Lansing VA Loan Rates, Closing Costs & Stats
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 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
5.98%
for the week of 2024-10-11, compared to the national average (all VA variants) of
5.854% for the same period.
Lansing's average VA mortgage closing costs are $4,947.
The average rate for the prior week (2024-10-04) was
5.95% and
one month ago for the week of 2024-09-06, the
average rate was 5.94%.
The average rate one year ago was 7.7%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.56%.
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.