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 7.18% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.81% and one month ago for the week of 2024-03-15, the average rate was 6.98%.

    The average rate one year ago was 6.27%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.08%.

    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
    Grand Rapids's median listing price for 2024-03-01 was $419,880, a difference of $20,005 (5.0%) versus the prior year and $4,880 versus the prior month.

    Grand Rapids's median listing price comes in at 99% of the national average.

    Grand Rapids's average listing price for 2024-03-01 was $549,484, a difference of $46,357 (9.2%) versus the prior year and $2,564 versus the prior month.

    For the 2024-03-01 period, Grand Rapids had 878 MLS listings, a difference of 23 listings (3%) versus the prior month and 53 listings (6%) 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 1,974 sqft
    2024-03-01 36 days 2,011 sqft
    Grand Rapids's median listing age (time on market) for 2024-03-01 was 36 days. This is -16% shorter than the same period one year ago.

    Grand Rapids's median square footage for active listings during the 2024-03-01 period was 2,011 sqft. One year prior, the average listing was 2,032 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.