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 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 0.09% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.49% and one month ago for the week of 2024-10-11, the average rate was 6.16%.

    The average rate one year ago was 7.25%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.19%.

    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%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ann Arbor (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $389,500 (17.6%) $504,774 (12.9%) 1.44 551
    2018-02-01 $391,125 (13.6%) $512,234 (1.6%) 1.42 543
    2018-03-01 $390,000 (3.8%) $503,965 (-3.0%) 1.37 582
    2018-04-01 $394,950 (1.3%) $488,766 (-7.6%) 1.34 666
    2018-05-01 $406,475 (3.1%) $493,882 (-6.8%) 1.36 800
    2018-06-01 $409,000 (5.1%) $496,016 (-3.1%) 1.36 884
    2018-07-01 $409,500 (7.8%) $486,928 (0.7%) 1.37 980
    2018-08-01 $393,950 (6.5%) $459,705 (-3.7%) 1.32 1,065
    2018-09-01 $390,000 (5.6%) $462,953 (-2.7%) 1.31 1,065
    2018-10-01 $395,238 (6.8%) $464,080 (-6.0%) 1.34 1,039
    2018-11-01 $396,500 (-0.6%) $461,397 (-8.4%) 1.34 964
    2018-12-01 $399,000 (-0.2%) $457,678 (-8.4%) 1.38 837
    2019-01-01 $399,900 (2.7%) $461,700 (-8.5%) 1.38 743
    2019-02-01 $399,950 (2.3%) $468,019 (-8.6%) 1.35 741
    2019-03-01 $404,246 (3.7%) $477,400 (-5.3%) 1.32 850
    2019-04-01 $407,481 (3.2%) $486,408 (-0.5%) 1.29 963
    2019-05-01 $417,000 (2.6%) $491,982 (-0.4%) 1.30 1,070
    2019-06-01 $416,000 (1.7%) $502,220 (1.3%) 1.30 1,117
    2019-07-01 $408,453 (-0.3%) $486,504 (-0.1%) 1.28 1,166
    2019-08-01 $394,445 (0.1%) $471,414 (2.6%) 1.25 1,200
    2019-09-01 $386,264 (-1.0%) $460,886 (-0.5%) 1.24 1,196
    2019-10-01 $378,824 (-4.2%) $450,945 (-2.8%) 1.22 1,192
    2019-11-01 $373,700 (-5.8%) $439,351 (-4.8%) 1.23 1,096
    2019-12-01 $368,750 (-7.6%) $434,260 (-5.1%) 1.23 937
    2020-01-01 $368,528 (-7.9%) $432,704 (-6.3%) 1.23 811
    2020-02-01 $387,990 (-3.0%) $451,891 (-3.5%) 1.27 793
    2020-03-01 $398,950 (-1.3%) $467,282 (-2.1%) 1.25 860
    2020-04-01 $399,000 (-2.1%) $460,737 (-5.3%) 1.25 891
    2020-05-01 $398,000 (-4.6%) $457,143 (-7.1%) 1.21 1,063
    2020-06-01 $398,915 (-4.1%) $463,706 (-7.7%) 1.18 1,081
    2020-07-01 $399,450 (-2.2%) $471,470 (-3.1%) 1.16 1,034
    2020-08-01 $398,900 (1.1%) $473,257 (0.4%) 1.14 1,009
    2020-09-01 $399,950 (3.5%) $482,726 (4.7%) 1.15 959
    2020-10-01 $409,998 (8.2%) $494,034 (9.6%) 1.17 892
    2020-11-01 $418,250 (11.9%) $491,874 (12.0%) 1.22 791
    2020-12-01 $416,455 (12.9%) $491,595 (13.2%) 1.24 698
    2021-01-01 $429,900 (16.7%) $510,994 (18.1%) 1.28 563
    2021-02-01 $443,241 (14.2%) $537,303 (18.9%) 1.29 488
    2021-03-01 $449,600 (12.7%) $541,471 (15.9%) 1.28 456
    2021-04-01 $449,300 (12.6%) $559,009 (21.3%) 1.22 454
    2021-05-01 $439,000 (10.3%) $559,444 (22.4%) 1.17 505
    2021-06-01 $424,850 (6.5%) $549,654 (18.5%) 1.12 598
    2021-07-01 $422,000 (5.7%) $550,094 (16.7%) 1.11 665
    2021-08-01 $399,950 (0.3%) $531,540 (12.3%) 1.07 692
    2021-09-01 $412,475 (3.1%) $543,570 (12.6%) 1.10 613
    2021-10-01 $415,000 (1.2%) $553,831 (12.1%) 1.11 560
    2021-11-01 $399,100 (-4.6%) $554,373 (12.7%) 1.07 489
    2021-12-01 $407,745 (-2.1%) $563,225 (14.6%) 1.10 411
    2022-01-01 $428,695 (-0.3%) $576,600 (12.8%) 1.16 329
    2022-02-01 $444,500 (0.3%) $598,012 (11.3%) 1.16 293
    2022-03-01 $414,250 (-7.9%) $578,053 (6.8%) 1.04 308
    2022-04-01 $429,900 (-4.3%) $585,294 (4.7%) 1.02 358
    2022-05-01 $450,383 (2.6%) $591,117 (5.7%) 1.03 398
    2022-06-01 $449,938 (5.9%) $564,427 (2.7%) 1.00 479
    2022-07-01 $450,890 (6.9%) $568,124 (3.3%) 1.02 584
    2022-08-01 $449,938 (12.5%) $546,719 (2.9%) 1.04 622
    2022-09-01 $449,820 (9.1%) $547,848 (0.8%) 1.05 619
    2022-10-01 $449,000 (8.2%) $552,613 (-0.2%) 1.06 624
    2022-11-01 $436,725 (9.4%) $544,276 (-1.8%) 1.05 589
    2022-12-01 $420,000 (3.0%) $543,487 (-3.5%) 1.04 465
    2023-01-01 $430,000 (0.3%) $566,369 (-1.8%) 1.07 416
    2023-02-01 $449,495 (1.1%) $597,447 (-0.1%) 1.08 368
    2023-03-01 $468,750 (13.2%) $631,888 (9.3%) 1.11 374
    2023-04-01 $475,000 (10.5%) $646,643 (10.5%) 1.10 394
    2023-05-01 $495,450 (10.0%) $644,195 (9.0%) 1.12 393
    2023-06-01 $511,070 (13.6%) $661,149 (17.1%) 1.15 417
    2023-07-01 $529,900 (17.5%) $677,324 (19.2%) 1.20 443
    2023-08-01 $499,139 (10.9%) $648,861 (18.7%) 1.15 446
    2023-09-01 $495,190 (10.1%) $652,563 (19.1%) 1.15 456
    2023-10-01 $480,000 (6.9%) $641,408 (16.1%) 1.13 468
    2023-11-01 $485,563 (11.2%) $645,484 (18.6%) 1.16 556
    2023-12-01 $494,245 (17.7%) $666,743 (22.7%) 1.21 391
    2024-01-01 $502,995 (17.0%) $662,986 (17.1%) 1.23 347
    2024-02-01 $514,950 (14.6%) $686,380 (14.9%) 1.24 330
    2024-03-01 $525,000 (12.0%) $667,319 (5.6%) 1.24 364
    2024-04-01 $549,950 (15.8%) $689,311 (6.6%) 1.28 391
    2024-05-01 $554,225 (11.9%) $709,784 (10.2%) 1.25 454
    2024-06-01 $539,900 (5.6%) $689,203 (4.2%) 1.21 511
    2024-07-01 $526,304 (-0.7%) $650,310 (-4.0%) 1.20 516
    2024-08-01 $513,790 (2.9%) $652,481 (0.6%) 1.19 569
    2024-09-01 $509,450 (2.9%) $643,567 (-1.4%) 1.20 601
    2024-10-01 $472,473 (-1.6%) $618,667 (-3.6%) 1.11 585
    Ann Arbor's median listing price for 2024-10-01 was $472,473, a difference of $-7,527 (-1.6%) versus the prior year and $-36,977 versus the prior month.

    Ann Arbor's median listing price comes in at 111% of the national average.

    Ann Arbor's average listing price for 2024-10-01 was $618,667, a difference of $-22,741 (-3.6%) versus the prior year and $-24,900 versus the prior month.

    For the 2024-10-01 period, Ann Arbor had 585 MLS listings, a difference of -16 listings (-3%) versus the prior month and 117 listings (25%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ann Arbor (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 82 days 2,091 sqft
    2018-02-01 70 days 2,136 sqft
    2018-03-01 44 days 2,043 sqft
    2018-04-01 35 days 2,058 sqft
    2018-05-01 32 days 2,071 sqft
    2018-06-01 38 days 2,086 sqft
    2018-07-01 41 days 2,053 sqft
    2018-08-01 42 days 1,974 sqft
    2018-09-01 52 days 1,996 sqft
    2018-10-01 57 days 2,005 sqft
    2018-11-01 59 days 1,999 sqft
    2018-12-01 71 days 1,962 sqft
    2019-01-01 86 days 1,962 sqft
    2019-02-01 80 days 1,984 sqft
    2019-03-01 56 days 2,032 sqft
    2019-04-01 38 days 2,085 sqft
    2019-05-01 43 days 2,084 sqft
    2019-06-01 44 days 2,100 sqft
    2019-07-01 49 days 2,085 sqft
    2019-08-01 53 days 2,062 sqft
    2019-09-01 59 days 2,044 sqft
    2019-10-01 63 days 2,033 sqft
    2019-11-01 68 days 2,004 sqft
    2019-12-01 89 days 2,022 sqft
    2020-01-01 96 days 1,999 sqft
    2020-02-01 80 days 2,064 sqft
    2020-03-01 40 days 2,100 sqft
    2020-04-01 54 days 2,065 sqft
    2020-05-01 59 days 2,048 sqft
    2020-06-01 41 days 2,033 sqft
    2020-07-01 49 days 2,042 sqft
    2020-08-01 51 days 2,028 sqft
    2020-09-01 52 days 2,029 sqft
    2020-10-01 52 days 2,056 sqft
    2020-11-01 57 days 1,994 sqft
    2020-12-01 73 days 1,999 sqft
    2021-01-01 85 days 2,036 sqft
    2021-02-01 72 days 2,048 sqft
    2021-03-01 41 days 1,997 sqft
    2021-04-01 28 days 1,978 sqft
    2021-05-01 30 days 1,946 sqft
    2021-06-01 30 days 1,964 sqft
    2021-07-01 37 days 1,912 sqft
    2021-08-01 38 days 1,846 sqft
    2021-09-01 51 days 1,883 sqft
    2021-10-01 64 days 1,885 sqft
    2021-11-01 66 days 1,890 sqft
    2021-12-01 77 days 1,872 sqft
    2022-01-01 84 days 1,854 sqft
    2022-02-01 61 days 1,817 sqft
    2022-03-01 30 days 1,702 sqft
    2022-04-01 27 days 1,787 sqft
    2022-05-01 26 days 1,854 sqft
    2022-06-01 24 days 1,907 sqft
    2022-07-01 29 days 1,954 sqft
    2022-08-01 37 days 1,897 sqft
    2022-09-01 42 days 1,914 sqft
    2022-10-01 44 days 1,952 sqft
    2022-11-01 51 days 1,912 sqft
    2022-12-01 68 days 1,852 sqft
    2023-01-01 67 days 1,853 sqft
    2023-02-01 50 days 1,908 sqft
    2023-03-01 38 days 1,940 sqft
    2023-04-01 33 days 1,918 sqft
    2023-05-01 33 days 1,929 sqft
    2023-06-01 32 days 2,012 sqft
    2023-07-01 36 days 2,062 sqft
    2023-08-01 35 days 2,038 sqft
    2023-09-01 39 days 1,971 sqft
    2023-10-01 38 days 1,986 sqft
    2023-11-01 51 days 2,033 sqft
    2023-12-01 59 days 2,048 sqft
    2024-01-01 71 days 2,103 sqft
    2024-02-01 54 days 2,095 sqft
    2024-03-01 35 days 2,108 sqft
    2024-04-01 35 days 2,185 sqft
    2024-05-01 24 days 2,254 sqft
    2024-06-01 33 days 2,194 sqft
    2024-07-01 37 days 2,133 sqft
    2024-08-01 39 days 2,079 sqft
    2024-09-01 41 days 2,068 sqft
    2024-10-01 42 days 2,011 sqft
    Ann Arbor's median listing age (time on market) for 2024-10-01 was 42 days. This is 10% longer than the same period one year ago.

    Ann Arbor's median square footage for active listings during the 2024-10-01 period was 2,011 sqft. One year prior, the average listing was 1,986 sqft.

    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.