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 60 lenders originated 229 VA loans during 2022. The total origination value was $57,405,000, with an average VA loan value of $250,677.

Kalamazoo VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Kalamazoo averaged 6.49% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

Kalamazoo's average VA mortgage closing costs are $4,977.

The average rate for the prior week (2023-05-19) was 6.31% and one month ago for the week of 2023-04-21, the average rate was 6.23%.

The average rate one year ago was 5.1%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.4%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 40 5.17% $7,192
UNITED WHOLESALE MORTGAGE, LLC 20 5.17% $6,971
QUICKEN LOANS, LLC 14 4.50% $8,122
NAVY FEDERAL CREDIT UNION 13 4.20% $5,515
SUCCESS MORTGAGE PARTNERS, INC. 11 5.21% $11,637
Flagstar Bank, FSB 9 4.44% $5,952
AMERIFIRST FINANCIAL CORPORATION 8 5.39% $4,988
FREEDOM MORTGAGE CORPORATION 7 3.64% $4,924
PENNYMAC LOAN SERVICES, LLC 6 3.10% $7,012
NEWREZ LLC 6 4.46% $4,418
USAA Federal Savings Bank 6 4.50% $9,092
NEW DAY FINANCIAL, LLC 5 5.30% $7,586
CALIBER HOME LOANS, INC. 5 4.42% $8,256
LAKE MICHIGAN CREDIT UNION 4 4.31% $9,229
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.92% $7,031
Fifth Third Bank 3 4.38% $6,911
LAKEVIEW LOAN SERVICING, LLC 3 3.16% $3,370
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 4.92% $5,383
LOANDEPOT.COM, LLC 3 3.20% $10,073
CONTOUR MORTGAGE CORPORATION 3 5.54% $8,088
The Huntington National Bank 2 4.38% $6,820
Hometown Lenders, Inc. 2 4.44% $3,434
UNION HOME MORTGAGE CORP. 2 5.06% $7,832
Neighborhood Loans, Inc. 2 5.38% $11,432
Northpointe Bank 2 4.50% $8,767
GUARANTEED RATE, INC. 2 5.50% $4,323
CROSSCOUNTRY MORTGAGE, LLC 2 6.63% $5,551
SUMMIT HOME MORTGAGE, LLC 1 5.75% $5,775
SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $9,612
The Federal Savings Bank 1 4.75% $18,314
TOP FLITE FINANCIAL, INC. 1 3.25% $5,918
VAN DYK MORTGAGE CORPORATION 1 5.25% $3,517
AMERICAN FINANCIAL RESOURCES, INC. 1 5.00% $2,098
Wells Fargo Bank 1 3.25% $2,932
AMERICAN INTERNET MORTGAGE, INC. 1 2.38% $625
AMERISAVE MORTGAGE CORPORATION 1 3.75% $5,970
Barrington Bank & Trust Company, N.A. 1 5.08% $11,796
CHURCHILL MORTGAGE CORPORATION 1 3.00% $6,426
EVERETT FINANCIAL, INC. 1 6.00% $7,494
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 4.25% $7,358
FINANCE OF AMERICA MORTGAGE LLC 1 5.13% $9,993
First Guaranty Mortgage Corporation 1 4.75% $2,771
HomePromise Corporation 1 3.88% $26,691
Horizon Bank 1 3.63% $4,280
HOWARD HANNA FINANCIAL SERVICES, INC. 1 2.63% $4,651
KELLER MORTGAGE, LLC 1 5.25% $3,483
LOANPAL, LLC 1 3.63% $31,810
Low VA Rates, LLC 1 4.75% $15,516
Magnolia Bank 1 4.63% $19,127
MORTGAGE 1 INCORPORATED 1 4.13% $5,170
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.25% $11,188
Mr. Cooper ( Nationstar Mortgage ) 1 4.75% $15,336
NETWORK CAPITAL FUNDING CORPORATION 1 5.50% $14,453
NORTHERN MORTGAGE SERVICES, LLC 1 5.63% $11,346
ON Q FINANCIAL, INC. 1 3.25% $5,184
PENTAGON FEDERAL CREDIT UNION 1 5.00% $17,736
PLANET HOME LENDING, LLC 1 2.75% $9,345
Platinum Home Mortgage Corporation 1 4.25% $20,699
ROYAL UNITED MORTGAGE LLC 1 5.75% $12,134
RUOFF MORTGAGE COMPANY, INC. 1 6.75% $12,240

The top Kalamazoo VA lender as defined by loan originations is Mortgage Research Center, LLC, with 40 VA loans originated. Their average total fees are $7,192, which is $222 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Kalamazoo VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,515), UNITED WHOLESALE MORTGAGE, LLC ($6,971), Mortgage Research Center, LLC ($7,192), QUICKEN LOANS, LLC ($8,122) and SUCCESS MORTGAGE PARTNERS, INC. ($11,637).

The lowest rate Kalamazoo VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (4.20%), QUICKEN LOANS, LLC (4.50%), Mortgage Research Center, LLC (5.17%), UNITED WHOLESALE MORTGAGE, LLC (5.17%) and SUCCESS MORTGAGE PARTNERS, INC. (5.21%).


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%) $292,045 (0.7%) 0.78 787
2018-11-01 $228,250 (14.2%) $296,898 (4.7%) 0.77 744
2018-12-01 $229,000 (14.6%) $295,655 (5.9%) 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 $261,704 (9.0%) $337,374 (3.9%) 0.87 494
2019-04-01 $279,900 (4.1%) $356,768 (4.7%) 0.89 504
2019-05-01 $291,325 (4.1%) $362,341 (6.6%) 0.91 534
2019-06-01 $274,950 (0.8%) $353,251 (5.2%) 0.86 615
2019-07-01 $260,600 (2.6%) $338,074 (6.0%) 0.82 663
2019-08-01 $264,900 (10.4%) $341,201 (11.7%) 0.83 692
2019-09-01 $263,725 (14.7%) $333,465 (14.0%) 0.83 676
2019-10-01 $239,900 (4.4%) $310,276 (6.2%) 0.77 787
2019-11-01 $234,900 (2.9%) $299,324 (0.8%) 0.77 739
2019-12-01 $229,900 (0.4%) $297,442 (0.6%) 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 $281,150 (7.4%) $339,347 (0.6%) 0.88 494
2020-04-01 $289,900 (3.6%) $345,472 (-3.2%) 0.91 491
2020-05-01 $299,953 (3.0%) $369,309 (1.9%) 0.91 501
2020-06-01 $312,975 (13.8%) $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 (12.2%) $353,736 (3.7%) 0.85 446
2020-09-01 $289,894 (9.9%) $345,386 (3.6%) 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 $286,950 (24.8%) $353,740 (17.0%) 0.86 264
2021-02-01 $308,975 (23.8%) $370,274 (20.0%) 0.90 227
2021-03-01 $327,450 (16.5%) $380,188 (12.0%) 0.93 214
2021-04-01 $335,000 (15.6%) $391,421 (13.3%) 0.91 214
2021-05-01 $340,000 (13.4%) $379,999 (2.9%) 0.90 236
2021-06-01 $316,250 (1.1%) $363,078 (-3.9%) 0.83 260
2021-07-01 $299,000 (0.4%) $350,131 (-4.3%) 0.79 299
2021-08-01 $294,050 (-1.1%) $359,023 (1.5%) 0.78 327
2021-09-01 $283,725 (-2.1%) $356,632 (3.3%) 0.76 329
2021-10-01 $279,900 (-6.4%) $361,828 (3.5%) 0.75 321
2021-11-01 $270,450 (-10.4%) $358,053 (-0.2%) 0.72 294
2021-12-01 $258,450 (-12.9%) $346,194 (-1.8%) 0.70 220
2022-01-01 $271,000 (-5.6%) $350,880 (-0.8%) 0.73 146
2022-02-01 $307,400 (-0.5%) $366,488 (-1.0%) 0.80 146
2022-03-01 $299,700 (-8.5%) $369,512 (-2.8%) 0.75 153
2022-04-01 $327,000 (-2.4%) $399,888 (2.2%) 0.78 160
2022-05-01 $303,704 (-10.7%) $411,225 (8.2%) 0.69 210
2022-06-01 $326,225 (3.2%) $418,185 (15.2%) 0.73 255
2022-07-01 $309,450 (3.5%) $403,464 (15.2%) 0.70 318
2022-08-01 $289,975 (-1.4%) $384,784 (7.2%) 0.67 364
2022-09-01 $294,950 (4.0%) $382,446 (7.2%) 0.69 339
2022-10-01 $287,500 (2.7%) $379,224 (4.8%) 0.68 389
2022-11-01 $279,945 (3.5%) $360,042 (0.6%) 0.67 397
2022-12-01 $275,000 (6.4%) $357,061 (3.1%) 0.68 333
2023-01-01 $298,990 (10.3%) $382,080 (8.9%) 0.74 276
2023-02-01 $304,475 (-1.0%) $393,474 (7.4%) 0.73 252
2023-03-01 $294,495 (-1.7%) $397,136 (7.5%) 0.69 227
2023-04-01 $345,000 (5.5%) $444,260 (11.1%) 0.80 217
Kalamazoo's median listing price for 2023-04-01 was $345,000, a difference of $18,000 (5.5%) versus the prior year and $50,505 versus the prior month.

Kalamazoo's median listing price comes in at 80% of the national average.

Kalamazoo's average listing price for 2023-04-01 was $444,260, a difference of $44,372 (11.1%) versus the prior year and $47,124 versus the prior month.

For the 2023-04-01 period, Kalamazoo had 217 MLS listings, a difference of -10 listings (-4%) versus the prior month and 57 listings (36%) 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 71 days 1,902 sqft
2018-02-01 63 days 1,951 sqft
2018-03-01 44 days 2,100 sqft
2018-04-01 39 days 2,253 sqft
2018-05-01 34 days 2,356 sqft
2018-06-01 33 days 2,291 sqft
2018-07-01 37 days 2,238 sqft
2018-08-01 34 days 2,142 sqft
2018-09-01 40 days 2,121 sqft
2018-10-01 46 days 2,052 sqft
2018-11-01 51 days 1,997 sqft
2018-12-01 60 days 2,012 sqft
2019-01-01 67 days 1,944 sqft
2019-02-01 64 days 1,923 sqft
2019-03-01 53 days 2,066 sqft
2019-04-01 37 days 2,180 sqft
2019-05-01 32 days 2,256 sqft
2019-06-01 32 days 2,224 sqft
2019-07-01 34 days 2,197 sqft
2019-08-01 46 days 2,210 sqft
2019-09-01 51 days 2,175 sqft
2019-10-01 43 days 2,076 sqft
2019-11-01 46 days 2,048 sqft
2019-12-01 63 days 2,002 sqft
2020-01-01 73 days 2,004 sqft
2020-02-01 65 days 1,983 sqft
2020-03-01 52 days 2,064 sqft
2020-04-01 59 days 2,078 sqft
2020-05-01 66 days 2,196 sqft
2020-06-01 46 days 2,300 sqft
2020-07-01 46 days 2,193 sqft
2020-08-01 47 days 2,227 sqft
2020-09-01 47 days 2,085 sqft
2020-10-01 47 days 2,075 sqft
2020-11-01 49 days 2,075 sqft
2020-12-01 57 days 2,047 sqft
2021-01-01 59 days 1,900 sqft
2021-02-01 53 days 1,887 sqft
2021-03-01 45 days 1,978 sqft
2021-04-01 39 days 2,003 sqft
2021-05-01 31 days 2,011 sqft
2021-06-01 33 days 2,049 sqft
2021-07-01 33 days 1,989 sqft
2021-08-01 34 days 2,019 sqft
2021-09-01 39 days 1,969 sqft
2021-10-01 39 days 1,911 sqft
2021-11-01 43 days 1,884 sqft
2021-12-01 49 days 1,771 sqft
2022-01-01 56 days 1,800 sqft
2022-02-01 33 days 1,834 sqft
2022-03-01 31 days 1,810 sqft
2022-04-01 33 days 1,810 sqft
2022-05-01 25 days 1,849 sqft
2022-06-01 28 days 1,902 sqft
2022-07-01 31 days 1,873 sqft
2022-08-01 34 days 1,941 sqft
2022-09-01 43 days 1,976 sqft
2022-10-01 39 days 1,910 sqft
2022-11-01 41 days 1,879 sqft
2022-12-01 54 days 1,794 sqft
2023-01-01 53 days 1,790 sqft
2023-02-01 43 days 1,779 sqft
2023-03-01 45 days 1,739 sqft
2023-04-01 44 days 1,851 sqft
Kalamazoo's median listing age (time on market) for 2023-04-01 was 44 days. This is 35% longer than the same period one year ago.

Kalamazoo's median square footage for active listings during the 2023-04-01 period was 1,851 sqft. One year prior, the average listing was 1,810 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.