Michigan City VA Loan Rates, Closing Costs & Stats

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 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.

Michigan City's 40 lenders originated 117 VA loans during 2022. The total origination value was $26,295,000, with an average VA loan value of $224,744.

Michigan City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Michigan City averaged 6.43% for the week of 2024-03-01, compared to the national average (all VA variants) of 6.517% for the same period.

Michigan City's average VA mortgage closing costs are $4,900.

The average rate for the prior week (2024-02-23) was 6.75% and one month ago for the week of 2024-01-26, the average rate was 6.28%.

The average rate one year ago was 6.62%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.59%.

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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Michigan City level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 25 5.22% $7,206
QUICKEN LOANS, LLC 11 3.37% $8,319
PENNYMAC LOAN SERVICES, LLC 6 4.31% $5,797
FREEDOM MORTGAGE CORPORATION 6 5.02% $7,186
USAA Federal Savings Bank 5 4.80% $5,872
NAVY FEDERAL CREDIT UNION 5 3.93% $5,758
FIRST CENTENNIAL MORTGAGE CORPORATION 4 5.28% $6,391
NEW DAY FINANCIAL, LLC 4 5.31% $6,827
UNITED WHOLESALE MORTGAGE, LLC 3 4.08% $8,910
The Federal Savings Bank 3 5.42% $16,728
Wells Fargo Bank 2 5.75% $1,116
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 6.44% $15,310
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 4.56% $8,704
LOANDEPOT.COM, LLC 2 6.38% $4,673
MUTUAL OF OMAHA MORTGAGE, INC. 2 4.81% $11,796
Servion, Inc. 2 4.25% $9,912
UNION HOME MORTGAGE CORP. 2 5.88% $6,854
HOME POINT FINANCIAL CORPORATION 1 2.99% $5,428
HOMESIDE FINANCIAL, LLC 1 2.88% $3,014
Hometown Lenders, Inc. 1 5.63% $5,830
Barrington Bank & Trust Company, N.A. 1 5.75% $5,415
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.25% $2,962
Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $5,840
M&T Bank 1 4.75% $5,419
CALIBER HOME LOANS, INC. 1 3.75% $2,462
EMBRACE HOME LOANS, INC. 1 5.75% $5,404
CROSSCOUNTRY MORTGAGE, LLC 1 3.63% $6,113
CLEARPATH LENDING 1 2.99% $14,106
PROPER RATE, LLC 1 6.25% $1,755
CHERRY CREEK MORTGAGE, LLC 1 5.25% $5,446
ROYAL UNITED MORTGAGE LLC 1 4.88% $3,975
RUOFF MORTGAGE COMPANY, INC. 1 5.25% $907
BROKER SOLUTIONS, INC. 1 5.50% $5,094
SUN WEST MORTGAGE COMPANY, INC. 1 7.25% $15,610
Carrington Mortgage Services, LLC 1 6.13% $5,902
First Guaranty Mortgage Corporation 1 5.00% $7,322
FLAT BRANCH MORTGAGE, INC. 1 5.13% $2,566
Fifth Third Bank 1 5.63% $2,982
The Huntington National Bank 1 3.63% $18,948
HALLMARK HOME MORTGAGE, LLC 1 4.50% $8,450

The top Michigan City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 25 VA loans originated. Their average total fees are $7,206, which is $1,113 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Michigan City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,206), QUICKEN LOANS, LLC ($8,319), .

The lowest rate Michigan City VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (3.37%), Mortgage Research Center, LLC (5.22%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Michigan City (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 $179,900 (37.4%) $285,635 (4.2%) 0.00 316
2018-02-01 $181,200 (24.8%) $293,424 (2.8%) 0.00 290
2018-03-01 $209,950 (22.1%) $314,589 (3.6%) 0.00 293
2018-04-01 $231,450 (25.2%) $318,956 (2.6%) 0.00 297
2018-05-01 $245,450 (5.4%) $323,876 (-3.8%) 0.00 334
2018-06-01 $249,900 (6.4%) $343,073 (2.5%) 0.00 353
2018-07-01 $239,450 (4.2%) $329,026 (-1.2%) 0.00 378
2018-08-01 $237,300 (1.0%) $316,654 (-4.9%) 0.00 381
2018-09-01 $234,900 (5.0%) $333,333 (2.7%) 0.00 384
2018-10-01 $216,763 (3.3%) $320,587 (2.4%) 0.00 390
2018-11-01 $209,725 (12.7%) $325,362 (8.9%) 0.00 384
2018-12-01 $199,900 (16.0%) $325,333 (13.3%) 0.00 357
2019-01-01 $206,425 (14.7%) $335,135 (17.3%) 0.00 318
2019-02-01 $216,675 (19.6%) $359,656 (22.6%) 0.00 294
2019-03-01 $219,186 (4.4%) $366,607 (16.5%) 0.00 292
2019-04-01 $251,550 (8.7%) $373,919 (17.2%) 0.00 283
2019-05-01 $262,675 (7.0%) $371,816 (14.8%) 0.00 293
2019-06-01 $277,900 (11.2%) $367,416 (7.1%) 0.00 330
2019-07-01 $271,375 (13.3%) $372,488 (13.2%) 0.00 346
2019-08-01 $255,155 (7.5%) $343,514 (8.5%) 0.00 353
2019-09-01 $249,386 (6.2%) $335,869 (0.8%) 0.00 353
2019-10-01 $247,216 (14.1%) $332,195 (3.6%) 0.00 349
2019-11-01 $224,900 (7.2%) $334,062 (2.7%) 0.00 330
2019-12-01 $204,800 (2.5%) $314,634 (-3.3%) 0.00 313
2020-01-01 $227,050 (10.0%) $327,416 (-2.3%) 0.00 288
2020-02-01 $245,000 (13.1%) $339,543 (-5.6%) 0.00 252
2020-03-01 $267,975 (22.3%) $367,218 (0.2%) 0.00 247
2020-04-01 $288,975 (14.9%) $387,546 (3.6%) 0.00 235
2020-05-01 $288,900 (10.0%) $378,959 (1.9%) 0.00 222
2020-06-01 $288,975 (4.0%) $392,821 (6.9%) 0.00 200
2020-07-01 $269,500 (-0.7%) $396,389 (6.4%) 0.00 197
2020-08-01 $259,000 (1.5%) $414,608 (20.7%) 0.00 176
2020-09-01 $264,225 (6.0%) $429,495 (27.9%) 0.00 167
2020-10-01 $261,950 (6.0%) $430,142 (29.5%) 0.00 176
2020-11-01 $259,175 (15.2%) $418,976 (25.4%) 0.00 161
2020-12-01 $239,900 (17.1%) $403,883 (28.4%) 0.00 149
2021-01-01 $217,000 (-4.4%) $367,492 (12.2%) 0.00 159
2021-02-01 $208,450 (-14.9%) $413,293 (21.7%) 0.00 84
2021-03-01 $237,200 (-11.5%) $447,474 (21.9%) 0.00 87
2021-04-01 $214,900 (-25.6%) $409,252 (5.6%) 0.00 97
2021-05-01 $166,950 (-42.2%) $349,013 (-7.9%) 0.00 113
2021-06-01 $177,450 (-38.6%) $347,546 (-11.5%) 0.00 147
2021-07-01 $199,900 (-25.8%) $391,854 (-1.1%) 0.00 157
2021-08-01 $186,375 (-28.0%) $373,027 (-10.0%) 0.00 174
2021-09-01 $199,000 (-24.7%) $386,831 (-9.9%) 0.00 196
2021-10-01 $217,400 (-17.0%) $390,296 (-9.3%) 0.00 196
2021-11-01 $212,500 (-18.0%) $383,201 (-8.5%) 0.00 184
2021-12-01 $210,000 (-12.5%) $387,449 (-4.1%) 0.00 154
2022-01-01 $184,950 (-14.8%) $345,723 (-5.9%) 0.00 126
2022-02-01 $188,500 (-9.6%) $364,269 (-11.9%) 0.00 107
2022-03-01 $236,475 (-0.3%) $408,194 (-8.8%) 0.00 92
2022-04-01 $294,450 (37.0%) $482,428 (17.9%) 0.00 80
2022-05-01 $278,475 (66.8%) $463,201 (32.7%) 0.00 116
2022-06-01 $324,950 (83.1%) $475,443 (36.8%) 0.00 131
2022-07-01 $324,950 (62.6%) $513,238 (31.0%) 0.00 163
2022-08-01 $283,700 (52.2%) $462,423 (24.0%) 0.00 199
2022-09-01 $288,000 (44.7%) $476,561 (23.2%) 0.00 208
2022-10-01 $289,900 (33.4%) $474,792 (21.7%) 0.00 206
2022-11-01 $267,000 (25.7%) $425,900 (11.1%) 0.00 221
2022-12-01 $277,000 (31.9%) $431,698 (11.4%) 0.00 192
2023-01-01 $257,722 (39.4%) $431,014 (24.7%) 0.00 165
2023-02-01 $271,950 (44.3%) $433,692 (19.1%) 0.00 157
2023-03-01 $284,450 (20.3%) $430,264 (5.4%) 0.00 151
2023-04-01 $302,400 (2.7%) $479,579 (-0.6%) 0.00 123
2023-05-01 $288,175 (3.5%) $430,454 (-7.1%) 0.00 146
2023-06-01 $275,575 (-15.2%) $407,444 (-14.3%) 0.00 170
2023-07-01 $294,950 (-9.2%) $426,669 (-16.9%) 0.00 188
2023-08-01 $299,450 (5.6%) $468,313 (1.3%) 0.00 206
2023-09-01 $322,495 (12.0%) $475,026 (-0.3%) 0.00 201
2023-10-01 $290,000 (0.0%) $466,162 (-1.8%) 0.00 205
2023-11-01 $269,675 (1.0%) $450,223 (5.7%) 0.00 222
2023-12-01 $253,490 (-8.5%) $430,190 (-0.4%) 0.00 218
2024-01-01 $250,995 (-2.6%) $407,383 (-5.5%) 0.00 196
Michigan City's median listing price for 2024-01-01 was $250,995, a difference of $-6,727 (-2.6%) versus the prior year and $-2,495 versus the prior month.

Michigan City's median listing price comes in at 0% of the national average.

Michigan City's average listing price for 2024-01-01 was $407,383, a difference of $-23,631 (-5.5%) versus the prior year and $-22,807 versus the prior month.

For the 2024-01-01 period, Michigan City had 196 MLS listings, a difference of -22 listings (-10%) versus the prior month and 31 listings (19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Michigan City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,862 sqft
2018-02-01 0 days 1,808 sqft
2018-03-01 0 days 1,885 sqft
2018-04-01 0 days 1,900 sqft
2018-05-01 0 days 1,952 sqft
2018-06-01 0 days 2,010 sqft
2018-07-01 0 days 2,025 sqft
2018-08-01 0 days 1,953 sqft
2018-09-01 0 days 1,969 sqft
2018-10-01 0 days 1,962 sqft
2018-11-01 0 days 1,958 sqft
2018-12-01 0 days 1,901 sqft
2019-01-01 0 days 1,934 sqft
2019-02-01 0 days 1,868 sqft
2019-03-01 0 days 1,864 sqft
2019-04-01 0 days 1,882 sqft
2019-05-01 0 days 1,927 sqft
2019-06-01 0 days 1,983 sqft
2019-07-01 0 days 1,993 sqft
2019-08-01 0 days 1,944 sqft
2019-09-01 0 days 1,921 sqft
2019-10-01 0 days 1,913 sqft
2019-11-01 0 days 1,862 sqft
2019-12-01 0 days 1,806 sqft
2020-01-01 0 days 1,868 sqft
2020-02-01 0 days 1,886 sqft
2020-03-01 0 days 1,909 sqft
2020-04-01 0 days 1,998 sqft
2020-05-01 0 days 1,860 sqft
2020-06-01 0 days 1,860 sqft
2020-07-01 0 days 1,851 sqft
2020-08-01 0 days 1,936 sqft
2020-09-01 0 days 1,896 sqft
2020-10-01 0 days 1,880 sqft
2020-11-01 0 days 1,806 sqft
2020-12-01 0 days 1,761 sqft
2021-01-01 0 days 1,782 sqft
2021-02-01 0 days 1,768 sqft
2021-03-01 0 days 1,790 sqft
2021-04-01 0 days 1,781 sqft
2021-05-01 0 days 1,705 sqft
2021-06-01 0 days 1,763 sqft
2021-07-01 0 days 1,808 sqft
2021-08-01 0 days 1,780 sqft
2021-09-01 0 days 1,835 sqft
2021-10-01 0 days 1,839 sqft
2021-11-01 0 days 1,806 sqft
2021-12-01 0 days 1,793 sqft
2022-01-01 0 days 1,746 sqft
2022-02-01 0 days 1,697 sqft
2022-03-01 0 days 1,768 sqft
2022-04-01 0 days 1,934 sqft
2022-05-01 0 days 1,894 sqft
2022-06-01 0 days 1,916 sqft
2022-07-01 0 days 1,928 sqft
2022-08-01 0 days 1,916 sqft
2022-09-01 0 days 2,021 sqft
2022-10-01 0 days 2,006 sqft
2022-11-01 0 days 1,955 sqft
2022-12-01 0 days 1,979 sqft
2023-01-01 0 days 1,938 sqft
2023-02-01 0 days 2,015 sqft
2023-03-01 0 days 2,014 sqft
2023-04-01 0 days 2,014 sqft
2023-05-01 0 days 2,015 sqft
2023-06-01 0 days 1,992 sqft
2023-07-01 0 days 2,011 sqft
2023-08-01 0 days 2,055 sqft
2023-09-01 0 days 2,110 sqft
2023-10-01 0 days 2,018 sqft
2023-11-01 0 days 1,956 sqft
2023-12-01 0 days 1,838 sqft
2024-01-01 0 days 1,774 sqft
Michigan City's median listing age (time on market) for 2024-01-01 was 0 days.

Michigan City's median square footage for active listings during the 2024-01-01 period was 1,774 sqft. One year prior, the average listing was 1,938 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.