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 6.63% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.57% and one month ago for the week of 2024-06-14, the average rate was 6.83%.

    The average rate one year ago was 6.71%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.81%.

    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%).

    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.