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 53 lenders originated 144 VA loans during 2024. The total origination value was $37,820,000, with an average VA loan value of $262,639.

Michigan City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Michigan City averaged 7% for the week of 2025-05-09, compared to the national average (all VA variants) of 6.369% for the same period.

Michigan City's average VA mortgage closing costs are $5,423.

The average rate for the prior week (2025-05-02) was 6.92% and one month ago for the week of 2025-04-04, the average rate was 6.77%.

The average rate one year ago was 7.36%.

For refis of the same type during the week of 2025-05-09, the average rate was 6.63%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
Mortgage Research Center, LLC 34 6.49% $5,924
FREEDOM MORTGAGE CORPORATION 9 6.32% $6,857
NEWREZ LLC 7 6.61% $9,391
INSPIRE HOME LOANS INC. 5 6.08% $7,699
PENNYMAC LOAN SERVICES, LLC 4 5.56% $7,434
NAVY FEDERAL CREDIT UNION 4 6.16% $2,956
HALLMARK HOME MORTGAGE, LLC 3 6.62% $12,301
AMERICAN FINANCIAL NETWORK, INC. 3 7.33% $10,588
QUICKEN LOANS, LLC 3 6.32% $6,529
NEW DAY FINANCIAL, LLC 3 7.71% $16,471
USAA Federal Savings Bank 3 5.63% $7,728
LOANDEPOT.COM, LLC 3 6.04% $6,970
VILLAGE CAPITAL MORTGAGE 2 5.75% $3,490
GUILD MORTGAGE COMPANY 2 6.25% $12,551
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 6.87% $10,705
Barrington Bank & Trust Company, N.A. 2 6.50% $4,022
LAKEVIEW LOAN SERVICING, LLC 2 6.00% $3,989
CARDINAL FINANCIAL 2 6.75% $12,521
Credence Funding Corporation 2 5.93% $4,662
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.44% $5,520
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.44% $4,479
UNION HOME MORTGAGE CORP. 2 6.75% $11,728
UNITED WHOLESALE MORTGAGE, LLC 2 5.25% $4,456
POLARIS HOME FUNDING CORP. 1 7.25% $5,923
PROPER RATE, LLC 1 6.25% $15,551
Prosperity Home Mortgage, LLC 1 6.25% $12,097
Residential Mortgage Solutions, Inc. 1 6.75% $7,289
1st Source Bank 1 7.13% $7,116
Texana Bank 1 5.88% $7,989
The Federal Savings Bank 1 6.25% $13,441
ROYAL UNITED MORTGAGE LLC 1 7.25% $11,245
AmeriHome Mortgage Company, LLC 1 5.99% $14,841
Carrington Mortgage Services, LLC 1 5.50% $7,351
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $20,047
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.49% $5,919
Fifth Third Bank 1 5.75% $8,022
FIRST COMMUNITY MORTGAGE, INC. 1 7.13% $1,025
First Federal Bank 1 6.13% $7,703
GENEVA FINANCIAL, LLC 1 7.25% $771
Ixonia Bank 1 7.13% $5,601
JPMorgan Chase Bank 1 5.58% $20,183
LEADERONE FINANCIAL CORPORATION 1 6.75% $9,968
LOANPAL, LLC 1 5.75% $10,531
MEMBER FIRST MORTGAGE, LLC 1 6.88% $13,176
MICHIGAN MUTUAL, INC. 1 8.13% $15,128
Mid-Continent Funding, Inc. 1 6.75% $21,170
MJW Financial LLC 1 5.63% $0
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.13% $2,475
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $8,491
NBKC BANK 1 5.88% $11,791
NETWORK CAPITAL FUNDING CORPORATION 1 6.75% $10,565
PLANET HOME LENDING, LLC 1 5.99% $3,666
POINT Mortgage 1 7.00% $5,309

The top Michigan City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 34 VA loans originated. Their average total fees are $5,924, which is $933 lower than the next largest lender, FREEDOM MORTGAGE CORPORATION.

The lowest fee Michigan City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,924), .

The lowest rate Michigan City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.49%), .

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.