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 106 lenders originated 925 VA loans during 2022. The total origination value was $269,305,000, with an average VA loan value of $291,141.

Grand Rapids VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Grand Rapids averaged 6.44% for the week of 2024-02-16, compared to the national average (all VA variants) of 6.462% for the same period.

Grand Rapids's average VA mortgage closing costs are $5,297.

The average rate for the prior week (2024-02-09) was 6.5% and one month ago for the week of 2024-01-12, the average rate was 6.15%.

The average rate one year ago was 5.82%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.52%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 129 5.12% $6,364
QUICKEN LOANS, LLC 77 4.02% $10,551
UNITED WHOLESALE MORTGAGE, LLC 68 4.39% $8,691
Neighborhood Loans, Inc. 48 5.31% $8,373
ARK-LA-TEX FINANCIAL SERVICES, LLC. 42 5.19% $7,985
FREEDOM MORTGAGE CORPORATION 34 4.13% $9,272
NAVY FEDERAL CREDIT UNION 28 4.28% $6,176
LAKE MICHIGAN CREDIT UNION 28 4.36% $7,560
NEW DAY FINANCIAL, LLC 22 5.33% $10,495
PENNYMAC LOAN SERVICES, LLC 20 3.64% $8,821
USAA Federal Savings Bank 20 4.89% $7,573
CALIBER HOME LOANS, INC. 13 3.76% $6,472
FINANCE OF AMERICA MORTGAGE LLC 12 4.61% $11,065
Mr. Cooper ( Nationstar Mortgage ) 12 5.29% $10,246
HOME POINT FINANCIAL CORPORATION 11 4.21% $8,772
INLANTA MORTGAGE, INC. 11 4.44% $7,221
UNION HOME MORTGAGE CORP. 11 4.97% $9,176
The Federal Savings Bank 11 4.86% $15,486
Fifth Third Bank 10 4.31% $2,308
Flagstar Bank, FSB 10 4.11% $11,425
MORTGAGE 1 INCORPORATED 10 4.90% $7,526
NORTHERN MORTGAGE SERVICES, LLC 10 5.13% $9,509
CROSSCOUNTRY MORTGAGE, LLC 9 5.39% $10,189
PRIMELENDING, A PLAINSCAPITAL COMPANY 9 4.54% $8,359
LOANDEPOT.COM, LLC 8 4.47% $9,310
LAKEVIEW LOAN SERVICING, LLC 8 3.92% $5,327
Independent Bank 8 4.80% $5,020
GUARANTEED RATE, INC. 8 4.73% $8,992
The Huntington National Bank 8 4.70% $3,987
VAN DYK MORTGAGE CORPORATION 7 4.41% $3,534
CARDINAL FINANCIAL 7 3.86% $9,763
SUCCESS MORTGAGE PARTNERS, INC. 6 4.98% $9,028
NEWREZ LLC 6 4.40% $5,181
Barrington Bank & Trust Company, N.A. 6 4.53% $9,498
AMERISAVE MORTGAGE CORPORATION 6 4.19% $8,452
Hometown Lenders, Inc. 6 4.77% $5,786
CHURCHILL MORTGAGE CORPORATION 6 4.58% $13,085
PLAZA HOME MORTGAGE, INC. 6 5.27% $5,635
MUTUAL OF OMAHA MORTGAGE, INC. 5 4.95% $10,468
MMS MORTGAGE SERVICES, LTD. 5 5.43% $7,224
FIRST COMMUNITY MORTGAGE, INC. 5 5.57% $7,809
MICHIGAN MUTUAL, INC. 4 4.47% $11,731
BROKER SOLUTIONS, INC. 4 4.88% $11,973
POLARIS HOME FUNDING CORP. 4 4.81% $3,963
Old National Bank 3 4.13% $5,627
RELIANCE FIRST CAPITAL, LLC 3 4.21% $12,223
STOCKTON MORTGAGE CORPORATION 3 4.79% $19,425
Carrington Mortgage Services, LLC 3 5.00% $8,670
CLEARPATH LENDING 3 2.96% $12,228
TOP FLITE FINANCIAL, INC. 3 5.75% $10,025
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 5.38% $15,005
MICHIGAN FIRST CREDIT UNION 2 4.63% $7,761
J. VIRGIL, INC. 2 5.25% $23,667
EVERETT FINANCIAL, INC. 2 5.63% $5,085
Bank of America 2 3.44% $6,855
VILLAGE CAPITAL MORTGAGE 2 5.75% $11,995
North American Savings Bank, F.S.B. 2 3.31% $32,948
Northpointe Bank 2 2.94% $10,351
The Dart Bank 2 6.50% $10,066
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 5.31% $4,707
NETWORK CAPITAL FUNDING CORPORATION 2 4.81% $3,616
AMERICAN FINANCING CORPORATION 2 2.94% $5,244
Armed Forces Bank 2 3.44% $13,330
HOMESIDE FINANCIAL, LLC 2 4.25% $10,406
CONTOUR MORTGAGE CORPORATION 2 5.44% $11,813
PLANET HOME LENDING, LLC 2 3.63% $12,440
NBKC BANK 2 3.75% $4,562
AMERIFIRST FINANCIAL CORPORATION 2 5.06% $1,861
SOVEREIGN LENDING GROUP INCORPORATED 2 3.88% $18,623
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 4.06% $10,180
RUOFF MORTGAGE COMPANY, INC. 2 4.38% $6,835
TOWNE MORTGAGE COMPANY 2 4.00% $8,848
MEMBER FIRST MORTGAGE, LLC 2 4.44% $5,956
Wyndham Capital Mortgage, Inc. 1 2.50% $1,480
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $15,221
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 4.88% $4,009
Amerifirst Financial, Inc. 1 4.75% $21,617
Austin Capital Bank SSB 1 5.13% $34,560
BNC National Bank 1 4.50% $11,245
BOKF 1 4.25% $3,319
Citizens Bank 1 4.50% $8,501
CMG MORTGAGE, INC. 1 2.99% $3,846
Credence Funding Corporation 1 2.25% $2,643
ENVOY MORTGAGE, LTD 1 5.13% $11,439
GUILD MORTGAGE COMPANY 1 5.13% $2,492
GVC MORTGAGE, INC. 1 5.13% $6,124
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.75% $5,127
HomePromise Corporation 1 5.25% $14,804
KELLER MORTGAGE, LLC 1 4.25% $9,351
Lakeview Community Capital, LLC 1 3.50% $1,685
Mid-Continent Funding, Inc. 1 6.75% $19,091
MLD MORTGAGE INC. 1 4.75% $7,920
MORTGAGE CENTER L.C 1 6.00% $585
MOVEMENT MORTGAGE, LLC 1 5.25% $2,293
M&T Bank 1 3.13% $17,204
NATIONS DIRECT MORTGAGE, LLC 1 5.13% $13,898
PENTAGON FEDERAL CREDIT UNION 1 3.13% $14,246
Platinum Home Mortgage Corporation 1 5.38% $4,313
RESIDENTIAL BANCORP 1 3.99% $12,286
Service Federal Credit Union 1 4.50% $3,088
STAUNTON FINANCIAL, INC. 1 6.63% $0
SUN WEST MORTGAGE COMPANY, INC. 1 4.50% $14,540
T2 FINANCIAL LLC 1 5.25% $14,344
Texana Bank 1 2.75% $6,850
Wells Fargo Bank 1 4.88% $7,423
AMERICAN FINANCIAL RESOURCES, INC. 1 2.88% $2,245

The top Grand Rapids VA lender as defined by loan originations is Mortgage Research Center, LLC, with 129 VA loans originated. Their average total fees are $6,364, which is $4,187 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Grand Rapids VA lenders (with over 10 loans originated) are Fifth Third Bank ($2,308), NAVY FEDERAL CREDIT UNION ($6,176), Mortgage Research Center, LLC ($6,364), CALIBER HOME LOANS, INC. ($6,472) and INLANTA MORTGAGE, INC. ($7,221).

The lowest rate Grand Rapids VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.64%), CALIBER HOME LOANS, INC. (3.76%), QUICKEN LOANS, LLC (4.02%), Flagstar Bank, FSB (4.11%) and FREEDOM MORTGAGE CORPORATION (4.13%).


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 $249,575 (-0.1%) $311,960 (-13.0%) 0.93 2,017
2018-02-01 $255,703 (-1.6%) $325,132 (-11.0%) 0.93 1,843
2018-03-01 $269,000 (-3.2%) $335,941 (-11.6%) 0.94 1,826
2018-04-01 $274,900 (0.0%) $349,445 (-2.9%) 0.93 1,895
2018-05-01 $274,950 (5.8%) $348,939 (4.7%) 0.92 2,104
2018-06-01 $276,900 (10.8%) $347,510 (8.3%) 0.92 2,439
2018-07-01 $274,500 (12.1%) $340,991 (8.8%) 0.92 2,632
2018-08-01 $269,450 (12.3%) $336,284 (9.9%) 0.90 2,971
2018-09-01 $265,000 (10.5%) $331,601 (8.9%) 0.89 3,037
2018-10-01 $268,900 (12.1%) $335,371 (9.5%) 0.91 3,019
2018-11-01 $266,750 (11.2%) $331,976 (8.8%) 0.90 2,902
2018-12-01 $269,900 (12.5%) $329,625 (8.6%) 0.93 2,614
2019-01-01 $269,900 (8.1%) $325,940 (4.5%) 0.93 2,327
2019-02-01 $276,667 (8.2%) $332,366 (2.2%) 0.93 2,146
2019-03-01 $283,043 (5.2%) $347,005 (3.3%) 0.93 2,141
2019-04-01 $289,900 (5.5%) $366,160 (4.8%) 0.92 2,214
2019-05-01 $289,900 (5.4%) $366,919 (5.2%) 0.91 2,367
2019-06-01 $285,000 (2.9%) $364,304 (4.8%) 0.89 2,607
2019-07-01 $284,950 (3.8%) $360,760 (5.8%) 0.89 2,829
2019-08-01 $280,564 (4.1%) $354,138 (5.3%) 0.89 2,916
2019-09-01 $274,059 (3.4%) $345,851 (4.3%) 0.88 3,021
2019-10-01 $269,798 (0.3%) $340,171 (1.4%) 0.87 3,070
2019-11-01 $269,900 (1.2%) $342,061 (3.0%) 0.88 2,795
2019-12-01 $269,900 (0.0%) $339,604 (3.0%) 0.90 2,443
2020-01-01 $275,900 (2.2%) $341,062 (4.6%) 0.92 2,101
2020-02-01 $299,000 (8.1%) $364,112 (9.6%) 0.98 1,931
2020-03-01 $299,900 (6.0%) $368,147 (6.1%) 0.94 1,874
2020-04-01 $299,950 (3.5%) $375,051 (2.4%) 0.94 1,883
2020-05-01 $310,000 (6.9%) $391,054 (6.6%) 0.94 2,080
2020-06-01 $309,900 (8.7%) $402,212 (10.4%) 0.91 1,920
2020-07-01 $307,425 (7.9%) $400,561 (11.0%) 0.89 1,793
2020-08-01 $300,000 (6.9%) $393,670 (11.2%) 0.86 1,711
2020-09-01 $299,450 (9.3%) $396,605 (14.7%) 0.86 1,551
2020-10-01 $289,900 (7.5%) $384,412 (13.0%) 0.83 1,544
2020-11-01 $295,998 (9.7%) $390,691 (14.2%) 0.87 1,404
2020-12-01 $299,900 (11.1%) $393,312 (15.8%) 0.89 1,170
2021-01-01 $300,000 (8.7%) $393,276 (15.3%) 0.90 974
2021-02-01 $314,900 (5.3%) $415,987 (14.3%) 0.92 815
2021-03-01 $309,950 (3.4%) $413,850 (12.4%) 0.88 801
2021-04-01 $309,950 (3.3%) $424,500 (13.2%) 0.84 744
2021-05-01 $309,900 (0.0%) $432,357 (10.6%) 0.82 804
2021-06-01 $314,900 (1.6%) $432,619 (7.6%) 0.83 967
2021-07-01 $299,900 (-2.5%) $431,201 (7.7%) 0.79 1,127
2021-08-01 $304,950 (1.7%) $430,262 (9.3%) 0.81 1,210
2021-09-01 $301,250 (0.6%) $417,272 (5.2%) 0.80 1,244
2021-10-01 $299,950 (3.5%) $406,274 (5.7%) 0.80 1,217
2021-11-01 $310,138 (4.8%) $416,799 (6.7%) 0.83 1,065
2021-12-01 $304,950 (1.7%) $415,329 (5.6%) 0.83 853
2022-01-01 $326,950 (9.0%) $441,386 (12.2%) 0.88 662
2022-02-01 $344,450 (9.4%) $446,138 (7.3%) 0.90 577
2022-03-01 $337,175 (8.8%) $446,293 (7.8%) 0.84 636
2022-04-01 $349,900 (12.9%) $448,236 (5.6%) 0.83 700
2022-05-01 $359,950 (16.2%) $459,108 (6.2%) 0.82 976
2022-06-01 $374,950 (19.1%) $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 (7.4%) 0.87 1,551
2022-09-01 $362,450 (20.3%) $450,867 (8.1%) 0.85 1,534
2022-10-01 $354,900 (18.3%) $444,510 (9.4%) 0.84 1,533
2022-11-01 $352,450 (13.6%) $435,383 (4.5%) 0.85 1,504
2022-12-01 $359,900 (18.0%) $432,700 (4.2%) 0.89 1,262
2023-01-01 $366,218 (12.0%) $451,939 (2.4%) 0.91 1,079
2023-02-01 $397,400 (15.4%) $482,074 (8.1%) 0.96 936
2023-03-01 $399,425 (18.5%) $501,346 (12.3%) 0.94 885
2023-04-01 $404,900 (15.7%) $516,271 (15.2%) 0.94 914
2023-05-01 $410,361 (14.0%) $521,961 (13.7%) 0.93 971
2023-06-01 $414,950 (10.7%) $533,883 (15.8%) 0.93 1,047
2023-07-01 $404,900 (8.0%) $527,916 (14.3%) 0.92 1,154
2023-08-01 $399,900 (6.7%) $520,699 (12.6%) 0.92 1,299
2023-09-01 $397,000 (9.5%) $502,188 (11.4%) 0.92 1,392
2023-10-01 $389,950 (9.9%) $502,502 (13.1%) 0.92 1,487
2023-11-01 $387,900 (10.1%) $501,839 (15.3%) 0.92 1,351
2023-12-01 $389,900 (8.3%) $505,522 (16.8%) 0.95 1,139
Grand Rapids's median listing price for 2023-12-01 was $389,900, a difference of $30,000 (8.3%) versus the prior year and $2,000 versus the prior month.

Grand Rapids's median listing price comes in at 95% of the national average.

Grand Rapids's average listing price for 2023-12-01 was $505,522, a difference of $72,822 (16.8%) versus the prior year and $3,683 versus the prior month.

For the 2023-12-01 period, Grand Rapids had 1,139 MLS listings, a difference of -212 listings (-16%) versus the prior month and -123 listings (-10%) 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 2,071 sqft
2018-05-01 27 days 2,094 sqft
2018-06-01 29 days 2,091 sqft
2018-07-01 35 days 2,101 sqft
2018-08-01 34 days 2,070 sqft
2018-09-01 42 days 2,040 sqft
2018-10-01 46 days 2,040 sqft
2018-11-01 52 days 2,033 sqft
2018-12-01 65 days 2,001 sqft
2019-01-01 72 days 1,970 sqft
2019-02-01 71 days 1,983 sqft
2019-03-01 51 days 2,014 sqft
2019-04-01 36 days 2,060 sqft
2019-05-01 30 days 2,074 sqft
2019-06-01 32 days 2,084 sqft
2019-07-01 36 days 2,100 sqft
2019-08-01 38 days 2,078 sqft
2019-09-01 40 days 2,045 sqft
2019-10-01 43 days 2,021 sqft
2019-11-01 51 days 2,000 sqft
2019-12-01 65 days 1,953 sqft
2020-01-01 70 days 1,941 sqft
2020-02-01 65 days 2,000 sqft
2020-03-01 45 days 2,028 sqft
2020-04-01 52 days 2,047 sqft
2020-05-01 57 days 2,070 sqft
2020-06-01 39 days 2,060 sqft
2020-07-01 44 days 2,060 sqft
2020-08-01 43 days 2,052 sqft
2020-09-01 41 days 2,030 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 1,860 sqft
2021-02-01 39 days 1,897 sqft
2021-03-01 36 days 1,911 sqft
2021-04-01 32 days 1,940 sqft
2021-05-01 30 days 1,937 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 1,871 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 1,873 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 1,964 sqft
2022-12-01 56 days 1,961 sqft
2023-01-01 64 days 1,960 sqft
2023-02-01 52 days 2,004 sqft
2023-03-01 44 days 2,019 sqft
2023-04-01 39 days 2,070 sqft
2023-05-01 33 days 2,075 sqft
2023-06-01 32 days 2,100 sqft
2023-07-01 33 days 2,061 sqft
2023-08-01 35 days 2,053 sqft
2023-09-01 37 days 2,010 sqft
2023-10-01 41 days 1,974 sqft
2023-11-01 44 days 1,966 sqft
2023-12-01 53 days 1,953 sqft
Grand Rapids's median listing age (time on market) for 2023-12-01 was 53 days. This is -5% shorter than the same period one year ago.

Grand Rapids's median square footage for active listings during the 2023-12-01 period was 1,953 sqft. One year prior, the average listing was 1,961 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.