Lansing VA Loans

LANSING-EAST LANSING, 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.

Lansing's 111 lenders originated 1,344 VA loans during 2021. The total origination value was $272,280,000, with an average VA loan value of $202,589.

Lansing VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Lansing averaged 5.83% 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 5.76% and one month ago for the week of 2022-04-08, the average rate was 4.99%.

The average rate one year ago was 3%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.18%.

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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Lansing level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 188 2.50% $4,720
Mortgage Research Center, LLC 168 2.88% $4,966
UNION HOME MORTGAGE CORP. 69 2.93% $4,300
FREEDOM MORTGAGE CORPORATION 68 2.46% $2,597
UNITED WHOLESALE MORTGAGE, LLC 47 2.66% $4,747
Flagstar Bank, FSB 37 2.71% $4,312
USAA Federal Savings Bank 35 2.89% $4,816
VILLAGE CAPITAL & INVESTMENT LLC 35 2.31% $3,208
NAVY FEDERAL CREDIT UNION 33 2.45% $4,331
NEW DAY FINANCIAL, LLC 31 2.83% $6,155
PENNYMAC LOAN SERVICES, LLC 31 2.65% $4,151
CALIBER HOME LOANS, INC. 24 2.62% $3,749
The Dart Bank 18 2.98% $5,615
LAKEVIEW LOAN SERVICING, LLC 17 2.71% $2,266
VAN DYK MORTGAGE CORPORATION 16 2.81% $5,898
MORTGAGE 1 INCORPORATED 15 3.14% $5,236
Wells Fargo Bank 13 2.58% $2,721
LOANDEPOT.COM, LLC 13 2.65% $5,258
SUCCESS MORTGAGE PARTNERS, INC. 12 3.12% $6,923
Barrington Bank & Trust Company, N.A. 12 2.98% $3,862
AMERICAN PORTFOLIO MORTGAGE CORPORATION 12 2.67% $5,300
The Federal Savings Bank 11 2.67% $6,291
CHERRY CREEK MORTGAGE, LLC 11 3.44% $4,089
First Guaranty Mortgage Corporation 11 2.99% $3,311
Fifth Third Bank 10 2.93% $2,755
CROSSCOUNTRY MORTGAGE, LLC 10 2.81% $7,293
Independent Bank 10 3.08% $4,521
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 9 2.72% $4,032
CLEARPATH LENDING 8 2.31% $4,720
The Huntington National Bank 8 3.22% $1,862
FIRST HERITAGE FINANCIAL, LLC 7 3.04% $5,301
Mr. Cooper ( Nationstar Mortgage ) 7 2.68% $5,142
HOME POINT FINANCIAL CORPORATION 7 2.50% $3,225
CIBM Bank 7 2.93% $3,762
J. VIRGIL, INC. 6 3.17% $7,692
PENTAGON FEDERAL CREDIT UNION 5 2.28% $9,872
MICHIGAN MUTUAL, INC. 5 3.03% $2,664
Carrington Mortgage Services, LLC 5 3.40% $4,880
BROKER SOLUTIONS, INC. 5 3.10% $4,754
MID AMERICA MORTGAGE, INC. 5 2.68% $2,955
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 2.70% $4,675
Citizens Bank 5 2.63% $2,661
Wyndham Capital Mortgage, Inc. 4 2.38% $3,652
ACCELERATE MORTGAGE, LLC 4 2.13% $7,348
NEWREZ LLC 4 2.53% $6,357
First Federal Bank 4 2.84% $12,057
AMERISAVE MORTGAGE CORPORATION 4 2.75% $8,200
Low VA Rates, LLC 4 2.31% $3,357
PLANET HOME LENDING, LLC 4 2.44% $1,912
MEMBER FIRST MORTGAGE, LLC 4 2.88% $5,630
ROSS MORTGAGE CORPORATION 4 2.97% $3,032
MUTUAL OF OMAHA MORTGAGE, INC. 3 2.75% $3,169
AMERICAN FINANCIAL NETWORK, INC. 3 4.00% $10,002
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 2.96% $7,446
EVERETT FINANCIAL, INC. 3 3.63% $6,870
INSPIRE HOME LOANS INC. 3 3.08% $5,085
Magnolia Bank 3 2.67% $6,495
NATIONS DIRECT MORTGAGE, LLC 3 3.50% $5,162
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.13% $7,103
TOWNE MORTGAGE COMPANY 3 3.63% $3,660
Preston Home Loans Inc 2 3.63% $5,082
MICHIGAN FIRST CREDIT UNION 2 3.00% $5,867
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 3.06% $1,812
InterContinental Capital Group, Inc 2 2.25% $2,515
Neighborhood Loans, Inc. 2 3.25% $2,736
AMERICAN FINANCING CORPORATION 2 2.94% $7,355
MORTGAGE CENTER L.C 2 2.94% $8,954
Bank of England 2 3.06% $3,135
CMG MORTGAGE, INC. 2 3.25% $11,407
AMERIFIRST FINANCIAL CORPORATION 2 2.88% $5,517
U.S. Bank 2 3.06% $4,237
North American Savings Bank, F.S.B. 2 3.00% $4,160
CHURCHILL MORTGAGE CORPORATION 2 2.75% $2,383
PNC Bank 2 3.00% $455
Lakeview Community Capital, LLC 2 2.38% $1,800
Credence Funding Corporation 1 2.50% $6,149
Platinum Home Mortgage Corporation 1 3.25% $6,298
Prime Choice Funding Inc. 1 4.00% $1,994
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.63% $9,558
Prosperity Home Mortgage, LLC 1 3.00% $7,643
CONTOUR MORTGAGE CORPORATION 1 3.25% $8,173
RELIANCE FIRST CAPITAL, LLC 1 2.38% $13,430
ROYAL UNITED MORTGAGE LLC 1 3.00% $7,656
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $12,425
Sunflower Bank 1 3.49% $5,608
SUN WEST MORTGAGE COMPANY, INC. 1 2.88% $3,274
ChoiceOne Bank 1 3.38% $1,862
CELEBRITY HOME LOANS, LLC 1 3.00% $3,872
Bell Bank 1 2.63% $17,716
THRIVENT Federal Credit Union 1 2.50% $4,283
Triumph Bank 1 2.25% $1,907
Assurance Financial Group, L.L.C. 1 2.38% $2,692
Armed Forces Bank 1 2.38% $2,938
LIBERTY HOME MORTGAGE CORPORATION 1 3.25% $5,932
LENDUS, LLC 1 2.25% $3,153
Amerifirst Financial, Inc. 1 2.75% $16,036
Manufacturers and Traders Trust Company 1 4.00% $2,219
LAKE MICHIGAN CREDIT UNION 1 2.63% $5,824
JPMorgan Chase Bank 1 3.75% $4,202
INLAND BANK & TRUST 1 2.50% $1,922
Hometown Lenders, Inc. 1 3.75% $3,200
HOMESIDE FINANCIAL, LLC 1 2.50% $8,983
Nations Lending Corporation 1 3.25% $4,894
NBKC BANK 1 2.63% $2,288
First State Bank of St. Charles, Missouri 1 2.88% $2,539
First Savings Bank 1 3.25% $3,405
NORTHERN MORTGAGE SERVICES, LLC 1 3.25% $5,898
NP, Inc. 1 2.75% $2,366
Paramount Bank 1 2.75% $1,958
FINANCE OF AMERICA MORTGAGE LLC 1 4.75% $3,394
ELGA CREDIT UNION 1 3.00% $2,679

The top Lansing VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 188 VA loans originated. Their average total fees are $4,720, which is $245 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Lansing VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,266), FREEDOM MORTGAGE CORPORATION ($2,597), Wells Fargo Bank ($2,721), Fifth Third Bank ($2,755) and VILLAGE CAPITAL & INVESTMENT LLC ($3,208).

The lowest rate Lansing VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.31%), NAVY FEDERAL CREDIT UNION (2.45%), FREEDOM MORTGAGE CORPORATION (2.46%), QUICKEN LOANS, LLC (2.50%) and Wells Fargo Bank (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.