Detroit VA Loans

DETROIT-DEARBORN-LIVONIA, 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.

Detroit's 126 lenders originated 2,318 VA loans during 2021. The total origination value was $469,000,000, with an average VA loan value of $202,330.

Detroit VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Detroit averaged 4.74% for the week of 2022-03-25, compared to the national average (all VA variants) of 4.399% for the same period.

The average rate for the prior week (2022-03-18) was 4.42% and one month ago for the week of 2022-02-18, the average rate was 4.44%.

The average rate one year ago was 3.52%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.52%.

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

Detroit 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 Detroit level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 459 2.59% $4,302
Mortgage Research Center, LLC 238 2.93% $4,623
FREEDOM MORTGAGE CORPORATION 147 2.55% $2,221
UNITED WHOLESALE MORTGAGE, LLC 147 2.59% $5,570
VILLAGE CAPITAL & INVESTMENT LLC 63 2.39% $2,949
CALIBER HOME LOANS, INC. 59 2.83% $4,641
NEW DAY FINANCIAL, LLC 59 2.71% $5,467
PENNYMAC LOAN SERVICES, LLC 51 2.66% $3,837
NAVY FEDERAL CREDIT UNION 49 2.46% $5,154
USAA Federal Savings Bank 45 2.86% $3,665
CROSSCOUNTRY MORTGAGE, LLC 40 2.98% $4,863
LOANDEPOT.COM, LLC 40 2.66% $5,426
Flagstar Bank, FSB 32 2.73% $5,431
MORTGAGE 1 INCORPORATED 29 3.14% $5,236
CLEARPATH LENDING 26 2.40% $3,175
Mr. Cooper ( Nationstar Mortgage ) 25 2.95% $4,418
GUARANTEED RATE, INC. 24 2.63% $3,893
LAKEVIEW LOAN SERVICING, LLC 21 2.65% $2,242
UNION HOME MORTGAGE CORP. 20 3.04% $5,630
ROSS MORTGAGE CORPORATION 19 3.01% $3,785
HOME POINT FINANCIAL CORPORATION 19 2.80% $5,309
Barrington Bank & Trust Company, N.A. 17 2.79% $4,844
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 16 2.87% $6,040
The Federal Savings Bank 16 2.70% $7,098
BROKER SOLUTIONS, INC. 15 2.89% $3,805
STAUNTON FINANCIAL, INC. 15 2.88% $5,765
Low VA Rates, LLC 14 2.77% $4,562
SUCCESS MORTGAGE PARTNERS, INC. 12 3.12% $4,733
Carrington Mortgage Services, LLC 10 3.19% $5,161
AMERISAVE MORTGAGE CORPORATION 10 2.84% $6,560
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 3.19% $3,063
PENTAGON FEDERAL CREDIT UNION 9 2.29% $1,177
The Huntington National Bank 9 2.93% $4,762
Citizens Bank 9 2.68% $2,746
ACADEMY MORTGAGE CORPORATION 8 3.25% $6,038
NEWREZ LLC 8 2.72% $4,123
InterContinental Capital Group, Inc 7 2.34% $2,823
SUN WEST MORTGAGE COMPANY, INC. 7 2.59% $2,079
Lakeview Community Capital, LLC 7 2.62% $2,284
First Guaranty Mortgage Corporation 7 2.71% $2,918
CMG MORTGAGE, INC. 7 3.32% $4,529
Wells Fargo Bank 7 2.63% $3,535
AMERICAN FINANCIAL NETWORK, INC. 6 2.54% $7,156
UNIVERSITY LENDING GROUP, LLC 6 3.17% $5,884
MICHIGAN FIRST CREDIT UNION 6 2.65% $6,438
LAKE MICHIGAN CREDIT UNION 6 2.85% $5,731
BLG HOLDINGS, INC. 6 2.88% $4,410
MUTUAL OF OMAHA MORTGAGE, INC. 6 3.00% $4,017
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.40% $5,315
Magnolia Bank 5 2.48% $6,842
First Federal Bank 5 3.20% $5,260
HOMESITE MORTGAGE, LLC 5 3.08% $8,876
PULTE MORTGAGE LLC 4 2.78% $6,997
PLAZA HOME MORTGAGE, INC. 4 3.34% $5,096
RUOFF MORTGAGE COMPANY, INC. 4 3.34% $4,595
JPMorgan Chase Bank 4 3.00% $2,132
EVERETT FINANCIAL, INC. 4 3.03% $3,567
PLANET HOME LENDING, LLC 4 2.47% $2,087
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.13% $6,435
Platinum Home Mortgage Corporation 3 2.88% $6,944
M/I FINANCIAL, LLC 3 2.50% $5,884
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.42% $5,312
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 2.75% $5,247
U.S. Bank 3 2.88% $4,278
GUARANTEED RATE AFFINITY, LLC 3 2.54% $3,873
MID AMERICA MORTGAGE, INC. 3 3.17% $2,606
North American Savings Bank, F.S.B. 3 2.42% $1,926
MOVEMENT MORTGAGE, LLC 3 3.42% $5,276
SUMMIT FUNDING, INC. 3 2.79% $3,374
BNC National Bank 2 2.25% $5,380
AMERIFIRST FINANCIAL CORPORATION 2 3.06% $3,916
Credence Funding Corporation 2 2.25% $4,054
GENEVA FINANCIAL, LLC 2 3.06% $7,600
Goldwater Bank, N.A. 2 2.38% $3,397
HANCOCK MORTGAGE PARTNERS, LLC 2 3.25% $8,136
HOMESIDE FINANCIAL, LLC 2 2.31% $7,364
Independent Bank 2 2.94% $10,756
INSPIRE HOME LOANS INC. 2 3.50% $8,338
J. VIRGIL, INC. 2 2.94% $4,026
LAND HOME FINANCIAL SERVICES, INC. 2 3.75% $6,916
Luxury Mortgage Corp. 2 2.94% $7,527
Manufacturers and Traders Trust Company 2 2.81% $6,608
MEMBER FIRST MORTGAGE, LLC 2 2.88% $5,110
Mid-Continent Funding, Inc. 2 2.88% $9,711
NATIONS DIRECT MORTGAGE, LLC 2 3.37% $6,688
PHH Mortgage Corporation 2 3.19% $2,592
PNC Bank 2 3.06% $622
SOUTHWEST FUNDING, LP 2 3.56% $10,592
STEARNS LENDING, LLC 2 3.13% $6,039
Strong Home Mortgage, LLC 2 2.75% $1,530
TJC Mortgage, Inc. 2 2.50% $9,123
TOWNE MORTGAGE COMPANY 2 3.13% $1,981
NBKC BANK 1 3.00% $1,779
Nations Lending Corporation 1 2.63% $525
AMERICAN FINANCING CORPORATION 1 2.99% $9,270
PREMIA MORTGAGE, LLC 1 2.99% $5,004
Prime Choice Funding Inc. 1 2.25% $2,857
MORTGAGE CENTER L.C 1 3.13% $2,366
MMS MORTGAGE SERVICES, LTD. 1 3.63% $11,072
HARTFORD FUNDING, LTD. 1 4.25% $3,119
GUILD MORTGAGE COMPANY 1 3.13% $1,191
ROYAL UNITED MORTGAGE LLC 1 2.75% $8,137
First Savings Bank 1 2.25% $7,671
AMCAP MORTGAGE, LTD. 1 3.75% $2,100
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $1,683
ADVISORS CAPITAL, INC. 1 3.25% $5,924
STOCKTON MORTGAGE CORPORATION 1 2.88% $8,044
ACCELERATE MORTGAGE, LLC 1 1.75% $7,762
Fifth Third Bank 1 2.75% $2,587
Evolve Bank & Trust 1 2.63% $2,165
Sunflower Bank 1 2.25% $8,071
Equity Prime Mortgage LLC 1 2.25% $3,030
TCF National Bank 1 3.00% $1,772
BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $1,834
Associated Bank 1 2.50% $5,047
Willamette Valley Bank 1 3.25% $3,760
Wyndham Capital Mortgage, Inc. 1 2.38% $1,901
Armed Forces Bank 1 3.00% $7,939
ARC HOME LLC 1 2.25% $11,192
NP, Inc. 1 2.50% $5,842
Paramount Bank 1 2.75% $3,945
Northpointe Bank 1 2.63% $2,543
NEW ENGLAND FEDERAL CREDIT UNION 1 2.75% $2,035
AmeriHome Mortgage Company, LLC 1 2.75% $5,758
Plains Commerce Bank 1 2.50% $2,393
Neighborhood Loans, Inc. 1 2.88% $4,887

The top Detroit VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 459 VA loans originated. Their average total fees are $4,302, which is $321 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Detroit VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,221), LAKEVIEW LOAN SERVICING, LLC ($2,242), VILLAGE CAPITAL & INVESTMENT LLC ($2,949), CLEARPATH LENDING ($3,175) and USAA Federal Savings Bank ($3,665).

The lowest rate Detroit VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.39%), CLEARPATH LENDING (2.40%), NAVY FEDERAL CREDIT UNION (2.46%), FREEDOM MORTGAGE CORPORATION (2.55%) and QUICKEN LOANS, LLC (2.59%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Detroit (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 $199,450 (7.2%) $307,748 (4.8%) 0.73 10,243
2018-02-01 $202,400 (5.3%) $316,034 (4.9%) 0.73 9,588
2018-03-01 $223,000 (5.0%) $337,028 (7.2%) 0.77 9,395
2018-04-01 $242,450 (7.8%) $342,600 (4.1%) 0.81 9,811
2018-05-01 $249,900 (6.4%) $348,144 (2.6%) 0.83 10,802
2018-06-01 $252,000 (5.7%) $353,204 (3.4%) 0.84 12,035
2018-07-01 $249,950 (6.4%) $347,899 (3.9%) 0.83 13,283
2018-08-01 $244,900 (8.8%) $335,598 (2.8%) 0.82 14,600
2018-09-01 $239,900 (6.7%) $334,488 (2.9%) 0.80 15,246
2018-10-01 $231,700 (5.4%) $325,656 (1.7%) 0.77 15,179
2018-11-01 $225,000 (4.7%) $318,611 (0.7%) 0.75 14,782
2018-12-01 $219,900 (7.3%) $313,544 (0.2%) 0.75 13,506
2019-01-01 $219,700 (10.2%) $312,979 (1.7%) 0.76 12,424
2019-02-01 $219,952 (8.7%) $316,633 (0.2%) 0.74 11,742
2019-03-01 $234,971 (5.4%) $329,887 (-2.1%) 0.77 11,477
2019-04-01 $252,450 (4.1%) $345,866 (1.0%) 0.79 11,469
2019-05-01 $259,900 (4.0%) $353,689 (1.6%) 0.80 12,508
2019-06-01 $264,900 (5.1%) $352,225 (-0.3%) 0.82 13,857
2019-07-01 $259,950 (4.0%) $347,048 (-0.2%) 0.81 15,141
2019-08-01 $251,329 (2.6%) $336,777 (0.4%) 0.79 15,754
2019-09-01 $239,900 (0.0%) $324,126 (-3.1%) 0.76 16,121
2019-10-01 $239,150 (3.2%) $323,824 (-0.6%) 0.76 15,975
2019-11-01 $232,900 (3.5%) $319,873 (0.4%) 0.75 14,923
2019-12-01 $225,000 (2.3%) $314,459 (0.3%) 0.75 13,067
2020-01-01 $224,400 (2.1%) $314,583 (0.5%) 0.75 11,700
2020-02-01 $224,999 (2.3%) $319,395 (0.9%) 0.73 10,745
2020-03-01 $239,900 (2.1%) $334,475 (1.4%) 0.75 10,285
2020-04-01 $244,950 (-3.0%) $334,393 (-3.3%) 0.76 9,984
2020-05-01 $254,700 (-2.0%) $345,247 (-2.4%) 0.77 10,708
2020-06-01 $274,900 (3.8%) $368,856 (4.7%) 0.80 10,239
2020-07-01 $279,950 (7.7%) $380,207 (9.6%) 0.80 9,825
2020-08-01 $279,900 (11.4%) $381,969 (13.4%) 0.80 9,338
2020-09-01 $274,950 (14.6%) $381,087 (17.6%) 0.79 9,033
2020-10-01 $269,900 (12.9%) $381,166 (17.7%) 0.77 8,406
2020-11-01 $259,900 (11.6%) $380,076 (18.8%) 0.74 7,714
2020-12-01 $253,500 (12.7%) $378,211 (20.3%) 0.74 6,749
2021-01-01 $250,000 (11.4%) $379,714 (20.7%) 0.74 5,642
2021-02-01 $259,900 (15.5%) $395,378 (23.8%) 0.75 4,705
2021-03-01 $271,200 (13.1%) $404,090 (20.8%) 0.76 4,548
2021-04-01 $274,950 (12.3%) $411,182 (23.0%) 0.74 4,651
2021-05-01 $279,900 (9.9%) $414,150 (20.0%) 0.74 5,253
2021-06-01 $279,200 (1.6%) $401,220 (8.8%) 0.73 6,498
2021-07-01 $277,450 (-0.9%) $399,822 (5.2%) 0.72 7,033
2021-08-01 $267,500 (-4.4%) $387,080 (1.3%) 0.70 7,884
2021-09-01 $252,500 (-8.2%) $374,582 (-1.7%) 0.66 8,067
2021-10-01 $245,000 (-9.2%) $363,449 (-4.7%) 0.64 7,805
2021-11-01 $230,900 (-11.2%) $351,438 (-7.5%) 0.61 7,238
2021-12-01 $217,450 (-14.2%) $348,174 (-7.9%) 0.58 6,279
2022-01-01 $210,000 (-16.0%) $344,377 (-9.3%) 0.56 5,163
Detroit's median listing price for 2022-01-01 was $210,000, a difference of $-40,000 (-16.0%) versus the prior year and $-7,450 versus the prior month.

Detroit's median listing price comes in at 56% of the national average.

Detroit's average listing price for 2022-01-01 was $344,377, a difference of $-35,337 (-9.3%) versus the prior year and $-3,797 versus the prior month.

For the 2022-01-01 period, Detroit had 5,163 MLS listings, a difference of -1,116 listings (-18%) versus the prior month and -479 listings (-8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Detroit (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 67 days 1,571 sqft
2018-02-01 64 days 1,575 sqft
2018-03-01 50 days 1,635 sqft
2018-04-01 39 days 1,686 sqft
2018-05-01 36 days 1,713 sqft
2018-06-01 36 days 1,740 sqft
2018-07-01 37 days 1,728 sqft
2018-08-01 37 days 1,700 sqft
2018-09-01 40 days 1,686 sqft
2018-10-01 45 days 1,648 sqft
2018-11-01 47 days 1,616 sqft
2018-12-01 58 days 1,585 sqft
2019-01-01 65 days 1,585 sqft
2019-02-01 63 days 1,596 sqft
2019-03-01 51 days 1,634 sqft
2019-04-01 38 days 1,685 sqft
2019-05-01 36 days 1,721 sqft
2019-06-01 36 days 1,732 sqft
2019-07-01 37 days 1,730 sqft
2019-08-01 39 days 1,705 sqft
2019-09-01 46 days 1,668 sqft
2019-10-01 46 days 1,658 sqft
2019-11-01 50 days 1,635 sqft
2019-12-01 62 days 1,600 sqft
2020-01-01 68 days 1,592 sqft
2020-02-01 59 days 1,592 sqft
2020-03-01 48 days 1,615 sqft
2020-04-01 60 days 1,624 sqft
2020-05-01 67 days 1,650 sqft
2020-06-01 39 days 1,730 sqft
2020-07-01 38 days 1,753 sqft
2020-08-01 36 days 1,722 sqft
2020-09-01 37 days 1,684 sqft
2020-10-01 37 days 1,655 sqft
2020-11-01 42 days 1,606 sqft
2020-12-01 51 days 1,587 sqft
2021-01-01 56 days 1,570 sqft
2021-02-01 45 days 1,580 sqft
2021-03-01 34 days 1,594 sqft
2021-04-01 25 days 1,598 sqft
2021-05-01 22 days 1,609 sqft
2021-06-01 21 days 1,601 sqft
2021-07-01 23 days 1,598 sqft
2021-08-01 25 days 1,564 sqft
2021-09-01 30 days 1,520 sqft
2021-10-01 32 days 1,499 sqft
2021-11-01 36 days 1,456 sqft
2021-12-01 44 days 1,426 sqft
2022-01-01 55 days 1,413 sqft
Detroit's median listing age (time on market) for 2022-01-01 was 55 days. This is -2% shorter than the same period one year ago.

Detroit's median square footage for active listings during the 2022-01-01 period was 1,413 sqft. One year prior, the average listing was 1,570 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.