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 88 lenders originated 598 VA loans during 2022. The total origination value was $129,970,000, with an average VA loan value of $217,341.

Lansing VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Lansing averaged 6.76% for the week of 2024-03-01, compared to the national average (all VA variants) of 6.517% for the same period.

Lansing's average VA mortgage closing costs are $4,709.

The average rate for the prior week (2024-02-23) was 6.49% and one month ago for the week of 2024-01-26, the average rate was 6.12%.

The average rate one year ago was 6.26%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.74%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 124 5.15% $5,064
QUICKEN LOANS, LLC 59 4.31% $7,562
UNITED WHOLESALE MORTGAGE, LLC 29 4.63% $6,380
USAA Federal Savings Bank 26 4.50% $5,229
UNION HOME MORTGAGE CORP. 24 4.67% $6,760
FREEDOM MORTGAGE CORPORATION 22 4.01% $8,773
Flagstar Bank, FSB 21 4.31% $6,202
NEW DAY FINANCIAL, LLC 19 5.02% $7,908
The Dart Bank 16 5.07% $6,566
NAVY FEDERAL CREDIT UNION 15 4.13% $3,844
EVERETT FINANCIAL, INC. 12 5.05% $6,131
CROSSCOUNTRY MORTGAGE, LLC 11 5.01% $9,622
The Huntington National Bank 9 4.96% $3,779
VAN DYK MORTGAGE CORPORATION 7 4.89% $5,557
Fifth Third Bank 7 4.41% $4,491
VILLAGE CAPITAL MORTGAGE 7 3.68% $6,431
LOANDEPOT.COM, LLC 7 4.68% $6,778
AMERISAVE MORTGAGE CORPORATION 7 3.93% $8,866
MORTGAGE 1 INCORPORATED 7 5.52% $3,099
CHERRY CREEK MORTGAGE, LLC 7 5.13% $3,428
SUCCESS MORTGAGE PARTNERS, INC. 6 4.46% $5,041
Mr. Cooper ( Nationstar Mortgage ) 6 5.65% $11,882
PENNYMAC LOAN SERVICES, LLC 6 3.67% $5,803
LAKEVIEW LOAN SERVICING, LLC 6 3.50% $6,000
The Federal Savings Bank 5 4.68% $9,928
AMERICAN PORTFOLIO MORTGAGE CORPORATION 5 4.88% $5,123
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 5.90% $5,472
BROKER SOLUTIONS, INC. 5 4.80% $8,217
NEWREZ LLC 4 4.06% $12,891
AMERIFIRST FINANCIAL CORPORATION 4 5.06% $6,077
PNC Bank 3 4.46% $7,068
CALIBER HOME LOANS, INC. 3 4.46% $6,042
LEGEND LENDING CORPORATION 3 6.04% $3,905
CHURCHILL MORTGAGE CORPORATION 3 4.83% $10,224
MID AMERICA MORTGAGE, INC. 3 5.29% $3,829
NBKC BANK 3 4.13% $14,466
Barrington Bank & Trust Company, N.A. 3 4.38% $5,727
CARDINAL FINANCIAL 3 5.00% $11,511
Carrington Mortgage Services, LLC 2 5.63% $7,795
CONTOUR MORTGAGE CORPORATION 2 4.50% $7,854
FIRST HERITAGE FINANCIAL, LLC 2 4.81% $6,677
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 5.69% $11,148
GUARANTEED RATE, INC. 2 4.13% $2,256
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.50% $6,238
HOME POINT FINANCIAL CORPORATION 2 4.74% $12,352
Independent Bank 2 5.25% $3,714
J. VIRGIL, INC. 2 4.88% $6,247
NETWORK CAPITAL FUNDING CORPORATION 2 4.56% $9,315
NORTHERN MORTGAGE SERVICES, LLC 2 4.81% $5,880
PLANET HOME LENDING, LLC 2 5.18% $13,123
ROSS MORTGAGE CORPORATION 2 5.69% $8,552
STAUNTON FINANCIAL, INC. 2 4.75% $9,491
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $10,034
NATIONS DIRECT MORTGAGE, LLC 1 5.63% $5,841
Nations Lending Corporation 1 7.13% $9,839
Low VA Rates, LLC 1 3.75% $15,165
Lakeview Community Capital, LLC 1 3.25% $1,431
Neighborhood Loans, Inc. 1 5.50% $9,311
ACADEMY MORTGAGE CORPORATION 1 3.25% $11,107
LAKE MICHIGAN CREDIT UNION 1 3.38% $11,545
INLAND BANK & TRUST 1 5.13% $11,039
North American Savings Bank, F.S.B. 1 3.63% $4,588
U.S. Bank 1 4.50% $20,614
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.75% $2,277
PENTAGON FEDERAL CREDIT UNION 1 4.75% $1,865
BNC National Bank 1 4.13% $1,960
Platinum Home Mortgage Corporation 1 6.75% $0
PLAZA HOME MORTGAGE, INC. 1 4.63% $7,192
GVC MORTGAGE, INC. 1 5.75% $2,530
PREMIA MORTGAGE, LLC 1 4.50% $0
Preston Home Loans Inc 1 4.88% $10,965
GUARANTEED RATE AFFINITY, LLC 1 3.00% $3,336
RESIDENTIAL BANCORP 1 2.38% $21,950
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $5,964
Wells Fargo Bank 1 2.63% $2,226
FINANCE OF AMERICA MORTGAGE LLC 1 4.00% $8,259
Sunflower Bank 1 5.63% $7,873
SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $9,424
Equity Prime Mortgage LLC 1 4.00% $5,514
DAS Acquisition Company, LLC 1 6.75% $11,415
CLEARPATH LENDING 1 4.75% $16,826
Citizens Bank 1 6.25% $2,310
Century Mortgage Company DBA Century Lending Company 1 5.63% $4,930
Mid-Continent Funding, Inc. 1 5.25% $7,667
MICHIGAN MUTUAL, INC. 1 3.50% $5,954
MORTGAGE CENTER L.C 1 6.63% $3,212
MEMBER FIRST MORTGAGE, LLC 1 6.63% $11,154
Magnolia Bank 1 4.50% $7,249

The top Lansing VA lender as defined by loan originations is Mortgage Research Center, LLC, with 124 VA loans originated. Their average total fees are $5,064, which is $2,498 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 ($3,844), Mortgage Research Center, LLC ($5,064), USAA Federal Savings Bank ($5,229), EVERETT FINANCIAL, INC. ($6,131) and Flagstar Bank, FSB ($6,202).

The lowest rate Lansing VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (4.01%), NAVY FEDERAL CREDIT UNION (4.13%), Flagstar Bank, FSB (4.31%), QUICKEN LOANS, LLC (4.31%) and USAA Federal Savings Bank (4.50%).


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
Lansing's median listing price for 2024-01-01 was $224,950, a difference of $37,250 (19.9%) versus the prior year and $50 versus the prior month.

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

Lansing's average listing price for 2024-01-01 was $279,094, a difference of $29,944 (12.0%) versus the prior year and $4,535 versus the prior month.

For the 2024-01-01 period, Lansing had 596 MLS listings, a difference of -125 listings (-17%) versus the prior month and -9 listings (-1%) 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
Lansing's median listing age (time on market) for 2024-01-01 was 58 days. This is -4% shorter than the same period one year ago.

Lansing's median square footage for active listings during the 2024-01-01 period was 1,599 sqft. One year prior, the average listing was 1,561 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.