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 83 lenders originated 789 VA loans during 2024. The total origination value was $260,455,000, with an average VA loan value of $330,108.

    Grand Rapids VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Grand Rapids averaged 6.93% for the week of 2025-07-11, compared to the national average (all VA variants) of 6.37% for the same period.

    Grand Rapids's average VA mortgage closing costs are $5,764.

    The average rate for the prior week (2025-07-04) was 6.94% and one month ago for the week of 2025-06-06, the average rate was 7.01%.

    The average rate one year ago was 7.03%.

    For refis of the same type during the week of 2025-07-11, the average rate was 6.77%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 126 5.96% $6,577
    Mortgage Research Center, LLC 101 6.28% $7,175
    QUICKEN LOANS, LLC 63 5.97% $9,461
    FREEDOM MORTGAGE CORPORATION 31 6.20% $8,473
    LAKE MICHIGAN CREDIT UNION 30 6.07% $9,185
    PENNYMAC LOAN SERVICES, LLC 29 5.55% $7,110
    VILLAGE CAPITAL MORTGAGE 27 5.68% $7,736
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 25 6.40% $5,246
    MORTGAGE 1 INCORPORATED 21 6.53% $8,345
    NEWREZ LLC 21 6.20% $8,424
    USAA Federal Savings Bank 18 6.13% $6,839
    NAVY FEDERAL CREDIT UNION 18 5.77% $5,375
    PLANET HOME LENDING, LLC 13 6.08% $5,637
    NEW DAY FINANCIAL, LLC 12 7.51% $9,881
    LAKEVIEW LOAN SERVICING, LLC 10 5.98% $5,148
    CROSSCOUNTRY MORTGAGE, LLC 10 6.31% $6,973
    FIRST COMMUNITY MORTGAGE, INC. 10 6.75% $5,940
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.37% $9,166
    LOANDEPOT.COM, LLC 9 6.36% $5,436
    SUCCESS MORTGAGE PARTNERS, INC. 8 7.03% $10,278
    NORTHERN MORTGAGE SERVICES, LLC 8 6.47% $7,954
    GUARANTEED RATE, INC. 7 6.08% $3,934
    The Huntington National Bank 7 6.59% $3,696
    ROSS MORTGAGE CORPORATION 7 6.95% $6,060
    Independent Bank 6 5.96% $3,491
    BROKER SOLUTIONS, INC. 6 6.92% $11,070
    GUILD MORTGAGE COMPANY 6 6.60% $7,092
    Barrington Bank & Trust Company, N.A. 5 6.20% $6,828
    Fifth Third Bank 5 6.25% $5,996
    The Dart Bank 5 5.75% $7,890
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.63% $7,995
    UNION HOME MORTGAGE CORP. 5 6.87% $5,725
    MUTUAL OF OMAHA MORTGAGE, INC. 5 5.75% $15,384
    Magnolia Bank 4 5.75% $16,854
    TOWNE MORTGAGE COMPANY 4 6.62% $10,825
    MICHIGAN FIRST CREDIT UNION 4 6.19% $3,935
    MMS MORTGAGE SERVICES, LTD. 4 6.97% $6,223
    T2 FINANCIAL LLC 3 6.71% $10,672
    Equity Prime Mortgage LLC 3 7.63% $3,763
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.75% $4,868
    CMG MORTGAGE, INC. 3 5.83% $12,831
    Northpointe Bank 3 6.29% $8,307
    JPMorgan Chase Bank 3 6.08% $5,662
    VAN DYK MORTGAGE CORPORATION 3 6.83% $3,326
    Wells Fargo Bank 2 5.94% $7,050
    Carrington Mortgage Services, LLC 2 5.75% $8,296
    CHURCHILL MORTGAGE CORPORATION 2 5.75% $9,470
    Credence Funding Corporation 2 6.12% $5,576
    Flagstar Bank, FSB 2 6.94% $3,455
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.13% $8,428
    GVC MORTGAGE, INC. 2 5.75% $3,319
    Mr. Cooper ( Nationstar Mortgage ) 2 6.00% $10,504
    Plains Commerce Bank 2 6.25% $5,807
    PLAZA HOME MORTGAGE, INC. 2 7.25% $2,230
    POLARIS HOME FUNDING CORP. 2 6.88% $3,882
    STAUNTON FINANCIAL, INC. 2 6.62% $7,998
    The Loan Store, Inc. 2 5.88% $5,382
    CLEARPATH LENDING 1 4.99% $7,663
    LOANPAL, LLC 1 5.63% $11,632
    CARDINAL FINANCIAL 1 6.75% $2,459
    PLUS RELOCATION MORTGAGE, LLC 1 6.75% $5,904
    Armed Forces Bank 1 5.25% $3,117
    PREMIA MORTGAGE, LLC 1 5.63% $0
    Preston Home Loans Inc 1 7.25% $8,812
    LENOX FINANCIAL MORTGAGE CORPORATION 1 6.13% $2,224
    RELIANCE FIRST CAPITAL, LLC 1 6.13% $9,054
    INSPIRE HOME LOANS INC. 1 4.50% $15,603
    RUOFF MORTGAGE COMPANY, INC. 1 6.63% $2,306
    AMERICAN FINANCING CORPORATION 1 5.99% $10,651
    HOMESIDE FINANCIAL, LLC 1 7.25% $23,971
    SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $2,804
    First Federal Bank 1 6.00% $2,270
    FIRST COLONY MORTGAGE CORPORATION 1 6.75% $9,868
    The Federal Savings Bank 1 6.75% $18,086
    CORNERSTONE HOME LENDING, INC. 1 6.13% $11,312
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $893
    CONTOUR MORTGAGE CORPORATION 1 6.50% $6,835
    Commerce Home Mortgage, Inc. 1 6.25% $3,729
    NBKC BANK 1 5.63% $16,606
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.49% $11,027
    MORTGAGE CENTER L.C 1 6.50% $7,526
    MICHIGAN MUTUAL, INC. 1 6.25% $17,614
    PHH Mortgage Corporation 1 5.63% $6,297

    The top Grand Rapids VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 126 VA loans originated. Their average total fees are $6,577, which is $598 lower than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Grand Rapids VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,148), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($5,246), NAVY FEDERAL CREDIT UNION ($5,375), PLANET HOME LENDING, LLC ($5,637) and FIRST COMMUNITY MORTGAGE, INC. ($5,940).

    The lowest rate Grand Rapids VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.55%), VILLAGE CAPITAL MORTGAGE (5.68%), NAVY FEDERAL CREDIT UNION (5.77%), UNITED WHOLESALE MORTGAGE, LLC (5.96%) and QUICKEN LOANS, LLC (5.97%).

    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 $249,450 (-0.1%) $312,008 (-12.8%) 0.92 2,015
    2018-02-01 $255,703 (-1.6%) $325,117 (-10.9%) 0.93 1,843
    2018-03-01 $269,000 (-3.2%) $335,985 (-11.5%) 0.94 1,823
    2018-04-01 $274,900 (0.0%) $349,463 (-2.8%) 0.93 1,893
    2018-05-01 $274,950 (5.8%) $348,787 (4.8%) 0.92 2,102
    2018-06-01 $275,450 (10.2%) $347,336 (8.3%) 0.92 2,440
    2018-07-01 $274,500 (12.1%) $341,002 (8.8%) 0.92 2,630
    2018-08-01 $269,450 (12.3%) $336,274 (9.9%) 0.90 2,969
    2018-09-01 $265,000 (10.5%) $331,637 (8.9%) 0.89 3,032
    2018-10-01 $268,900 (12.1%) $334,725 (9.3%) 0.91 3,012
    2018-11-01 $266,475 (11.1%) $331,275 (8.5%) 0.90 2,896
    2018-12-01 $269,900 (12.5%) $328,816 (8.3%) 0.93 2,612
    2019-01-01 $269,900 (8.2%) $325,933 (4.5%) 0.93 2,325
    2019-02-01 $276,567 (8.2%) $332,369 (2.2%) 0.93 2,144
    2019-03-01 $282,929 (5.2%) $346,650 (3.2%) 0.93 2,137
    2019-04-01 $289,900 (5.5%) $365,255 (4.5%) 0.92 2,210
    2019-05-01 $289,900 (5.4%) $366,137 (5.0%) 0.91 2,364
    2019-06-01 $285,000 (3.5%) $364,305 (4.9%) 0.89 2,603
    2019-07-01 $284,950 (3.8%) $360,727 (5.8%) 0.89 2,826
    2019-08-01 $280,564 (4.1%) $354,061 (5.3%) 0.89 2,913
    2019-09-01 $274,059 (3.4%) $345,757 (4.3%) 0.88 3,017
    2019-10-01 $269,700 (0.3%) $340,061 (1.6%) 0.87 3,066
    2019-11-01 $269,900 (1.3%) $341,909 (3.2%) 0.88 2,793
    2019-12-01 $269,900 (0.0%) $339,447 (3.2%) 0.90 2,442
    2020-01-01 $275,900 (2.2%) $340,896 (4.6%) 0.92 2,100
    2020-02-01 $299,000 (8.1%) $363,920 (9.5%) 0.98 1,930
    2020-03-01 $299,900 (6.0%) $368,057 (6.2%) 0.94 1,873
    2020-04-01 $299,950 (3.5%) $374,854 (2.6%) 0.94 1,882
    2020-05-01 $310,000 (6.9%) $390,759 (6.7%) 0.94 2,078
    2020-06-01 $309,900 (8.7%) $402,018 (10.4%) 0.91 1,920
    2020-07-01 $307,400 (7.9%) $400,371 (11.0%) 0.89 1,792
    2020-08-01 $300,000 (6.9%) $393,541 (11.2%) 0.86 1,710
    2020-09-01 $299,450 (9.3%) $396,470 (14.7%) 0.86 1,551
    2020-10-01 $289,900 (7.5%) $384,339 (13.0%) 0.83 1,542
    2020-11-01 $295,949 (9.7%) $390,679 (14.3%) 0.87 1,403
    2020-12-01 $299,900 (11.1%) $393,396 (15.9%) 0.89 1,169
    2021-01-01 $299,950 (8.7%) $393,433 (15.4%) 0.90 970
    2021-02-01 $312,450 (4.5%) $416,314 (14.4%) 0.91 811
    2021-03-01 $309,500 (3.2%) $414,162 (12.5%) 0.88 797
    2021-04-01 $309,950 (3.3%) $424,725 (13.3%) 0.84 741
    2021-05-01 $309,900 (0.0%) $432,564 (10.7%) 0.82 803
    2021-06-01 $312,450 (0.8%) $432,528 (7.6%) 0.82 964
    2021-07-01 $299,900 (-2.4%) $431,233 (7.7%) 0.79 1,126
    2021-08-01 $304,950 (1.7%) $430,116 (9.3%) 0.81 1,210
    2021-09-01 $300,000 (0.2%) $417,142 (5.2%) 0.80 1,242
    2021-10-01 $299,900 (3.5%) $406,021 (5.6%) 0.80 1,215
    2021-11-01 $309,950 (4.7%) $416,597 (6.6%) 0.83 1,062
    2021-12-01 $304,331 (1.5%) $415,013 (5.5%) 0.82 851
    2022-01-01 $325,000 (8.4%) $441,022 (12.1%) 0.88 660
    2022-02-01 $341,500 (9.3%) $445,726 (7.1%) 0.89 576
    2022-03-01 $336,950 (8.9%) $446,184 (7.7%) 0.84 635
    2022-04-01 $349,900 (12.9%) $448,139 (5.5%) 0.83 699
    2022-05-01 $359,950 (16.2%) $459,047 (6.1%) 0.82 975
    2022-06-01 $374,950 (20.0%) $461,006 (6.6%) 0.84 1,248
    2022-07-01 $375,000 (25.0%) $461,956 (7.1%) 0.84 1,493
    2022-08-01 $374,950 (23.0%) $462,280 (7.5%) 0.87 1,551
    2022-09-01 $362,450 (20.8%) $450,867 (8.1%) 0.85 1,534
    2022-10-01 $354,900 (18.3%) $444,510 (9.5%) 0.84 1,533
    2022-11-01 $352,450 (13.7%) $435,383 (4.5%) 0.85 1,504
    2022-12-01 $359,900 (18.3%) $432,590 (4.2%) 0.89 1,262
    2023-01-01 $366,218 (12.7%) $451,939 (2.5%) 0.91 1,079
    2023-02-01 $397,400 (16.4%) $482,074 (8.2%) 0.96 936
    2023-03-01 $399,425 (18.5%) $501,346 (12.4%) 0.94 885
    2023-04-01 $404,900 (15.7%) $516,285 (15.2%) 0.94 913
    2023-05-01 $410,221 (14.0%) $521,961 (13.7%) 0.93 971
    2023-06-01 $414,925 (10.7%) $533,586 (15.7%) 0.93 1,049
    2023-07-01 $402,450 (7.3%) $527,804 (14.3%) 0.91 1,155
    2023-08-01 $399,900 (6.7%) $520,599 (12.6%) 0.92 1,300
    2023-09-01 $396,200 (9.3%) $502,105 (11.4%) 0.92 1,393
    2023-10-01 $389,950 (9.9%) $502,421 (13.0%) 0.92 1,488
    2023-11-01 $389,325 (10.5%) $501,773 (15.3%) 0.93 1,354
    2023-12-01 $389,900 (8.3%) $505,455 (16.8%) 0.95 1,142
    2024-01-01 $399,900 (9.2%) $525,251 (16.2%) 0.98 990
    2024-02-01 $409,950 (3.2%) $540,227 (12.1%) 0.99 918
    2024-03-01 $415,000 (3.9%) $544,284 (8.6%) 0.98 940
    2024-04-01 $407,450 (0.6%) $542,917 (5.2%) 0.95 1,071
    2024-05-01 $412,500 (0.6%) $569,788 (9.2%) 0.94 1,175
    2024-06-01 $409,900 (-1.2%) $541,623 (1.5%) 0.93 1,357
    2024-07-01 $399,950 (-0.6%) $529,191 (0.3%) 0.91 1,575
    2024-08-01 $399,900 (0.0%) $527,844 (1.4%) 0.93 1,678
    2024-09-01 $389,675 (-1.7%) $514,018 (2.4%) 0.92 1,849
    2024-10-01 $377,000 (-3.3%) $498,731 (-0.7%) 0.89 1,926
    2024-11-01 $374,900 (-3.7%) $485,271 (-3.3%) 0.90 1,824
    2024-12-01 $375,000 (-3.8%) $491,161 (-2.8%) 0.93 1,502
    2025-01-01 $374,500 (-6.4%) $487,650 (-7.2%) 0.94 1,305
    2025-02-01 $384,725 (-6.2%) $500,665 (-7.3%) 0.93 1,192
    2025-03-01 $385,000 (-7.2%) $493,620 (-9.3%) 0.91 1,198
    2025-04-01 $397,000 (-2.6%) $516,373 (-4.9%) 0.92 1,236
    2025-05-01 $399,900 (-3.1%) $524,198 (-8.0%) 0.91 1,528
    2025-06-01 $424,950 (3.7%) $552,231 (2.0%) 0.96 1,593
    Grand Rapids's median listing price for 2025-06-01 was $424,950, a difference of $15,050 (3.7%) versus the prior year and $25,050 versus the prior month.

    Grand Rapids's median listing price comes in at 96% of the national average.

    Grand Rapids's average listing price for 2025-06-01 was $552,231, a difference of $10,608 (2.0%) versus the prior year and $28,033 versus the prior month.

    For the 2025-06-01 period, Grand Rapids had 1,593 MLS listings, a difference of 65 listings (4%) versus the prior month and 236 listings (17%) 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 73 days 2,027 sqft
    2018-02-01 62 days 2,032 sqft
    2018-03-01 38 days 2,047 sqft
    2018-04-01 33 days 2,070 sqft
    2018-05-01 27 days 2,092 sqft
    2018-06-01 29 days 2,091 sqft
    2018-07-01 35 days 2,101 sqft
    2018-08-01 34 days 2,069 sqft
    2018-09-01 42 days 2,040 sqft
    2018-10-01 46 days 2,039 sqft
    2018-11-01 52 days 2,032 sqft
    2018-12-01 65 days 2,001 sqft
    2019-01-01 72 days 1,969 sqft
    2019-02-01 71 days 1,982 sqft
    2019-03-01 51 days 2,013 sqft
    2019-04-01 36 days 2,059 sqft
    2019-05-01 30 days 2,074 sqft
    2019-06-01 32 days 2,085 sqft
    2019-07-01 36 days 2,100 sqft
    2019-08-01 38 days 2,078 sqft
    2019-09-01 41 days 2,045 sqft
    2019-10-01 43 days 2,020 sqft
    2019-11-01 51 days 2,000 sqft
    2019-12-01 65 days 1,953 sqft
    2020-01-01 70 days 1,940 sqft
    2020-02-01 65 days 2,000 sqft
    2020-03-01 45 days 2,027 sqft
    2020-04-01 52 days 2,046 sqft
    2020-05-01 57 days 2,070 sqft
    2020-06-01 39 days 2,060 sqft
    2020-07-01 44 days 2,059 sqft
    2020-08-01 43 days 2,052 sqft
    2020-09-01 41 days 2,029 sqft
    2020-10-01 40 days 1,956 sqft
    2020-11-01 43 days 1,910 sqft
    2020-12-01 55 days 1,887 sqft
    2021-01-01 59 days 1,861 sqft
    2021-02-01 39 days 1,897 sqft
    2021-03-01 36 days 1,911 sqft
    2021-04-01 32 days 1,935 sqft
    2021-05-01 30 days 1,932 sqft
    2021-06-01 27 days 1,946 sqft
    2021-07-01 32 days 1,944 sqft
    2021-08-01 31 days 1,932 sqft
    2021-09-01 35 days 1,912 sqft
    2021-10-01 36 days 1,857 sqft
    2021-11-01 39 days 1,870 sqft
    2021-12-01 45 days 1,842 sqft
    2022-01-01 52 days 1,874 sqft
    2022-02-01 36 days 1,882 sqft
    2022-03-01 30 days 1,874 sqft
    2022-04-01 25 days 1,944 sqft
    2022-05-01 20 days 1,994 sqft
    2022-06-01 24 days 2,025 sqft
    2022-07-01 30 days 2,058 sqft
    2022-08-01 35 days 2,048 sqft
    2022-09-01 38 days 2,008 sqft
    2022-10-01 39 days 2,007 sqft
    2022-11-01 43 days 1,963 sqft
    2022-12-01 56 days 1,961 sqft
    2023-01-01 64 days 1,959 sqft
    2023-02-01 52 days 2,003 sqft
    2023-03-01 44 days 2,018 sqft
    2023-04-01 39 days 2,070 sqft
    2023-05-01 33 days 2,074 sqft
    2023-06-01 32 days 2,100 sqft
    2023-07-01 33 days 2,061 sqft
    2023-08-01 35 days 2,052 sqft
    2023-09-01 37 days 2,010 sqft
    2023-10-01 41 days 1,973 sqft
    2023-11-01 44 days 1,963 sqft
    2023-12-01 53 days 1,952 sqft
    2024-01-01 60 days 1,996 sqft
    2024-02-01 51 days 1,966 sqft
    2024-03-01 37 days 2,006 sqft
    2024-04-01 32 days 2,007 sqft
    2024-05-01 27 days 2,020 sqft
    2024-06-01 31 days 1,994 sqft
    2024-07-01 34 days 2,003 sqft
    2024-08-01 35 days 2,000 sqft
    2024-09-01 37 days 1,975 sqft
    2024-10-01 39 days 1,938 sqft
    2024-11-01 46 days 1,912 sqft
    2024-12-01 56 days 1,905 sqft
    2025-01-01 65 days 1,879 sqft
    2025-02-01 56 days 1,876 sqft
    2025-03-01 38 days 1,862 sqft
    2025-04-01 33 days 1,883 sqft
    2025-05-01 31 days 1,940 sqft
    2025-06-01 36 days 2,018 sqft
    Grand Rapids's median listing age (time on market) for 2025-06-01 was 36 days. This is 15% longer than the same period one year ago.

    Grand Rapids's median square footage for active listings during the 2025-06-01 period was 2,018 sqft. One year prior, the average listing was 1,994 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.