Ann Arbor VA Loan Rates, Closing Costs & Stats

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 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 53 lenders originated 170 VA loans during 2024. The total origination value was $64,590,000, with an average VA loan value of $379,941.

    Ann Arbor VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Ann Arbor averaged 6.94% for the week of 2025-07-11, compared to the national average (all VA variants) of 6.37% for the same period.

    Ann Arbor's average VA mortgage closing costs are $6,204.

    The average rate for the prior week (2025-07-04) was 6.95% and one month ago for the week of 2025-06-06, the average rate was 6.83%.

    The average rate one year ago was 7.05%.

    For refis of the same type during the week of 2025-07-11, the average rate was 6.38%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 31 6.30% $5,934
    UNITED WHOLESALE MORTGAGE, LLC 19 6.01% $7,892
    QUICKEN LOANS, LLC 11 6.03% $12,291
    NAVY FEDERAL CREDIT UNION 7 5.95% $4,981
    USAA Federal Savings Bank 7 5.95% $8,081
    PENNYMAC LOAN SERVICES, LLC 6 5.71% $5,190
    FREEDOM MORTGAGE CORPORATION 5 6.80% $6,665
    SUCCESS MORTGAGE PARTNERS, INC. 5 6.60% $11,030
    CMG MORTGAGE, INC. 5 5.85% $9,114
    MORTGAGE 1 INCORPORATED 4 6.63% $7,488
    LOANDEPOT.COM, LLC 4 6.41% $13,229
    LAKEVIEW LOAN SERVICING, LLC 3 5.58% $4,676
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.04% $7,812
    M/I FINANCIAL, LLC 3 5.79% $8,971
    CROSSCOUNTRY MORTGAGE, LLC 3 7.06% $6,231
    LAKE MICHIGAN CREDIT UNION 3 6.13% $4,224
    Equity Prime Mortgage LLC 3 6.08% $9,323
    The Federal Savings Bank 3 6.25% $26,934
    HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.19% $5,633
    CLEARPATH LENDING 2 5.81% $7,720
    The Huntington National Bank 2 6.63% $2,134
    NEW DAY FINANCIAL, LLC 2 7.18% $6,496
    University Bank 2 5.94% $5,169
    Old National Bank 2 6.25% $3,118
    RUOFF MORTGAGE COMPANY, INC. 1 6.75% $7,738
    STAUNTON FINANCIAL, INC. 1 6.63% $5,725
    SUN WEST MORTGAGE COMPANY, INC. 1 5.85% $17,470
    The Loan Store, Inc. 1 6.25% $8,853
    UNION HOME MORTGAGE CORP. 1 7.13% $4,328
    Mr. Cooper ( Nationstar Mortgage ) 1 6.50% $3,461
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $20,403
    Armed Forces Bank 1 6.00% $3,785
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.75% $4,405
    DAS Acquisition Company, LLC 1 6.75% $3,322
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.49% $5,987
    FIRST COLONY MORTGAGE CORPORATION 1 6.63% $2,392
    FIRST COMMUNITY MORTGAGE, INC. 1 5.25% $7,139
    First Federal Bank 1 5.63% $10,682
    First Federal Bank of the Midwest 1 6.63% $3,383
    First Merchants Bank 1 7.00% $4,074
    First State Bank 1 7.25% $12,409
    Flagstar Bank, FSB 1 5.69% $6,538
    GENEVA FINANCIAL, LLC 1 6.75% $9,784
    GUARANTEED RATE, INC. 1 5.68% $24,309
    HOMESITE MORTGAGE, LLC 1 6.63% $4,348
    Magnolia Bank 1 5.38% $10,832
    MEMBER FIRST MORTGAGE, LLC 1 7.25% $21,293
    MOVEMENT MORTGAGE, LLC 1 5.50% $1,914
    AMERICAN FINANCIAL NETWORK, INC. 1 5.75% $14,340
    NBKC BANK 1 5.63% $3,482
    NEWREZ LLC 1 6.25% $2,722
    PLANET HOME LENDING, LLC 1 2.75% $2,418
    ROSS MORTGAGE CORPORATION 1 6.63% $8,333

    The top Ann Arbor VA lender as defined by loan originations is Mortgage Research Center, LLC, with 31 VA loans originated. Their average total fees are $5,934, which is $1,958 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 ($5,934), UNITED WHOLESALE MORTGAGE, LLC ($7,892), QUICKEN LOANS, LLC ($12,291), .

    The lowest rate Ann Arbor VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.01%), QUICKEN LOANS, LLC (6.03%), Mortgage Research Center, LLC (6.30%), .

    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.