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 49 lenders originated 172 VA loans during 2022. The total origination value was $57,800,000, with an average VA loan value of $336,047.

    Ann Arbor VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Ann Arbor averaged 6.07% for the week of 2023-03-17, compared to the national average (all VA variants) of 6.138% for the same period.

    Ann Arbor's average VA mortgage closing costs are $5,812.

    The average rate for the prior week (2023-03-10) was 6.35% and one month ago for the week of 2023-02-10, the average rate was 5.88%.

    The average rate one year ago was 3.97%.

    For refis of the same type during the week of 2023-03-17, the average rate was 4.54%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 27 4.67% $8,057
    QUICKEN LOANS, LLC 16 3.73% $11,523
    UNITED WHOLESALE MORTGAGE, LLC 11 4.00% $10,665
    NAVY FEDERAL CREDIT UNION 8 4.09% $4,090
    USAA Federal Savings Bank 7 4.55% $5,586
    LOANDEPOT.COM, LLC 7 4.66% $8,720
    UNIVERSITY LENDING GROUP, LLC 7 4.64% $7,518
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 3.93% $15,509
    FREEDOM MORTGAGE CORPORATION 5 4.05% $7,194
    NEW DAY FINANCIAL, LLC 4 4.34% $7,524
    CALIBER HOME LOANS, INC. 4 4.75% $9,730
    MORTGAGE 1 INCORPORATED 4 4.62% $4,857
    Mr. Cooper ( Nationstar Mortgage ) 4 5.13% $9,372
    PENNYMAC LOAN SERVICES, LLC 3 2.96% $4,812
    GUARANTEED RATE, INC. 3 4.75% $12,760
    PULTE MORTGAGE LLC 3 3.58% $4,384
    STAUNTON FINANCIAL, INC. 3 4.58% $5,306
    PENTAGON FEDERAL CREDIT UNION 2 3.25% $11,484
    NEWREZ LLC 2 3.94% $3,472
    CROSSCOUNTRY MORTGAGE, LLC 2 4.47% $8,895
    ROSS MORTGAGE CORPORATION 2 6.19% $1,567
    GENEVA FINANCIAL, LLC 2 3.50% $10,229
    PNC Bank 2 3.31% $2,174
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.75% $7,090
    Carrington Mortgage Services, LLC 2 3.75% $6,218
    VILLAGE CAPITAL MORTGAGE 1 4.75% $10,027
    AMERISAVE MORTGAGE CORPORATION 1 4.25% $13,090
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.50% $24,212
    BROKER SOLUTIONS, INC. 1 6.13% $4,525
    Citizens Bank 1 4.88% $2,527
    First Federal Bank 1 2.38% $8,389
    HOMESITE MORTGAGE, LLC 1 4.25% $0
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 4.00% $18,714
    LAKEVIEW LOAN SERVICING, LLC 1 2.75% $1,078
    MEMBER FIRST MORTGAGE, LLC 1 6.50% $4,749
    MICHIGAN MUTUAL, INC. 1 3.63% $11,124
    Mid-Continent Funding, Inc. 1 5.13% $9,796
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $9,023
    NORTHERN MORTGAGE SERVICES, LLC 1 5.13% $3,589
    Old National Bank 1 3.25% $6,570
    Peoples Bank 1 4.63% $19,779
    PLANET HOME LENDING, LLC 1 2.75% $3,654
    Presidential Bank, FSB 1 4.25% $17,552
    RELIANCE FIRST CAPITAL, LLC 1 3.50% $10,525
    ROYAL UNITED MORTGAGE LLC 1 3.50% $14,182
    The Federal Savings Bank 1 4.25% $16,759
    UNION HOME MORTGAGE CORP. 1 4.25% $5,071
    University Bank 1 5.63% $1,456
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.00% $14,958

    The top Ann Arbor VA lender as defined by loan originations is Mortgage Research Center, LLC, with 27 VA loans originated. Their average total fees are $8,057, which is $3,466 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Ann Arbor VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($8,057), UNITED WHOLESALE MORTGAGE, LLC ($10,665), QUICKEN LOANS, LLC ($11,523), .

    The lowest rate Ann Arbor VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (3.73%), UNITED WHOLESALE MORTGAGE, LLC (4.00%), Mortgage Research Center, LLC (4.67%), .

    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 $389,725 (17.7%) $506,485 (13.3%) 1.45 552
    2018-02-01 $392,250 (13.9%) $513,914 (1.9%) 1.42 544
    2018-03-01 $390,000 (3.8%) $506,063 (-2.6%) 1.37 583
    2018-04-01 $394,950 (1.3%) $489,742 (-7.4%) 1.34 666
    2018-05-01 $406,450 (3.2%) $493,815 (-6.9%) 1.36 800
    2018-06-01 $408,500 (4.9%) $495,888 (-3.2%) 1.36 885
    2018-07-01 $409,500 (7.5%) $486,820 (0.6%) 1.37 981
    2018-08-01 $393,950 (6.5%) $459,729 (-3.8%) 1.32 1,065
    2018-09-01 $390,000 (5.4%) $462,854 (-2.8%) 1.31 1,066
    2018-10-01 $393,625 (6.1%) $463,979 (-6.0%) 1.33 1,040
    2018-11-01 $396,500 (-0.7%) $461,290 (-8.5%) 1.34 965
    2018-12-01 $399,000 (-0.3%) $457,678 (-8.7%) 1.38 837
    2019-01-01 $399,900 (2.6%) $461,700 (-8.8%) 1.38 743
    2019-02-01 $399,950 (2.0%) $468,019 (-8.9%) 1.35 741
    2019-03-01 $404,246 (3.7%) $477,400 (-5.7%) 1.32 850
    2019-04-01 $407,481 (3.2%) $486,413 (-0.7%) 1.29 963
    2019-05-01 $417,250 (2.7%) $492,013 (-0.4%) 1.30 1,071
    2019-06-01 $417,000 (2.1%) $502,242 (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 (2.5%) 1.25 1,200
    2019-09-01 $386,264 (-1.0%) $460,886 (-0.4%) 1.24 1,196
    2019-10-01 $379,450 (-3.6%) $450,993 (-2.8%) 1.22 1,192
    2019-11-01 $373,900 (-5.7%) $439,462 (-4.7%) 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%) 1.26 793
    2020-03-01 $398,945 (-1.3%) $466,946 (-2.2%) 1.25 859
    2020-04-01 $399,000 (-2.1%) $460,566 (-5.3%) 1.25 891
    2020-05-01 $398,000 (-4.6%) $457,019 (-7.1%) 1.21 1,066
    2020-06-01 $398,950 (-4.3%) $463,549 (-7.7%) 1.17 1,085
    2020-07-01 $399,450 (-2.2%) $471,269 (-3.1%) 1.16 1,039
    2020-08-01 $399,000 (1.2%) $473,045 (0.4%) 1.14 1,014
    2020-09-01 $399,950 (3.5%) $482,458 (4.7%) 1.14 964
    2020-10-01 $410,095 (8.1%) $493,696 (9.5%) 1.18 897
    2020-11-01 $419,000 (12.1%) $491,498 (11.8%) 1.22 796
    2020-12-01 $416,869 (13.1%) $491,171 (13.1%) 1.24 703
    2021-01-01 $429,900 (16.7%) $510,318 (17.9%) 1.28 568
    2021-02-01 $443,246 (14.2%) $536,294 (18.7%) 1.29 493
    2021-03-01 $449,600 (12.7%) $540,945 (15.9%) 1.28 456
    2021-04-01 $449,300 (12.6%) $559,009 (21.4%) 1.21 454
    2021-05-01 $439,000 (10.3%) $559,444 (22.4%) 1.16 505
    2021-06-01 $424,850 (6.5%) $549,654 (18.6%) 1.12 598
    2021-07-01 $422,000 (5.7%) $550,094 (16.7%) 1.11 665
    2021-08-01 $399,950 (0.2%) $531,540 (12.4%) 1.06 692
    2021-09-01 $412,475 (3.1%) $543,570 (12.7%) 1.10 613
    2021-10-01 $415,000 (1.2%) $553,831 (12.2%) 1.11 560
    2021-11-01 $399,100 (-4.8%) $554,373 (12.8%) 1.06 489
    2021-12-01 $407,745 (-2.2%) $563,225 (14.7%) 1.10 411
    2022-01-01 $428,695 (-0.3%) $576,600 (13.0%) 1.16 329
    2022-02-01 $444,500 (0.3%) $598,012 (11.5%) 1.16 293
    2022-03-01 $413,750 (-8.0%) $578,055 (6.9%) 1.04 308
    2022-04-01 $429,900 (-4.3%) $585,294 (4.7%) 1.02 358
    2022-05-01 $451,633 (2.9%) $591,644 (5.8%) 1.03 398
    2022-06-01 $449,938 (5.9%) $564,884 (2.8%) 1.00 479
    2022-07-01 $451,780 (7.1%) $568,611 (3.4%) 1.02 582
    2022-08-01 $449,950 (12.5%) $547,540 (3.0%) 1.04 620
    2022-09-01 $449,854 (9.1%) $548,261 (0.9%) 1.05 618
    2022-10-01 $449,000 (8.2%) $553,438 (-0.1%) 1.06 623
    2022-11-01 $437,000 (9.5%) $544,706 (-1.7%) 1.05 588
    2022-12-01 $420,000 (3.0%) $543,790 (-3.5%) 1.04 465
    2023-01-01 $430,000 (0.3%) $566,369 (-1.8%) 1.06 416
    2023-02-01 $449,224 (1.1%) $597,389 (-0.1%) 1.08 368
    Ann Arbor's median listing price for 2023-02-01 was $449,224, a difference of $4,724 (1.1%) versus the prior year and $19,224 versus the prior month.

    Ann Arbor's median listing price comes in at 108% of the national average.

    Ann Arbor's average listing price for 2023-02-01 was $597,389, a difference of $-623 (-0.1%) versus the prior year and $31,020 versus the prior month.

    For the 2023-02-01 period, Ann Arbor had 368 MLS listings, a difference of -48 listings (-12%) versus the prior month and 75 listings (26%) 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 98 days 2,093 sqft
    2018-02-01 89 days 2,139 sqft
    2018-03-01 53 days 2,047 sqft
    2018-04-01 40 days 2,061 sqft
    2018-05-01 37 days 2,069 sqft
    2018-06-01 41 days 2,082 sqft
    2018-07-01 45 days 2,053 sqft
    2018-08-01 46 days 1,974 sqft
    2018-09-01 58 days 1,996 sqft
    2018-10-01 62 days 2,005 sqft
    2018-11-01 63 days 1,999 sqft
    2018-12-01 74 days 1,962 sqft
    2019-01-01 92 days 1,962 sqft
    2019-02-01 90 days 1,984 sqft
    2019-03-01 62 days 2,032 sqft
    2019-04-01 42 days 2,085 sqft
    2019-05-01 45 days 2,086 sqft
    2019-06-01 47 days 2,100 sqft
    2019-07-01 52 days 2,085 sqft
    2019-08-01 56 days 2,062 sqft
    2019-09-01 62 days 2,044 sqft
    2019-10-01 66 days 2,034 sqft
    2019-11-01 73 days 2,004 sqft
    2019-12-01 94 days 2,022 sqft
    2020-01-01 102 days 1,999 sqft
    2020-02-01 86 days 2,064 sqft
    2020-03-01 50 days 2,100 sqft
    2020-04-01 61 days 2,064 sqft
    2020-05-01 66 days 2,048 sqft
    2020-06-01 45 days 2,027 sqft
    2020-07-01 53 days 2,038 sqft
    2020-08-01 56 days 2,018 sqft
    2020-09-01 59 days 2,017 sqft
    2020-10-01 59 days 2,053 sqft
    2020-11-01 62 days 1,988 sqft
    2020-12-01 81 days 1,990 sqft
    2021-01-01 98 days 2,029 sqft
    2021-02-01 90 days 2,045 sqft
    2021-03-01 50 days 1,991 sqft
    2021-04-01 31 days 1,978 sqft
    2021-05-01 32 days 1,946 sqft
    2021-06-01 30 days 1,964 sqft
    2021-07-01 38 days 1,912 sqft
    2021-08-01 40 days 1,846 sqft
    2021-09-01 52 days 1,883 sqft
    2021-10-01 66 days 1,885 sqft
    2021-11-01 74 days 1,890 sqft
    2021-12-01 88 days 1,872 sqft
    2022-01-01 95 days 1,854 sqft
    2022-02-01 75 days 1,817 sqft
    2022-03-01 33 days 1,700 sqft
    2022-04-01 31 days 1,787 sqft
    2022-05-01 29 days 1,855 sqft
    2022-06-01 25 days 1,908 sqft
    2022-07-01 30 days 1,954 sqft
    2022-08-01 39 days 1,900 sqft
    2022-09-01 44 days 1,915 sqft
    2022-10-01 46 days 1,952 sqft
    2022-11-01 55 days 1,913 sqft
    2022-12-01 75 days 1,852 sqft
    2023-01-01 75 days 1,853 sqft
    2023-02-01 64 days 1,908 sqft
    Ann Arbor's median listing age (time on market) for 2023-02-01 was 64 days. This is -15% shorter than the same period one year ago.

    Ann Arbor's median square footage for active listings during the 2023-02-01 period was 1,908 sqft. One year prior, the average listing was 1,817 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.