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.