Kalamazoo VA Loan Rates, Closing Costs & Stats

KALAMAZOO-PORTAGE, 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.

Kalamazoo's 46 lenders originated 181 VA loans during 2023. The total origination value was $48,775,000, with an average VA loan value of $269,475.

Kalamazoo VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Kalamazoo averaged 6.95% for the week of 2024-05-24, compared to the national average (all VA variants) of 6.567% for the same period.

Kalamazoo's average VA mortgage closing costs are $5,240.

The average rate for the prior week (2024-05-17) was 6.88% and one month ago for the week of 2024-04-19, the average rate was 6.85%.

The average rate one year ago was 6.32%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.78%.

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

Kalamazoo 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 Kalamazoo level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 47 6.72% $5,778
QUICKEN LOANS, LLC 15 6.39% $12,904
UNITED WHOLESALE MORTGAGE, LLC 11 6.42% $8,404
NAVY FEDERAL CREDIT UNION 9 5.61% $6,682
FREEDOM MORTGAGE CORPORATION 9 6.61% $13,288
USAA Federal Savings Bank 8 6.63% $8,503
PENNYMAC LOAN SERVICES, LLC 5 5.13% $7,146
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.15% $5,316
SUCCESS MORTGAGE PARTNERS, INC. 4 6.81% $10,371
Fifth Third Bank 3 6.75% $1,960
NEW DAY FINANCIAL, LLC 3 7.41% $13,959
LAKE MICHIGAN CREDIT UNION 3 6.75% $7,428
PENTAGON FEDERAL CREDIT UNION 3 5.79% $7,580
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.50% $7,613
GUARANTEED RATE, INC. 3 6.37% $5,389
GVC MORTGAGE, INC. 3 6.50% $13,594
CONTOUR MORTGAGE CORPORATION 3 7.25% $9,386
Neighborhood Loans, Inc. 3 7.12% $9,318
LOANDEPOT.COM, LLC 2 5.25% $6,138
VAN DYK MORTGAGE CORPORATION 2 6.38% $7,733
UNION HOME MORTGAGE CORP. 2 6.44% $6,128
SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $8,288
The Huntington National Bank 1 6.75% $2,154
TOP FLITE FINANCIAL, INC. 1 7.25% $1,754
AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $4,823
Waterstone Mortgage Corporation 1 7.50% $10,751
AMERISAVE MORTGAGE CORPORATION 1 5.63% $17,075
Barrington Bank & Trust Company, N.A. 1 7.25% $6,189
BROKER SOLUTIONS, INC. 1 6.00% $3,623
Flagstar Bank, FSB 1 7.75% $9,719
Horizon Bank 1 6.75% $3,069
INSPIRE HOME LOANS INC. 1 5.50% $12,186
Magnolia Bank 1 6.88% $16,407
MICHIGAN MUTUAL, INC. 1 6.63% $3,749
Mid-Continent Funding, Inc. 1 6.99% $7,239
MORTGAGE CENTER L.C 1 6.63% $5,542
Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $11,180
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $10,330
NBKC BANK 1 6.25% $7,865
NEWREZ LLC 1 6.25% $12,365
Pacor Mortgage Corp 1 6.13% $9,700
Plains Commerce Bank 1 6.75% $9,962
PLANET HOME LENDING, LLC 1 5.99% $6,658
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $8,373
ROSS MORTGAGE CORPORATION 1 8.13% $10,764
RUOFF MORTGAGE COMPANY, INC. 1 6.63% $0

The top Kalamazoo VA lender as defined by loan originations is Mortgage Research Center, LLC, with 47 VA loans originated. Their average total fees are $5,778, which is $7,126 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Kalamazoo VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,778), UNITED WHOLESALE MORTGAGE, LLC ($8,404), QUICKEN LOANS, LLC ($12,904), .

The lowest rate Kalamazoo VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.39%), UNITED WHOLESALE MORTGAGE, LLC (6.42%), Mortgage Research Center, LLC (6.72%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Kalamazoo (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 $196,250 (-2.6%) $273,353 (-12.6%) 0.73 550
2018-02-01 $207,225 (-14.7%) $282,733 (-15.2%) 0.75 502
2018-03-01 $240,000 (-5.3%) $324,828 (-6.2%) 0.84 469
2018-04-01 $268,950 (-0.4%) $340,615 (-3.6%) 0.91 476
2018-05-01 $279,900 (9.8%) $339,984 (1.3%) 0.93 526
2018-06-01 $272,875 (13.7%) $335,654 (7.2%) 0.91 581
2018-07-01 $253,900 (6.2%) $319,017 (2.3%) 0.85 623
2018-08-01 $239,900 (6.7%) $305,566 (2.8%) 0.80 712
2018-09-01 $230,000 (7.0%) $292,594 (0.6%) 0.77 768
2018-10-01 $229,900 (7.0%) $290,390 (0.1%) 0.78 786
2018-11-01 $227,750 (13.9%) $293,915 (3.6%) 0.77 743
2018-12-01 $229,000 (14.6%) $293,938 (5.3%) 0.79 654
2019-01-01 $224,900 (14.6%) $294,463 (7.7%) 0.78 593
2019-02-01 $229,450 (10.7%) $307,876 (8.9%) 0.78 528
2019-03-01 $256,214 (6.8%) $330,046 (1.6%) 0.84 509
2019-04-01 $279,900 (4.1%) $350,467 (2.9%) 0.89 520
2019-05-01 $290,950 (4.0%) $358,659 (5.5%) 0.91 533
2019-06-01 $274,900 (0.7%) $353,251 (5.2%) 0.86 614
2019-07-01 $260,600 (2.6%) $338,074 (6.0%) 0.82 663
2019-08-01 $247,245 (3.1%) $326,168 (6.7%) 0.78 725
2019-09-01 $243,114 (5.7%) $317,702 (8.6%) 0.78 770
2019-10-01 $239,900 (4.4%) $310,276 (6.9%) 0.77 795
2019-11-01 $234,900 (3.1%) $299,324 (1.8%) 0.77 739
2019-12-01 $229,900 (0.4%) $297,442 (1.2%) 0.77 641
2020-01-01 $230,000 (2.3%) $302,260 (2.7%) 0.77 572
2020-02-01 $249,500 (8.7%) $308,496 (0.2%) 0.82 541
2020-03-01 $282,400 (10.2%) $339,719 (2.9%) 0.89 493
2020-04-01 $289,900 (3.6%) $345,670 (-1.4%) 0.91 490
2020-05-01 $299,953 (3.1%) $369,309 (3.0%) 0.91 501
2020-06-01 $312,975 (13.9%) $377,930 (7.0%) 0.92 483
2020-07-01 $297,700 (14.2%) $365,692 (8.2%) 0.86 471
2020-08-01 $297,250 (20.2%) $353,736 (8.5%) 0.85 446
2020-09-01 $289,894 (19.2%) $345,386 (8.7%) 0.83 422
2020-10-01 $299,000 (24.6%) $349,504 (12.6%) 0.86 395
2020-11-01 $301,975 (28.6%) $358,872 (19.9%) 0.88 369
2020-12-01 $296,740 (29.1%) $352,676 (18.6%) 0.88 321
2021-01-01 $284,900 (23.9%) $352,941 (16.8%) 0.85 263
2021-02-01 $307,500 (23.3%) $368,558 (19.5%) 0.90 226
2021-03-01 $325,725 (15.3%) $379,405 (11.7%) 0.92 213
2021-04-01 $333,423 (15.0%) $389,711 (12.7%) 0.90 212
2021-05-01 $338,950 (13.0%) $379,376 (2.7%) 0.90 234
2021-06-01 $314,950 (0.6%) $362,239 (-4.2%) 0.83 258
2021-07-01 $298,444 (0.3%) $349,615 (-4.4%) 0.79 298
2021-08-01 $293,475 (-1.3%) $358,530 (1.4%) 0.78 326
2021-09-01 $281,250 (-3.0%) $356,149 (3.1%) 0.75 328
2021-10-01 $279,900 (-6.4%) $361,308 (3.4%) 0.75 320
2021-11-01 $270,200 (-10.5%) $357,492 (-0.4%) 0.72 293
2021-12-01 $258,450 (-12.9%) $345,859 (-1.9%) 0.70 219
2022-01-01 $271,000 (-4.9%) $350,880 (-0.6%) 0.73 146
2022-02-01 $307,400 (0.0%) $366,488 (-0.6%) 0.80 146
2022-03-01 $299,700 (-8.0%) $369,024 (-2.7%) 0.75 152
2022-04-01 $329,000 (-1.3%) $399,888 (2.6%) 0.78 160
2022-05-01 $303,704 (-10.4%) $411,225 (8.4%) 0.69 210
2022-06-01 $326,225 (3.6%) $418,185 (15.4%) 0.73 255
2022-07-01 $310,000 (3.9%) $403,187 (15.3%) 0.70 317
2022-08-01 $291,250 (-0.8%) $384,345 (7.2%) 0.67 364
2022-09-01 $295,000 (4.9%) $382,339 (7.4%) 0.69 339
2022-10-01 $288,250 (3.0%) $379,030 (4.9%) 0.68 389
2022-11-01 $279,945 (3.6%) $359,967 (0.7%) 0.67 397
2022-12-01 $275,000 (6.4%) $357,273 (3.3%) 0.68 333
2023-01-01 $295,993 (9.2%) $381,584 (8.8%) 0.73 276
2023-02-01 $304,700 (-0.9%) $393,334 (7.3%) 0.74 252
2023-03-01 $294,500 (-1.7%) $396,431 (7.4%) 0.69 227
2023-04-01 $345,000 (4.9%) $444,260 (11.1%) 0.80 217
2023-05-01 $334,900 (10.3%) $429,679 (4.5%) 0.76 249
2023-06-01 $331,627 (1.7%) $421,615 (0.8%) 0.75 296
2023-07-01 $325,000 (4.8%) $419,292 (4.0%) 0.74 326
2023-08-01 $318,900 (9.5%) $401,405 (4.4%) 0.73 344
2023-09-01 $309,990 (5.1%) $401,248 (5.0%) 0.72 359
2023-10-01 $304,450 (5.6%) $387,580 (2.3%) 0.72 367
2023-11-01 $289,150 (3.3%) $372,287 (3.4%) 0.69 383
2023-12-01 $284,900 (3.6%) $373,529 (4.6%) 0.69 370
2024-01-01 $294,975 (-0.3%) $378,359 (-0.9%) 0.72 331
2024-02-01 $329,900 (8.3%) $419,764 (6.7%) 0.79 308
2024-03-01 $350,000 (18.9%) $442,967 (11.7%) 0.82 301
2024-04-01 $372,400 (7.9%) $451,246 (1.6%) 0.87 318
Kalamazoo's median listing price for 2024-04-01 was $372,400, a difference of $27,400 (7.9%) versus the prior year and $22,400 versus the prior month.

Kalamazoo's median listing price comes in at 87% of the national average.

Kalamazoo's average listing price for 2024-04-01 was $451,246, a difference of $6,986 (1.6%) versus the prior year and $8,279 versus the prior month.

For the 2024-04-01 period, Kalamazoo had 318 MLS listings, a difference of 17 listings (6%) versus the prior month and 101 listings (47%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Kalamazoo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 68 days 1,902 sqft
2018-02-01 61 days 1,951 sqft
2018-03-01 44 days 2,100 sqft
2018-04-01 38 days 2,253 sqft
2018-05-01 31 days 2,356 sqft
2018-06-01 32 days 2,291 sqft
2018-07-01 36 days 2,238 sqft
2018-08-01 32 days 2,142 sqft
2018-09-01 39 days 2,121 sqft
2018-10-01 45 days 2,050 sqft
2018-11-01 50 days 1,994 sqft
2018-12-01 59 days 2,012 sqft
2019-01-01 66 days 1,940 sqft
2019-02-01 57 days 1,922 sqft
2019-03-01 46 days 2,061 sqft
2019-04-01 36 days 2,180 sqft
2019-05-01 32 days 2,254 sqft
2019-06-01 31 days 2,221 sqft
2019-07-01 34 days 2,197 sqft
2019-08-01 39 days 2,119 sqft
2019-09-01 41 days 2,097 sqft
2019-10-01 42 days 2,076 sqft
2019-11-01 46 days 2,048 sqft
2019-12-01 62 days 2,002 sqft
2020-01-01 70 days 2,004 sqft
2020-02-01 62 days 1,983 sqft
2020-03-01 50 days 2,068 sqft
2020-04-01 56 days 2,084 sqft
2020-05-01 65 days 2,197 sqft
2020-06-01 44 days 2,304 sqft
2020-07-01 45 days 2,194 sqft
2020-08-01 46 days 2,230 sqft
2020-09-01 46 days 2,087 sqft
2020-10-01 44 days 2,075 sqft
2020-11-01 47 days 2,075 sqft
2020-12-01 55 days 2,060 sqft
2021-01-01 58 days 1,894 sqft
2021-02-01 51 days 1,876 sqft
2021-03-01 45 days 1,975 sqft
2021-04-01 38 days 1,996 sqft
2021-05-01 30 days 2,003 sqft
2021-06-01 33 days 2,048 sqft
2021-07-01 32 days 1,988 sqft
2021-08-01 34 days 2,014 sqft
2021-09-01 39 days 1,965 sqft
2021-10-01 39 days 1,904 sqft
2021-11-01 43 days 1,880 sqft
2021-12-01 48 days 1,770 sqft
2022-01-01 55 days 1,800 sqft
2022-02-01 33 days 1,834 sqft
2022-03-01 31 days 1,809 sqft
2022-04-01 32 days 1,811 sqft
2022-05-01 25 days 1,849 sqft
2022-06-01 28 days 1,898 sqft
2022-07-01 31 days 1,873 sqft
2022-08-01 33 days 1,939 sqft
2022-09-01 42 days 1,976 sqft
2022-10-01 39 days 1,905 sqft
2022-11-01 41 days 1,880 sqft
2022-12-01 54 days 1,794 sqft
2023-01-01 52 days 1,803 sqft
2023-02-01 42 days 1,780 sqft
2023-03-01 44 days 1,741 sqft
2023-04-01 44 days 1,860 sqft
2023-05-01 33 days 1,842 sqft
2023-06-01 33 days 1,835 sqft
2023-07-01 37 days 1,832 sqft
2023-08-01 35 days 1,851 sqft
2023-09-01 39 days 1,840 sqft
2023-10-01 44 days 1,827 sqft
2023-11-01 38 days 1,802 sqft
2023-12-01 49 days 1,782 sqft
2024-01-01 65 days 1,779 sqft
2024-02-01 52 days 1,828 sqft
2024-03-01 45 days 1,904 sqft
2024-04-01 40 days 1,963 sqft
Kalamazoo's median listing age (time on market) for 2024-04-01 was 40 days. This is -9% shorter than the same period one year ago.

Kalamazoo's median square footage for active listings during the 2024-04-01 period was 1,963 sqft. One year prior, the average listing was 1,860 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.