Detroit VA Loan Rates, Closing Costs & Stats
Detroit-Warren-Dearborn, 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 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.
Detroit's 137 lenders originated 3,148 VA
loans during 2024. The total origination value was $953,130,000, with an average VA loan value of
$302,773.
Detroit VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Detroit
averaged
0.34%
for the week of 2025-06-20, compared to the national average (all VA variants) of
0% for the same period.
Detroit's average VA mortgage closing costs are $5,553.
The average rate for the prior week (2025-06-13) was
7.19% and
one month ago for the week of 2025-05-16, the
average rate was 6.95%.
The average rate one year ago was 7.15%.
For refis of the same type during the week of 2025-06-20, the average rate
was 0.02%.
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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Detroit level.
Name |
# of Loans |
2024 Avg. 30yFix Rate |
2024 Avg. Closing Costs |
UNITED WHOLESALE MORTGAGE, LLC
|
545
|
6.08%
|
$6,944
|
Mortgage Research Center, LLC
|
499
|
6.41%
|
$6,032
|
QUICKEN LOANS, LLC
|
399
|
6.12%
|
$8,978
|
FREEDOM MORTGAGE CORPORATION
|
127
|
6.18%
|
$8,805
|
NAVY FEDERAL CREDIT UNION
|
99
|
5.95%
|
$4,689
|
NEW DAY FINANCIAL, LLC
|
80
|
7.48%
|
$10,590
|
PENNYMAC LOAN SERVICES, LLC
|
79
|
5.77%
|
$7,515
|
UNION HOME MORTGAGE CORP.
|
67
|
6.46%
|
$7,183
|
USAA Federal Savings Bank
|
63
|
6.17%
|
$6,955
|
MORTGAGE 1 INCORPORATED
|
60
|
6.54%
|
$5,977
|
VILLAGE CAPITAL MORTGAGE
|
60
|
6.05%
|
$7,004
|
Flagstar Bank, FSB
|
46
|
6.36%
|
$4,454
|
CROSSCOUNTRY MORTGAGE, LLC
|
45
|
6.49%
|
$8,538
|
NEWREZ LLC
|
44
|
6.24%
|
$8,253
|
GUARANTEED RATE, INC.
|
38
|
6.04%
|
$4,480
|
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION
|
35
|
6.31%
|
$7,028
|
STAUNTON FINANCIAL, INC.
|
30
|
6.38%
|
$5,624
|
LOANDEPOT.COM, LLC
|
28
|
6.30%
|
$7,852
|
Mr. Cooper ( Nationstar Mortgage )
|
26
|
6.32%
|
$7,151
|
ROSS MORTGAGE CORPORATION
|
26
|
6.50%
|
$5,695
|
PLANET HOME LENDING, LLC
|
24
|
5.76%
|
$4,330
|
SUCCESS MORTGAGE PARTNERS, INC.
|
24
|
6.49%
|
$9,521
|
LAKEVIEW LOAN SERVICING, LLC
|
22
|
5.71%
|
$5,559
|
CLEARPATH LENDING
|
17
|
5.48%
|
$7,569
|
MICHIGAN MUTUAL, INC.
|
17
|
6.51%
|
$5,037
|
The Federal Savings Bank
|
16
|
6.30%
|
$15,231
|
NBKC BANK
|
16
|
5.73%
|
$5,160
|
Barrington Bank & Trust Company, N.A.
|
15
|
6.48%
|
$6,156
|
THE MORTGAGE LINK, INC.
|
15
|
6.73%
|
$15,984
|
MORTGAGE CENTER L.C
|
14
|
6.29%
|
$7,640
|
CMG MORTGAGE, INC.
|
14
|
6.42%
|
$6,495
|
Plains Commerce Bank
|
13
|
6.40%
|
$8,762
|
LAKE MICHIGAN CREDIT UNION
|
12
|
6.09%
|
$8,453
|
JPMorgan Chase Bank
|
12
|
6.23%
|
$3,322
|
BROKER SOLUTIONS, INC.
|
11
|
6.49%
|
$10,289
|
Equity Prime Mortgage LLC
|
11
|
6.75%
|
$8,571
|
PLAZA HOME MORTGAGE, INC.
|
10
|
6.65%
|
$10,700
|
The Huntington National Bank
|
10
|
6.80%
|
$5,875
|
PHH Mortgage Corporation
|
10
|
5.97%
|
$6,970
|
FIRST COMMUNITY MORTGAGE, INC.
|
10
|
6.55%
|
$8,289
|
AMERISAVE MORTGAGE CORPORATION
|
9
|
5.89%
|
$14,329
|
Preston Home Loans Inc
|
9
|
6.72%
|
$12,838
|
Lakeview Community Capital, LLC
|
9
|
5.90%
|
$5,079
|
Carrington Mortgage Services, LLC
|
9
|
5.69%
|
$7,886
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
9
|
7.26%
|
$5,688
|
First State Bank
|
8
|
6.55%
|
$11,505
|
Magnolia Bank
|
8
|
5.72%
|
$15,343
|
University Bank
|
7
|
6.25%
|
$8,121
|
AMERICAN FINANCIAL NETWORK, INC.
|
7
|
6.34%
|
$7,684
|
CARDINAL FINANCIAL
|
7
|
6.23%
|
$9,030
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
7
|
6.29%
|
$5,498
|
The Dart Bank
|
6
|
6.25%
|
$8,402
|
DAS Acquisition Company, LLC
|
6
|
6.75%
|
$4,711
|
The Loan Store, Inc.
|
6
|
6.35%
|
$8,195
|
M/I FINANCIAL, LLC
|
6
|
5.94%
|
$9,446
|
CALCON MUTUAL MORTGAGE LLC
|
6
|
6.50%
|
$7,297
|
INSPIRE HOME LOANS INC.
|
6
|
5.92%
|
$9,004
|
MICHIGAN FIRST CREDIT UNION
|
6
|
6.73%
|
$5,339
|
STOCKTON MORTGAGE CORPORATION
|
6
|
6.33%
|
$10,220
|
AmeriHome Mortgage Company, LLC
|
5
|
6.18%
|
$5,217
|
MEMBER FIRST MORTGAGE, LLC
|
5
|
6.98%
|
$9,142
|
PULTE MORTGAGE LLC
|
5
|
6.45%
|
$7,635
|
First Merchants Bank
|
5
|
6.93%
|
$4,636
|
GUILD MORTGAGE COMPANY
|
4
|
6.19%
|
$7,309
|
HOMESIDE FINANCIAL, LLC
|
4
|
5.97%
|
$8,020
|
Paramount Residential Mortgage Group, Inc.
|
4
|
6.44%
|
$6,058
|
J. VIRGIL, INC.
|
4
|
6.66%
|
$7,697
|
First Federal Bank
|
4
|
5.63%
|
$8,332
|
ROYAL UNITED MORTGAGE LLC
|
4
|
6.22%
|
$14,339
|
U.S. Bank
|
4
|
6.06%
|
$4,926
|
AMERICAN FINANCIAL RESOURCES, INC.
|
4
|
7.22%
|
$7,750
|
MOVEMENT MORTGAGE, LLC
|
4
|
6.78%
|
$14,520
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
4
|
6.47%
|
$7,918
|
Prosperity Home Mortgage, LLC
|
3
|
6.46%
|
$9,950
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
3
|
7.17%
|
$8,606
|
Armed Forces Bank
|
3
|
6.42%
|
$9,016
|
BAY EQUITY LLC
|
3
|
6.42%
|
$3,206
|
Credence Funding Corporation
|
3
|
5.79%
|
$4,885
|
DELMAR FINANCIAL COMPANY
|
3
|
6.79%
|
$9,742
|
DIAMOND RESIDENTIAL MORTGAGE CORPORATION
|
3
|
6.83%
|
$2,937
|
LOANPAL, LLC
|
3
|
6.25%
|
$9,784
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
3
|
6.75%
|
$14,116
|
PNC Bank
|
3
|
6.67%
|
$6,383
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
3
|
6.33%
|
$4,169
|
RUOFF MORTGAGE COMPANY, INC.
|
3
|
6.46%
|
$5,262
|
Texana Bank
|
3
|
6.08%
|
$18,599
|
TOWNE MORTGAGE COMPANY
|
3
|
7.08%
|
$13,910
|
HOWARD HANNA FINANCIAL SERVICES, INC.
|
2
|
6.00%
|
$13,050
|
TJC Mortgage, Inc.
|
2
|
6.25%
|
$9,198
|
Ixonia Bank
|
2
|
6.38%
|
$18,231
|
GUARANTEED RATE AFFINITY, LLC
|
2
|
6.46%
|
$1,827
|
SUN WEST MORTGAGE COMPANY, INC.
|
2
|
6.37%
|
$11,866
|
BM Real Estate Services, Inc.
|
2
|
7.44%
|
$485
|
Wells Fargo Bank
|
2
|
5.94%
|
$14,801
|
Fifth Third Bank
|
2
|
6.38%
|
$2,140
|
Independent Bank
|
2
|
6.12%
|
$148
|
MORTGAGE ACCESS CORP.
|
2
|
6.25%
|
$9,655
|
PENTAGON FEDERAL CREDIT UNION
|
2
|
6.06%
|
$3,933
|
First Federal Bank of the Midwest
|
2
|
5.94%
|
$4,126
|
JMAC LENDING, INC.
|
2
|
6.00%
|
$6,886
|
Residential Mortgage Solutions, Inc.
|
1
|
6.25%
|
$5,536
|
RESIDENTIAL WHOLESALE MORTGAGE, INC.
|
1
|
6.25%
|
$3,073
|
FIRST COLONY MORTGAGE CORPORATION
|
1
|
5.75%
|
$3,213
|
AMERICAN FINANCING CORPORATION
|
1
|
5.25%
|
$16,369
|
SOUTHWEST FUNDING, LP
|
1
|
6.75%
|
$0
|
EMM LOANS LLC
|
1
|
6.13%
|
$33,589
|
Stride Bank
|
1
|
6.13%
|
$3,540
|
Strong Home Mortgage, LLC
|
1
|
5.25%
|
$0
|
CORNERSTONE HOME LENDING, INC.
|
1
|
6.75%
|
$5,656
|
Summit Mortgage Corporation
|
1
|
7.13%
|
$3,589
|
Sunflower Bank
|
1
|
6.13%
|
$5,467
|
Cornerstone First Mortgage, Inc
|
1
|
6.63%
|
$6,319
|
Commerce Home Mortgage, Inc.
|
1
|
6.13%
|
$5,287
|
Citizens Bank
|
1
|
5.25%
|
$5,801
|
Century Mortgage Company DBA Century Lending Company
|
1
|
6.25%
|
$24,015
|
Capital Bank
|
1
|
6.00%
|
$8,959
|
TOP FLITE FINANCIAL, INC.
|
1
|
7.13%
|
$9,319
|
ZILLOW HOME LOANS, LLC
|
1
|
6.75%
|
$4,522
|
TruHome Solutions, LLC
|
1
|
6.50%
|
$625
|
BLG HOLDINGS, INC.
|
1
|
7.25%
|
$14,548
|
Bank of England
|
1
|
6.63%
|
$3,023
|
Nations Lending Corporation
|
1
|
5.75%
|
$3,858
|
LEADERONE FINANCIAL CORPORATION
|
1
|
6.50%
|
$7,866
|
NETWORK CAPITAL FUNDING CORPORATION
|
1
|
5.75%
|
$5,473
|
KeyBank
|
1
|
6.00%
|
$5,990
|
NP, Inc.
|
1
|
6.25%
|
$5,597
|
OCMBC, INC.
|
1
|
6.75%
|
$11,267
|
HOMESITE MORTGAGE, LLC
|
1
|
6.63%
|
$16,951
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
1
|
6.50%
|
$5,235
|
HIGHLANDS RESIDENTIAL MORTGAGE, LTD.
|
1
|
6.75%
|
$5,617
|
Bank of America
|
1
|
5.50%
|
$16,305
|
PREMIA MORTGAGE, LLC
|
1
|
6.99%
|
$8,910
|
Arvest Bank
|
1
|
6.50%
|
$9,389
|
Princeton Mortgage Corporation
|
1
|
6.25%
|
$5,228
|
ALLIED MORTGAGE GROUP, INC.
|
1
|
5.75%
|
$4,590
|
GoPrime Mortgage, Inc.
|
1
|
5.75%
|
$11,414
|
F & M Bank
|
1
|
6.50%
|
$8,704
|
The top Detroit VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
545 VA loans originated. Their average total fees are
$6,944, which is $912
higher than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Detroit VA lenders (with over 10 loans originated) are
JPMorgan Chase Bank ($3,322), PLANET HOME LENDING, LLC ($4,330), Flagstar Bank, FSB ($4,454), GUARANTEED RATE, INC. ($4,480) and NAVY FEDERAL CREDIT UNION ($4,689).
The lowest rate Detroit VA lenders (with over 10 loans originated) are
CLEARPATH LENDING (5.48%), LAKEVIEW LOAN SERVICING, LLC (5.71%), NBKC BANK (5.73%), PLANET HOME LENDING, LLC (5.76%) and PENNYMAC LOAN SERVICES, LLC (5.77%).
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.