Detroit VA Loan Rates, Closing Costs & Stats

Detroit-Warren-Dearborn, 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.

    Detroit's 164 lenders originated 3,493 VA loans during 2022. The total origination value was $941,075,000, with an average VA loan value of $269,417.

    Detroit VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Detroit averaged 7.01% for the week of 2023-09-22, compared to the national average (all VA variants) of 6.823% for the same period.

    Detroit's average VA mortgage closing costs are $5,147.

    The average rate for the prior week (2023-09-15) was 6.59% and one month ago for the week of 2023-08-18, the average rate was 6.67%.

    The average rate one year ago was 5.83%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.78%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 562 4.21% $8,535
    Mortgage Research Center, LLC 538 5.22% $6,926
    UNITED WHOLESALE MORTGAGE, LLC 425 4.43% $7,459
    NAVY FEDERAL CREDIT UNION 121 4.22% $4,867
    FREEDOM MORTGAGE CORPORATION 117 4.28% $10,024
    USAA Federal Savings Bank 102 4.58% $7,060
    MORTGAGE 1 INCORPORATED 88 5.04% $8,620
    Flagstar Bank, FSB 77 4.61% $7,757
    NEW DAY FINANCIAL, LLC 73 5.28% $11,141
    PENNYMAC LOAN SERVICES, LLC 64 3.50% $6,617
    CALIBER HOME LOANS, INC. 53 5.01% $8,250
    CROSSCOUNTRY MORTGAGE, LLC 52 5.11% $9,269
    Mr. Cooper ( Nationstar Mortgage ) 50 4.67% $9,448
    LOANDEPOT.COM, LLC 47 4.11% $10,157
    STAUNTON FINANCIAL, INC. 43 5.05% $7,074
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 40 4.72% $8,808
    HOME POINT FINANCIAL CORPORATION 34 4.07% $6,315
    ROSS MORTGAGE CORPORATION 28 5.28% $6,356
    The Federal Savings Bank 28 4.27% $13,657
    UNION HOME MORTGAGE CORP. 27 4.39% $8,760
    GUARANTEED RATE, INC. 26 5.01% $6,110
    The Huntington National Bank 25 4.60% $5,341
    SUCCESS MORTGAGE PARTNERS, INC. 24 4.86% $8,466
    BROKER SOLUTIONS, INC. 23 4.56% $8,329
    CLEARPATH LENDING 23 3.98% $9,090
    MICHIGAN MUTUAL, INC. 20 5.20% $9,678
    Carrington Mortgage Services, LLC 18 4.65% $10,190
    J. VIRGIL, INC. 18 5.10% $6,755
    Barrington Bank & Trust Company, N.A. 17 5.11% $9,786
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 4.56% $7,262
    VILLAGE CAPITAL MORTGAGE 17 4.00% $7,711
    CARDINAL FINANCIAL 15 4.54% $7,255
    LAKE MICHIGAN CREDIT UNION 14 4.89% $7,940
    NEWREZ LLC 14 4.36% $6,457
    AMERISAVE MORTGAGE CORPORATION 14 4.13% $9,963
    AMERIFIRST FINANCIAL CORPORATION 13 5.43% $9,082
    EVERETT FINANCIAL, INC. 12 5.21% $4,130
    LAKEVIEW LOAN SERVICING, LLC 11 3.87% $3,921
    DAS Acquisition Company, LLC 11 5.61% $6,392
    NBKC BANK 11 3.97% $7,010
    JPMorgan Chase Bank 11 5.14% $4,608
    PULTE MORTGAGE LLC 11 4.78% $4,534
    MUTUAL OF OMAHA MORTGAGE, INC. 10 4.55% $12,274
    Equity Prime Mortgage LLC 9 5.61% $5,095
    First State Bank 9 5.19% $7,896
    Citizens Bank 9 3.85% $7,439
    Wells Fargo Bank 9 4.07% $3,577
    PENTAGON FEDERAL CREDIT UNION 8 3.59% $3,066
    Platinum Home Mortgage Corporation 8 4.61% $8,647
    MEMBER FIRST MORTGAGE, LLC 8 4.98% $4,492
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 5.16% $9,428
    MICHIGAN FIRST CREDIT UNION 8 5.00% $6,632
    MID AMERICA MORTGAGE, INC. 8 4.83% $3,810
    M/I FINANCIAL, LLC 8 4.95% $12,762
    NATIONS DIRECT MORTGAGE, LLC 7 5.04% $9,781
    HANCOCK MORTGAGE PARTNERS, LLC 7 5.18% $8,860
    Magnolia Bank 7 4.64% $11,364
    North American Savings Bank, F.S.B. 7 3.95% $6,800
    PREMIA MORTGAGE, LLC 7 4.25% $3,159
    UNIVERSITY LENDING GROUP, LLC 7 4.48% $7,884
    PLANET HOME LENDING, LLC 6 4.10% $5,894
    Fifth Third Bank 6 5.21% $5,047
    Preston Home Loans Inc 6 4.50% $7,146
    INSPIRE HOME LOANS INC. 6 5.15% $6,093
    CMG MORTGAGE, INC. 6 4.54% $3,689
    HOMESITE MORTGAGE, LLC 6 5.45% $9,513
    Lakeview Community Capital, LLC 6 3.67% $4,479
    LOANPAL, LLC 5 3.63% $11,821
    MORTGAGE SOLUTIONS OF COLORADO, LLC 5 5.68% $9,586
    TJC Mortgage, Inc. 5 5.38% $15,856
    HOWARD HANNA FINANCIAL SERVICES, INC. 5 4.60% $8,309
    PNC Bank 5 3.60% $5,455
    U.S. Bank 5 4.50% $11,987
    TOWNE MORTGAGE COMPANY 5 4.65% $9,280
    Bank of America 4 4.13% $4,188
    BNC National Bank 4 4.03% $12,152
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 4.88% $6,304
    RUOFF MORTGAGE COMPANY, INC. 4 5.06% $4,588
    Nations Lending Corporation 4 5.38% $12,728
    CONTOUR MORTGAGE CORPORATION 4 3.72% $14,426
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 4.75% $2,916
    Independent Bank 4 5.09% $7,227
    ENVOY MORTGAGE, LTD 4 4.75% $3,717
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 4.50% $7,911
    First Federal Bank 3 4.62% $10,466
    LEGEND LENDING CORPORATION 3 5.79% $8,609
    Low VA Rates, LLC 3 5.88% $13,942
    Mid-Continent Funding, Inc. 3 4.25% $8,872
    MORTGAGE CENTER L.C 3 5.71% $9,168
    MOVEMENT MORTGAGE, LLC 3 3.75% $5,498
    Northpointe Bank 3 5.25% $8,341
    PLAZA HOME MORTGAGE, INC. 3 4.75% $5,901
    RELIANCE FIRST CAPITAL, LLC 3 4.21% $7,042
    Armed Forces Bank 3 4.71% $5,977
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 5.33% $8,977
    AMERICAN FINANCING CORPORATION 3 4.50% $13,780
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.58% $13,366
    First Merchants Bank 3 4.63% $14,985
    GVC MORTGAGE, INC. 3 5.25% $16,365
    SUN WEST MORTGAGE COMPANY, INC. 2 3.81% $4,381
    Bank of Ann Arbor 2 6.00% $7,391
    First Guaranty Mortgage Corporation 2 3.63% $7,380
    Texana Bank 2 3.50% $7,837
    BAY EQUITY LLC 2 5.13% $8,909
    The Central Trust Bank 2 4.37% $4,166
    The Dart Bank 2 5.06% $10,968
    ROYAL UNITED MORTGAGE LLC 2 5.06% $8,029
    First Home Bank 2 5.19% $14,432
    CHURCHILL MORTGAGE CORPORATION 2 6.44% $13,662
    VAN DYK MORTGAGE CORPORATION 2 5.19% $12,701
    Servion, Inc. 2 5.13% $3,650
    FIRST COMMUNITY MORTGAGE, INC. 2 6.56% $5,165
    SOUTHWEST FUNDING, LP 2 6.00% $8,198
    Paramount Residential Mortgage Group, Inc. 2 4.44% $8,564
    KELLER MORTGAGE, LLC 2 3.94% $7,148
    CHERRY CREEK MORTGAGE, LLC 2 4.63% $733
    Plains Commerce Bank 2 5.13% $4,838
    GUILD MORTGAGE COMPANY 2 3.88% $12,756
    Sunflower Bank 2 4.81% $7,762
    Bank of England 1 2.75% $3,091
    AMCAP MORTGAGE, LTD. 1 3.38% $7,598
    Hometown Equity Mortgage, LLC 1 7.50% $5,996
    HOMESTEAD FUNDING CORP. 1 3.50% $7,179
    Service Federal Credit Union 1 4.13% $13,947
    Sierra Pacific Mortgage Company, Inc. 1 3.50% $15,263
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.63% $6,016
    Arvest Bank 1 3.00% $10,921
    STOCKTON MORTGAGE CORPORATION 1 6.75% $14,883
    Strong Home Mortgage, LLC 1 4.13% $18,635
    T2 FINANCIAL LLC 1 6.25% $18,570
    TBI MORTGAGE COMPANY 1 4.75% $15,184
    THE ANDERSON FINANCIAL GROUP, INC. 1 5.63% $10,155
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 3.88% $7,564
    FIDELITY BANK 1 4.75% $6,936
    EQUITY RESOURCES, INC. 1 4.50% $2,021
    Goldwater Bank, N.A. 1 5.13% $11,338
    Encompass Lending Group, LP 1 5.25% $11,618
    MMS MORTGAGE SERVICES, LTD. 1 5.13% $10,025
    DIRECT MORTGAGE LOANS, LLC 1 2.88% $23,443
    MORTGAGE ACCESS CORP. 1 3.25% $10,369
    HOMESIDE FINANCIAL, LLC 1 6.25% $6,130
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 5.13% $11,872
    Luxury Mortgage Corp. 1 2.75% $11,351
    FINANCE OF AMERICA MORTGAGE LLC 1 3.88% $0
    HomePromise Corporation 1 7.25% $13,321
    M&T Bank 1 4.88% $6,319
    LENOX FINANCIAL MORTGAGE CORPORATION 1 5.13% $11,661
    ACADEMY MORTGAGE CORPORATION 1 3.75% $5,970
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $22,155
    ChoiceOne Bank 1 5.63% $8,011
    NEW ENGLAND FEDERAL CREDIT UNION 1 3.75% $16,069
    Century Mortgage Company DBA Century Lending Company 1 5.63% $3,887
    AMERICAN ADVISORS GROUP 1 2.75% $1,895
    NORTHERN MORTGAGE SERVICES, LLC 1 5.13% $4,064
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.00% $15,343
    NP, Inc. 1 2.25% $10,590
    OCEANSIDE MORTGAGE COMPANY 1 3.38% $1,800
    Paramount Bank 1 2.75% $3,454
    BLG HOLDINGS, INC. 1 4.50% $13,324
    FIRST HERITAGE FINANCIAL, LLC 1 5.75% $5,141
    Watermark Capital, Inc. 1 4.75% $11,384
    Ixonia Bank 1 5.75% $2,181
    Prime Choice Funding Inc. 1 3.63% $8,560
    INLANTA MORTGAGE, INC. 1 5.63% $18,706

    The top Detroit VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 562 VA loans originated. Their average total fees are $8,535, which is $1,609 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Detroit VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($3,921), EVERETT FINANCIAL, INC. ($4,130), PULTE MORTGAGE LLC ($4,534), JPMorgan Chase Bank ($4,608) and NAVY FEDERAL CREDIT UNION ($4,867).

    The lowest rate Detroit VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.50%), LAKEVIEW LOAN SERVICING, LLC (3.87%), NBKC BANK (3.97%), CLEARPATH LENDING (3.98%) and VILLAGE CAPITAL MORTGAGE (4.00%).

    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 $199,900 (7.3%) $309,546 (5.2%) 0.74 9,945
    2018-02-01 $206,000 (7.1%) $318,858 (6.5%) 0.75 9,275
    2018-03-01 $224,900 (5.9%) $338,000 (8.2%) 0.79 9,086
    2018-04-01 $242,450 (7.8%) $343,562 (5.1%) 0.82 9,495
    2018-05-01 $249,900 (6.6%) $348,825 (3.2%) 0.83 10,501
    2018-06-01 $253,650 (7.7%) $353,504 (3.9%) 0.85 11,786
    2018-07-01 $249,900 (6.3%) $346,143 (2.7%) 0.83 12,984
    2018-08-01 $244,950 (8.1%) $336,232 (2.9%) 0.82 14,307
    2018-09-01 $239,900 (6.6%) $334,464 (2.9%) 0.81 14,962
    2018-10-01 $231,215 (4.4%) $326,470 (1.2%) 0.78 14,886
    2018-11-01 $225,000 (4.1%) $318,710 (0.1%) 0.76 14,433
    2018-12-01 $219,900 (4.8%) $314,557 (-0.2%) 0.76 13,258
    2019-01-01 $218,750 (9.4%) $313,385 (1.2%) 0.76 12,165
    2019-02-01 $219,950 (6.8%) $317,091 (-0.6%) 0.74 11,497
    2019-03-01 $232,814 (3.5%) $329,689 (-2.5%) 0.76 11,352
    2019-04-01 $250,300 (3.2%) $345,409 (0.5%) 0.79 11,490
    2019-05-01 $259,900 (4.0%) $351,987 (0.9%) 0.81 12,361
    2019-06-01 $262,000 (3.3%) $350,206 (-0.9%) 0.82 13,710
    2019-07-01 $259,900 (4.0%) $344,093 (-0.6%) 0.81 14,992
    2019-08-01 $253,355 (3.4%) $337,148 (0.3%) 0.80 15,527
    2019-09-01 $243,536 (1.5%) $328,224 (-1.9%) 0.78 15,830
    2019-10-01 $236,991 (2.5%) $321,800 (-1.4%) 0.76 15,906
    2019-11-01 $229,900 (2.2%) $317,760 (-0.3%) 0.75 14,872
    2019-12-01 $224,900 (2.3%) $311,261 (-1.1%) 0.75 13,036
    2020-01-01 $219,950 (0.6%) $310,507 (-0.9%) 0.74 11,630
    2020-02-01 $222,500 (1.2%) $315,613 (-0.5%) 0.73 10,735
    2020-03-01 $237,950 (2.2%) $329,652 (0.0%) 0.75 10,381
    2020-04-01 $244,018 (-2.5%) $333,355 (-3.5%) 0.76 9,897
    2020-05-01 $249,900 (-3.9%) $338,721 (-3.8%) 0.76 10,720
    2020-06-01 $272,450 (4.0%) $365,198 (4.3%) 0.80 10,261
    2020-07-01 $278,000 (7.0%) $374,371 (8.8%) 0.81 9,828
    2020-08-01 $274,900 (8.5%) $373,948 (10.9%) 0.79 9,307
    2020-09-01 $269,950 (10.9%) $373,482 (13.8%) 0.77 8,987
    2020-10-01 $264,900 (11.8%) $373,821 (16.2%) 0.76 8,479
    2020-11-01 $254,950 (10.9%) $373,390 (17.5%) 0.75 7,673
    2020-12-01 $249,900 (11.1%) $370,777 (19.1%) 0.74 6,750
    2021-01-01 $249,900 (13.6%) $372,913 (20.1%) 0.75 5,686
    2021-02-01 $250,000 (12.4%) $388,653 (23.1%) 0.73 4,727
    2021-03-01 $266,138 (11.9%) $398,112 (20.8%) 0.76 4,597
    2021-04-01 $269,950 (10.6%) $405,925 (21.8%) 0.73 4,725
    2021-05-01 $279,900 (12.0%) $409,975 (21.0%) 0.74 5,267
    2021-06-01 $276,575 (1.5%) $396,675 (8.6%) 0.73 6,498
    2021-07-01 $275,000 (-1.1%) $391,506 (4.6%) 0.73 7,192
    2021-08-01 $267,400 (-2.7%) $383,727 (2.6%) 0.71 7,991
    2021-09-01 $249,950 (-7.4%) $370,605 (-0.8%) 0.67 8,195
    2021-10-01 $242,990 (-8.3%) $360,143 (-3.7%) 0.65 7,880
    2021-11-01 $227,450 (-10.8%) $348,427 (-6.7%) 0.61 7,274
    2021-12-01 $216,950 (-13.2%) $345,719 (-6.8%) 0.59 6,293
    2022-01-01 $205,000 (-18.0%) $341,406 (-8.5%) 0.55 5,189
    2022-02-01 $216,100 (-13.6%) $354,219 (-8.9%) 0.56 4,626
    2022-03-01 $227,450 (-14.5%) $360,375 (-9.5%) 0.57 4,771
    2022-04-01 $249,900 (-7.4%) $376,980 (-7.1%) 0.60 5,012
    2022-05-01 $274,000 (-2.1%) $384,646 (-6.2%) 0.63 6,342
    2022-06-01 $279,950 (1.2%) $388,407 (-2.1%) 0.62 7,666
    2022-07-01 $279,900 (1.8%) $381,926 (-2.5%) 0.63 9,283
    2022-08-01 $272,350 (1.9%) $370,524 (-3.4%) 0.63 9,869
    2022-09-01 $263,908 (5.6%) $366,211 (-1.2%) 0.62 9,756
    2022-10-01 $250,000 (2.9%) $355,640 (-1.3%) 0.59 9,857
    2022-11-01 $247,000 (8.6%) $347,750 (-0.2%) 0.59 9,743
    2022-12-01 $230,000 (6.0%) $341,684 (-1.2%) 0.57 8,673
    2023-01-01 $227,250 (10.9%) $343,293 (0.6%) 0.56 7,432
    2023-02-01 $229,450 (6.2%) $347,618 (-1.9%) 0.55 6,513
    2023-03-01 $236,950 (4.2%) $362,607 (0.6%) 0.56 5,939
    2023-04-01 $250,000 (0.0%) $384,503 (2.0%) 0.58 5,886
    2023-05-01 $267,450 (-2.4%) $399,483 (3.9%) 0.61 6,033
    2023-06-01 $270,000 (-3.6%) $402,237 (3.6%) 0.61 6,447
    2023-07-01 $269,000 (-3.9%) $393,640 (3.1%) 0.61 6,991
    2023-08-01 $272,400 (0.0%) $389,930 (5.2%) 0.63 7,448
    Detroit's median listing price for 2023-08-01 was $272,400, a difference of $50 (0.0%) versus the prior year and $3,400 versus the prior month.

    Detroit's median listing price comes in at 63% of the national average.

    Detroit's average listing price for 2023-08-01 was $389,930, a difference of $19,406 (5.2%) versus the prior year and $-3,710 versus the prior month.

    For the 2023-08-01 period, Detroit had 7,448 MLS listings, a difference of 457 listings (7%) versus the prior month and -2,421 listings (-25%) 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 63 days 1,578 sqft
    2018-02-01 58 days 1,582 sqft
    2018-03-01 45 days 1,644 sqft
    2018-04-01 36 days 1,686 sqft
    2018-05-01 33 days 1,713 sqft
    2018-06-01 33 days 1,734 sqft
    2018-07-01 36 days 1,723 sqft
    2018-08-01 35 days 1,700 sqft
    2018-09-01 40 days 1,692 sqft
    2018-10-01 43 days 1,642 sqft
    2018-11-01 46 days 1,613 sqft
    2018-12-01 56 days 1,585 sqft
    2019-01-01 61 days 1,582 sqft
    2019-02-01 60 days 1,596 sqft
    2019-03-01 45 days 1,632 sqft
    2019-04-01 36 days 1,684 sqft
    2019-05-01 34 days 1,717 sqft
    2019-06-01 36 days 1,728 sqft
    2019-07-01 37 days 1,724 sqft
    2019-08-01 40 days 1,706 sqft
    2019-09-01 43 days 1,675 sqft
    2019-10-01 45 days 1,651 sqft
    2019-11-01 51 days 1,624 sqft
    2019-12-01 62 days 1,598 sqft
    2020-01-01 69 days 1,584 sqft
    2020-02-01 58 days 1,586 sqft
    2020-03-01 47 days 1,605 sqft
    2020-04-01 59 days 1,620 sqft
    2020-05-01 65 days 1,640 sqft
    2020-06-01 37 days 1,725 sqft
    2020-07-01 37 days 1,740 sqft
    2020-08-01 33 days 1,710 sqft
    2020-09-01 35 days 1,669 sqft
    2020-10-01 36 days 1,641 sqft
    2020-11-01 40 days 1,600 sqft
    2020-12-01 48 days 1,576 sqft
    2021-01-01 51 days 1,557 sqft
    2021-02-01 39 days 1,562 sqft
    2021-03-01 28 days 1,577 sqft
    2021-04-01 22 days 1,595 sqft
    2021-05-01 18 days 1,604 sqft
    2021-06-01 19 days 1,600 sqft
    2021-07-01 22 days 1,590 sqft
    2021-08-01 24 days 1,558 sqft
    2021-09-01 30 days 1,514 sqft
    2021-10-01 31 days 1,493 sqft
    2021-11-01 36 days 1,450 sqft
    2021-12-01 43 days 1,420 sqft
    2022-01-01 52 days 1,406 sqft
    2022-02-01 34 days 1,416 sqft
    2022-03-01 25 days 1,441 sqft
    2022-04-01 22 days 1,486 sqft
    2022-05-01 20 days 1,537 sqft
    2022-06-01 23 days 1,559 sqft
    2022-07-01 28 days 1,551 sqft
    2022-08-01 32 days 1,532 sqft
    2022-09-01 39 days 1,522 sqft
    2022-10-01 39 days 1,500 sqft
    2022-11-01 43 days 1,484 sqft
    2022-12-01 52 days 1,454 sqft
    2023-01-01 62 days 1,444 sqft
    2023-02-01 55 days 1,457 sqft
    2023-03-01 46 days 1,473 sqft
    2023-04-01 37 days 1,508 sqft
    2023-05-01 30 days 1,531 sqft
    2023-06-01 31 days 1,536 sqft
    2023-07-01 32 days 1,532 sqft
    2023-08-01 36 days 1,523 sqft
    Detroit's median listing age (time on market) for 2023-08-01 was 36 days. This is 13% longer than the same period one year ago.

    Detroit's median square footage for active listings during the 2023-08-01 period was 1,523 sqft. One year prior, the average listing was 1,532 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.