Grand Rapids VA Loan Rates, Closing Costs & Stats

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 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.

Grand Rapids's 87 lenders originated 628 VA loans during 2023. The total origination value was $194,190,000, with an average VA loan value of $309,220.

Grand Rapids VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Grand Rapids averaged 6.85% for the week of 2024-06-14, compared to the national average (all VA variants) of 6.423% for the same period.

Grand Rapids's average VA mortgage closing costs are $5,591.

The average rate for the prior week (2024-06-07) was 6.62% and one month ago for the week of 2024-05-10, the average rate was 7.13%.

The average rate one year ago was 6.67%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.95%.

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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Grand Rapids level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 93 6.69% $6,333
UNITED WHOLESALE MORTGAGE, LLC 59 6.36% $8,166
QUICKEN LOANS, LLC 58 6.26% $11,420
LAKE MICHIGAN CREDIT UNION 28 6.25% $10,035
ARK-LA-TEX FINANCIAL SERVICES, LLC. 26 6.72% $7,854
NAVY FEDERAL CREDIT UNION 24 5.74% $5,444
Neighborhood Loans, Inc. 24 6.88% $7,299
FIRST COMMUNITY MORTGAGE, INC. 17 6.44% $9,117
FREEDOM MORTGAGE CORPORATION 16 6.20% $16,248
USAA Federal Savings Bank 15 6.23% $7,961
LOANDEPOT.COM, LLC 12 6.03% $13,929
NEW DAY FINANCIAL, LLC 12 7.25% $8,355
NEWREZ LLC 11 6.33% $11,182
GUILD MORTGAGE COMPANY 10 6.89% $10,459
MORTGAGE 1 INCORPORATED 10 6.90% $6,322
PENNYMAC LOAN SERVICES, LLC 8 5.44% $5,864
Mr. Cooper ( Nationstar Mortgage ) 7 6.55% $11,304
CROSSCOUNTRY MORTGAGE, LLC 7 6.54% $8,457
UNION HOME MORTGAGE CORP. 7 6.46% $8,674
GVC MORTGAGE, INC. 6 7.00% $5,158
NORTHERN MORTGAGE SERVICES, LLC 6 6.35% $13,846
SUCCESS MORTGAGE PARTNERS, INC. 6 6.77% $12,132
MUTUAL OF OMAHA MORTGAGE, INC. 6 6.35% $16,356
MMS MORTGAGE SERVICES, LTD. 5 6.67% $12,789
VILLAGE CAPITAL MORTGAGE 5 5.95% $6,584
The Dart Bank 5 6.95% $9,262
Flagstar Bank, FSB 5 6.60% $4,819
ROSS MORTGAGE CORPORATION 5 7.08% $6,265
The Federal Savings Bank 4 6.56% $16,247
Fifth Third Bank 4 6.75% $9,197
JPMorgan Chase Bank 4 6.65% $4,303
MICHIGAN MUTUAL, INC. 4 6.41% $7,585
PLAZA HOME MORTGAGE, INC. 4 6.69% $10,563
POLARIS HOME FUNDING CORP. 4 6.78% $9,866
TOP FLITE FINANCIAL, INC. 4 6.78% $5,704
PENTAGON FEDERAL CREDIT UNION 3 5.58% $6,834
GSF Mortgage Corporation 3 6.67% $8,611
VAN DYK MORTGAGE CORPORATION 3 7.08% $4,163
The Huntington National Bank 3 6.33% $5,150
CHURCHILL MORTGAGE CORPORATION 3 6.12% $8,360
NBKC BANK 2 5.56% $5,060
CONTOUR MORTGAGE CORPORATION 2 7.31% $7,120
LAKEVIEW LOAN SERVICING, LLC 2 6.19% $13,668
BM Real Estate Services, Inc. 2 6.56% $8,259
ACADEMY MORTGAGE CORPORATION 2 7.25% $9,408
Wells Fargo Bank 2 6.38% $10,690
MICHIGAN FIRST CREDIT UNION 2 6.00% $8,347
Barrington Bank & Trust Company, N.A. 2 6.69% $12,673
PLANET HOME LENDING, LLC 2 6.69% $16,338
GUARANTEED RATE, INC. 2 5.50% $4,481
Independent Bank 2 6.94% $10,726
MORTGAGEONE, INC. 2 7.75% $7,279
AmeriHome Mortgage Company, LLC 2 6.81% $6,114
CARDINAL FINANCIAL 2 6.75% $7,400
J. VIRGIL, INC. 2 6.25% $12,178
Northpointe Bank 2 7.44% $6,002
STAUNTON FINANCIAL, INC. 2 6.19% $8,669
RUOFF MORTGAGE COMPANY, INC. 1 7.25% $8,072
STOCKTON MORTGAGE CORPORATION 1 8.13% $9,252
BNC National Bank 1 5.38% $14,498
SUMMIT HOME MORTGAGE, LLC 1 6.25% $15,790
T2 FINANCIAL LLC 1 7.63% $17,723
TOWNE MORTGAGE COMPANY 1 7.25% $4,705
AMERISAVE MORTGAGE CORPORATION 1 6.38% $18,002
Horizon Bank 1 6.63% $9,952
RELIANCE FIRST CAPITAL, LLC 1 6.63% $5,771
FIRST STATE MORTGAGE SERVICES, LLC 1 7.13% $7,436
First Merchants Bank 1 6.75% $10,760
U.S. Bank 1 5.88% $75
Mid-Continent Funding, Inc. 1 6.75% $6,879
FIRST COLONY MORTGAGE CORPORATION 1 6.25% $8,755
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $0
EVERETT FINANCIAL, INC. 1 6.63% $5,686
MOVEMENT MORTGAGE, LLC 1 7.25% $17,502
Equity Prime Mortgage LLC 1 6.25% $3,275
ENVOY MORTGAGE, LTD 1 5.88% $13,234
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $12,758
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.13% $8,308
CMG MORTGAGE, INC. 1 5.75% $12,570
Citizens Bank 1 6.38% $10,951
NFM, INC. 1 6.75% $23,637
Old National Bank 1 5.25% $12,274
Paramount Residential Mortgage Group, Inc. 1 7.25% $4,436
Carrington Mortgage Services, LLC 1 6.13% $5,101
PHH Mortgage Corporation 1 7.00% $15,289
American Mortgage & Equity Consultants, Inc. 1 6.75% $13,578
BROKER SOLUTIONS, INC. 1 5.75% $16,055

The top Grand Rapids VA lender as defined by loan originations is Mortgage Research Center, LLC, with 93 VA loans originated. Their average total fees are $6,333, which is $1,833 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Grand Rapids VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,444), MORTGAGE 1 INCORPORATED ($6,322), Mortgage Research Center, LLC ($6,333), Neighborhood Loans, Inc. ($7,299) and ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,854).

The lowest rate Grand Rapids VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.74%), LOANDEPOT.COM, LLC (6.03%), FREEDOM MORTGAGE CORPORATION (6.20%), USAA Federal Savings Bank (6.23%) and LAKE MICHIGAN CREDIT UNION (6.25%).


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 $252,400 (-1.5%) $313,883 (-15.0%) 0.94 1,851
2018-02-01 $261,150 (-3.8%) $327,854 (-13.2%) 0.95 1,689
2018-03-01 $269,900 (-4.5%) $339,467 (-13.0%) 0.95 1,674
2018-04-01 $279,125 (-0.3%) $352,556 (-4.6%) 0.95 1,730
2018-05-01 $279,900 (5.8%) $353,645 (4.2%) 0.93 1,911
2018-06-01 $279,900 (10.9%) $352,457 (8.6%) 0.93 2,226
2018-07-01 $277,225 (11.4%) $346,003 (9.3%) 0.93 2,388
2018-08-01 $269,900 (11.3%) $340,488 (10.3%) 0.90 2,709
2018-09-01 $269,900 (12.5%) $336,615 (9.6%) 0.91 2,771
2018-10-01 $272,400 (11.2%) $340,327 (10.2%) 0.92 2,747
2018-11-01 $269,900 (12.5%) $335,381 (9.3%) 0.91 2,658
2018-12-01 $274,900 (14.5%) $332,657 (8.8%) 0.95 2,406
2019-01-01 $274,950 (8.9%) $330,189 (5.2%) 0.95 2,137
2019-02-01 $279,950 (7.2%) $337,216 (2.9%) 0.95 1,962
2019-03-01 $286,429 (6.1%) $351,273 (3.5%) 0.94 1,956
2019-04-01 $296,538 (6.2%) $369,896 (4.9%) 0.94 2,031
2019-05-01 $294,850 (5.3%) $371,465 (5.0%) 0.92 2,154
2019-06-01 $291,900 (4.3%) $369,610 (4.9%) 0.91 2,377
2019-07-01 $291,325 (5.1%) $365,757 (5.7%) 0.91 2,588
2019-08-01 $284,459 (5.4%) $358,828 (5.4%) 0.90 2,678
2019-09-01 $276,298 (2.4%) $350,040 (4.0%) 0.88 2,790
2019-10-01 $269,925 (-0.9%) $343,915 (1.1%) 0.87 2,846
2019-11-01 $274,000 (1.5%) $345,181 (2.9%) 0.90 2,598
2019-12-01 $274,900 (0.0%) $343,858 (3.4%) 0.92 2,268
2020-01-01 $282,400 (2.7%) $346,209 (4.9%) 0.94 1,953
2020-02-01 $299,900 (7.1%) $371,266 (10.1%) 0.98 1,802
2020-03-01 $299,900 (4.7%) $374,572 (6.6%) 0.94 1,744
2020-04-01 $309,000 (4.2%) $381,101 (3.0%) 0.97 1,750
2020-05-01 $315,000 (6.8%) $396,837 (6.8%) 0.96 1,943
2020-06-01 $314,900 (7.9%) $408,646 (10.6%) 0.93 1,786
2020-07-01 $310,100 (6.4%) $405,192 (10.8%) 0.90 1,677
2020-08-01 $309,000 (8.6%) $398,176 (11.0%) 0.89 1,604
2020-09-01 $304,450 (10.2%) $400,458 (14.4%) 0.87 1,461
2020-10-01 $292,068 (8.2%) $386,971 (12.5%) 0.84 1,457
2020-11-01 $299,400 (9.3%) $393,605 (14.0%) 0.88 1,320
2020-12-01 $299,950 (9.1%) $395,258 (15.0%) 0.89 1,100
2021-01-01 $306,500 (8.5%) $395,560 (14.3%) 0.91 904
2021-02-01 $314,950 (5.0%) $415,283 (11.9%) 0.92 769
2021-03-01 $315,425 (5.2%) $414,350 (10.6%) 0.89 762
2021-04-01 $309,950 (0.3%) $424,437 (11.4%) 0.84 708
2021-05-01 $310,000 (-1.6%) $435,413 (9.7%) 0.82 742
2021-06-01 $317,225 (0.7%) $435,628 (6.6%) 0.84 901
2021-07-01 $307,500 (-0.8%) $438,244 (8.2%) 0.81 1,034
2021-08-01 $307,400 (-0.5%) $436,790 (9.7%) 0.82 1,110
2021-09-01 $307,975 (1.2%) $424,954 (6.1%) 0.82 1,140
2021-10-01 $309,900 (6.1%) $416,010 (7.5%) 0.83 1,117
2021-11-01 $315,000 (5.2%) $425,675 (8.2%) 0.84 978
2021-12-01 $310,850 (3.6%) $424,196 (7.3%) 0.84 781
2022-01-01 $332,000 (8.3%) $449,643 (13.7%) 0.90 608
2022-02-01 $347,175 (10.2%) $452,737 (9.0%) 0.90 540
2022-03-01 $342,450 (8.6%) $450,795 (8.8%) 0.86 597
2022-04-01 $350,000 (12.9%) $451,517 (6.4%) 0.83 653
2022-05-01 $362,450 (16.9%) $462,923 (6.3%) 0.83 899
2022-06-01 $375,000 (18.2%) $463,534 (6.4%) 0.84 1,168
2022-07-01 $375,000 (22.0%) $463,277 (5.7%) 0.84 1,396
2022-08-01 $377,450 (22.8%) $465,647 (6.6%) 0.87 1,435
2022-09-01 $364,900 (18.5%) $453,735 (6.8%) 0.85 1,429
2022-10-01 $355,000 (14.6%) $446,272 (7.3%) 0.84 1,435
2022-11-01 $359,900 (14.3%) $438,737 (3.1%) 0.87 1,404
2022-12-01 $364,400 (17.2%) $435,654 (2.7%) 0.90 1,168
2023-01-01 $373,600 (12.5%) $454,880 (1.2%) 0.93 1,000
2023-02-01 $399,175 (15.0%) $485,024 (7.1%) 0.96 868
2023-03-01 $399,875 (16.8%) $503,127 (11.6%) 0.94 825
2023-04-01 $410,320 (17.2%) $516,568 (14.4%) 0.95 857
2023-05-01 $412,400 (13.8%) $521,916 (12.7%) 0.94 915
2023-06-01 $419,900 (12.0%) $533,855 (15.2%) 0.94 993
2023-07-01 $414,088 (10.4%) $535,608 (15.6%) 0.94 1,066
2023-08-01 $399,900 (6.0%) $522,685 (12.3%) 0.92 1,212
2023-09-01 $399,000 (9.4%) $506,038 (11.5%) 0.93 1,298
2023-10-01 $389,975 (9.9%) $506,991 (13.6%) 0.92 1,405
2023-11-01 $389,950 (8.4%) $506,427 (15.4%) 0.93 1,269
2023-12-01 $394,950 (8.4%) $509,980 (17.1%) 0.96 1,077
2024-01-01 $403,500 (8.0%) $531,715 (16.9%) 0.99 924
2024-02-01 $415,000 (4.0%) $546,920 (12.8%) 1.00 855
2024-03-01 $419,880 (5.0%) $549,484 (9.2%) 0.99 878
2024-04-01 $412,450 (0.5%) $548,425 (6.2%) 0.96 995
2024-05-01 $434,950 (5.5%) $603,419 (15.6%) 0.98 1,088
Grand Rapids's median listing price for 2024-05-01 was $434,950, a difference of $22,550 (5.5%) versus the prior year and $22,500 versus the prior month.

Grand Rapids's median listing price comes in at 98% of the national average.

Grand Rapids's average listing price for 2024-05-01 was $603,419, a difference of $81,503 (15.6%) versus the prior year and $54,994 versus the prior month.

For the 2024-05-01 period, Grand Rapids had 1,088 MLS listings, a difference of 93 listings (9%) versus the prior month and 173 listings (19%) 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 72 days 2,036 sqft
2018-02-01 59 days 2,040 sqft
2018-03-01 37 days 2,061 sqft
2018-04-01 33 days 2,085 sqft
2018-05-01 26 days 2,114 sqft
2018-06-01 29 days 2,106 sqft
2018-07-01 33 days 2,131 sqft
2018-08-01 33 days 2,079 sqft
2018-09-01 40 days 2,050 sqft
2018-10-01 45 days 2,053 sqft
2018-11-01 51 days 2,040 sqft
2018-12-01 64 days 2,025 sqft
2019-01-01 72 days 1,992 sqft
2019-02-01 70 days 2,015 sqft
2019-03-01 49 days 2,036 sqft
2019-04-01 36 days 2,068 sqft
2019-05-01 29 days 2,083 sqft
2019-06-01 31 days 2,104 sqft
2019-07-01 35 days 2,114 sqft
2019-08-01 38 days 2,092 sqft
2019-09-01 38 days 2,056 sqft
2019-10-01 41 days 2,031 sqft
2019-11-01 51 days 2,005 sqft
2019-12-01 64 days 1,961 sqft
2020-01-01 70 days 1,951 sqft
2020-02-01 62 days 2,008 sqft
2020-03-01 44 days 2,027 sqft
2020-04-01 52 days 2,048 sqft
2020-05-01 57 days 2,073 sqft
2020-06-01 39 days 2,065 sqft
2020-07-01 44 days 2,059 sqft
2020-08-01 42 days 2,058 sqft
2020-09-01 41 days 2,036 sqft
2020-10-01 40 days 1,957 sqft
2020-11-01 43 days 1,919 sqft
2020-12-01 54 days 1,889 sqft
2021-01-01 58 days 1,870 sqft
2021-02-01 38 days 1,899 sqft
2021-03-01 35 days 1,914 sqft
2021-04-01 32 days 1,936 sqft
2021-05-01 31 days 1,944 sqft
2021-06-01 27 days 1,967 sqft
2021-07-01 32 days 1,966 sqft
2021-08-01 31 days 1,942 sqft
2021-09-01 35 days 1,923 sqft
2021-10-01 36 days 1,871 sqft
2021-11-01 39 days 1,874 sqft
2021-12-01 46 days 1,846 sqft
2022-01-01 52 days 1,874 sqft
2022-02-01 35 days 1,881 sqft
2022-03-01 30 days 1,874 sqft
2022-04-01 25 days 1,948 sqft
2022-05-01 20 days 1,998 sqft
2022-06-01 23 days 2,028 sqft
2022-07-01 30 days 2,060 sqft
2022-08-01 34 days 2,058 sqft
2022-09-01 38 days 2,012 sqft
2022-10-01 38 days 2,007 sqft
2022-11-01 42 days 1,974 sqft
2022-12-01 57 days 1,961 sqft
2023-01-01 63 days 1,974 sqft
2023-02-01 50 days 2,014 sqft
2023-03-01 43 days 2,032 sqft
2023-04-01 38 days 2,092 sqft
2023-05-01 33 days 2,080 sqft
2023-06-01 32 days 2,105 sqft
2023-07-01 33 days 2,092 sqft
2023-08-01 34 days 2,053 sqft
2023-09-01 37 days 2,028 sqft
2023-10-01 40 days 1,978 sqft
2023-11-01 44 days 1,966 sqft
2023-12-01 53 days 1,984 sqft
2024-01-01 60 days 2,000 sqft
2024-02-01 51 days 1,973 sqft
2024-03-01 36 days 2,011 sqft
2024-04-01 31 days 2,015 sqft
2024-05-01 23 days 2,057 sqft
Grand Rapids's median listing age (time on market) for 2024-05-01 was 23 days. This is -31% shorter than the same period one year ago.

Grand Rapids's median square footage for active listings during the 2024-05-01 period was 2,057 sqft. One year prior, the average listing was 2,080 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.