Monroe VA Loan Rates, Closing Costs & Stats

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 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 40 lenders originated 156 VA loans during 2023. The total origination value was $41,760,000, with an average VA loan value of $267,692.

Monroe VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Monroe averaged 7.05% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

Monroe's average VA mortgage closing costs are $5,456.

The average rate for the prior week (2024-05-10) was 6.95% and one month ago for the week of 2024-04-12, the average rate was 7.04%.

The average rate one year ago was 6.44%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.04%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 26 6.91% $5,452
QUICKEN LOANS, LLC 16 6.07% $9,925
UNITED WHOLESALE MORTGAGE, LLC 14 6.76% $8,711
AMERICAN FINANCIAL NETWORK, INC. 12 7.08% $7,207
NAVY FEDERAL CREDIT UNION 9 5.63% $9,635
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 6.52% $7,599
NEW DAY FINANCIAL, LLC 6 7.58% $10,924
CROSSCOUNTRY MORTGAGE, LLC 5 6.84% $6,202
PENNYMAC LOAN SERVICES, LLC 5 5.23% $5,300
USAA Federal Savings Bank 4 6.56% $5,449
DAS Acquisition Company, LLC 4 6.72% $6,717
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.47% $5,228
ROSS MORTGAGE CORPORATION 3 7.29% $5,691
Fifth Third Bank 3 6.92% $6,994
GUARANTEED RATE, INC. 3 6.38% $4,204
EQUITY RESOURCES, INC. 3 6.74% $7,108
STAUNTON FINANCIAL, INC. 2 6.56% $7,026
Old National Bank 2 7.00% $3,754
The Federal Savings Bank 2 6.63% $18,093
MORTGAGE 1 INCORPORATED 2 7.06% $6,035
AMERISAVE MORTGAGE CORPORATION 2 5.56% $15,137
PLAZA HOME MORTGAGE, INC. 1 6.25% $13,068
BNC National Bank 1 5.13% $8,040
ROYAL UNITED MORTGAGE LLC 1 6.50% $13,139
RUOFF MORTGAGE COMPANY, INC. 1 7.50% $8,703
SUCCESS MORTGAGE PARTNERS, INC. 1 6.99% $2,546
SUN Federal Credit Union 1 6.50% $8,267
The Huntington National Bank 1 7.50% $9,607
THE MORTGAGE LINK, INC. 1 7.25% $15,628
UNION HOME MORTGAGE CORP. 1 7.13% $12,627
First Bank 1 6.75% $450
CALIBER HOME LOANS, INC. 1 7.25% $5,240
FREEDOM MORTGAGE CORPORATION 1 6.75% $20,183
KeyBank 1 7.00% $6,483
LAND HOME FINANCIAL SERVICES, INC. 1 8.13% $1,676
LOANDEPOT.COM, LLC 1 6.25% $12,356
BROKER SOLUTIONS, INC. 1 6.75% $10,240
EVERETT FINANCIAL, INC. 1 6.63% $3,447
NEWREZ LLC 1 7.25% $4,324
Equity Prime Mortgage LLC 1 6.13% $9,285

The top Monroe VA lender as defined by loan originations is Mortgage Research Center, LLC, with 26 VA loans originated. Their average total fees are $5,452, which is $4,473 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Monroe VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,452), AMERICAN FINANCIAL NETWORK, INC. ($7,207), UNITED WHOLESALE MORTGAGE, LLC ($8,711), QUICKEN LOANS, LLC ($9,925) and .

The lowest rate Monroe VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.07%), UNITED WHOLESALE MORTGAGE, LLC (6.76%), Mortgage Research Center, LLC (6.91%), AMERICAN FINANCIAL NETWORK, INC. (7.08%) and .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Monroe (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 $169,175 (2.5%) $210,985 (7.4%) 0.63 443
2018-02-01 $172,150 (3.7%) $211,571 (6.0%) 0.63 425
2018-03-01 $187,000 (13.4%) $217,793 (10.1%) 0.66 406
2018-04-01 $197,400 (16.2%) $219,405 (7.5%) 0.67 420
2018-05-01 $199,225 (10.7%) $220,592 (2.4%) 0.67 436
2018-06-01 $199,999 (6.7%) $226,780 (2.3%) 0.67 497
2018-07-01 $216,400 (8.9%) $229,790 (2.4%) 0.72 538
2018-08-01 $211,450 (19.2%) $223,929 (2.5%) 0.71 587
2018-09-01 $199,450 (10.9%) $223,200 (2.4%) 0.67 577
2018-10-01 $197,000 (9.4%) $221,064 (0.9%) 0.67 533
2018-11-01 $203,063 (14.7%) $222,793 (4.1%) 0.69 497
2018-12-01 $194,900 (19.6%) $221,852 (5.7%) 0.67 460
2019-01-01 $187,450 (10.8%) $222,207 (5.3%) 0.65 444
2019-02-01 $196,925 (14.4%) $226,595 (7.1%) 0.67 432
2019-03-01 $203,614 (8.9%) $228,108 (4.7%) 0.67 417
2019-04-01 $209,900 (6.3%) $228,921 (4.3%) 0.67 414
2019-05-01 $199,900 (0.3%) $232,337 (5.3%) 0.62 421
2019-06-01 $203,900 (2.0%) $233,873 (3.1%) 0.64 458
2019-07-01 $210,195 (-2.9%) $238,457 (3.8%) 0.66 493
2019-08-01 $207,173 (-2.0%) $235,591 (5.2%) 0.66 497
2019-09-01 $203,082 (1.8%) $234,180 (4.9%) 0.65 493
2019-10-01 $202,855 (3.0%) $235,095 (6.4%) 0.65 491
2019-11-01 $201,490 (-0.8%) $233,127 (4.6%) 0.66 501
2019-12-01 $199,900 (2.6%) $226,863 (2.3%) 0.67 452
2020-01-01 $199,900 (6.6%) $227,342 (2.3%) 0.67 388
2020-02-01 $209,950 (6.6%) $235,558 (4.0%) 0.69 342
2020-03-01 $209,950 (3.1%) $240,615 (5.5%) 0.66 294
2020-04-01 $204,900 (-2.4%) $225,136 (-1.7%) 0.64 265
2020-05-01 $199,000 (-0.5%) $228,038 (-1.9%) 0.60 281
2020-06-01 $221,950 (8.9%) $237,540 (1.6%) 0.65 264
2020-07-01 $227,400 (8.2%) $244,771 (2.7%) 0.66 241
2020-08-01 $239,900 (15.8%) $254,669 (8.1%) 0.69 247
2020-09-01 $238,950 (17.7%) $255,979 (9.3%) 0.68 221
2020-10-01 $229,900 (13.3%) $251,786 (7.1%) 0.66 223
2020-11-01 $240,088 (19.2%) $260,915 (11.9%) 0.70 212
2020-12-01 $229,900 (15.0%) $261,655 (15.3%) 0.68 204
2021-01-01 $230,000 (15.1%) $261,679 (15.1%) 0.69 173
2021-02-01 $248,008 (18.1%) $269,668 (14.5%) 0.72 156
2021-03-01 $239,975 (14.3%) $270,163 (12.3%) 0.68 142
2021-04-01 $260,630 (27.2%) $289,398 (28.5%) 0.71 152
2021-05-01 $256,905 (29.1%) $278,481 (22.1%) 0.68 150
2021-06-01 $256,175 (15.4%) $280,627 (18.1%) 0.67 190
2021-07-01 $245,000 (7.7%) $281,278 (14.9%) 0.65 205
2021-08-01 $248,050 (3.4%) $281,802 (10.7%) 0.66 243
2021-09-01 $246,200 (3.0%) $282,759 (10.5%) 0.66 235
2021-10-01 $239,900 (4.4%) $281,833 (11.9%) 0.64 210
2021-11-01 $239,925 (-0.1%) $282,363 (8.2%) 0.64 198
2021-12-01 $234,900 (2.2%) $287,897 (10.0%) 0.64 176
2022-01-01 $234,900 (2.1%) $289,639 (10.7%) 0.64 164
2022-02-01 $251,500 (1.4%) $298,795 (10.8%) 0.65 141
2022-03-01 $250,750 (4.5%) $300,272 (11.1%) 0.63 121
2022-04-01 $254,000 (-2.5%) $303,202 (4.8%) 0.61 126
2022-05-01 $259,925 (1.2%) $313,737 (12.7%) 0.59 153
2022-06-01 $274,950 (7.3%) $319,707 (13.9%) 0.61 183
2022-07-01 $275,000 (12.2%) $315,035 (12.0%) 0.62 227
2022-08-01 $246,650 (-0.6%) $292,199 (3.7%) 0.57 251
2022-09-01 $264,725 (7.5%) $300,343 (6.2%) 0.62 232
2022-10-01 $259,200 (8.1%) $292,717 (3.9%) 0.61 224
2022-11-01 $267,500 (11.5%) $298,588 (5.8%) 0.64 221
2022-12-01 $279,850 (19.1%) $311,298 (8.1%) 0.69 197
2023-01-01 $275,900 (17.5%) $306,128 (5.7%) 0.68 184
2023-02-01 $265,000 (5.4%) $306,604 (2.6%) 0.64 169
2023-03-01 $267,000 (6.5%) $299,210 (-0.4%) 0.63 139
2023-04-01 $269,950 (6.3%) $305,585 (0.8%) 0.63 143
2023-05-01 $279,300 (7.5%) $313,670 (0.0%) 0.63 162
2023-06-01 $296,365 (7.8%) $326,439 (2.1%) 0.67 163
2023-07-01 $295,000 (7.3%) $347,518 (10.3%) 0.67 168
2023-08-01 $289,250 (17.3%) $339,244 (16.1%) 0.66 192
2023-09-01 $299,900 (13.3%) $349,063 (16.2%) 0.70 198
2023-10-01 $275,000 (6.1%) $326,916 (11.7%) 0.65 200
2023-11-01 $276,200 (3.3%) $322,622 (8.1%) 0.66 237
2023-12-01 $275,000 (-1.7%) $326,898 (5.0%) 0.67 240
2024-01-01 $267,775 (-2.9%) $317,879 (3.8%) 0.65 221
2024-02-01 $274,500 (3.6%) $329,951 (7.6%) 0.66 201
2024-03-01 $279,400 (4.6%) $336,768 (12.6%) 0.66 167
2024-04-01 $277,450 (2.8%) $342,803 (12.2%) 0.65 156
Monroe's median listing price for 2024-04-01 was $277,450, a difference of $7,500 (2.8%) versus the prior year and $-1,950 versus the prior month.

Monroe's median listing price comes in at 65% of the national average.

Monroe's average listing price for 2024-04-01 was $342,803, a difference of $37,218 (12.2%) versus the prior year and $6,035 versus the prior month.

For the 2024-04-01 period, Monroe had 156 MLS listings, a difference of -11 listings (-7%) versus the prior month and 13 listings (9%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Monroe (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 83 days 1,644 sqft
2018-02-01 84 days 1,622 sqft
2018-03-01 72 days 1,641 sqft
2018-04-01 50 days 1,684 sqft
2018-05-01 47 days 1,699 sqft
2018-06-01 44 days 1,726 sqft
2018-07-01 45 days 1,759 sqft
2018-08-01 45 days 1,734 sqft
2018-09-01 52 days 1,691 sqft
2018-10-01 59 days 1,682 sqft
2018-11-01 71 days 1,685 sqft
2018-12-01 80 days 1,705 sqft
2019-01-01 89 days 1,678 sqft
2019-02-01 89 days 1,700 sqft
2019-03-01 69 days 1,716 sqft
2019-04-01 53 days 1,733 sqft
2019-05-01 46 days 1,705 sqft
2019-06-01 49 days 1,732 sqft
2019-07-01 44 days 1,766 sqft
2019-08-01 48 days 1,753 sqft
2019-09-01 54 days 1,742 sqft
2019-10-01 53 days 1,735 sqft
2019-11-01 54 days 1,715 sqft
2019-12-01 70 days 1,697 sqft
2020-01-01 86 days 1,699 sqft
2020-02-01 94 days 1,702 sqft
2020-03-01 104 days 1,675 sqft
2020-04-01 92 days 1,636 sqft
2020-05-01 67 days 1,629 sqft
2020-06-01 47 days 1,669 sqft
2020-07-01 46 days 1,675 sqft
2020-08-01 46 days 1,706 sqft
2020-09-01 48 days 1,734 sqft
2020-10-01 50 days 1,737 sqft
2020-11-01 54 days 1,728 sqft
2020-12-01 51 days 1,662 sqft
2021-01-01 63 days 1,686 sqft
2021-02-01 56 days 1,690 sqft
2021-03-01 49 days 1,672 sqft
2021-04-01 30 days 1,681 sqft
2021-05-01 43 days 1,675 sqft
2021-06-01 29 days 1,664 sqft
2021-07-01 31 days 1,664 sqft
2021-08-01 29 days 1,659 sqft
2021-09-01 37 days 1,659 sqft
2021-10-01 46 days 1,680 sqft
2021-11-01 57 days 1,621 sqft
2021-12-01 54 days 1,526 sqft
2022-01-01 48 days 1,544 sqft
2022-02-01 54 days 1,566 sqft
2022-03-01 53 days 1,601 sqft
2022-04-01 46 days 1,662 sqft
2022-05-01 25 days 1,736 sqft
2022-06-01 26 days 1,774 sqft
2022-07-01 31 days 1,752 sqft
2022-08-01 31 days 1,642 sqft
2022-09-01 42 days 1,638 sqft
2022-10-01 50 days 1,617 sqft
2022-11-01 53 days 1,632 sqft
2022-12-01 55 days 1,650 sqft
2023-01-01 62 days 1,666 sqft
2023-02-01 55 days 1,653 sqft
2023-03-01 49 days 1,642 sqft
2023-04-01 42 days 1,642 sqft
2023-05-01 32 days 1,661 sqft
2023-06-01 35 days 1,708 sqft
2023-07-01 37 days 1,731 sqft
2023-08-01 34 days 1,684 sqft
2023-09-01 33 days 1,757 sqft
2023-10-01 38 days 1,698 sqft
2023-11-01 37 days 1,699 sqft
2023-12-01 46 days 1,696 sqft
2024-01-01 58 days 1,649 sqft
2024-02-01 66 days 1,702 sqft
2024-03-01 52 days 1,664 sqft
2024-04-01 46 days 1,654 sqft
Monroe's median listing age (time on market) for 2024-04-01 was 46 days. This is 8% longer than the same period one year ago.

Monroe's median square footage for active listings during the 2024-04-01 period was 1,654 sqft. One year prior, the average listing was 1,642 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.