Grand Rapids VA Loan Rates, Closing Costs & Stats

GRAND RAPIDS-KENTWOOD, 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.

    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 6.77% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.52% and one month ago for the week of 2024-10-04, the average rate was 5.75%.

    The average rate one year ago was 7.61%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.76%.

    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%).

    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.