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.