Michigan City VA Loan Rates, Closing Costs & Stats

MICHIGAN CITY-LA PORTE, IN

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    • 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 33 lenders originated 86 VA loans during 2023. The total origination value was $21,310,000, with an average VA loan value of $247,791.

    Michigan City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Michigan City averaged 7.05% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Michigan City's average VA mortgage closing costs are $5,094.

    The average rate for the prior week (2024-04-12) was 7.08% and one month ago for the week of 2024-03-15, the average rate was 7.04%.

    The average rate one year ago was 6.63%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 21 6.82% $4,552
    QUICKEN LOANS, LLC 9 6.42% $9,315
    NAVY FEDERAL CREDIT UNION 5 5.55% $7,692
    NEW DAY FINANCIAL, LLC 4 7.62% $11,489
    FREEDOM MORTGAGE CORPORATION 3 6.83% $10,059
    AMERICAN FINANCIAL NETWORK, INC. 3 7.08% $3,649
    INSPIRE HOME LOANS INC. 3 5.50% $9,058
    FIRST CENTENNIAL MORTGAGE CORPORATION 3 6.71% $2,046
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $265
    LOANDEPOT.COM, LLC 2 6.87% $6,923
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.56% $6,816
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 7.56% $5,814
    CROSSCOUNTRY MORTGAGE, LLC 2 7.25% $10,815
    PENNYMAC LOAN SERVICES, LLC 2 5.69% $5,786
    Mr. Cooper ( Nationstar Mortgage ) 2 5.69% $11,494
    UNION HOME MORTGAGE CORP. 1 5.75% $12,255
    UNITED WHOLESALE MORTGAGE, LLC 1 7.75% $5,247
    ALLIED MORTGAGE GROUP, INC. 1 6.63% $6,764
    USAA Federal Savings Bank 1 5.63% $7,031
    AMERISAVE MORTGAGE CORPORATION 1 6.88% $13,947
    Barrington Bank & Trust Company, N.A. 1 7.25% $5,308
    CHURCHILL MORTGAGE CORPORATION 1 5.50% $13,984
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.75% $14,979
    Fifth Third Bank 1 7.13% $3,740
    First Federal Bank 1 5.63% $7,232
    GENEVA FINANCIAL, LLC 1 5.88% $15,320
    GUARANTEED RATE, INC. 1 7.25% $15,001
    JPMorgan Chase Bank 1 7.50% $950
    NEWREZ LLC 1 6.75% $8,886
    POLARIS HOME FUNDING CORP. 1 6.25% $8,613
    RUOFF MORTGAGE COMPANY, INC. 1 7.25% $550
    SUN WEST MORTGAGE COMPANY, INC. 1 6.62% $7,743
    The Huntington National Bank 1 7.25% $8,937

    The top Michigan City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 21 VA loans originated. Their average total fees are $4,552, which is $4,763 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 ($4,552), .

    The lowest rate Michigan City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.82%), .

    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
    2024-02-01 $249,490 (-8.3%) $411,452 (-5.1%) 0.00 185
    2024-03-01 $250,000 (-12.1%) $425,879 (-1.0%) 0.00 203
    Michigan City's median listing price for 2024-03-01 was $250,000, a difference of $-34,450 (-12.1%) versus the prior year and $510 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 2024-03-01 was $425,879, a difference of $-4,385 (-1.0%) versus the prior year and $14,427 versus the prior month.

    For the 2024-03-01 period, Michigan City had 203 MLS listings, a difference of 18 listings (10%) versus the prior month and 52 listings (34%) 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
    2024-02-01 0 days 1,767 sqft
    2024-03-01 0 days 1,774 sqft
    Michigan City's median listing age (time on market) for 2024-03-01 was 0 days.

    Michigan City's median square footage for active listings during the 2024-03-01 period was 1,774 sqft. One year prior, the average listing was 2,014 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.