Grand Rapids VA Loans

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 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 5.33% for the week of 2022-08-05, compared to the national average (all VA variants) of 5.013% for the same period.

    The average rate for the prior week (2022-07-29) was 5.38% and one month ago for the week of 2022-07-01, the average rate was 5.7%.

    The average rate one year ago was 3.19%.

    For refis of the same type during the week of 2022-08-05, the average rate was 5.06%.

    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 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. Total Fees
    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 & INVESTMENT LLC 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
    Paramount Bank 2 2.25% $3,777
    HOMESIDE FINANCIAL, LLC 2 2.31% $9,658
    First Federal Bank 2 2.63% $14,117
    ROSS MORTGAGE CORPORATION 2 3.06% $3,186
    ENVOY MORTGAGE, LTD 2 3.19% $2,746
    Wyndham Capital Mortgage, Inc. 2 2.56% $5,979
    GVC MORTGAGE, INC. 2 3.63% $7,590
    BNC National Bank 2 2.31% $5,043
    FIRST STATE MORTGAGE SERVICES, LLC 2 2.56% $2,638
    BLG HOLDINGS, INC. 2 3.13% $5,375
    NP, Inc. 2 2.50% $2,924
    U.S. Bank 2 2.63% $2,518
    LOANPAL, LLC 2 2.38% $5,779
    Lakeview Community Capital, LLC 2 2.62% $1,293
    AmeriHome Mortgage Company, LLC 2 2.99% $2,605
    Mid-Continent Funding, Inc. 2 2.56% $2,444
    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
    Manufacturers and Traders Trust Company 1 3.13% $9,279
    MICHIGAN FIRST CREDIT UNION 1 2.75% $2,896
    MEMBER ADVANTAGE MORTGAGE, LLC 1 3.63% $4,096
    Bank of England 1 2.75% $6,099
    KELLER MORTGAGE, LLC 1 2.38% $2,952
    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
    Equity Prime Mortgage LLC 1 3.50% $2,702

    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 & INVESTMENT LLC ($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 & INVESTMENT LLC (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 $259,950 (-1.9%) $333,396 (-15.9%) 0.96 1,857
    2018-02-01 $265,740 (-4.9%) $341,897 (-18.1%) 0.96 1,708
    2018-03-01 $275,000 (-5.1%) $354,985 (-16.6%) 0.95 1,691
    2018-04-01 $282,900 (1.0%) $368,237 (-7.0%) 0.95 1,748
    2018-05-01 $282,450 (4.7%) $364,694 (1.9%) 0.94 1,941
    2018-06-01 $285,000 (10.5%) $361,162 (6.3%) 0.95 2,264
    2018-07-01 $282,400 (13.0%) $355,273 (7.4%) 0.94 2,462
    2018-08-01 $274,950 (10.2%) $349,600 (7.8%) 0.92 2,784
    2018-09-01 $274,900 (10.0%) $345,127 (7.0%) 0.92 2,864
    2018-10-01 $275,000 (10.0%) $349,418 (8.7%) 0.92 2,849
    2018-11-01 $274,950 (10.2%) $345,697 (7.5%) 0.92 2,755
    2018-12-01 $279,900 (12.0%) $344,323 (7.0%) 0.96 2,482
    2019-01-01 $279,260 (7.4%) $340,358 (2.1%) 0.96 2,194
    2019-02-01 $284,950 (7.2%) $348,887 (2.0%) 0.95 2,015
    2019-03-01 $289,614 (5.3%) $361,031 (1.7%) 0.94 2,037
    2019-04-01 $296,900 (5.0%) $376,864 (2.3%) 0.93 2,103
    2019-05-01 $296,513 (5.0%) $378,953 (3.9%) 0.91 2,269
    2019-06-01 $294,900 (3.5%) $378,387 (4.8%) 0.91 2,497
    2019-07-01 $294,950 (4.4%) $374,958 (5.5%) 0.92 2,695
    2019-08-01 $288,471 (4.9%) $368,146 (5.3%) 0.91 2,776
    2019-09-01 $279,900 (1.8%) $358,764 (4.0%) 0.89 2,879
    2019-10-01 $275,000 (0.0%) $352,586 (0.9%) 0.88 2,972
    2019-11-01 $279,900 (1.8%) $355,905 (3.0%) 0.90 2,670
    2019-12-01 $284,650 (1.7%) $357,107 (3.7%) 0.95 2,333
    2020-01-01 $289,450 (3.7%) $360,965 (6.1%) 0.97 2,009
    2020-02-01 $304,900 (7.0%) $384,287 (10.2%) 0.98 1,880
    2020-03-01 $307,900 (6.3%) $385,800 (6.9%) 0.96 1,822
    2020-04-01 $314,900 (6.1%) $389,018 (3.2%) 0.98 1,825
    2020-05-01 $319,500 (7.8%) $398,895 (5.3%) 0.97 2,010
    2020-06-01 $319,900 (8.5%) $413,999 (9.4%) 0.93 1,871
    2020-07-01 $315,000 (6.8%) $413,502 (10.3%) 0.90 1,759
    2020-08-01 $311,000 (7.8%) $410,889 (11.6%) 0.89 1,671
    2020-09-01 $307,495 (9.9%) $414,526 (15.5%) 0.88 1,535
    2020-10-01 $299,900 (9.1%) $401,149 (13.8%) 0.86 1,530
    2020-11-01 $300,000 (7.2%) $404,838 (13.8%) 0.86 1,385
    2020-12-01 $312,275 (9.7%) $409,125 (14.6%) 0.92 1,169
    2021-01-01 $314,900 (8.8%) $402,162 (11.4%) 0.93 962
    2021-02-01 $319,900 (4.9%) $423,699 (10.3%) 0.92 814
    2021-03-01 $316,400 (2.8%) $420,254 (8.9%) 0.89 795
    2021-04-01 $319,900 (1.6%) $431,635 (11.0%) 0.86 728
    2021-05-01 $315,000 (-1.4%) $434,773 (9.0%) 0.83 774
    2021-06-01 $316,450 (-1.1%) $447,447 (8.1%) 0.82 933
    2021-07-01 $312,450 (-0.8%) $457,261 (10.6%) 0.81 1,054
    2021-08-01 $314,950 (1.3%) $449,695 (9.4%) 0.83 1,141
    2021-09-01 $317,450 (3.2%) $435,101 (5.0%) 0.84 1,173
    2021-10-01 $319,000 (6.4%) $430,301 (7.3%) 0.84 1,156
    2021-11-01 $322,900 (7.6%) $435,884 (7.7%) 0.85 1,023
    2021-12-01 $317,400 (1.6%) $435,719 (6.5%) 0.85 814
    2022-01-01 $339,000 (7.7%) $460,062 (14.4%) 0.90 608
    2022-02-01 $349,900 (9.4%) $462,009 (9.0%) 0.89 525
    2022-03-01 $346,350 (9.5%) $458,495 (9.1%) 0.86 582
    2022-04-01 $350,000 (9.4%) $462,573 (7.2%) 0.82 670
    2022-05-01 $367,400 (16.6%) $474,935 (9.2%) 0.82 933
    2022-06-01 $379,900 (20.1%) $475,939 (6.4%) 0.84 1,192
    Grand Rapids's median listing price for 2022-06-01 was $379,900, a difference of $63,450 (20.1%) versus the prior year and $12,500 versus the prior month.

    Grand Rapids's median listing price comes in at 84% of the national average.

    Grand Rapids's average listing price for 2022-06-01 was $475,939, a difference of $28,492 (6.4%) versus the prior year and $1,004 versus the prior month.

    For the 2022-06-01 period, Grand Rapids had 1,192 MLS listings, a difference of 259 listings (28%) versus the prior month and 259 listings (28%) 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 76 days 2,048 sqft
    2018-02-01 66 days 2,055 sqft
    2018-03-01 42 days 2,075 sqft
    2018-04-01 38 days 2,094 sqft
    2018-05-01 30 days 2,114 sqft
    2018-06-01 30 days 2,120 sqft
    2018-07-01 37 days 2,141 sqft
    2018-08-01 36 days 2,092 sqft
    2018-09-01 42 days 2,058 sqft
    2018-10-01 48 days 2,058 sqft
    2018-11-01 52 days 2,040 sqft
    2018-12-01 65 days 2,027 sqft
    2019-01-01 74 days 2,005 sqft
    2019-02-01 76 days 2,025 sqft
    2019-03-01 50 days 2,046 sqft
    2019-04-01 38 days 2,074 sqft
    2019-05-01 30 days 2,086 sqft
    2019-06-01 35 days 2,118 sqft
    2019-07-01 36 days 2,133 sqft
    2019-08-01 44 days 2,107 sqft
    2019-09-01 44 days 2,070 sqft
    2019-10-01 43 days 2,040 sqft
    2019-11-01 51 days 2,022 sqft
    2019-12-01 67 days 1,991 sqft
    2020-01-01 73 days 1,984 sqft
    2020-02-01 67 days 2,021 sqft
    2020-03-01 49 days 2,044 sqft
    2020-04-01 55 days 2,075 sqft
    2020-05-01 59 days 2,080 sqft
    2020-06-01 43 days 2,072 sqft
    2020-07-01 47 days 2,067 sqft
    2020-08-01 45 days 2,064 sqft
    2020-09-01 45 days 2,053 sqft
    2020-10-01 43 days 1,967 sqft
    2020-11-01 45 days 1,928 sqft
    2020-12-01 59 days 1,906 sqft
    2021-01-01 64 days 1,876 sqft
    2021-02-01 47 days 1,897 sqft
    2021-03-01 39 days 1,910 sqft
    2021-04-01 36 days 1,955 sqft
    2021-05-01 34 days 1,940 sqft
    2021-06-01 31 days 1,962 sqft
    2021-07-01 34 days 1,980 sqft
    2021-08-01 34 days 1,966 sqft
    2021-09-01 37 days 1,940 sqft
    2021-10-01 37 days 1,898 sqft
    2021-11-01 42 days 1,888 sqft
    2021-12-01 49 days 1,871 sqft
    2022-01-01 58 days 1,870 sqft
    2022-02-01 44 days 1,901 sqft
    2022-03-01 33 days 1,890 sqft
    2022-04-01 27 days 1,948 sqft
    2022-05-01 23 days 1,998 sqft
    2022-06-01 25 days 2,042 sqft
    Grand Rapids's median listing age (time on market) for 2022-06-01 was 25 days. This is -21% shorter than the same period one year ago.

    Grand Rapids's median square footage for active listings during the 2022-06-01 period was 2,042 sqft. One year prior, the average listing was 1,962 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.