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%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

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.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 197 2.52% $5,086
Mortgage Research Center, LLC 166 2.88% $5,390
FREEDOM MORTGAGE CORPORATION 118 2.46% $2,634
ARK-LA-TEX FINANCIAL SERVICES, LLC. 91 2.91% $5,715
UNITED WHOLESALE MORTGAGE, LLC 79 2.57% $5,408
PENNYMAC LOAN SERVICES, LLC 73 2.47% $5,244
LAKE MICHIGAN CREDIT UNION 56 2.72% $5,264
CALIBER HOME LOANS, INC. 47 2.70% $5,414
USAA Federal Savings Bank 46 2.82% $3,614
VILLAGE CAPITAL & INVESTMENT LLC 41 2.32% $2,979
Neighborhood Loans, Inc. 39 3.06% $5,205
UNION HOME MORTGAGE CORP. 39 2.72% $5,141
NEW DAY FINANCIAL, LLC 35 2.81% $7,106
NAVY FEDERAL CREDIT UNION 33 2.47% $6,354
LAKEVIEW LOAN SERVICING, LLC 29 2.54% $2,759
Fifth Third Bank 28 2.89% $4,368
CLEARPATH LENDING 28 2.31% $4,013
MORTGAGE 1 INCORPORATED 28 3.23% $8,013
FINANCE OF AMERICA MORTGAGE LLC 26 2.99% $5,633
The Federal Savings Bank 24 2.65% $7,557
LOANDEPOT.COM, LLC 22 2.61% $4,201
Mr. Cooper ( Nationstar Mortgage ) 19 2.82% $3,159
Northpointe Bank 18 2.65% $4,263
NORTHERN MORTGAGE SERVICES, LLC 18 2.92% $6,716
The Huntington National Bank 17 3.03% $3,725
Flagstar Bank, FSB 15 2.73% $3,907
INLANTA MORTGAGE, INC. 15 2.98% $4,316
Barrington Bank & Trust Company, N.A. 14 2.55% $4,095
PRIMELENDING, A PLAINSCAPITAL COMPANY 14 3.21% $6,099
HOME POINT FINANCIAL CORPORATION 14 2.58% $4,368
Wells Fargo Bank 13 2.63% $3,109
AMERIFIRST FINANCIAL CORPORATION 13 2.55% $3,797
SUCCESS MORTGAGE PARTNERS, INC. 12 3.15% $4,723
Low VA Rates, LLC 12 2.43% $4,142
Independent Bank 11 2.97% $8,590
VAN DYK MORTGAGE CORPORATION 11 2.92% $5,515
NEWREZ LLC 9 2.71% $3,835
CHURCHILL MORTGAGE CORPORATION 9 2.54% $7,041
CROSSCOUNTRY MORTGAGE, LLC 9 3.28% $5,461
Carrington Mortgage Services, LLC 9 2.75% $4,866
AMERICAN FINANCIAL NETWORK, INC. 9 2.54% $5,762
First Guaranty Mortgage Corporation 9 2.63% $3,779
GUARANTEED RATE, INC. 8 2.53% $3,892
PENTAGON FEDERAL CREDIT UNION 7 2.38% $792
POLARIS HOME FUNDING CORP. 7 2.64% $4,063
BROKER SOLUTIONS, INC. 7 2.66% $5,035
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.45% $3,646
AMERISAVE MORTGAGE CORPORATION 6 2.77% $3,389
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 2.65% $4,523
North American Savings Bank, F.S.B. 6 2.33% $4,037
ACCELERATE MORTGAGE, LLC 5 2.30% $5,108
MUTUAL OF OMAHA MORTGAGE, INC. 5 2.50% $3,415
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 3.10% $16,556
TCF National Bank 4 2.59% $4,284
SUN WEST MORTGAGE COMPANY, INC. 4 2.47% $3,853
SOVEREIGN LENDING GROUP INCORPORATED 4 2.34% $6,435
MICHIGAN MUTUAL, INC. 4 3.06% $10,209
PLANET HOME LENDING, LLC 4 2.50% $1,535
Old National Bank 4 2.63% $8,217
RUOFF MORTGAGE COMPANY, INC. 4 3.28% $5,985
PLAZA HOME MORTGAGE, INC. 3 3.00% $5,878
AMERICAN FINANCIAL RESOURCES, INC. 3 3.88% $6,724
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 3.04% $3,800
Hometown Lenders, Inc. 3 3.79% $5,362
InterContinental Capital Group, Inc 3 2.42% $2,626
J. VIRGIL, INC. 3 2.92% $5,385
Magnolia Bank 3 2.46% $9,501
MMS MORTGAGE SERVICES, LTD. 3 2.96% $5,485
STOCKTON MORTGAGE CORPORATION 3 2.63% $9,095
TOP FLITE FINANCIAL, INC. 3 3.33% $6,616
Paramount Bank 2 2.25% $3,777
HOMESIDE FINANCIAL, LLC 2 2.31% $9,658
First Federal Bank 2 2.63% $14,117
ROSS MORTGAGE CORPORATION 2 3.06% $3,186
ENVOY MORTGAGE, LTD 2 3.19% $2,746
Wyndham Capital Mortgage, Inc. 2 2.56% $5,979
GVC MORTGAGE, INC. 2 3.63% $7,590
BNC National Bank 2 2.31% $5,043
FIRST STATE MORTGAGE SERVICES, LLC 2 2.56% $2,638
BLG HOLDINGS, INC. 2 3.13% $5,375
NP, Inc. 2 2.50% $2,924
U.S. Bank 2 2.63% $2,518
LOANPAL, LLC 2 2.38% $5,779
Lakeview Community Capital, LLC 2 2.62% $1,293
AmeriHome Mortgage Company, LLC 2 2.99% $2,605
Mid-Continent Funding, Inc. 2 2.56% $2,444
EMBRACE HOME LOANS, INC. 1 2.63% $4,106
ACADEMY MORTGAGE CORPORATION 1 3.75% $3,540
PLUS RELOCATION MORTGAGE, LLC 1 3.25% $2,900
PNC Bank 1 2.88% $545
DRAPER AND KRAMER MORTGAGE CORP. 1 2.63% $3,681
Prime Choice Funding Inc. 1 2.25% $0
Credence Funding Corporation 1 2.88% $1,661
CONTOUR MORTGAGE CORPORATION 1 2.88% $10,088
ROYAL UNITED MORTGAGE LLC 1 2.38% $6,573
Commerce Home Mortgage, Inc. 1 3.63% $1,395
Sierra Pacific Mortgage Company, Inc. 1 2.75% $2,722
SIRVA MORTGAGE, INC. 1 2.75% $3,341
CMG MORTGAGE, INC. 1 2.50% $8,870
Strong Home Mortgage, LLC 1 2.25% $2,599
CityWorth Mortgage LLC 1 2.25% $1,958
Citizens Bank 1 2.75% $1,935
CHERRY CREEK MORTGAGE, LLC 1 2.75% $648
CHARTER WEST BANK 1 2.25% $2,060
Capital Bank 1 2.25% $1,314
TOWNE MORTGAGE COMPANY 1 2.99% $3,028
UNITED 1 2.50% $2,433
BECKAM FUNDING CORP. 1 4.25% $2,861
BAYSHORE MORTGAGE FUNDING, LLC 1 2.38% $10,787
Manufacturers and Traders Trust Company 1 3.13% $9,279
MICHIGAN FIRST CREDIT UNION 1 2.75% $2,896
MEMBER ADVANTAGE MORTGAGE, LLC 1 3.63% $4,096
Bank of England 1 2.75% $6,099
KELLER MORTGAGE, LLC 1 2.38% $2,952
GUILD MORTGAGE COMPANY 1 2.38% $3,018
NATIONS DIRECT MORTGAGE, LLC 1 2.99% $11,071
Nations Lending Corporation 1 3.13% $8,930
GENEVA FINANCIAL, LLC 1 2.75% $2,280
NETWORK CAPITAL FUNDING CORPORATION 1 3.75% $16,139
First State Bank 1 2.88% $2,420
First Savings Bank 1 2.25% $11,217
FIRST COMMUNITY MORTGAGE, INC. 1 3.50% $4,299
FirstBank 1 2.38% $2,709
OCEANSIDE MORTGAGE COMPANY 1 2.75% $550
First Bank 1 2.75% $11,195
Paramount Residential Mortgage Group, Inc. 1 2.75% $13,086
Equity Prime Mortgage LLC 1 3.50% $2,702

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. Louis
Date 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 for 2022-06-01 was $379,900, a difference of $63,450 (20.1%) versus the prior year and $12,500 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-06-01 was 25 days. This is -21% shorter than the same period one year ago.

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.

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.