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 127 lenders originated 1,950 VA loans during 2021. The total origination value was $472,770,000, with an average VA loan value of $242,446.

Grand Rapids VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Grand Rapids averaged 6.27% for the week of 2023-01-27, compared to the national average (all VA variants) of 5.952% for the same period.

Grand Rapids's average VA mortgage closing costs are $4,816.

The average rate for the prior week (2023-01-20) was 6.1% and one month ago for the week of 2022-12-23, the average rate was 6.67%.

The average rate one year ago was 4.17%.

For refis of the same type during the week of 2023-01-27, the average rate was 6.1%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 197 2.52% $5,086
Mortgage Research Center, LLC 166 2.88% $5,390
FREEDOM MORTGAGE CORPORATION 118 2.46% $2,634
ARK-LA-TEX FINANCIAL SERVICES, LLC. 91 2.91% $5,715
UNITED WHOLESALE MORTGAGE, LLC 79 2.57% $5,408
PENNYMAC LOAN SERVICES, LLC 73 2.47% $5,244
LAKE MICHIGAN CREDIT UNION 56 2.72% $5,264
CALIBER HOME LOANS, INC. 47 2.70% $5,414
USAA Federal Savings Bank 46 2.82% $3,614
VILLAGE CAPITAL MORTGAGE 41 2.32% $2,979
Neighborhood Loans, Inc. 39 3.06% $5,205
UNION HOME MORTGAGE CORP. 39 2.72% $5,141
NEW DAY FINANCIAL, LLC 35 2.81% $7,106
NAVY FEDERAL CREDIT UNION 33 2.47% $6,354
LAKEVIEW LOAN SERVICING, LLC 29 2.54% $2,759
Fifth Third Bank 28 2.89% $4,368
CLEARPATH LENDING 28 2.31% $4,013
MORTGAGE 1 INCORPORATED 28 3.23% $8,013
FINANCE OF AMERICA MORTGAGE LLC 26 2.99% $5,633
The Federal Savings Bank 24 2.65% $7,557
LOANDEPOT.COM, LLC 22 2.61% $4,201
Mr. Cooper ( Nationstar Mortgage ) 19 2.82% $3,159
Northpointe Bank 18 2.65% $4,263
NORTHERN MORTGAGE SERVICES, LLC 18 2.92% $6,716
The Huntington National Bank 17 3.03% $3,725
Flagstar Bank, FSB 15 2.73% $3,907
INLANTA MORTGAGE, INC. 15 2.98% $4,316
Barrington Bank & Trust Company, N.A. 14 2.55% $4,095
PRIMELENDING, A PLAINSCAPITAL COMPANY 14 3.21% $6,099
HOME POINT FINANCIAL CORPORATION 14 2.58% $4,368
Wells Fargo Bank 13 2.63% $3,109
AMERIFIRST FINANCIAL CORPORATION 13 2.55% $3,797
SUCCESS MORTGAGE PARTNERS, INC. 12 3.15% $4,723
Low VA Rates, LLC 12 2.43% $4,142
Independent Bank 11 2.97% $8,590
VAN DYK MORTGAGE CORPORATION 11 2.92% $5,515
NEWREZ LLC 9 2.71% $3,835
CHURCHILL MORTGAGE CORPORATION 9 2.54% $7,041
CROSSCOUNTRY MORTGAGE, LLC 9 3.28% $5,461
Carrington Mortgage Services, LLC 9 2.75% $4,866
AMERICAN FINANCIAL NETWORK, INC. 9 2.54% $5,762
First Guaranty Mortgage Corporation 9 2.63% $3,779
GUARANTEED RATE, INC. 8 2.53% $3,892
PENTAGON FEDERAL CREDIT UNION 7 2.38% $792
POLARIS HOME FUNDING CORP. 7 2.64% $4,063
BROKER SOLUTIONS, INC. 7 2.66% $5,035
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.45% $3,646
AMERISAVE MORTGAGE CORPORATION 6 2.77% $3,389
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 2.65% $4,523
North American Savings Bank, F.S.B. 6 2.33% $4,037
ACCELERATE MORTGAGE, LLC 5 2.30% $5,108
MUTUAL OF OMAHA MORTGAGE, INC. 5 2.50% $3,415
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 3.10% $16,556
TCF National Bank 4 2.59% $4,284
SUN WEST MORTGAGE COMPANY, INC. 4 2.47% $3,853
SOVEREIGN LENDING GROUP INCORPORATED 4 2.34% $6,435
MICHIGAN MUTUAL, INC. 4 3.06% $10,209
PLANET HOME LENDING, LLC 4 2.50% $1,535
Old National Bank 4 2.63% $8,217
RUOFF MORTGAGE COMPANY, INC. 4 3.28% $5,985
PLAZA HOME MORTGAGE, INC. 3 3.00% $5,878
AMERICAN FINANCIAL RESOURCES, INC. 3 3.88% $6,724
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 3.04% $3,800
Hometown Lenders, Inc. 3 3.79% $5,362
InterContinental Capital Group, Inc 3 2.42% $2,626
J. VIRGIL, INC. 3 2.92% $5,385
Magnolia Bank 3 2.46% $9,501
MMS MORTGAGE SERVICES, LTD. 3 2.96% $5,485
STOCKTON MORTGAGE CORPORATION 3 2.63% $9,095
TOP FLITE FINANCIAL, INC. 3 3.33% $6,616
FIRST STATE MORTGAGE SERVICES, LLC 2 2.56% $2,638
ENVOY MORTGAGE, LTD 2 3.19% $2,746
ROSS MORTGAGE CORPORATION 2 3.06% $3,186
GVC MORTGAGE, INC. 2 3.63% $7,590
NP, Inc. 2 2.50% $2,924
Wyndham Capital Mortgage, Inc. 2 2.56% $5,979
Mid-Continent Funding, Inc. 2 2.56% $2,444
BNC National Bank 2 2.31% $5,043
HOMESIDE FINANCIAL, LLC 2 2.31% $9,658
BLG HOLDINGS, INC. 2 3.13% $5,375
Paramount Bank 2 2.25% $3,777
U.S. Bank 2 2.63% $2,518
LOANPAL, LLC 2 2.38% $5,779
AmeriHome Mortgage Company, LLC 2 2.99% $2,605
First Federal Bank 2 2.63% $14,117
Lakeview Community Capital, LLC 2 2.62% $1,293
Equity Prime Mortgage LLC 1 3.50% $2,702
EMBRACE HOME LOANS, INC. 1 2.63% $4,106
ACADEMY MORTGAGE CORPORATION 1 3.75% $3,540
PLUS RELOCATION MORTGAGE, LLC 1 3.25% $2,900
PNC Bank 1 2.88% $545
DRAPER AND KRAMER MORTGAGE CORP. 1 2.63% $3,681
Prime Choice Funding Inc. 1 2.25% $0
Credence Funding Corporation 1 2.88% $1,661
CONTOUR MORTGAGE CORPORATION 1 2.88% $10,088
ROYAL UNITED MORTGAGE LLC 1 2.38% $6,573
Commerce Home Mortgage, Inc. 1 3.63% $1,395
Sierra Pacific Mortgage Company, Inc. 1 2.75% $2,722
SIRVA MORTGAGE, INC. 1 2.75% $3,341
CMG MORTGAGE, INC. 1 2.50% $8,870
Strong Home Mortgage, LLC 1 2.25% $2,599
CityWorth Mortgage LLC 1 2.25% $1,958
Citizens Bank 1 2.75% $1,935
CHERRY CREEK MORTGAGE, LLC 1 2.75% $648
CHARTER WEST BANK 1 2.25% $2,060
Capital Bank 1 2.25% $1,314
TOWNE MORTGAGE COMPANY 1 2.99% $3,028
UNITED 1 2.50% $2,433
BECKAM FUNDING CORP. 1 4.25% $2,861
BAYSHORE MORTGAGE FUNDING, LLC 1 2.38% $10,787
MEMBER ADVANTAGE MORTGAGE, LLC 1 3.63% $4,096
MICHIGAN FIRST CREDIT UNION 1 2.75% $2,896
Bank of England 1 2.75% $6,099
KELLER MORTGAGE, LLC 1 2.38% $2,952
M&T Bank 1 3.13% $9,279
GUILD MORTGAGE COMPANY 1 2.38% $3,018
NATIONS DIRECT MORTGAGE, LLC 1 2.99% $11,071
Nations Lending Corporation 1 3.13% $8,930
GENEVA FINANCIAL, LLC 1 2.75% $2,280
NETWORK CAPITAL FUNDING CORPORATION 1 3.75% $16,139
First State Bank 1 2.88% $2,420
First Savings Bank 1 2.25% $11,217
FIRST COMMUNITY MORTGAGE, INC. 1 3.50% $4,299
FirstBank 1 2.38% $2,709
OCEANSIDE MORTGAGE COMPANY 1 2.75% $550
First Bank 1 2.75% $11,195
Paramount Residential Mortgage Group, Inc. 1 2.75% $13,086

The top Grand Rapids VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 197 VA loans originated. Their average total fees are $5,086, which is $304 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Grand Rapids VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,634), LAKEVIEW LOAN SERVICING, LLC ($2,759), VILLAGE CAPITAL MORTGAGE ($2,979), Wells Fargo Bank ($3,109) and Mr. Cooper ( Nationstar Mortgage ) ($3,159).

The lowest rate Grand Rapids VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.31%), VILLAGE CAPITAL MORTGAGE (2.32%), Low VA Rates, LLC (2.43%), FREEDOM MORTGAGE CORPORATION (2.46%) and PENNYMAC LOAN SERVICES, LLC (2.47%).


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%) $313,936 (-14.9%) 0.94 1,849
2018-02-01 $261,150 (-3.8%) $327,838 (-13.1%) 0.95 1,689
2018-03-01 $269,900 (-4.5%) $339,520 (-13.0%) 0.95 1,671
2018-04-01 $279,125 (-0.3%) $352,579 (-4.4%) 0.95 1,729
2018-05-01 $279,900 (5.8%) $353,481 (4.3%) 0.93 1,909
2018-06-01 $279,900 (10.9%) $352,517 (8.7%) 0.93 2,226
2018-07-01 $277,250 (11.4%) $346,190 (9.4%) 0.93 2,387
2018-08-01 $269,900 (11.3%) $340,680 (10.4%) 0.90 2,708
2018-09-01 $269,900 (12.5%) $336,858 (9.7%) 0.91 2,767
2018-10-01 $272,425 (11.2%) $340,388 (10.2%) 0.92 2,741
2018-11-01 $269,900 (12.5%) $335,424 (9.3%) 0.91 2,653
2018-12-01 $274,900 (14.5%) $332,643 (8.8%) 0.95 2,404
2019-01-01 $274,950 (8.9%) $330,185 (5.2%) 0.95 2,135
2019-02-01 $279,950 (7.2%) $337,224 (2.9%) 0.95 1,960
2019-03-01 $286,429 (6.1%) $351,369 (3.5%) 0.94 1,954
2019-04-01 $296,538 (6.2%) $370,039 (5.0%) 0.94 2,034
2019-05-01 $294,625 (5.3%) $371,339 (5.1%) 0.92 2,158
2019-06-01 $291,689 (4.2%) $369,427 (4.8%) 0.91 2,381
2019-07-01 $290,794 (4.9%) $365,586 (5.6%) 0.91 2,592
2019-08-01 $284,445 (5.4%) $358,622 (5.3%) 0.90 2,682
2019-09-01 $276,264 (2.4%) $349,779 (3.8%) 0.88 2,793
2019-10-01 $269,900 (-0.9%) $343,588 (0.9%) 0.87 2,849
2019-11-01 $273,950 (1.5%) $344,800 (2.8%) 0.90 2,603
2019-12-01 $274,850 (0.0%) $343,434 (3.2%) 0.92 2,273
2020-01-01 $282,400 (2.7%) $345,717 (4.7%) 0.94 1,958
2020-02-01 $299,900 (7.1%) $370,598 (9.9%) 0.98 1,807
2020-03-01 $299,900 (4.7%) $374,034 (6.5%) 0.94 1,749
2020-04-01 $308,575 (4.1%) $380,424 (2.8%) 0.97 1,755
2020-05-01 $315,000 (6.9%) $397,639 (7.1%) 0.96 1,950
2020-06-01 $314,900 (8.0%) $409,603 (10.9%) 0.93 1,795
2020-07-01 $309,625 (6.5%) $406,180 (11.1%) 0.90 1,685
2020-08-01 $309,000 (8.6%) $399,269 (11.3%) 0.89 1,612
2020-09-01 $304,425 (10.2%) $401,576 (14.8%) 0.87 1,469
2020-10-01 $290,000 (7.5%) $387,657 (12.8%) 0.83 1,462
2020-11-01 $298,949 (9.1%) $394,390 (14.4%) 0.87 1,326
2020-12-01 $299,925 (9.1%) $396,320 (15.4%) 0.89 1,106
2021-01-01 $304,900 (8.0%) $396,828 (14.8%) 0.91 906
2021-02-01 $314,463 (4.9%) $416,299 (12.3%) 0.91 772
2021-03-01 $310,000 (3.4%) $414,859 (10.9%) 0.88 764
2021-04-01 $309,850 (0.4%) $423,714 (11.4%) 0.84 711
2021-05-01 $310,000 (-1.6%) $434,395 (9.2%) 0.82 745
2021-06-01 $313,950 (-0.3%) $434,595 (6.1%) 0.83 906
2021-07-01 $303,200 (-2.1%) $437,434 (7.7%) 0.80 1,037
2021-08-01 $304,950 (-1.3%) $435,800 (9.2%) 0.81 1,112
2021-09-01 $306,175 (0.6%) $424,057 (5.6%) 0.82 1,142
2021-10-01 $305,000 (5.2%) $414,944 (7.0%) 0.81 1,121
2021-11-01 $314,950 (5.4%) $425,282 (7.8%) 0.84 981
2021-12-01 $310,000 (3.4%) $423,037 (6.7%) 0.84 785
2022-01-01 $330,700 (8.5%) $448,017 (12.9%) 0.89 612
2022-02-01 $342,950 (9.1%) $450,482 (8.2%) 0.89 545
2022-03-01 $339,950 (9.7%) $448,783 (8.2%) 0.85 602
2022-04-01 $349,900 (12.9%) $449,902 (6.2%) 0.84 658
2022-05-01 $359,950 (16.1%) $461,696 (6.3%) 0.82 904
2022-06-01 $375,000 (19.5%) $462,671 (6.5%) 0.84 1,174
2022-07-01 $375,000 (23.7%) $462,609 (5.8%) 0.85 1,402
2022-08-01 $377,400 (23.8%) $464,876 (6.7%) 0.87 1,442
2022-09-01 $364,800 (19.2%) $452,973 (6.8%) 0.85 1,436
2022-10-01 $355,000 (16.4%) $445,600 (7.4%) 0.84 1,441
2022-11-01 $358,310 (13.8%) $437,919 (3.0%) 0.86 1,410
2022-12-01 $359,900 (16.1%) $431,478 (2.0%) 0.90 1,188
Grand Rapids's median listing price for 2022-12-01 was $359,900, a difference of $49,900 (16.1%) versus the prior year and $1,590 versus the prior month.

Grand Rapids's median listing price comes in at 90% of the national average.

Grand Rapids's average listing price for 2022-12-01 was $431,478, a difference of $8,441 (2.0%) versus the prior year and $-6,441 versus the prior month.

For the 2022-12-01 period, Grand Rapids had 1,188 MLS listings, a difference of -222 listings (-16%) versus the prior month and 403 listings (51%) 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 74 days 2,036 sqft
2018-02-01 62 days 2,040 sqft
2018-03-01 39 days 2,060 sqft
2018-04-01 36 days 2,084 sqft
2018-05-01 28 days 2,113 sqft
2018-06-01 29 days 2,106 sqft
2018-07-01 36 days 2,131 sqft
2018-08-01 34 days 2,077 sqft
2018-09-01 42 days 2,050 sqft
2018-10-01 47 days 2,051 sqft
2018-11-01 52 days 2,040 sqft
2018-12-01 65 days 2,021 sqft
2019-01-01 73 days 1,990 sqft
2019-02-01 73 days 2,010 sqft
2019-03-01 53 days 2,032 sqft
2019-04-01 37 days 2,066 sqft
2019-05-01 30 days 2,082 sqft
2019-06-01 32 days 2,102 sqft
2019-07-01 36 days 2,113 sqft
2019-08-01 38 days 2,090 sqft
2019-09-01 40 days 2,055 sqft
2019-10-01 43 days 2,030 sqft
2019-11-01 52 days 2,002 sqft
2019-12-01 67 days 1,957 sqft
2020-01-01 73 days 1,946 sqft
2020-02-01 66 days 2,005 sqft
2020-03-01 46 days 2,023 sqft
2020-04-01 55 days 2,046 sqft
2020-05-01 58 days 2,072 sqft
2020-06-01 41 days 2,063 sqft
2020-07-01 45 days 2,057 sqft
2020-08-01 43 days 2,056 sqft
2020-09-01 42 days 2,034 sqft
2020-10-01 41 days 1,956 sqft
2020-11-01 44 days 1,918 sqft
2020-12-01 57 days 1,888 sqft
2021-01-01 61 days 1,870 sqft
2021-02-01 42 days 1,897 sqft
2021-03-01 36 days 1,912 sqft
2021-04-01 34 days 1,922 sqft
2021-05-01 32 days 1,940 sqft
2021-06-01 28 days 1,963 sqft
2021-07-01 33 days 1,964 sqft
2021-08-01 32 days 1,941 sqft
2021-09-01 36 days 1,921 sqft
2021-10-01 36 days 1,857 sqft
2021-11-01 40 days 1,872 sqft
2021-12-01 48 days 1,845 sqft
2022-01-01 53 days 1,870 sqft
2022-02-01 37 days 1,880 sqft
2022-03-01 31 days 1,864 sqft
2022-04-01 26 days 1,944 sqft
2022-05-01 21 days 1,995 sqft
2022-06-01 24 days 2,028 sqft
2022-07-01 30 days 2,056 sqft
2022-08-01 35 days 2,055 sqft
2022-09-01 38 days 2,010 sqft
2022-10-01 39 days 2,007 sqft
2022-11-01 43 days 1,968 sqft
2022-12-01 58 days 1,952 sqft
Grand Rapids's median listing age (time on market) for 2022-12-01 was 58 days. This is 22% longer than the same period one year ago.

Grand Rapids's median square footage for active listings during the 2022-12-01 period was 1,952 sqft. One year prior, the average listing was 1,845 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.