Jackson VA Loans

JACKSON, 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 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.

Jackson's 74 lenders originated 485 VA loans during 2021. The total origination value was $96,615,000, with an average VA loan value of $199,206.

Jackson VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Jackson averaged 5.75% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.68% and one month ago for the week of 2022-04-08, the average rate was 5.41%.

The average rate one year ago was 3.12%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.57%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Jackson 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 Jackson level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 80 2.51% $5,298
Mortgage Research Center, LLC 55 2.94% $5,355
FREEDOM MORTGAGE CORPORATION 25 2.50% $2,212
The Huntington National Bank 19 2.99% $3,138
NEW DAY FINANCIAL, LLC 17 2.95% $5,373
VILLAGE CAPITAL & INVESTMENT LLC 15 2.42% $2,537
PENNYMAC LOAN SERVICES, LLC 14 2.58% $6,127
USAA Federal Savings Bank 12 2.82% $3,316
UNITED WHOLESALE MORTGAGE, LLC 12 2.76% $6,087
CALIBER HOME LOANS, INC. 12 2.48% $3,865
CROSSCOUNTRY MORTGAGE, LLC 12 3.01% $4,106
Flagstar Bank, FSB 11 2.59% $2,710
LAKEVIEW LOAN SERVICING, LLC 8 2.66% $1,717
NAVY FEDERAL CREDIT UNION 8 2.52% $4,029
CLEARPATH LENDING 7 2.32% $3,743
RUOFF MORTGAGE COMPANY, INC. 7 3.18% $5,049
Mr. Cooper ( Nationstar Mortgage ) 6 3.21% $2,769
HOME POINT FINANCIAL CORPORATION 6 2.89% $5,820
Wells Fargo Bank 5 2.63% $2,216
MORTGAGE 1 INCORPORATED 5 3.37% $4,666
Barrington Bank & Trust Company, N.A. 5 2.82% $3,270
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 2.65% $5,662
LOANDEPOT.COM, LLC 4 2.75% $3,134
PNC Bank 4 2.75% $3,045
UNION HOME MORTGAGE CORP. 4 3.00% $4,399
First Guaranty Mortgage Corporation 3 2.75% $2,122
The Dart Bank 3 3.17% $8,055
The Federal Savings Bank 3 2.88% $6,594
PLANET HOME LENDING, LLC 3 2.42% $1,390
Low VA Rates, LLC 3 2.25% $2,309
NEWREZ LLC 3 2.62% $2,201
First Federal Bank 3 4.08% $4,539
HOMESIDE FINANCIAL, LLC 2 3.19% $7,183
AMERIFIRST FINANCIAL CORPORATION 2 3.06% $3,240
AMERISAVE MORTGAGE CORPORATION 2 2.63% $3,630
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 3.13% $8,036
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.75% $2,355
HOWARD HANNA FINANCIAL SERVICES, INC. 2 3.00% $5,199
Independent Bank 2 3.06% $5,162
InterContinental Capital Group, Inc 2 2.25% $3,462
Nations Lending Corporation 2 3.31% $7,587
North American Savings Bank, F.S.B. 2 2.25% $2,241
ROSS MORTGAGE CORPORATION 2 3.38% $9,331
LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $2,072
KeyBank 1 2.75% $1,268
ACCELERATE MORTGAGE, LLC 1 2.25% $6,811
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.38% $2,307
NP, Inc. 1 2.25% $4,146
Old National Bank 1 3.25% $6,159
GUARANTEED RATE, INC. 1 3.25% $150
PENTAGON FEDERAL CREDIT UNION 1 2.50% $6,271
PHH Mortgage Corporation 1 2.88% $2,498
Gateway First Bank 1 4.00% $30
First State Bank 1 2.50% $734
First Home Bank 1 2.75% $13,193
RELIANCE FIRST CAPITAL, LLC 1 2.50% $4,650
BAYSHORE MORTGAGE FUNDING, LLC 1 4.50% $4,179
ROYAL UNITED MORTGAGE LLC 1 2.63% $2,306
FIRST HERITAGE FINANCIAL, LLC 1 2.88% $7,880
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $2,896
STAUNTON FINANCIAL, INC. 1 2.75% $3,683
SUCCESS MORTGAGE PARTNERS, INC. 1 2.99% $3,437
FINANCE OF AMERICA MORTGAGE LLC 1 3.38% $12,219
Fifth Third Bank 1 2.75% $3,042
EVERETT FINANCIAL, INC. 1 3.13% $5,515
TJC Mortgage, Inc. 1 2.50% $3,612
TOP FLITE FINANCIAL, INC. 1 3.25% $5,256
TOWNE MORTGAGE COMPANY 1 3.25% $6,797
Citizens Bank 1 2.25% $2,911
CIBM Bank 1 3.13% $2,059
UNIVERSITY LENDING GROUP, LLC 1 2.63% $9,520
MICHIGAN MUTUAL, INC. 1 3.63% $5,456
MEMBER FIRST MORTGAGE, LLC 1 3.88% $7,207
Carrington Mortgage Services, LLC 1 3.75% $4,666

The top Jackson VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 80 VA loans originated. Their average total fees are $5,298, which is $56 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Jackson VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,212), VILLAGE CAPITAL & INVESTMENT LLC ($2,537), Flagstar Bank, FSB ($2,710), The Huntington National Bank ($3,138) and USAA Federal Savings Bank ($3,316).

The lowest rate Jackson VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.42%), CALIBER HOME LOANS, INC. (2.48%), FREEDOM MORTGAGE CORPORATION (2.50%), QUICKEN LOANS, LLC (2.51%) and PENNYMAC LOAN SERVICES, LLC (2.58%).

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.