Lansing VA Loan Rates, Closing Costs & Stats

LANSING-EAST LANSING, 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 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.

    Lansing's 74 lenders originated 423 VA loans during 2023. The total origination value was $104,495,000, with an average VA loan value of $247,033.

    Lansing VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lansing averaged 6.3% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

    Lansing's average VA mortgage closing costs are $4,947.

    The average rate for the prior week (2024-12-06) was 6.53% and one month ago for the week of 2024-11-08, the average rate was 6.83%.

    The average rate one year ago was 7.08%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.38%.

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

    Lansing 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 Lansing level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 87 6.66% $5,517
    QUICKEN LOANS, LLC 48 6.39% $8,825
    UNITED WHOLESALE MORTGAGE, LLC 27 6.64% $8,058
    UNION HOME MORTGAGE CORP. 20 6.92% $7,630
    USAA Federal Savings Bank 19 6.36% $6,221
    Flagstar Bank, FSB 17 6.78% $6,823
    The Dart Bank 16 6.52% $6,662
    NAVY FEDERAL CREDIT UNION 13 5.93% $5,392
    LOANDEPOT.COM, LLC 7 5.94% $11,456
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 7 6.55% $4,510
    NEW DAY FINANCIAL, LLC 7 7.73% $9,552
    MICHIGAN MUTUAL, INC. 7 6.71% $8,445
    FREEDOM MORTGAGE CORPORATION 7 6.48% $11,097
    PENNYMAC LOAN SERVICES, LLC 7 5.55% $5,301
    J. VIRGIL, INC. 7 6.48% $5,534
    Mr. Cooper ( Nationstar Mortgage ) 6 5.90% $12,271
    The Huntington National Bank 6 6.48% $7,129
    EVERETT FINANCIAL, INC. 5 7.08% $4,688
    CARDINAL FINANCIAL 5 6.58% $7,328
    NEWREZ LLC 5 6.40% $5,936
    EMM LOANS LLC 4 6.31% $11,628
    CROSSCOUNTRY MORTGAGE, LLC 4 6.69% $9,796
    DAS Acquisition Company, LLC 4 6.97% $5,553
    MORTGAGE 1 INCORPORATED 4 6.94% $6,621
    AMERISAVE MORTGAGE CORPORATION 3 5.75% $14,931
    Preston Home Loans Inc 3 6.79% $10,179
    Fifth Third Bank 2 6.38% $5,956
    MORTGAGE CENTER L.C 2 6.44% $4,128
    Armed Forces Bank 2 5.69% $9,832
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.06% $5,964
    HOMESIDE FINANCIAL, LLC 2 7.25% $6,831
    PLANET HOME LENDING, LLC 2 6.75% $9,051
    Independent Bank 2 6.75% $7,734
    LAKE MICHIGAN CREDIT UNION 2 6.25% $5,368
    AMERICAN FINANCING CORPORATION 2 6.06% $7,240
    TOWNE MORTGAGE COMPANY 2 7.18% $8,750
    VAN DYK MORTGAGE CORPORATION 2 7.63% $8,510
    VILLAGE CAPITAL MORTGAGE 2 7.00% $19,278
    NBKC BANK 1 6.13% $8,500
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $5,459
    Ameris Bank 1 6.25% $2,764
    BNC National Bank 1 6.00% $4,651
    BROKER SOLUTIONS, INC. 1 6.25% $11,371
    CALIBER HOME LOANS, INC. 1 6.63% $18,633
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $6,448
    Community First National Bank 1 5.75% $22,195
    CONTOUR MORTGAGE CORPORATION 1 6.25% $13,304
    Equity Prime Mortgage LLC 1 7.25% $4,946
    FIRST COMMUNITY MORTGAGE, INC. 1 6.25% $10,917
    First Federal Bank 1 6.00% $12,334
    First Merchants Bank 1 7.50% $9,893
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.50% $6,725
    GUARANTEED RATE AFFINITY, LLC 1 6.75% $8,324
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.13% $9,781
    JPMorgan Chase Bank 1 6.50% $8,233
    LOANPAL, LLC 1 5.25% $16,218
    MEMBER FIRST MORTGAGE, LLC 1 6.38% $3,148
    Mid-Continent Funding, Inc. 1 5.63% $14,764
    MORTGAGEONE, INC. 1 8.25% $3,419
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $13,304
    AMERICAN FINANCIAL NETWORK, INC. 1 7.50% $5,382
    NETWORK CAPITAL FUNDING CORPORATION 1 6.13% $6,787
    Northpointe Bank 1 6.88% $9,802
    PENTAGON FEDERAL CREDIT UNION 1 5.00% $2,466
    PHH Mortgage Corporation 1 6.88% $7,286
    Plains Commerce Bank 1 6.13% $3,991
    PLUS RELOCATION MORTGAGE, LLC 1 6.75% $7,496
    PNC Bank 1 7.50% $2,640
    ROSS MORTGAGE CORPORATION 1 5.63% $3,217
    Semper Home Loans, Inc. 1 6.63% $13,340
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.88% $5,605
    The Central Trust Bank 1 5.25% $14,879
    The Federal Savings Bank 1 5.75% $14,121
    TOP FLITE FINANCIAL, INC. 1 6.75% $5,829

    The top Lansing VA lender as defined by loan originations is Mortgage Research Center, LLC, with 87 VA loans originated. Their average total fees are $5,517, which is $3,307 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Lansing VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,392), Mortgage Research Center, LLC ($5,517), USAA Federal Savings Bank ($6,221), The Dart Bank ($6,662) and Flagstar Bank, FSB ($6,823).

    The lowest rate Lansing VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.93%), USAA Federal Savings Bank (6.36%), QUICKEN LOANS, LLC (6.39%), The Dart Bank (6.52%) and UNITED WHOLESALE MORTGAGE, LLC (6.64%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lansing (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 $135,500 (13.4%) $189,018 (12.7%) 0.50 1,364
    2018-02-01 $139,900 (12.0%) $192,728 (10.5%) 0.51 1,306
    2018-03-01 $145,000 (11.6%) $201,497 (11.4%) 0.51 1,196
    2018-04-01 $157,475 (12.5%) $212,437 (12.3%) 0.53 1,152
    2018-05-01 $172,450 (15.2%) $217,140 (10.8%) 0.58 1,267
    2018-06-01 $174,900 (11.4%) $219,318 (8.8%) 0.58 1,446
    2018-07-01 $175,000 (10.1%) $217,256 (7.6%) 0.58 1,609
    2018-08-01 $173,394 (11.9%) $213,369 (7.4%) 0.58 1,790
    2018-09-01 $169,900 (11.9%) $211,400 (6.7%) 0.57 1,847
    2018-10-01 $165,000 (10.1%) $210,034 (6.5%) 0.56 1,832
    2018-11-01 $161,450 (9.9%) $208,944 (8.3%) 0.55 1,737
    2018-12-01 $159,900 (14.3%) $206,422 (8.5%) 0.55 1,524
    2019-01-01 $157,375 (16.1%) $209,641 (10.9%) 0.54 1,362
    2019-02-01 $168,550 (20.5%) $215,778 (12.0%) 0.57 1,235
    2019-03-01 $172,686 (19.1%) $224,500 (11.4%) 0.56 1,180
    2019-04-01 $180,650 (14.7%) $233,492 (9.9%) 0.57 1,175
    2019-05-01 $194,950 (13.1%) $243,248 (12.0%) 0.61 1,262
    2019-06-01 $192,990 (10.3%) $239,780 (9.3%) 0.60 1,376
    2019-07-01 $192,075 (9.8%) $236,742 (9.0%) 0.60 1,478
    2019-08-01 $181,745 (4.8%) $229,969 (7.8%) 0.58 1,558
    2019-09-01 $169,514 (-0.2%) $220,758 (4.4%) 0.54 1,638
    2019-10-01 $159,950 (-3.1%) $215,436 (2.6%) 0.52 1,668
    2019-11-01 $155,000 (-4.0%) $209,365 (0.2%) 0.51 1,594
    2019-12-01 $149,250 (-6.7%) $205,976 (-0.2%) 0.50 1,432
    2020-01-01 $147,450 (-6.3%) $207,084 (-1.2%) 0.49 1,293
    2020-02-01 $149,900 (-11.1%) $217,757 (0.9%) 0.49 1,165
    2020-03-01 $163,975 (-5.0%) $224,092 (-0.2%) 0.51 1,050
    2020-04-01 $169,900 (-6.0%) $232,635 (-0.4%) 0.53 1,020
    2020-05-01 $184,900 (-5.2%) $234,893 (-3.4%) 0.56 1,033
    2020-06-01 $209,900 (8.8%) $257,088 (7.2%) 0.62 925
    2020-07-01 $205,000 (6.7%) $258,441 (9.2%) 0.59 915
    2020-08-01 $205,000 (12.8%) $254,149 (10.5%) 0.59 896
    2020-09-01 $199,925 (17.9%) $254,061 (15.1%) 0.57 888
    2020-10-01 $189,900 (18.7%) $251,176 (16.6%) 0.54 872
    2020-11-01 $175,000 (12.9%) $244,858 (17.0%) 0.51 825
    2020-12-01 $165,825 (11.1%) $237,463 (15.3%) 0.49 734
    2021-01-01 $160,000 (8.5%) $235,870 (13.9%) 0.48 584
    2021-02-01 $160,225 (6.9%) $233,999 (7.5%) 0.47 455
    2021-03-01 $174,950 (6.7%) $238,383 (6.4%) 0.50 421
    2021-04-01 $184,900 (8.8%) $249,667 (7.3%) 0.50 395
    2021-05-01 $184,900 (0.0%) $240,965 (2.6%) 0.49 489
    2021-06-01 $190,350 (-9.3%) $254,685 (-0.9%) 0.50 579
    2021-07-01 $184,900 (-9.8%) $248,738 (-3.8%) 0.49 718
    2021-08-01 $184,925 (-9.8%) $246,392 (-3.1%) 0.49 851
    2021-09-01 $179,900 (-10.0%) $242,810 (-4.4%) 0.48 871
    2021-10-01 $179,900 (-5.3%) $236,169 (-6.0%) 0.48 801
    2021-11-01 $166,000 (-5.1%) $223,620 (-8.7%) 0.44 741
    2021-12-01 $155,000 (-6.5%) $218,694 (-7.9%) 0.42 616
    2022-01-01 $149,900 (-6.3%) $216,850 (-8.1%) 0.41 490
    2022-02-01 $152,450 (-4.9%) $225,989 (-3.4%) 0.40 390
    2022-03-01 $159,450 (-8.9%) $230,672 (-3.2%) 0.40 356
    2022-04-01 $189,900 (2.7%) $256,931 (2.9%) 0.45 348
    2022-05-01 $199,450 (7.9%) $252,129 (4.6%) 0.46 459
    2022-06-01 $199,900 (5.0%) $261,520 (2.7%) 0.45 589
    2022-07-01 $209,450 (13.3%) $261,901 (5.3%) 0.47 715
    2022-08-01 $202,500 (9.5%) $258,301 (4.8%) 0.47 841
    2022-09-01 $199,950 (11.2%) $261,589 (7.7%) 0.47 819
    2022-10-01 $209,900 (16.7%) $261,971 (10.9%) 0.49 873
    2022-11-01 $194,450 (17.1%) $251,210 (12.3%) 0.47 905
    2022-12-01 $189,900 (22.5%) $248,068 (13.4%) 0.47 786
    2023-01-01 $187,700 (25.2%) $249,150 (14.9%) 0.46 605
    2023-02-01 $199,925 (31.1%) $257,020 (13.7%) 0.48 482
    2023-03-01 $227,450 (42.7%) $274,497 (19.0%) 0.54 444
    2023-04-01 $229,900 (21.1%) $273,541 (6.5%) 0.53 430
    2023-05-01 $246,250 (23.5%) $282,115 (11.9%) 0.56 466
    2023-06-01 $259,850 (30.0%) $294,605 (12.7%) 0.58 521
    2023-07-01 $257,750 (23.1%) $306,179 (16.9%) 0.59 564
    2023-08-01 $249,900 (23.4%) $297,437 (15.2%) 0.57 625
    2023-09-01 $244,000 (22.0%) $289,683 (10.7%) 0.57 691
    2023-10-01 $244,100 (16.3%) $287,651 (9.8%) 0.57 750
    2023-11-01 $232,450 (19.5%) $281,466 (12.0%) 0.55 762
    2023-12-01 $224,900 (18.4%) $274,559 (10.7%) 0.55 721
    2024-01-01 $224,950 (19.9%) $279,094 (12.0%) 0.55 596
    2024-02-01 $209,975 (5.0%) $273,633 (6.5%) 0.51 558
    2024-03-01 $224,950 (-1.1%) $279,289 (1.8%) 0.53 539
    2024-04-01 $234,950 (2.2%) $285,297 (4.3%) 0.55 548
    2024-05-01 $249,900 (1.5%) $298,673 (5.9%) 0.56 559
    2024-06-01 $249,800 (-3.9%) $301,655 (2.4%) 0.56 614
    2024-07-01 $249,450 (-3.2%) $300,746 (-1.8%) 0.57 667
    2024-08-01 $239,900 (-4.0%) $288,930 (-2.9%) 0.56 776
    2024-09-01 $235,000 (-3.7%) $281,904 (-2.7%) 0.55 858
    2024-10-01 $230,000 (-5.8%) $279,477 (-2.8%) 0.54 903
    2024-11-01 $230,000 (-1.1%) $274,354 (-2.5%) 0.55 913
    Lansing's median listing price for 2024-11-01 was $230,000, a difference of $-2,450 (-1.1%) versus the prior year and $0 versus the prior month.

    Lansing's median listing price comes in at 55% of the national average.

    Lansing's average listing price for 2024-11-01 was $274,354, a difference of $-7,112 (-2.5%) versus the prior year and $-5,123 versus the prior month.

    For the 2024-11-01 period, Lansing had 913 MLS listings, a difference of 10 listings (1%) versus the prior month and 151 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lansing (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 74 days 1,600 sqft
    2018-02-01 66 days 1,620 sqft
    2018-03-01 52 days 1,650 sqft
    2018-04-01 46 days 1,684 sqft
    2018-05-01 38 days 1,700 sqft
    2018-06-01 39 days 1,727 sqft
    2018-07-01 43 days 1,727 sqft
    2018-08-01 42 days 1,755 sqft
    2018-09-01 51 days 1,728 sqft
    2018-10-01 58 days 1,729 sqft
    2018-11-01 60 days 1,695 sqft
    2018-12-01 70 days 1,650 sqft
    2019-01-01 77 days 1,625 sqft
    2019-02-01 74 days 1,662 sqft
    2019-03-01 63 days 1,675 sqft
    2019-04-01 48 days 1,732 sqft
    2019-05-01 38 days 1,787 sqft
    2019-06-01 38 days 1,800 sqft
    2019-07-01 43 days 1,798 sqft
    2019-08-01 44 days 1,750 sqft
    2019-09-01 47 days 1,711 sqft
    2019-10-01 49 days 1,681 sqft
    2019-11-01 53 days 1,652 sqft
    2019-12-01 67 days 1,595 sqft
    2020-01-01 74 days 1,586 sqft
    2020-02-01 68 days 1,617 sqft
    2020-03-01 55 days 1,664 sqft
    2020-04-01 58 days 1,664 sqft
    2020-05-01 59 days 1,704 sqft
    2020-06-01 43 days 1,805 sqft
    2020-07-01 39 days 1,758 sqft
    2020-08-01 36 days 1,779 sqft
    2020-09-01 33 days 1,765 sqft
    2020-10-01 36 days 1,722 sqft
    2020-11-01 42 days 1,662 sqft
    2020-12-01 51 days 1,629 sqft
    2021-01-01 58 days 1,579 sqft
    2021-02-01 45 days 1,487 sqft
    2021-03-01 40 days 1,498 sqft
    2021-04-01 37 days 1,575 sqft
    2021-05-01 29 days 1,596 sqft
    2021-06-01 22 days 1,500 sqft
    2021-07-01 24 days 1,496 sqft
    2021-08-01 24 days 1,553 sqft
    2021-09-01 34 days 1,571 sqft
    2021-10-01 37 days 1,567 sqft
    2021-11-01 45 days 1,475 sqft
    2021-12-01 52 days 1,445 sqft
    2022-01-01 54 days 1,440 sqft
    2022-02-01 44 days 1,447 sqft
    2022-03-01 38 days 1,457 sqft
    2022-04-01 28 days 1,593 sqft
    2022-05-01 22 days 1,572 sqft
    2022-06-01 23 days 1,595 sqft
    2022-07-01 26 days 1,618 sqft
    2022-08-01 30 days 1,612 sqft
    2022-09-01 40 days 1,600 sqft
    2022-10-01 40 days 1,632 sqft
    2022-11-01 44 days 1,600 sqft
    2022-12-01 54 days 1,592 sqft
    2023-01-01 61 days 1,561 sqft
    2023-02-01 54 days 1,584 sqft
    2023-03-01 44 days 1,628 sqft
    2023-04-01 35 days 1,652 sqft
    2023-05-01 28 days 1,689 sqft
    2023-06-01 30 days 1,734 sqft
    2023-07-01 34 days 1,779 sqft
    2023-08-01 35 days 1,746 sqft
    2023-09-01 37 days 1,700 sqft
    2023-10-01 37 days 1,684 sqft
    2023-11-01 42 days 1,661 sqft
    2023-12-01 50 days 1,601 sqft
    2024-01-01 58 days 1,599 sqft
    2024-02-01 52 days 1,533 sqft
    2024-03-01 40 days 1,589 sqft
    2024-04-01 36 days 1,639 sqft
    2024-05-01 24 days 1,713 sqft
    2024-06-01 24 days 1,737 sqft
    2024-07-01 34 days 1,732 sqft
    2024-08-01 33 days 1,646 sqft
    2024-09-01 36 days 1,641 sqft
    2024-10-01 38 days 1,612 sqft
    2024-11-01 44 days 1,607 sqft
    Lansing's median listing age (time on market) for 2024-11-01 was 44 days. This is 5% longer than the same period one year ago.

    Lansing's median square footage for active listings during the 2024-11-01 period was 1,607 sqft. One year prior, the average listing was 1,661 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.