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 137 lenders originated 2,231 VA loans during 2023. The total origination value was $632,655,000, with an average VA loan value of $283,575.

    Detroit VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Detroit averaged 6.63% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Detroit's average VA mortgage closing costs are $5,367.

    The average rate for the prior week (2024-07-12) was 6.77% and one month ago for the week of 2024-06-14, the average rate was 6.73%.

    The average rate one year ago was 7.11%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.6%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 370 6.73% $6,485
    QUICKEN LOANS, LLC 309 6.22% $9,461
    UNITED WHOLESALE MORTGAGE, LLC 295 6.54% $8,095
    MORTGAGE 1 INCORPORATED 68 6.63% $7,689
    NAVY FEDERAL CREDIT UNION 64 5.92% $5,447
    NEW DAY FINANCIAL, LLC 51 7.26% $12,246
    PENNYMAC LOAN SERVICES, LLC 47 5.53% $6,251
    USAA Federal Savings Bank 43 6.44% $7,179
    LOANDEPOT.COM, LLC 40 6.57% $11,541
    CROSSCOUNTRY MORTGAGE, LLC 39 6.77% $9,329
    UNION HOME MORTGAGE CORP. 35 7.03% $9,993
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 34 6.68% $8,110
    FREEDOM MORTGAGE CORPORATION 33 6.58% $14,374
    NEWREZ LLC 33 6.83% $8,262
    GUARANTEED RATE, INC. 26 6.28% $5,919
    STAUNTON FINANCIAL, INC. 25 6.72% $6,173
    Flagstar Bank, FSB 24 6.71% $6,531
    SUCCESS MORTGAGE PARTNERS, INC. 23 6.55% $8,403
    Mr. Cooper ( Nationstar Mortgage ) 23 6.10% $10,806
    MICHIGAN MUTUAL, INC. 22 6.76% $9,610
    CALIBER HOME LOANS, INC. 21 6.30% $7,891
    The Federal Savings Bank 20 6.25% $15,880
    The Huntington National Bank 20 6.67% $5,391
    JPMorgan Chase Bank 19 6.37% $5,398
    ROSS MORTGAGE CORPORATION 17 6.93% $7,714
    First State Bank 16 6.73% $8,839
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 6.47% $8,229
    DAS Acquisition Company, LLC 13 6.65% $7,618
    Barrington Bank & Trust Company, N.A. 12 6.10% $8,113
    VILLAGE CAPITAL MORTGAGE 12 6.55% $7,444
    EVERETT FINANCIAL, INC. 11 6.83% $8,581
    LAKE MICHIGAN CREDIT UNION 10 6.29% $5,944
    AMERISAVE MORTGAGE CORPORATION 10 5.74% $12,788
    PLAZA HOME MORTGAGE, INC. 10 6.62% $8,447
    Equity Prime Mortgage LLC 10 7.18% $10,445
    FIRST COMMUNITY MORTGAGE, INC. 9 6.21% $7,466
    TOWNE MORTGAGE COMPANY 8 6.75% $8,665
    Plains Commerce Bank 8 6.73% $6,845
    AMERICAN FINANCIAL NETWORK, INC. 8 6.80% $6,879
    BROKER SOLUTIONS, INC. 7 6.41% $12,072
    Preston Home Loans Inc 7 7.20% $11,426
    M/I FINANCIAL, LLC 7 5.66% $13,082
    CARDINAL FINANCIAL 6 6.73% $6,178
    PENTAGON FEDERAL CREDIT UNION 6 5.85% $9,327
    Fifth Third Bank 6 6.54% $5,253
    MICHIGAN FIRST CREDIT UNION 6 6.31% $5,511
    Nations Lending Corporation 6 6.50% $7,408
    NATIONS DIRECT MORTGAGE, LLC 6 6.44% $7,911
    MORTGAGE SOLUTIONS OF COLORADO, LLC 6 8.04% $285
    Magnolia Bank 6 6.29% $12,408
    Citizens Bank 6 6.38% $5,078
    PLANET HOME LENDING, LLC 5 6.10% $7,157
    PREMIA MORTGAGE, LLC 5 6.25% $1,717
    CMG MORTGAGE, INC. 5 6.50% $13,153
    U.S. Bank 5 6.07% $7,680
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.45% $8,421
    First Merchants Bank 5 7.05% $8,116
    Northpointe Bank 4 6.59% $7,935
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.66% $6,214
    BM Real Estate Services, Inc. 4 6.84% $3,648
    HOMESITE MORTGAGE, LLC 4 6.72% $11,541
    J. VIRGIL, INC. 4 6.12% $4,254
    MOVEMENT MORTGAGE, LLC 4 6.56% $5,880
    NBKC BANK 4 5.66% $9,728
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.88% $5,937
    THE MORTGAGE LINK, INC. 4 7.50% $7,702
    Sunflower Bank 3 5.41% $6,152
    Independent Bank 3 6.79% $10,305
    Wells Fargo Bank 3 6.17% $5,191
    GUILD MORTGAGE COMPANY 3 6.75% $10,394
    The Central Trust Bank 3 5.21% $8,415
    Cornerstone First Mortgage, Inc 3 7.00% $14,110
    AMERICAN FINANCIAL RESOURCES, INC. 3 7.17% $6,317
    University Bank 3 6.54% $8,322
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.67% $8,023
    ACADEMY MORTGAGE CORPORATION 3 6.33% $3,977
    PNC Bank 3 7.13% $3,415
    RUOFF MORTGAGE COMPANY, INC. 3 7.00% $10,094
    Century Mortgage Company DBA Century Lending Company 3 6.75% $7,025
    LOANPAL, LLC 3 5.83% $12,586
    MEMBER FIRST MORTGAGE, LLC 2 6.69% $7,422
    OCMBC, INC. 2 6.63% $7,175
    Bank of England 2 6.69% $9,264
    GUARANTEED RATE AFFINITY, LLC 2 7.06% $4,047
    MORTGAGEONE, INC. 2 7.25% $12,794
    VAN DYK MORTGAGE CORPORATION 2 7.38% $8,023
    SUMMIT FUNDING, INC. 2 5.75% $32,906
    SUN WEST MORTGAGE COMPANY, INC. 2 7.00% $8,884
    Platinum Home Mortgage Corporation 2 6.75% $5,335
    DELMAR FINANCIAL COMPANY 2 7.13% $6,807
    MORTGAGE CENTER L.C 2 6.63% $7,185
    Credence Funding Corporation 2 5.81% $4,006
    CORNERSTONE HOME LENDING, INC. 2 6.75% $7,704
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.75% $4,648
    PULTE MORTGAGE LLC 2 6.56% $6,799
    RELIANCE FIRST CAPITAL, LLC 2 5.88% $8,073
    BLACK HILLS FEDERAL CREDIT UNION 1 5.00% $17,186
    The Loan Store, Inc. 1 7.13% $8,986
    ZILLOW HOME LOANS, LLC 1 6.63% $5,686
    TJC Mortgage, Inc. 1 7.38% $14,918
    TOP FLITE FINANCIAL, INC. 1 7.50% $10,638
    Bank of Ann Arbor 1 6.88% $3,813
    LIBERTY HOME MORTGAGE CORPORATION 1 7.63% $25,870
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.63% $58
    AMERICAN FINANCING CORPORATION 1 6.63% $5,537
    MID AMERICA MORTGAGE, INC. 1 7.13% $3,776
    Mid-Continent Funding, Inc. 1 6.50% $16,419
    Armed Forces Bank 1 6.63% $12,310
    MORTGAGE ACCESS CORP. 1 6.25% $15,166
    LEGEND LENDING CORPORATION 1 7.13% $12,623
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $10,920
    INSPIRE HOME LOANS INC. 1 5.63% $2,882
    M&T Bank 1 7.50% $7,186
    HOMESIDE FINANCIAL, LLC 1 6.50% $40,766
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $11,794
    Neighborhood Loans, Inc. 1 7.13% $17,091
    GVC MORTGAGE, INC. 1 6.63% $11,897
    NFM, INC. 1 6.25% $13,906
    NORTHERN MORTGAGE SERVICES, LLC 1 6.13% $6,190
    ON Q FINANCIAL, INC. 1 7.25% $4,736
    Paramount Residential Mortgage Group, Inc. 1 7.00% $2,558
    ENVOY MORTGAGE, LTD 1 7.25% $5,640
    PHH Mortgage Corporation 1 7.50% $13,399
    EMM LOANS LLC 1 7.63% $7,584
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.25% $5,468
    Prosperity Home Mortgage, LLC 1 5.75% $3,302
    Community First National Bank 1 6.75% $4,067
    SeaTrust Mortgage Company 1 6.63% $1,728
    Servion, Inc. 1 7.13% $8,200
    Shamrock Home Loans, Inc. 1 6.25% $3,207
    SIWELL, INC. 1 6.63% $20,167
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.75% $12,111
    STOCKTON MORTGAGE CORPORATION 1 6.25% $7,094
    Strong Home Mortgage, LLC 1 6.49% $4,310
    BNC National Bank 1 5.50% $8,733
    TBI MORTGAGE COMPANY 1 5.75% $10,813
    The Dart Bank 1 7.13% $9,105

    The top Detroit VA lender as defined by loan originations is Mortgage Research Center, LLC, with 370 VA loans originated. Their average total fees are $6,485, which is $2,976 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Detroit VA lenders (with over 10 loans originated) are The Huntington National Bank ($5,391), JPMorgan Chase Bank ($5,398), NAVY FEDERAL CREDIT UNION ($5,447), GUARANTEED RATE, INC. ($5,919) and LAKE MICHIGAN CREDIT UNION ($5,944).

    The lowest rate Detroit VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.53%), AMERISAVE MORTGAGE CORPORATION (5.74%), NAVY FEDERAL CREDIT UNION (5.92%), Mr. Cooper ( Nationstar Mortgage ) (6.10%) and Barrington Bank & Trust Company, N.A. (6.10%).

    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
    2024-01-01 $229,450 (1.0%) $363,472 (5.9%) 0.56 6,424
    2024-02-01 $229,450 (0.0%) $368,064 (5.9%) 0.55 6,201
    2024-03-01 $239,900 (1.2%) $380,019 (4.8%) 0.56 6,151
    2024-04-01 $250,000 (0.0%) $387,737 (0.8%) 0.58 6,144
    2024-05-01 $259,500 (-3.0%) $409,085 (2.4%) 0.59 6,544
    2024-06-01 $275,000 (1.9%) $429,993 (6.9%) 0.62 7,111
    Detroit's median listing price for 2024-06-01 was $275,000, a difference of $5,000 (1.9%) versus the prior year and $15,500 versus the prior month.

    Detroit's median listing price comes in at 62% of the national average.

    Detroit's average listing price for 2024-06-01 was $429,993, a difference of $27,758 (6.9%) versus the prior year and $20,908 versus the prior month.

    For the 2024-06-01 period, Detroit had 7,111 MLS listings, a difference of 567 listings (9%) versus the prior month and 663 listings (10%) 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
    2024-01-01 50 days 1,458 sqft
    2024-02-01 46 days 1,447 sqft
    2024-03-01 42 days 1,463 sqft
    2024-04-01 39 days 1,479 sqft
    2024-05-01 32 days 1,498 sqft
    2024-06-01 31 days 1,520 sqft
    Detroit's median listing age (time on market) for 2024-06-01 was 31 days. This is 2% longer than the same period one year ago.

    Detroit's median square footage for active listings during the 2024-06-01 period was 1,520 sqft. One year prior, the average listing was 1,536 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.