREEDOM MORTGAGE CORPORATION 1 5.63% $5,540
GUARANTEED RATE, INC. 1 5.25% $5,375
GUILD MORTGAGE COMPANY 1 5.63% $8,030
HOMESTEAD FUNDING CORP. 1 5.25% $6,429
Independent Bank 1 7.13% $4,739
LAKEVIEW LOAN SERVICING, LLC 1 6.25% $7,850
AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $21,305
MOVEMENT MORTGAGE, LLC 1 6.25% $2,511
Northpointe Bank 1 5.75% $8,451
PENTAGON FEDERAL CREDIT UNION 1 5.13% $2,343
Plains Commerce Bank 1 6.25% $18,426
PULTE MORTGAGE LLC 1 5.88% $18,589
The Federal Savings Bank 1 5.75% $17,027
UNION HOME MORTGAGE CORP. 1 6.13% $16,672

The top Ann Arbor VA lender as defined by loan originations is Mortgage Research Center, LLC, with 22 VA loans originated. Their average total fees are $6,397, which is $4,159 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Ann Arbor VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,397), UNITED WHOLESALE MORTGAGE, LLC ($10,556), QUICKEN LOANS, LLC ($12,554), .

The lowest rate Ann Arbor VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.12%), UNITED WHOLESALE MORTGAGE, LLC (6.24%), Mortgage Research Center, LLC (6.59%), .

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.