Bay City VA Loan Rates, Closing Costs & Stats

BAY CITY, 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.

    Bay City's 31 lenders originated 105 VA loans during 2024. The total origination value was $19,905,000, with an average VA loan value of $189,571.

    Bay City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Bay City averaged 0.74% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

    Bay City's average VA mortgage closing costs are $3,952.

    The average rate for the prior week (2025-06-13) was 6.98% and one month ago for the week of 2025-05-16, the average rate was 6.84%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.41%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Bay City 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 Bay City level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 29 6.66% $3,764
    QUICKEN LOANS, LLC 16 6.13% $7,306
    UNITED WHOLESALE MORTGAGE, LLC 11 5.98% $4,742
    The Huntington National Bank 4 7.00% $3,824
    NEW DAY FINANCIAL, LLC 4 7.68% $9,936
    STAUNTON FINANCIAL, INC. 3 7.42% $4,084
    NAVY FEDERAL CREDIT UNION 3 6.04% $3,063
    FREEDOM MORTGAGE CORPORATION 2 6.50% $5,428
    NEWREZ LLC 2 6.50% $10,380
    USAA Federal Savings Bank 2 6.13% $4,053
    Preston Home Loans Inc 2 6.94% $9,368
    Fifth Third Bank 2 6.38% $1,870
    PENNYMAC LOAN SERVICES, LLC 1 5.50% $6,856
    PHH Mortgage Corporation 1 5.49% $5,014
    PLAZA HOME MORTGAGE, INC. 1 6.88% $5,366
    ROSS MORTGAGE CORPORATION 1 7.63% $6,498
    TOP FLITE FINANCIAL, INC. 1 7.13% $0
    University Bank 1 6.50% $3,255
    BLG HOLDINGS, INC. 1 6.25% $7,659
    VILLAGE CAPITAL MORTGAGE 1 5.75% $5,187
    CLEARPATH LENDING 1 6.25% $1,413
    CROSSCOUNTRY MORTGAGE, LLC 1 6.06% $625
    DAS Acquisition Company, LLC 1 6.25% $5,879
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $3,371
    FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $2,466
    Independent Bank 1 6.63% $3,708
    JPMorgan Chase Bank 1 6.13% $6,976
    J. VIRGIL, INC. 1 6.63% $11,239
    LOANDEPOT.COM, LLC 1 5.99% $8,789
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $7,572
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $5,070

    The top Bay City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 29 VA loans originated. Their average total fees are $3,764, which is $3,543 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Bay City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,764), UNITED WHOLESALE MORTGAGE, LLC ($4,742), QUICKEN LOANS, LLC ($7,306), .

    The lowest rate Bay City VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.98%), QUICKEN LOANS, LLC (6.13%), Mortgage Research Center, LLC (6.66%), .

    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.