Grand Rapids VA Loans
GRAND RAPIDS-KENTWOOD, 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.
Grand Rapids's 127 lenders originated 1,950 VA loans during 2021. The total origination value was $472,770,000, with an average VA loan value of $242,446.
Grand Rapids VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Grand Rapids
averaged
5.33%
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
5.38% and
one month ago for the week of 2022-07-01, the
average rate was 5.7%.
The average rate one year ago was 3.19%.
For refis of the same type during the week of 2022-08-05, the average rate
was 5.06%.
Grand Rapids 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 Grand Rapids level.
The top Grand Rapids VA lender as defined by loan originations is QUICKEN LOANS, LLC, with
197 VA loans originated. Their average total fees are
$5,086, which is $304
lower than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Grand Rapids VA lenders (with over 10 loans originated) are
FREEDOM MORTGAGE CORPORATION ($2,634), LAKEVIEW LOAN SERVICING, LLC ($2,759), VILLAGE CAPITAL & INVESTMENT LLC ($2,979), Wells Fargo Bank ($3,109) and Mr. Cooper ( Nationstar Mortgage ) ($3,159).
The lowest rate Grand Rapids VA lenders (with over 10 loans originated) are
CLEARPATH LENDING (2.31%), VILLAGE CAPITAL & INVESTMENT LLC (2.32%), Low VA Rates, LLC (2.43%), FREEDOM MORTGAGE CORPORATION (2.46%) and PENNYMAC LOAN SERVICES, LLC (2.47%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Grand Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $259,950 (-1.9%) | $333,396 (-15.9%) | 0.96 | 1,857 |
2018-02-01 | $265,740 (-4.9%) | $341,897 (-18.1%) | 0.96 | 1,708 |
2018-03-01 | $275,000 (-5.1%) | $354,985 (-16.6%) | 0.95 | 1,691 |
2018-04-01 | $282,900 (1.0%) | $368,237 (-7.0%) | 0.95 | 1,748 |
2018-05-01 | $282,450 (4.7%) | $364,694 (1.9%) | 0.94 | 1,941 |
2018-06-01 | $285,000 (10.5%) | $361,162 (6.3%) | 0.95 | 2,264 |
2018-07-01 | $282,400 (13.0%) | $355,273 (7.4%) | 0.94 | 2,462 |
2018-08-01 | $274,950 (10.2%) | $349,600 (7.8%) | 0.92 | 2,784 |
2018-09-01 | $274,900 (10.0%) | $345,127 (7.0%) | 0.92 | 2,864 |
2018-10-01 | $275,000 (10.0%) | $349,418 (8.7%) | 0.92 | 2,849 |
2018-11-01 | $274,950 (10.2%) | $345,697 (7.5%) | 0.92 | 2,755 |
2018-12-01 | $279,900 (12.0%) | $344,323 (7.0%) | 0.96 | 2,482 |
2019-01-01 | $279,260 (7.4%) | $340,358 (2.1%) | 0.96 | 2,194 |
2019-02-01 | $284,950 (7.2%) | $348,887 (2.0%) | 0.95 | 2,015 |
2019-03-01 | $289,614 (5.3%) | $361,031 (1.7%) | 0.94 | 2,037 |
2019-04-01 | $296,900 (5.0%) | $376,864 (2.3%) | 0.93 | 2,103 |
2019-05-01 | $296,513 (5.0%) | $378,953 (3.9%) | 0.91 | 2,269 |
2019-06-01 | $294,900 (3.5%) | $378,387 (4.8%) | 0.91 | 2,497 |
2019-07-01 | $294,950 (4.4%) | $374,958 (5.5%) | 0.92 | 2,695 |
2019-08-01 | $288,471 (4.9%) | $368,146 (5.3%) | 0.91 | 2,776 |
2019-09-01 | $279,900 (1.8%) | $358,764 (4.0%) | 0.89 | 2,879 |
2019-10-01 | $275,000 (0.0%) | $352,586 (0.9%) | 0.88 | 2,972 |
2019-11-01 | $279,900 (1.8%) | $355,905 (3.0%) | 0.90 | 2,670 |
2019-12-01 | $284,650 (1.7%) | $357,107 (3.7%) | 0.95 | 2,333 |
2020-01-01 | $289,450 (3.7%) | $360,965 (6.1%) | 0.97 | 2,009 |
2020-02-01 | $304,900 (7.0%) | $384,287 (10.2%) | 0.98 | 1,880 |
2020-03-01 | $307,900 (6.3%) | $385,800 (6.9%) | 0.96 | 1,822 |
2020-04-01 | $314,900 (6.1%) | $389,018 (3.2%) | 0.98 | 1,825 |
2020-05-01 | $319,500 (7.8%) | $398,895 (5.3%) | 0.97 | 2,010 |
2020-06-01 | $319,900 (8.5%) | $413,999 (9.4%) | 0.93 | 1,871 |
2020-07-01 | $315,000 (6.8%) | $413,502 (10.3%) | 0.90 | 1,759 |
2020-08-01 | $311,000 (7.8%) | $410,889 (11.6%) | 0.89 | 1,671 |
2020-09-01 | $307,495 (9.9%) | $414,526 (15.5%) | 0.88 | 1,535 |
2020-10-01 | $299,900 (9.1%) | $401,149 (13.8%) | 0.86 | 1,530 |
2020-11-01 | $300,000 (7.2%) | $404,838 (13.8%) | 0.86 | 1,385 |
2020-12-01 | $312,275 (9.7%) | $409,125 (14.6%) | 0.92 | 1,169 |
2021-01-01 | $314,900 (8.8%) | $402,162 (11.4%) | 0.93 | 962 |
2021-02-01 | $319,900 (4.9%) | $423,699 (10.3%) | 0.92 | 814 |
2021-03-01 | $316,400 (2.8%) | $420,254 (8.9%) | 0.89 | 795 |
2021-04-01 | $319,900 (1.6%) | $431,635 (11.0%) | 0.86 | 728 |
2021-05-01 | $315,000 (-1.4%) | $434,773 (9.0%) | 0.83 | 774 |
2021-06-01 | $316,450 (-1.1%) | $447,447 (8.1%) | 0.82 | 933 |
2021-07-01 | $312,450 (-0.8%) | $457,261 (10.6%) | 0.81 | 1,054 |
2021-08-01 | $314,950 (1.3%) | $449,695 (9.4%) | 0.83 | 1,141 |
2021-09-01 | $317,450 (3.2%) | $435,101 (5.0%) | 0.84 | 1,173 |
2021-10-01 | $319,000 (6.4%) | $430,301 (7.3%) | 0.84 | 1,156 |
2021-11-01 | $322,900 (7.6%) | $435,884 (7.7%) | 0.85 | 1,023 |
2021-12-01 | $317,400 (1.6%) | $435,719 (6.5%) | 0.85 | 814 |
2022-01-01 | $339,000 (7.7%) | $460,062 (14.4%) | 0.90 | 608 |
2022-02-01 | $349,900 (9.4%) | $462,009 (9.0%) | 0.89 | 525 |
2022-03-01 | $346,350 (9.5%) | $458,495 (9.1%) | 0.86 | 582 |
2022-04-01 | $350,000 (9.4%) | $462,573 (7.2%) | 0.82 | 670 |
2022-05-01 | $367,400 (16.6%) | $474,935 (9.2%) | 0.82 | 933 |
2022-06-01 | $379,900 (20.1%) | $475,939 (6.4%) | 0.84 | 1,192 |
Grand Rapids's median listing price comes in at 84% of the national average.
Grand Rapids's average listing price for 2022-06-01 was $475,939, a difference of $28,492 (6.4%) versus the prior year and $1,004 versus the prior month.
For the 2022-06-01 period, Grand Rapids had 1,192 MLS listings, a difference of 259 listings (28%) versus the prior month and 259 listings (28%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Grand Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 76 days | 2,048 sqft |
2018-02-01 | 66 days | 2,055 sqft |
2018-03-01 | 42 days | 2,075 sqft |
2018-04-01 | 38 days | 2,094 sqft |
2018-05-01 | 30 days | 2,114 sqft |
2018-06-01 | 30 days | 2,120 sqft |
2018-07-01 | 37 days | 2,141 sqft |
2018-08-01 | 36 days | 2,092 sqft |
2018-09-01 | 42 days | 2,058 sqft |
2018-10-01 | 48 days | 2,058 sqft |
2018-11-01 | 52 days | 2,040 sqft |
2018-12-01 | 65 days | 2,027 sqft |
2019-01-01 | 74 days | 2,005 sqft |
2019-02-01 | 76 days | 2,025 sqft |
2019-03-01 | 50 days | 2,046 sqft |
2019-04-01 | 38 days | 2,074 sqft |
2019-05-01 | 30 days | 2,086 sqft |
2019-06-01 | 35 days | 2,118 sqft |
2019-07-01 | 36 days | 2,133 sqft |
2019-08-01 | 44 days | 2,107 sqft |
2019-09-01 | 44 days | 2,070 sqft |
2019-10-01 | 43 days | 2,040 sqft |
2019-11-01 | 51 days | 2,022 sqft |
2019-12-01 | 67 days | 1,991 sqft |
2020-01-01 | 73 days | 1,984 sqft |
2020-02-01 | 67 days | 2,021 sqft |
2020-03-01 | 49 days | 2,044 sqft |
2020-04-01 | 55 days | 2,075 sqft |
2020-05-01 | 59 days | 2,080 sqft |
2020-06-01 | 43 days | 2,072 sqft |
2020-07-01 | 47 days | 2,067 sqft |
2020-08-01 | 45 days | 2,064 sqft |
2020-09-01 | 45 days | 2,053 sqft |
2020-10-01 | 43 days | 1,967 sqft |
2020-11-01 | 45 days | 1,928 sqft |
2020-12-01 | 59 days | 1,906 sqft |
2021-01-01 | 64 days | 1,876 sqft |
2021-02-01 | 47 days | 1,897 sqft |
2021-03-01 | 39 days | 1,910 sqft |
2021-04-01 | 36 days | 1,955 sqft |
2021-05-01 | 34 days | 1,940 sqft |
2021-06-01 | 31 days | 1,962 sqft |
2021-07-01 | 34 days | 1,980 sqft |
2021-08-01 | 34 days | 1,966 sqft |
2021-09-01 | 37 days | 1,940 sqft |
2021-10-01 | 37 days | 1,898 sqft |
2021-11-01 | 42 days | 1,888 sqft |
2021-12-01 | 49 days | 1,871 sqft |
2022-01-01 | 58 days | 1,870 sqft |
2022-02-01 | 44 days | 1,901 sqft |
2022-03-01 | 33 days | 1,890 sqft |
2022-04-01 | 27 days | 1,948 sqft |
2022-05-01 | 23 days | 1,998 sqft |
2022-06-01 | 25 days | 2,042 sqft |
Grand Rapids's median square footage for active listings during the 2022-06-01 period was 2,042 sqft. One year prior, the average listing was 1,962 sqft.