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 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.