Midland VA Loan Rates, Closing Costs & Stats

MIDLAND, MI

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 6.08% for the week of 2024-10-11, compared to the national average (all VA variants) of 5.854% for the same period.

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

The average rate for the prior week (2024-10-04) was 6.15% and one month ago for the week of 2024-09-06, the average rate was 6.04%.

The average rate one year ago was 7.51%.

For refis of the same type during the week of 2024-10-11, the average rate was 5.75%.

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%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Midland (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 $170,000 (20.4%) $237,977 (21.6%) 0.00 264
2018-02-01 $176,125 (21.8%) $247,667 (18.2%) 0.00 245
2018-03-01 $170,000 (13.4%) $239,527 (8.2%) 0.00 278
2018-04-01 $179,950 (7.8%) $242,963 (5.1%) 0.00 268
2018-05-01 $183,125 (4.7%) $245,799 (5.3%) 0.00 282
2018-06-01 $184,500 (4.9%) $244,265 (5.1%) 0.00 316
2018-07-01 $184,500 (11.1%) $242,422 (3.4%) 0.00 338
2018-08-01 $189,125 (14.8%) $240,418 (7.8%) 0.00 343
2018-09-01 $180,000 (6.5%) $238,401 (5.7%) 0.00 369
2018-10-01 $189,900 (13.0%) $241,864 (7.4%) 0.00 353
2018-11-01 $174,325 (0.4%) $229,588 (-1.7%) 0.00 335
2018-12-01 $175,000 (1.0%) $231,057 (-3.1%) 0.00 279
2019-01-01 $174,950 (2.9%) $230,549 (-3.1%) 0.00 242
2019-02-01 $184,919 (5.0%) $242,460 (-2.1%) 0.00 240
2019-03-01 $192,336 (13.1%) $245,927 (2.7%) 0.00 232
2019-04-01 $199,250 (10.7%) $248,438 (2.3%) 0.00 234
2019-05-01 $219,675 (20.0%) $258,446 (5.2%) 0.00 256
2019-06-01 $200,000 (8.4%) $251,455 (2.9%) 0.00 279
2019-07-01 $213,625 (15.8%) $254,787 (5.1%) 0.00 300
2019-08-01 $201,818 (6.7%) $246,928 (2.7%) 0.00 313
2019-09-01 $189,545 (5.3%) $234,824 (-1.5%) 0.00 329
2019-10-01 $183,814 (-3.2%) $226,148 (-6.5%) 0.00 338
2019-11-01 $187,900 (7.8%) $231,139 (0.7%) 0.00 314
2019-12-01 $178,725 (2.1%) $229,499 (-0.7%) 0.00 289
2020-01-01 $174,748 (-0.1%) $227,188 (-1.5%) 0.00 252
2020-02-01 $199,900 (8.1%) $251,957 (3.9%) 0.00 213
2020-03-01 $228,475 (18.8%) $271,457 (10.4%) 0.00 200
2020-04-01 $240,725 (20.8%) $280,087 (12.7%) 0.00 181
2020-05-01 $238,900 (8.8%) $285,885 (10.6%) 0.00 177
2020-06-01 $243,575 (21.8%) $292,910 (16.5%) 0.00 163
2020-07-01 $241,975 (13.3%) $279,739 (9.8%) 0.00 147
2020-08-01 $229,900 (13.9%) $278,802 (12.9%) 0.00 143
2020-09-01 $225,000 (18.7%) $281,342 (19.8%) 0.00 139
2020-10-01 $189,900 (3.3%) $247,044 (9.2%) 0.00 149
2020-11-01 $199,900 (6.4%) $260,714 (12.8%) 0.00 133
2020-12-01 $200,950 (12.4%) $259,939 (13.3%) 0.00 128
2021-01-01 $202,500 (15.9%) $280,765 (23.6%) 0.00 91
2021-02-01 $193,225 (-3.3%) $288,397 (14.5%) 0.00 76
2021-03-01 $255,975 (12.0%) $322,537 (18.8%) 0.00 79
2021-04-01 $268,725 (11.6%) $311,188 (11.1%) 0.00 85
2021-05-01 $252,500 (5.7%) $319,865 (11.9%) 0.00 102
2021-06-01 $277,000 (13.7%) $347,660 (18.7%) 0.00 105
2021-07-01 $255,900 (5.8%) $329,334 (17.7%) 0.00 126
2021-08-01 $244,200 (6.2%) $304,777 (9.3%) 0.00 118
2021-09-01 $231,175 (2.7%) $292,642 (4.0%) 0.00 106
2021-10-01 $222,000 (16.9%) $268,556 (8.7%) 0.00 108
2021-11-01 $199,425 (-0.2%) $266,664 (2.3%) 0.00 98
2021-12-01 $208,675 (3.8%) $280,370 (7.9%) 0.00 71
2022-01-01 $217,450 (7.4%) $291,050 (3.7%) 0.00 57
2022-02-01 $248,808 (28.8%) $338,163 (17.3%) 0.00 50
2022-03-01 $228,750 (-10.6%) $337,961 (4.8%) 0.00 56
2022-04-01 $264,450 (-1.6%) $332,199 (6.8%) 0.00 59
2022-05-01 $252,675 (0.1%) $323,621 (1.2%) 0.00 79
2022-06-01 $284,475 (2.7%) $327,631 (-5.8%) 0.00 93
2022-07-01 $293,500 (14.7%) $335,666 (1.9%) 0.00 96
2022-08-01 $292,450 (19.8%) $328,058 (7.6%) 0.00 102
2022-09-01 $295,200 (27.7%) $321,166 (9.8%) 0.00 95
2022-10-01 $240,000 (8.1%) $314,597 (17.1%) 0.00 110
2022-11-01 $225,000 (12.8%) $311,973 (17.0%) 0.00 99
2022-12-01 $224,900 (7.8%) $307,151 (9.6%) 0.00 79
2023-01-01 $223,575 (2.8%) $308,491 (6.0%) 0.00 58
2023-02-01 $241,475 (-3.0%) $330,429 (-2.3%) 0.00 56
2023-03-01 $227,125 (-0.7%) $340,813 (0.8%) 0.00 57
2023-04-01 $292,500 (10.6%) $341,803 (2.9%) 0.00 62
2023-05-01 $302,500 (19.7%) $337,682 (4.4%) 0.00 68
2023-06-01 $306,225 (7.7%) $337,569 (3.0%) 0.00 74
2023-07-01 $309,900 (5.6%) $342,927 (2.2%) 0.00 85
2023-08-01 $303,700 (3.9%) $336,828 (2.7%) 0.00 106
2023-09-01 $309,500 (4.8%) $332,092 (3.4%) 0.00 101
2023-10-01 $289,975 (20.8%) $321,728 (2.3%) 0.00 102
2023-11-01 $288,250 (28.1%) $318,956 (2.2%) 0.00 110
2023-12-01 $279,500 (24.3%) $312,123 (1.6%) 0.00 104
2024-01-01 $287,975 (28.8%) $335,092 (8.6%) 0.00 91
2024-02-01 $287,425 (19.0%) $334,007 (1.1%) 0.00 68
2024-03-01 $299,000 (31.7%) $334,977 (-1.7%) 0.00 73
2024-04-01 $316,250 (8.1%) $361,086 (5.6%) 0.00 79
2024-05-01 $323,900 (7.1%) $356,125 (5.5%) 0.00 81
2024-06-01 $347,500 (13.5%) $369,354 (9.4%) 0.00 80
2024-07-01 $304,875 (-1.6%) $369,514 (7.8%) 0.00 83
2024-08-01 $326,500 (7.5%) $426,747 (26.7%) 0.00 115
2024-09-01 $312,500 (1.0%) $408,263 (22.9%) 0.00 131
Midland's median listing price for 2024-09-01 was $312,500, a difference of $3,000 (1.0%) versus the prior year and $-14,000 versus the prior month.

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

Midland's average listing price for 2024-09-01 was $408,263, a difference of $76,171 (22.9%) versus the prior year and $-18,484 versus the prior month.

For the 2024-09-01 period, Midland had 131 MLS listings, a difference of 16 listings (14%) versus the prior month and 30 listings (30%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Midland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,795 sqft
2018-02-01 0 days 1,801 sqft
2018-03-01 0 days 1,742 sqft
2018-04-01 0 days 1,747 sqft
2018-05-01 0 days 1,647 sqft
2018-06-01 0 days 1,700 sqft
2018-07-01 0 days 1,706 sqft
2018-08-01 0 days 1,745 sqft
2018-09-01 0 days 1,918 sqft
2018-10-01 0 days 2,050 sqft
2018-11-01 0 days 2,026 sqft
2018-12-01 0 days 1,971 sqft
2019-01-01 0 days 1,952 sqft
2019-02-01 0 days 1,973 sqft
2019-03-01 0 days 1,883 sqft
2019-04-01 0 days 1,808 sqft
2019-05-01 0 days 1,883 sqft
2019-06-01 0 days 1,857 sqft
2019-07-01 0 days 1,830 sqft
2019-08-01 0 days 1,809 sqft
2019-09-01 0 days 1,780 sqft
2019-10-01 0 days 1,754 sqft
2019-11-01 0 days 1,764 sqft
2019-12-01 0 days 1,738 sqft
2020-01-01 0 days 1,730 sqft
2020-02-01 0 days 1,788 sqft
2020-03-01 0 days 1,832 sqft
2020-04-01 0 days 1,830 sqft
2020-05-01 0 days 1,848 sqft
2020-06-01 0 days 1,898 sqft
2020-07-01 0 days 1,838 sqft
2020-08-01 0 days 1,921 sqft
2020-09-01 0 days 1,808 sqft
2020-10-01 0 days 1,631 sqft
2020-11-01 0 days 1,688 sqft
2020-12-01 0 days 1,791 sqft
2021-01-01 0 days 1,813 sqft
2021-02-01 0 days 1,632 sqft
2021-03-01 0 days 1,715 sqft
2021-04-01 0 days 1,661 sqft
2021-05-01 0 days 1,647 sqft
2021-06-01 0 days 1,796 sqft
2021-07-01 0 days 1,809 sqft
2021-08-01 0 days 1,807 sqft
2021-09-01 0 days 1,805 sqft
2021-10-01 0 days 1,732 sqft
2021-11-01 0 days 1,726 sqft
2021-12-01 0 days 1,809 sqft
2022-01-01 0 days 1,608 sqft
2022-02-01 0 days 1,723 sqft
2022-03-01 0 days 1,615 sqft
2022-04-01 0 days 1,650 sqft
2022-05-01 0 days 1,756 sqft
2022-06-01 0 days 1,881 sqft
2022-07-01 0 days 1,881 sqft
2022-08-01 0 days 1,755 sqft
2022-09-01 0 days 1,712 sqft
2022-10-01 0 days 1,716 sqft
2022-11-01 0 days 1,685 sqft
2022-12-01 0 days 1,600 sqft
2023-01-01 0 days 1,632 sqft
2023-02-01 0 days 1,670 sqft
2023-03-01 0 days 1,637 sqft
2023-04-01 0 days 1,748 sqft
2023-05-01 0 days 1,718 sqft
2023-06-01 0 days 1,736 sqft
2023-07-01 0 days 1,800 sqft
2023-08-01 0 days 1,832 sqft
2023-09-01 0 days 1,847 sqft
2023-10-01 0 days 1,833 sqft
2023-11-01 0 days 1,818 sqft
2023-12-01 0 days 1,711 sqft
2024-01-01 0 days 1,734 sqft
2024-02-01 0 days 1,672 sqft
2024-03-01 0 days 1,762 sqft
2024-04-01 0 days 1,642 sqft
2024-05-01 0 days 1,778 sqft
2024-06-01 0 days 1,780 sqft
2024-07-01 0 days 1,745 sqft
2024-08-01 0 days 1,846 sqft
2024-09-01 0 days 1,820 sqft
Midland's median listing age (time on market) for 2024-09-01 was 0 days.

Midland's median square footage for active listings during the 2024-09-01 period was 1,820 sqft. One year prior, the average listing was 1,847 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.