Michigan City VA Loans

MICHIGAN CITY-LA PORTE, IN

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.

Michigan City's 58 lenders originated 283 VA loans during 2021. The total origination value was $54,075,000, with an average VA loan value of $191,078.

Michigan City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Michigan City averaged 5.72% 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 5.65% and one month ago for the week of 2022-04-08, the average rate was 5.07%.

The average rate one year ago was 3.39%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.17%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Michigan City 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 Michigan City level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 49 2.98% $5,524
QUICKEN LOANS, LLC 35 2.61% $5,301
FREEDOM MORTGAGE CORPORATION 15 2.43% $3,104
PENNYMAC LOAN SERVICES, LLC 9 2.57% $4,129
NEW DAY FINANCIAL, LLC 9 2.79% $6,033
USAA Federal Savings Bank 9 2.89% $2,695
CALIBER HOME LOANS, INC. 7 2.62% $2,570
VILLAGE CAPITAL & INVESTMENT LLC 6 2.29% $2,563
The Federal Savings Bank 5 2.70% $7,020
LAKEVIEW LOAN SERVICING, LLC 5 2.73% $2,769
Bank of England 5 2.75% $7,611
UNION HOME MORTGAGE CORP. 5 2.95% $5,841
RUOFF MORTGAGE COMPANY, INC. 5 3.18% $6,357
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 5 3.25% $8,506
Mr. Cooper ( Nationstar Mortgage ) 5 3.40% $3,311
LOANDEPOT.COM, LLC 4 2.38% $3,471
Wells Fargo Bank 4 2.88% $1,298
CLEARPATH LENDING 4 2.25% $5,488
GUARANTEED RATE, INC. 3 2.83% $7,091
AMERISAVE MORTGAGE CORPORATION 3 2.46% $6,228
Centier Bank 3 3.04% $4,617
HOME POINT FINANCIAL CORPORATION 3 2.63% $2,427
NEWREZ LLC 3 2.63% $2,033
UNITED WHOLESALE MORTGAGE, LLC 3 2.83% $2,456
Fifth Third Bank 2 2.94% $9,931
Carrington Mortgage Services, LLC 2 3.00% $8,566
AMERICAN FINANCIAL NETWORK, INC. 2 2.50% $5,947
CROSSCOUNTRY MORTGAGE, LLC 2 3.38% $1,814
NP, Inc. 2 2.25% $2,617
Barrington Bank & Trust Company, N.A. 2 2.88% $7,405
Flagstar Bank, FSB 1 2.38% $6,537
Low VA Rates, LLC 1 2.25% $3,417
Magnolia Bank 1 2.75% $3,590
First Guaranty Mortgage Corporation 1 3.25% $1,228
FIRST CENTENNIAL MORTGAGE CORPORATION 1 2.75% $12,128
NAVY FEDERAL CREDIT UNION 1 2.25% $2,726
NETWORK CAPITAL FUNDING CORPORATION 1 2.25% $7,636
North American Savings Bank, F.S.B. 1 3.50% $4,418
OCMBC, INC. 1 2.75% $2,296
OPEN MORTGAGE, LLC 1 2.25% $1,678
EMBRACE HOME LOANS, INC. 1 2.25% $2,010
PENTAGON FEDERAL CREDIT UNION 1 2.25% $1,706
PLANET HOME LENDING, LLC 1 2.25% $3,142
PNC Bank 1 3.00% $1,586
POLARIS HOME FUNDING CORP. 1 2.50% $7,641
DAS Acquisition Company, LLC 1 2.75% $6,940
SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $570
TEACHERS CREDIT UNION 1 2.75% $9,331
Citizens Bank 1 2.75% $3,019
GUARANTEED RATE AFFINITY, LLC 1 2.38% $525
ACCELERATE MORTGAGE, LLC 1 2.25% $3,033
BAYSHORE MORTGAGE FUNDING, LLC 1 2.75% $4,105
HALLMARK HOME MORTGAGE, LLC 1 3.13% $13,841
Hometown Lenders, Inc. 1 4.63% $9,678
Horizon Bank 1 3.25% $3,152
InterContinental Capital Group, Inc 1 2.50% $4,421
JPMorgan Chase Bank 1 3.75% $2,938
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.99% $6,594

The top Michigan City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 49 VA loans originated. Their average total fees are $5,524, which is $223 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Michigan City VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,104), QUICKEN LOANS, LLC ($5,301), Mortgage Research Center, LLC ($5,524), .

The lowest rate Michigan City VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.43%), QUICKEN LOANS, LLC (2.61%), Mortgage Research Center, LLC (2.98%), .

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.