Detroit VA Loans

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 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 189 lenders originated 8,083 VA loans during 2021. The total origination value was $1,896,215,000, with an average VA loan value of $234,593.

Detroit VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Detroit averaged 5.4% for the week of 2022-08-05, compared to the national average (all VA variants) of 5.013% for the same period.

The average rate for the prior week (2022-07-29) was 5.75% and one month ago for the week of 2022-07-01, the average rate was 5.77%.

The average rate one year ago was 2.96%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.2%.

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 1,520 2.53% $4,521
Mortgage Research Center, LLC 710 2.89% $5,308
UNITED WHOLESALE MORTGAGE, LLC 599 2.58% $5,359
FREEDOM MORTGAGE CORPORATION 529 2.48% $2,662
CALIBER HOME LOANS, INC. 255 2.72% $4,710
PENNYMAC LOAN SERVICES, LLC 190 2.51% $4,875
NEW DAY FINANCIAL, LLC 189 2.77% $5,843
VILLAGE CAPITAL & INVESTMENT LLC 185 2.38% $3,307
USAA Federal Savings Bank 168 2.84% $4,429
NAVY FEDERAL CREDIT UNION 147 2.49% $5,017
MORTGAGE 1 INCORPORATED 114 3.07% $5,719
CLEARPATH LENDING 113 2.34% $3,857
LOANDEPOT.COM, LLC 112 2.60% $4,746
Flagstar Bank, FSB 105 2.74% $5,058
CROSSCOUNTRY MORTGAGE, LLC 102 3.00% $6,378
LAKEVIEW LOAN SERVICING, LLC 100 2.59% $2,560
UNION HOME MORTGAGE CORP. 93 2.83% $6,462
HOME POINT FINANCIAL CORPORATION 91 2.61% $4,771
Mr. Cooper ( Nationstar Mortgage ) 79 2.85% $3,999
The Federal Savings Bank 65 2.60% $7,238
ROSS MORTGAGE CORPORATION 62 2.90% $4,582
STAUNTON FINANCIAL, INC. 60 2.73% $7,398
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 58 2.74% $5,173
Barrington Bank & Trust Company, N.A. 56 2.74% $5,191
MICHIGAN MUTUAL, INC. 43 2.94% $4,165
PENTAGON FEDERAL CREDIT UNION 42 2.35% $3,561
GUARANTEED RATE, INC. 40 2.70% $4,359
Low VA Rates, LLC 37 2.48% $4,875
NEWREZ LLC 36 2.72% $3,991
BROKER SOLUTIONS, INC. 36 2.73% $4,897
The Huntington National Bank 35 2.96% $4,235
AMERIFIRST FINANCIAL CORPORATION 35 3.12% $4,520
Wells Fargo Bank 35 2.54% $3,684
Carrington Mortgage Services, LLC 33 3.17% $5,335
LAKE MICHIGAN CREDIT UNION 33 2.77% $6,135
AMERISAVE MORTGAGE CORPORATION 32 2.78% $5,715
PLANET HOME LENDING, LLC 26 2.46% $2,135
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 24 2.96% $6,285
SUCCESS MORTGAGE PARTNERS, INC. 23 3.11% $5,314
MUTUAL OF OMAHA MORTGAGE, INC. 22 2.78% $4,823
Citizens Bank 22 2.73% $4,504
J. VIRGIL, INC. 22 2.86% $5,339
UNIVERSITY LENDING GROUP, LLC 21 3.06% $7,696
TOWNE MORTGAGE COMPANY 21 2.80% $4,453
SUN WEST MORTGAGE COMPANY, INC. 20 2.62% $2,943
InterContinental Capital Group, Inc 20 2.39% $4,196
Platinum Home Mortgage Corporation 19 2.90% $8,831
PLAZA HOME MORTGAGE, INC. 18 2.96% $6,192
MICHIGAN FIRST CREDIT UNION 18 2.83% $6,801
AMERICAN FINANCIAL NETWORK, INC. 18 2.42% $7,629
PNC Bank 17 2.79% $3,197
HOMESITE MORTGAGE, LLC 17 3.02% $6,742
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 16 2.87% $4,330
Lakeview Community Capital, LLC 16 2.58% $2,694
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 3.01% $4,907
ACADEMY MORTGAGE CORPORATION 15 3.23% $4,999
NBKC BANK 14 2.54% $4,508
First Guaranty Mortgage Corporation 14 2.66% $3,858
TCF National Bank 14 2.73% $3,246
BNC National Bank 13 2.33% $5,285
Fifth Third Bank 13 2.81% $4,539
First State Bank 13 2.80% $5,389
PRIMELENDING, A PLAINSCAPITAL COMPANY 12 3.20% $6,186
SOVEREIGN LENDING GROUP INCORPORATED 12 2.59% $5,127
PULTE MORTGAGE LLC 12 2.85% $6,620
Magnolia Bank 12 2.45% $8,079
CMG MORTGAGE, INC. 11 3.31% $6,392
ACCELERATE MORTGAGE, LLC 11 2.23% $5,739
RUOFF MORTGAGE COMPANY, INC. 11 3.34% $5,311
North American Savings Bank, F.S.B. 11 2.32% $1,565
NP, Inc. 11 2.51% $4,130
SUMMIT FUNDING, INC. 11 2.84% $4,572
MID AMERICA MORTGAGE, INC. 11 3.06% $2,917
HOMEBRIDGE FINANCIAL SERVICES, INC. 9 2.58% $7,303
MOVEMENT MORTGAGE, LLC 9 3.17% $6,013
BLG HOLDINGS, INC. 8 2.81% $3,847
First Federal Bank 8 3.01% $8,839
GENEVA FINANCIAL, LLC 8 2.91% $9,172
Northpointe Bank 8 2.70% $7,888
Sunflower Bank 8 2.87% $4,110
Nations Lending Corporation 7 2.64% $6,169
Paramount Residential Mortgage Group, Inc. 7 2.95% $6,196
Independent Bank 7 2.88% $7,875
Prosperity Home Mortgage, LLC 7 2.50% $1,999
EVERETT FINANCIAL, INC. 7 3.34% $4,165
NATIONS DIRECT MORTGAGE, LLC 7 3.36% $7,662
HOMESIDE FINANCIAL, LLC 6 2.67% $5,610
THE ANDERSON FINANCIAL GROUP, INC. 6 2.60% $5,803
JPMorgan Chase Bank 6 3.00% $4,946
ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 3.00% $3,851
MEMBER FIRST MORTGAGE, LLC 6 3.00% $7,513
HANCOCK MORTGAGE PARTNERS, LLC 6 3.19% $5,520
GUARANTEED RATE AFFINITY, LLC 5 2.53% $4,718
U.S. Bank 5 2.83% $7,360
Preston Home Loans Inc 5 3.40% $6,415
Strong Home Mortgage, LLC 5 2.60% $5,402
PREMIA MORTGAGE, LLC 5 2.67% $6,196
First Savings Bank 5 2.88% $6,439
Wyndham Capital Mortgage, Inc. 4 2.28% $845
Goldwater Bank, N.A. 4 2.56% $5,438
ENVOY MORTGAGE, LTD 4 3.00% $5,124
TJC Mortgage, Inc. 4 2.41% $6,538
INSPIRE HOME LOANS INC. 4 3.44% $5,977
MORTGAGE CENTER L.C 4 3.03% $4,388
Manufacturers and Traders Trust Company 4 2.94% $7,588
Bank of England 4 2.81% $5,852
Mid-Continent Funding, Inc. 4 2.81% $7,614
Community First National Bank 3 2.54% $6,566
BAYSHORE MORTGAGE FUNDING, LLC 3 2.63% $2,282
Servion, Inc. 3 3.04% $3,330
SOUTHWEST FUNDING, LP 3 3.17% $8,802
Bank of Ann Arbor 3 2.50% $9,113
FIRST HERITAGE FINANCIAL, LLC 3 2.46% $5,468
STEARNS LENDING, LLC 3 3.41% $5,227
STOCKTON MORTGAGE CORPORATION 3 2.75% $5,059
Armed Forces Bank 3 2.71% $5,171
FirstBank 3 2.54% $1,694
AmeriHome Mortgage Company, LLC 3 2.83% $3,507
LAND HOME FINANCIAL SERVICES, INC. 3 3.62% $7,665
The Dart Bank 3 3.04% $3,044
AMERICAN PACIFIC MORTGAGE CORPORATION 3 2.96% $7,681
Equity Prime Mortgage LLC 3 3.17% $4,686
KELLER MORTGAGE, LLC 3 2.75% $12,225
NEW ENGLAND FEDERAL CREDIT UNION 3 2.83% $6,537
KS StateBank 3 2.71% $7,026
Paramount Bank 3 2.63% $8,268
M/I FINANCIAL, LLC 3 2.50% $5,884
Luxury Mortgage Corp. 3 3.08% $5,804
CHURCHILL MORTGAGE CORPORATION 3 2.58% $5,225
Meridian Bank Corporation 3 2.42% $5,171
HARTFORD FUNDING, LTD. 3 3.21% $9,434
Prime Choice Funding Inc. 3 2.25% $2,585
CELEBRITY HOME LOANS, LLC 2 2.81% $5,112
PHH Mortgage Corporation 2 3.19% $2,592
AMCAP MORTGAGE, LTD. 2 3.44% $6,566
VAN DYK MORTGAGE CORPORATION 2 3.06% $6,698
US MORTGAGE CORPORATION 2 2.81% $2,818
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.25% $1,873
GUILD MORTGAGE COMPANY 2 2.88% $2,148
ROYAL UNITED MORTGAGE LLC 2 3.25% $7,262
Credence Funding Corporation 2 2.25% $4,054
NORTHERN MORTGAGE SERVICES, LLC 2 2.50% $8,509
LIBERTY HOME MORTGAGE CORPORATION 2 3.06% $9,921
NETWORK CAPITAL FUNDING CORPORATION 2 2.63% $6,868
AMERICAN FINANCING CORPORATION 2 2.81% $7,867
LEADERONE FINANCIAL CORPORATION 2 2.69% $7,029
ADVISORS CAPITAL, INC. 2 3.31% $6,550
The Central Trust Bank 2 2.56% $1,789
Plains Commerce Bank 1 2.50% $2,393
LENDING 3, INC. 1 4.25% $7,708
LENDUS, LLC 1 2.25% $2,719
LHM FINANCIAL CORPORATION 1 2.25% $3,356
GSF Mortgage Corporation 1 2.25% $15,019
Gateway First Bank 1 3.13% $12,092
First Home Bank 1 2.50% $5,434
MMS MORTGAGE SERVICES, LTD. 1 3.63% $11,072
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $1,683
Evolve Bank & Trust 1 2.63% $2,165
NATIONS RELIABLE LENDING, LLC 1 3.25% $525
Neighborhood Loans, Inc. 1 2.88% $4,887
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 2.63% $3,558
DAS Acquisition Company, LLC 1 3.25% $3,507
CONTOUR MORTGAGE CORPORATION 1 2.25% $4,122
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 2.75% $4,001
Commerce Home Mortgage, Inc. 1 2.25% $4,701
Hometown Lenders, Inc. 1 3.25% $2,140
CityWorth Mortgage LLC 1 2.75% $1,982
Citibank 1 2.88% $7,515
ChoiceOne Bank 1 2.99% $5,559
POLARIS HOME FUNDING CORP. 1 2.25% $6,696
Presidential Bank, FSB 1 2.25% $0
CERTAINTY HOME LOANS, LLC 1 3.13% $2,567
Century Mortgage Company DBA Century Lending Company 1 2.88% $4,487
RELIANCE FIRST CAPITAL, LLC 1 3.00% $5,269
Sierra Pacific Mortgage Company, Inc. 1 3.50% $7,443
SRE MORTGAGE ALLIANCE INC. 1 2.00% $6,316
Associated Bank 1 2.50% $5,047
ZILLOW HOME LOANS, LLC 1 3.00% $5,150
ARC HOME LLC 1 2.25% $11,192
Texana Bank 1 2.75% $5,466
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.88% $1,610
American Mortgage & Equity Consultants, Inc. 1 2.63% $2,478
AMERICAN INTERNET MORTGAGE, INC. 1 2.25% $2,600
UNITED SECURITY FINANCIAL CORP 1 2.25% $2,482
AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $8,304
AMERICAN ADVISORS GROUP 1 2.62% $6,486
WesBanco Bank, Inc. 1 2.63% $6,648
Willamette Valley Bank 1 3.25% $3,760
WRIGHT-PATT CREDIT UNION, INC. 1 2.50% $3,077

The top Detroit VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,520 VA loans originated. Their average total fees are $4,521, which is $787 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Detroit VA lenders (with over 10 loans originated) are North American Savings Bank, F.S.B. ($1,565), PLANET HOME LENDING, LLC ($2,135), LAKEVIEW LOAN SERVICING, LLC ($2,560), FREEDOM MORTGAGE CORPORATION ($2,662) and Lakeview Community Capital, LLC ($2,694).

The lowest rate Detroit VA lenders (with over 10 loans originated) are ACCELERATE MORTGAGE, LLC (2.23%), North American Savings Bank, F.S.B. (2.32%), BNC National Bank (2.33%), CLEARPATH LENDING (2.34%) and PENTAGON FEDERAL CREDIT UNION (2.35%).


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
2022-02-01 $217,000 (-16.5%) $357,338 (-9.6%) 0.55 4,569
2022-03-01 $229,450 (-15.4%) $363,136 (-10.1%) 0.57 4,714
2022-04-01 $249,900 (-9.1%) $380,891 (-7.4%) 0.59 4,952
2022-05-01 $274,900 (-1.8%) $388,945 (-6.1%) 0.62 6,293
2022-06-01 $284,700 (2.0%) $390,519 (-2.7%) 0.63 7,678
Detroit's median listing price for 2022-06-01 was $284,700, a difference of $5,500 (2.0%) versus the prior year and $9,800 versus the prior month.

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

Detroit's average listing price for 2022-06-01 was $390,519, a difference of $-10,701 (-2.7%) versus the prior year and $1,574 versus the prior month.

For the 2022-06-01 period, Detroit had 7,678 MLS listings, a difference of 1,385 listings (22%) versus the prior month and 1,180 listings (18%) 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
2022-02-01 38 days 1,424 sqft
2022-03-01 29 days 1,446 sqft
2022-04-01 24 days 1,491 sqft
2022-05-01 23 days 1,546 sqft
2022-06-01 24 days 1,563 sqft
Detroit's median listing age (time on market) for 2022-06-01 was 24 days. This is 17% longer than the same period one year ago.

Detroit's median square footage for active listings during the 2022-06-01 period was 1,563 sqft. One year prior, the average listing was 1,601 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.