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 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 -0.21% for the week of 2024-02-23, compared to the national average (all VA variants) of 0% for the same period.

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

The average rate for the prior week (2024-02-16) was 6.66% and one month ago for the week of 2024-01-19, the average rate was 6.02%.

The average rate one year ago was 6.23%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.24%.

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%) $309,468 (5.2%) 0.74 9,939
2018-02-01 $205,500 (6.8%) $318,782 (6.5%) 0.75 9,269
2018-03-01 $224,900 (5.9%) $337,975 (8.2%) 0.79 9,082
2018-04-01 $242,450 (7.8%) $343,455 (5.1%) 0.82 9,491
2018-05-01 $249,900 (6.6%) $348,685 (3.2%) 0.83 10,496
2018-06-01 $253,200 (7.5%) $353,380 (3.9%) 0.84 11,781
2018-07-01 $249,900 (6.3%) $346,045 (2.7%) 0.83 12,978
2018-08-01 $244,950 (8.0%) $336,152 (2.9%) 0.82 14,301
2018-09-01 $239,900 (6.6%) $334,379 (2.9%) 0.81 14,957
2018-10-01 $230,950 (4.3%) $326,364 (1.2%) 0.78 14,879
2018-11-01 $225,000 (4.2%) $318,603 (0.1%) 0.76 14,428
2018-12-01 $219,900 (4.8%) $314,446 (-0.2%) 0.76 13,252
2019-01-01 $218,550 (9.3%) $313,254 (1.2%) 0.76 12,159
2019-02-01 $219,950 (7.0%) $316,952 (-0.6%) 0.74 11,495
2019-03-01 $232,814 (3.5%) $329,647 (-2.5%) 0.76 11,352
2019-04-01 $249,950 (3.1%) $345,374 (0.6%) 0.79 11,488
2019-05-01 $259,900 (4.0%) $351,992 (1.0%) 0.81 12,362
2019-06-01 $262,000 (3.5%) $350,214 (-0.9%) 0.82 13,710
2019-07-01 $259,900 (4.0%) $344,094 (-0.6%) 0.81 14,992
2019-08-01 $253,355 (3.4%) $337,144 (0.3%) 0.80 15,526
2019-09-01 $243,536 (1.5%) $328,210 (-1.8%) 0.78 15,829
2019-10-01 $236,991 (2.6%) $321,784 (-1.4%) 0.76 15,906
2019-11-01 $229,900 (2.2%) $317,751 (-0.3%) 0.75 14,871
2019-12-01 $224,900 (2.3%) $311,231 (-1.0%) 0.75 13,035
2020-01-01 $219,950 (0.6%) $310,474 (-0.9%) 0.74 11,629
2020-02-01 $222,250 (1.1%) $315,582 (-0.4%) 0.73 10,735
2020-03-01 $237,850 (2.2%) $329,570 (0.0%) 0.75 10,380
2020-04-01 $243,950 (-2.4%) $333,299 (-3.5%) 0.76 9,897
2020-05-01 $249,900 (-3.9%) $338,713 (-3.8%) 0.76 10,722
2020-06-01 $272,725 (4.1%) $365,212 (4.3%) 0.80 10,264
2020-07-01 $278,375 (7.1%) $374,372 (8.8%) 0.81 9,832
2020-08-01 $274,900 (8.5%) $373,949 (10.9%) 0.79 9,311
2020-09-01 $269,950 (10.9%) $373,481 (13.8%) 0.77 8,992
2020-10-01 $264,975 (11.8%) $373,814 (16.2%) 0.76 8,484
2020-11-01 $254,950 (10.9%) $373,410 (17.5%) 0.75 7,677
2020-12-01 $249,950 (11.1%) $370,800 (19.1%) 0.74 6,754
2021-01-01 $249,900 (13.6%) $372,940 (20.1%) 0.75 5,690
2021-02-01 $250,000 (12.5%) $388,674 (23.2%) 0.73 4,731
2021-03-01 $266,138 (11.9%) $398,112 (20.8%) 0.76 4,597
2021-04-01 $269,950 (10.7%) $405,925 (21.8%) 0.73 4,725
2021-05-01 $279,900 (12.0%) $409,975 (21.0%) 0.74 5,266
2021-06-01 $276,575 (1.4%) $396,675 (8.6%) 0.73 6,498
2021-07-01 $275,000 (-1.2%) $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%) $345,696 (-6.8%) 0.59 6,293
2022-01-01 $205,000 (-18.0%) $341,364 (-8.5%) 0.55 5,189
2022-02-01 $216,100 (-13.6%) $354,193 (-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%) $384,656 (-6.2%) 0.63 6,341
2022-06-01 $279,950 (1.2%) $388,401 (-2.1%) 0.62 7,666
2022-07-01 $279,900 (1.8%) $381,932 (-2.5%) 0.63 9,283
2022-08-01 $272,400 (1.9%) $370,532 (-3.4%) 0.63 9,869
2022-09-01 $263,950 (5.6%) $366,213 (-1.2%) 0.62 9,757
2022-10-01 $250,000 (2.9%) $355,627 (-1.3%) 0.59 9,855
2022-11-01 $247,000 (8.6%) $347,733 (-0.2%) 0.59 9,742
2022-12-01 $230,000 (6.0%) $341,678 (-1.2%) 0.57 8,672
2023-01-01 $227,125 (10.8%) $343,290 (0.6%) 0.56 7,431
2023-02-01 $229,450 (6.2%) $347,618 (-1.9%) 0.55 6,513
2023-03-01 $236,950 (4.2%) $362,617 (0.6%) 0.56 5,940
2023-04-01 $250,000 (0.0%) $384,503 (2.0%) 0.58 5,885
2023-05-01 $267,450 (-2.4%) $399,457 (3.9%) 0.61 6,033
2023-06-01 $270,000 (-3.6%) $402,235 (3.6%) 0.61 6,448
2023-07-01 $269,000 (-3.9%) $393,621 (3.1%) 0.61 6,988
2023-08-01 $272,400 (0.0%) $389,930 (5.2%) 0.63 7,448
2023-09-01 $262,000 (-0.7%) $386,050 (5.4%) 0.61 7,660
2023-10-01 $252,250 (0.9%) $382,592 (7.6%) 0.59 7,907
2023-11-01 $247,000 (0.0%) $373,047 (7.3%) 0.59 8,116
2023-12-01 $235,250 (2.3%) $365,972 (7.1%) 0.57 7,356
Detroit's median listing price for 2023-12-01 was $235,250, a difference of $5,250 (2.3%) versus the prior year and $-11,750 versus the prior month.

Detroit's median listing price comes in at 57% of the national average.

Detroit's average listing price for 2023-12-01 was $365,972, a difference of $24,294 (7.1%) versus the prior year and $-7,075 versus the prior month.

For the 2023-12-01 period, Detroit had 7,356 MLS listings, a difference of -760 listings (-9%) versus the prior month and -1,316 listings (-15%) 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 1,581 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 1,581 sqft
2019-02-01 60 days 1,595 sqft
2019-03-01 45 days 1,631 sqft
2019-04-01 36 days 1,683 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 1,604 sqft
2020-04-01 59 days 1,620 sqft
2020-05-01 65 days 1,640 sqft
2020-06-01 38 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 1,451 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 1,453 sqft
2023-01-01 62 days 1,444 sqft
2023-02-01 55 days 1,456 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
2023-09-01 40 days 1,508 sqft
2023-10-01 40 days 1,480 sqft
2023-11-01 41 days 1,460 sqft
2023-12-01 50 days 1,445 sqft
Detroit's median listing age (time on market) for 2023-12-01 was 50 days. This is -4% shorter than the same period one year ago.

Detroit's median square footage for active listings during the 2023-12-01 period was 1,445 sqft. One year prior, the average listing was 1,453 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.