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 5.94% for the week of 2024-10-11, compared to the national average (all VA variants) of 5.854% for the same period.

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

    The average rate for the prior week (2024-10-04) was 5.91% and one month ago for the week of 2024-09-06, the average rate was 5.8%.

    The average rate one year ago was 7.57%.

    For refis of the same type during the week of 2024-10-11, the average rate was 5.95%.

    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.