Monroe VA Loan Rates, Closing Costs & Stats

MONROE, MI

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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.

    Monroe's 52 lenders originated 201 VA loans during 2024. The total origination value was $59,025,000, with an average VA loan value of $293,657.

    Monroe VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Monroe averaged 0.73% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

    Monroe's average VA mortgage closing costs are $5,602.

    The average rate for the prior week (2025-06-13) was 6.97% and one month ago for the week of 2025-05-16, the average rate was 7.03%.

    The average rate one year ago was 7.13%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.52%.

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

    Monroe 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 Monroe level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 45 6.41% $6,285
    UNITED WHOLESALE MORTGAGE, LLC 22 5.87% $6,279
    QUICKEN LOANS, LLC 19 6.22% $10,836
    AMERICAN FINANCIAL NETWORK, INC. 8 5.97% $5,203
    NAVY FEDERAL CREDIT UNION 8 5.45% $3,536
    FREEDOM MORTGAGE CORPORATION 8 6.12% $4,798
    VILLAGE CAPITAL MORTGAGE 7 5.64% $3,929
    CROSSCOUNTRY MORTGAGE, LLC 4 6.59% $8,928
    CMG MORTGAGE, INC. 4 6.50% $7,528
    UNION HOME MORTGAGE CORP. 4 6.25% $7,165
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.29% $6,034
    Flagstar Bank, FSB 3 5.75% $12,112
    PENNYMAC LOAN SERVICES, LLC 3 6.04% $9,637
    NEW DAY FINANCIAL, LLC 3 6.91% $7,736
    USAA Federal Savings Bank 3 6.17% $4,451
    EQUITY RESOURCES, INC. 3 6.50% $7,756
    THE MORTGAGE LINK, INC. 3 6.50% $8,573
    NEWREZ LLC 2 5.00% $6,974
    AMERISAVE MORTGAGE CORPORATION 2 5.56% $13,490
    Carrington Mortgage Services, LLC 2 5.75% $6,286
    CLEARPATH LENDING 2 5.50% $3,234
    INSPIRE HOME LOANS INC. 2 6.50% $13,661
    LOANDEPOT.COM, LLC 2 6.31% $6,563
    MORTGAGE 1 INCORPORATED 2 6.38% $11,665
    PLANET HOME LENDING, LLC 2 6.13% $5,690
    RUOFF MORTGAGE COMPANY, INC. 2 6.00% $6,205
    The Huntington National Bank 2 7.13% $8,689
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $0
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $1,676
    Lakeview Community Capital, LLC 1 5.75% $3,005
    NBKC BANK 1 5.63% $964
    LAKE MICHIGAN CREDIT UNION 1 6.25% $3,696
    ALLIED MORTGAGE GROUP, INC. 1 5.75% $6,119
    KeyBank 1 6.13% $3,284
    PHH Mortgage Corporation 1 6.13% $7,931
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $5,497
    PNC Bank 1 6.50% $2,082
    POLARIS HOME FUNDING CORP. 1 7.13% $13,342
    PREMIA MORTGAGE, LLC 1 5.50% $9,080
    GUARANTEED RATE, INC. 1 6.50% $3,519
    ROSS MORTGAGE CORPORATION 1 6.88% $7,191
    U.S. Bank 1 6.63% $0
    First Merchants Bank 1 7.25% $6,561
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $13,601
    The Loan Store, Inc. 1 5.75% $3,663
    First Federal Bank 1 6.13% $2,576
    TOP FLITE FINANCIAL, INC. 1 6.88% $21,874
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.75% $11,587
    MILEND, INC. 1 7.25% $9,762
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $1,784
    MORTGAGE CENTER L.C 1 6.88% $9,633
    MEMBER FIRST MORTGAGE, LLC 1 7.13% $11,575

    The top Monroe VA lender as defined by loan originations is Mortgage Research Center, LLC, with 45 VA loans originated. Their average total fees are $6,285, which is $6 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Monroe VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($6,279), Mortgage Research Center, LLC ($6,285), QUICKEN LOANS, LLC ($10,836), .

    The lowest rate Monroe VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.87%), QUICKEN LOANS, LLC (6.22%), Mortgage Research Center, LLC (6.41%), .

    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.