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.