Monroe VA Loans

MONROE, 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 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.