Monroe VA Loans

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 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 77 lenders originated 513 VA loans during 2021. The total origination value was $114,595,000, with an average VA loan value of $223,382.

    Monroe VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Monroe averaged 5.47% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.8% and one month ago for the week of 2022-04-08, the average rate was 5.02%.

    The average rate one year ago was 3.04%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.14%.

    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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Monroe level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 95 2.47% $4,644
    Mortgage Research Center, LLC 49 2.88% $5,020
    FREEDOM MORTGAGE CORPORATION 32 2.41% $2,767
    UNION HOME MORTGAGE CORP. 23 2.78% $7,755
    PENNYMAC LOAN SERVICES, LLC 16 2.61% $4,814
    NEW DAY FINANCIAL, LLC 14 2.63% $5,971
    CALIBER HOME LOANS, INC. 12 2.49% $4,614
    USAA Federal Savings Bank 11 2.89% $5,094
    AMERICAN FINANCIAL NETWORK, INC. 11 3.14% $7,976
    VILLAGE CAPITAL & INVESTMENT LLC 10 2.35% $3,545
    Nations Lending Corporation 10 2.60% $5,649
    UNITED WHOLESALE MORTGAGE, LLC 9 2.50% $4,079
    NAVY FEDERAL CREDIT UNION 9 2.57% $6,676
    The Huntington National Bank 8 2.97% $3,953
    LAKEVIEW LOAN SERVICING, LLC 8 2.41% $2,399
    MORTGAGE 1 INCORPORATED 7 3.16% $5,981
    CROSSCOUNTRY MORTGAGE, LLC 7 2.94% $3,342
    CLEARPATH LENDING 7 2.32% $4,949
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 2.95% $6,142
    Mr. Cooper ( Nationstar Mortgage ) 5 3.15% $3,626
    UNIVERSITY LENDING GROUP, LLC 5 3.10% $5,839
    HOME POINT FINANCIAL CORPORATION 5 2.52% $3,395
    HOWARD HANNA FINANCIAL SERVICES, INC. 5 2.73% $10,203
    EQUITY RESOURCES, INC. 5 2.55% $4,608
    Citizens Bank 4 2.75% $7,309
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 2.84% $1,859
    Low VA Rates, LLC 4 2.44% $2,534
    Carrington Mortgage Services, LLC 4 3.16% $6,982
    Fifth Third Bank 3 2.63% $4,206
    The Federal Savings Bank 3 2.42% $11,466
    LOANDEPOT.COM, LLC 3 2.58% $2,481
    PLANET HOME LENDING, LLC 3 2.54% $2,387
    AMERISAVE MORTGAGE CORPORATION 3 2.79% $5,072
    NEWREZ LLC 3 2.41% $1,617
    The State Bank and Trust Company 2 2.63% $3,440
    RUOFF MORTGAGE COMPANY, INC. 2 3.25% $4,037
    PNC Bank 2 2.63% $5,123
    AMERIFIRST FINANCIAL CORPORATION 2 3.06% $8,238
    Platinum Home Mortgage Corporation 2 3.37% $4,648
    GUARANTEED RATE, INC. 2 3.06% $915
    Barrington Bank & Trust Company, N.A. 2 2.68% $2,294
    Magnolia Bank 2 2.63% $7,253
    BROKER SOLUTIONS, INC. 2 2.62% $12,337
    SUCCESS MORTGAGE PARTNERS, INC. 2 3.38% $6,564
    SUN WEST MORTGAGE COMPANY, INC. 2 2.44% $4,552
    Wells Fargo Bank 1 3.00% $2,134
    ACCELERATE MORTGAGE, LLC 1 2.25% $2,459
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.75% $14,441
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.25% $2,459
    Bank of America 1 2.88% $22,710
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $4,163
    BLG HOLDINGS, INC. 1 3.63% $5,044
    Capital Bank 1 2.25% $1,561
    Credence Funding Corporation 1 2.25% $1,412
    DAS Acquisition Company, LLC 1 3.50% $4,618
    EVERETT FINANCIAL, INC. 1 3.50% $7,761
    FBC MORTGAGE, LLC 1 2.25% $5,262
    FINANCE OF AMERICA MORTGAGE LLC 1 2.63% $1,546
    First Federal Bank 1 4.99% $5,791
    First Guaranty Mortgage Corporation 1 2.25% $2,607
    First Merchants Bank 1 2.50% $3,018
    GSF Mortgage Corporation 1 2.25% $3,817
    GVC MORTGAGE, INC. 1 3.63% $11,478
    INSPIRE HOME LOANS INC. 1 3.13% $3,601
    InterContinental Capital Group, Inc 1 3.13% $3,285
    KeyBank 1 2.75% $985
    MICHIGAN MUTUAL, INC. 1 2.38% $3,990
    MID AMERICA MORTGAGE, INC. 1 3.25% $2,173
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $6,125
    NBKC BANK 1 2.25% $22,148
    Paramount Residential Mortgage Group, Inc. 1 2.25% $4,266
    PLAZA HOME MORTGAGE, INC. 1 2.88% $7,182
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $9,035
    ROSS MORTGAGE CORPORATION 1 3.25% $1,968
    SUMMIT FUNDING, INC. 1 3.00% $4,698
    U.S. Bank 1 2.38% $12,523
    ACADEMY MORTGAGE CORPORATION 1 3.00% $5,709

    The top Monroe VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 95 VA loans originated. Their average total fees are $4,644, which is $376 lower than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Monroe VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,767), VILLAGE CAPITAL & INVESTMENT LLC ($3,545), CALIBER HOME LOANS, INC. ($4,614), QUICKEN LOANS, LLC ($4,644) and PENNYMAC LOAN SERVICES, LLC ($4,814).

    The lowest rate Monroe VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.35%), FREEDOM MORTGAGE CORPORATION (2.41%), QUICKEN LOANS, LLC (2.47%), CALIBER HOME LOANS, INC. (2.49%) and Nations Lending Corporation (2.60%).

    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.