Midland VA Loan Rates, Closing Costs & Stats

MIDLAND, MI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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.

    Midland's 27 lenders originated 90 VA loans during 2023. The total origination value was $24,750,000, with an average VA loan value of $275,000.

    Midland VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Midland averaged 6.66% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Midland's average VA mortgage closing costs are $4,966.

    The average rate for the prior week (2024-11-01) was 6.52% and one month ago for the week of 2024-10-04, the average rate was 5.85%.

    The average rate one year ago was 7.8%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

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

    Midland 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 Midland level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 20 6.91% $5,723
    QUICKEN LOANS, LLC 14 6.43% $12,812
    FIRST COMMUNITY MORTGAGE, INC. 7 6.73% $6,494
    NEW DAY FINANCIAL, LLC 6 7.43% $10,688
    UNITED WHOLESALE MORTGAGE, LLC 5 6.19% $5,380
    NAVY FEDERAL CREDIT UNION 4 5.81% $3,329
    PENNYMAC LOAN SERVICES, LLC 4 5.75% $7,853
    USAA Federal Savings Bank 4 6.53% $5,640
    NEWREZ LLC 2 6.44% $9,450
    CARDINAL FINANCIAL 2 5.75% $10,230
    The Federal Savings Bank 2 6.94% $12,915
    MOVEMENT MORTGAGE, LLC 1 6.75% $2,776
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $13,930
    ROSS MORTGAGE CORPORATION 1 6.25% $5,328
    STAUNTON FINANCIAL, INC. 1 5.75% $6,699
    AMERICAN FINANCING CORPORATION 1 5.88% $9,961
    VILLAGE CAPITAL MORTGAGE 1 7.25% $4,681
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $11,532
    BNC National Bank 1 4.88% $8,092
    Capital Bank 1 6.75% $2,691
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $22,234
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $3,867
    FREEDOM MORTGAGE CORPORATION 1 6.75% $15,403
    GENEVA FINANCIAL, LLC 1 6.75% $1,819
    Horizon Bank 1 7.13% $2,280
    LOANDEPOT.COM, LLC 1 6.63% $7,356
    MICHIGAN MUTUAL, INC. 1 7.75% $10,811

    The top Midland VA lender as defined by loan originations is Mortgage Research Center, LLC, with 20 VA loans originated. Their average total fees are $5,723, which is $7,089 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Midland VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,723), QUICKEN LOANS, LLC ($12,812), .

    The lowest rate Midland VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.43%), Mortgage Research Center, LLC (6.91%), .

    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.