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%.
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.
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 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 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.
