Muskegon VA Loan Rates, Closing Costs & Stats

MUSKEGON, 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.

Muskegon's 44 lenders originated 204 VA loans during 2023. The total origination value was $50,200,000, with an average VA loan value of $246,078.

Muskegon VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Muskegon averaged 6.65% for the week of 2024-06-07, compared to the national average (all VA variants) of 6.387% for the same period.

Muskegon's average VA mortgage closing costs are $4,788.

The average rate for the prior week (2024-05-31) was 6.86% and one month ago for the week of 2024-05-03, the average rate was 6.99%.

The average rate one year ago was 6.99%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.83%.

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

Muskegon 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 Muskegon level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 44 6.86% $4,843
LAKE MICHIGAN CREDIT UNION 20 6.16% $8,577
QUICKEN LOANS, LLC 16 5.83% $11,092
MORTGAGE 1 INCORPORATED 12 6.98% $6,128
UNITED WHOLESALE MORTGAGE, LLC 10 6.50% $7,752
TOWNE MORTGAGE COMPANY 6 7.04% $6,118
Neighborhood Loans, Inc. 6 6.77% $9,144
ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 7.02% $14,190
NAVY FEDERAL CREDIT UNION 5 5.58% $4,156
PENNYMAC LOAN SERVICES, LLC 5 5.13% $7,282
FREEDOM MORTGAGE CORPORATION 5 6.60% $14,939
Mr. Cooper ( Nationstar Mortgage ) 4 5.66% $7,733
FIRST COMMUNITY MORTGAGE, INC. 4 7.19% $7,903
SUCCESS MORTGAGE PARTNERS, INC. 4 7.18% $12,420
VAN DYK MORTGAGE CORPORATION 4 7.00% $4,443
BROKER SOLUTIONS, INC. 3 6.11% $9,946
USAA Federal Savings Bank 3 6.79% $5,580
The Huntington National Bank 3 6.92% $4,086
The Federal Savings Bank 2 6.94% $5,493
LEADERONE FINANCIAL CORPORATION 2 6.87% $8,810
T2 FINANCIAL LLC 2 7.19% $3,266
GVC MORTGAGE, INC. 2 7.38% $4,541
TOP FLITE FINANCIAL, INC. 1 7.00% $5,355
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.13% $8,153
Barrington Bank & Trust Company, N.A. 1 5.75% $3,876
CARDINAL FINANCIAL 1 6.75% $15,559
CHURCHILL MORTGAGE CORPORATION 1 7.13% $6,622
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $22,025
DELMAR FINANCIAL COMPANY 1 6.75% $6,096
Fifth Third Bank 1 7.13% $4,556
GSF Mortgage Corporation 1 6.25% $88
GUILD MORTGAGE COMPANY 1 6.50% $3,037
LOANDEPOT.COM, LLC 1 5.99% $6,497
MEMBER FIRST MORTGAGE, LLC 1 6.38% $3,404
MICHIGAN MUTUAL, INC. 1 4.75% $8,141
NETWORK CAPITAL FUNDING CORPORATION 1 6.75% $4,725
NEW DAY FINANCIAL, LLC 1 7.99% $8,443
NEWREZ LLC 1 6.63% $9,264
Northpointe Bank 1 6.25% $16,480
Plains Commerce Bank 1 6.63% $3,915
RELIANCE FIRST CAPITAL, LLC 1 7.00% $5,285
ROSS MORTGAGE CORPORATION 1 6.63% $9,488
AMERICAN FINANCIAL RESOURCES, INC. 1 7.63% $3,220
UNION HOME MORTGAGE CORP. 1 7.13% $2,800

The top Muskegon VA lender as defined by loan originations is Mortgage Research Center, LLC, with 44 VA loans originated. Their average total fees are $4,843, which is $3,734 lower than the next largest lender, LAKE MICHIGAN CREDIT UNION.

The lowest fee Muskegon VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,843), MORTGAGE 1 INCORPORATED ($6,128), UNITED WHOLESALE MORTGAGE, LLC ($7,752), LAKE MICHIGAN CREDIT UNION ($8,577) and QUICKEN LOANS, LLC ($11,092).

The lowest rate Muskegon VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.83%), LAKE MICHIGAN CREDIT UNION (6.16%), UNITED WHOLESALE MORTGAGE, LLC (6.50%), Mortgage Research Center, LLC (6.86%) and MORTGAGE 1 INCORPORATED (6.98%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Muskegon (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 $149,900 (11.1%) $240,646 (-2.8%) 0.56 439
2018-02-01 $164,900 (22.2%) $256,099 (1.5%) 0.60 395
2018-03-01 $179,900 (21.0%) $272,687 (4.6%) 0.63 360
2018-04-01 $172,175 (14.9%) $271,315 (7.1%) 0.58 374
2018-05-01 $183,675 (18.2%) $270,623 (11.9%) 0.61 395
2018-06-01 $179,900 (14.6%) $267,568 (12.3%) 0.60 438
2018-07-01 $164,900 (6.5%) $251,741 (5.1%) 0.55 494
2018-08-01 $161,900 (5.0%) $246,666 (5.0%) 0.54 531
2018-09-01 $154,900 (3.3%) $241,272 (3.8%) 0.52 556
2018-10-01 $162,600 (8.5%) $239,960 (-0.3%) 0.55 573
2018-11-01 $157,700 (5.2%) $233,546 (-5.5%) 0.53 533
2018-12-01 $160,000 (6.7%) $233,817 (-2.7%) 0.55 489
2019-01-01 $161,950 (8.0%) $229,913 (-4.5%) 0.56 452
2019-02-01 $172,200 (4.4%) $242,884 (-5.2%) 0.58 412
2019-03-01 $183,121 (1.8%) $248,999 (-8.7%) 0.60 387
2019-04-01 $191,975 (11.5%) $251,005 (-7.5%) 0.61 366
2019-05-01 $209,925 (14.3%) $259,867 (-4.0%) 0.66 350
2019-06-01 $219,900 (22.2%) $317,974 (18.8%) 0.69 369
2019-07-01 $211,425 (28.2%) $302,124 (20.0%) 0.66 410
2019-08-01 $194,445 (20.1%) $278,339 (12.8%) 0.62 466
2019-09-01 $186,264 (20.3%) $262,067 (8.6%) 0.60 513
2019-10-01 $179,900 (10.6%) $250,534 (4.4%) 0.58 545
2019-11-01 $174,900 (10.9%) $250,063 (7.1%) 0.57 519
2019-12-01 $163,675 (2.3%) $251,438 (7.5%) 0.55 477
2020-01-01 $169,675 (4.8%) $261,550 (13.8%) 0.57 413
2020-02-01 $174,900 (1.6%) $266,556 (9.8%) 0.57 412
2020-03-01 $186,400 (1.8%) $279,193 (12.1%) 0.58 406
2020-04-01 $207,400 (8.0%) $287,990 (14.7%) 0.65 360
2020-05-01 $215,000 (2.4%) $305,819 (17.7%) 0.65 358
2020-06-01 $243,900 (10.9%) $338,076 (6.3%) 0.72 307
2020-07-01 $244,500 (15.6%) $344,794 (14.1%) 0.71 307
2020-08-01 $239,900 (23.4%) $362,562 (30.3%) 0.69 298
2020-09-01 $234,900 (26.1%) $337,954 (29.0%) 0.67 281
2020-10-01 $209,950 (16.7%) $306,432 (22.3%) 0.60 302
2020-11-01 $192,450 (10.0%) $290,705 (16.3%) 0.56 275
2020-12-01 $188,650 (15.3%) $261,977 (4.2%) 0.56 218
2021-01-01 $184,900 (9.0%) $267,870 (2.4%) 0.55 178
2021-02-01 $200,000 (14.4%) $278,278 (4.4%) 0.58 130
2021-03-01 $193,650 (3.9%) $279,046 (-0.1%) 0.55 140
2021-04-01 $196,900 (-5.1%) $300,294 (4.3%) 0.53 131
2021-05-01 $200,000 (-7.0%) $285,791 (-6.6%) 0.53 152
2021-06-01 $211,175 (-13.4%) $285,301 (-15.6%) 0.56 183
2021-07-01 $210,000 (-14.1%) $273,145 (-20.8%) 0.55 220
2021-08-01 $199,900 (-16.7%) $282,396 (-22.1%) 0.53 234
2021-09-01 $194,950 (-17.0%) $289,945 (-14.2%) 0.52 247
2021-10-01 $204,950 (-2.4%) $294,946 (-3.8%) 0.55 232
2021-11-01 $189,675 (-1.4%) $283,227 (-2.6%) 0.51 212
2021-12-01 $191,825 (1.7%) $285,431 (9.0%) 0.52 177
2022-01-01 $199,450 (7.9%) $319,953 (19.4%) 0.54 122
2022-02-01 $219,400 (9.7%) $324,331 (16.6%) 0.57 119
2022-03-01 $201,200 (3.9%) $321,952 (15.4%) 0.50 141
2022-04-01 $204,900 (4.1%) $310,214 (3.3%) 0.49 137
2022-05-01 $214,900 (7.5%) $311,658 (9.1%) 0.49 192
2022-06-01 $233,850 (10.7%) $308,988 (8.3%) 0.52 219
2022-07-01 $239,900 (14.2%) $304,472 (11.5%) 0.54 269
2022-08-01 $247,450 (23.8%) $311,849 (10.4%) 0.57 301
2022-09-01 $238,900 (22.5%) $305,692 (5.4%) 0.56 275
2022-10-01 $229,700 (12.1%) $300,907 (2.0%) 0.54 305
2022-11-01 $219,950 (16.0%) $297,048 (4.9%) 0.53 299
2022-12-01 $199,900 (4.2%) $264,299 (-7.4%) 0.49 279
2023-01-01 $192,450 (-3.5%) $262,692 (-17.9%) 0.48 237
2023-02-01 $196,000 (-10.7%) $266,914 (-17.7%) 0.47 201
2023-03-01 $218,675 (8.7%) $277,251 (-13.9%) 0.52 166
2023-04-01 $220,000 (7.4%) $298,155 (-3.9%) 0.51 161
2023-05-01 $235,475 (9.6%) $311,686 (0.0%) 0.53 167
2023-06-01 $277,400 (18.6%) $333,474 (7.9%) 0.62 213
2023-07-01 $309,995 (29.2%) $375,052 (23.2%) 0.70 263
2023-08-01 $287,400 (16.1%) $365,056 (17.1%) 0.66 304
2023-09-01 $299,900 (25.5%) $381,193 (24.7%) 0.70 345
2023-10-01 $279,950 (21.9%) $370,405 (23.1%) 0.66 382
2023-11-01 $269,925 (22.7%) $345,262 (16.2%) 0.64 378
2023-12-01 $259,900 (30.0%) $342,422 (29.6%) 0.63 355
2024-01-01 $254,900 (32.5%) $346,292 (31.8%) 0.62 344
2024-02-01 $249,900 (27.5%) $337,228 (26.3%) 0.60 328
2024-03-01 $301,500 (37.9%) $380,623 (37.3%) 0.71 281
2024-04-01 $303,950 (38.2%) $407,201 (36.6%) 0.71 271
2024-05-01 $341,450 (45.0%) $452,429 (45.2%) 0.77 299
Muskegon's median listing price for 2024-05-01 was $341,450, a difference of $105,975 (45.0%) versus the prior year and $37,500 versus the prior month.

Muskegon's median listing price comes in at 77% of the national average.

Muskegon's average listing price for 2024-05-01 was $452,429, a difference of $140,743 (45.2%) versus the prior year and $45,228 versus the prior month.

For the 2024-05-01 period, Muskegon had 299 MLS listings, a difference of 28 listings (10%) versus the prior month and 132 listings (79%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Muskegon (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 75 days 1,613 sqft
2018-02-01 67 days 1,639 sqft
2018-03-01 54 days 1,698 sqft
2018-04-01 45 days 1,660 sqft
2018-05-01 45 days 1,680 sqft
2018-06-01 36 days 1,710 sqft
2018-07-01 41 days 1,652 sqft
2018-08-01 39 days 1,648 sqft
2018-09-01 47 days 1,641 sqft
2018-10-01 50 days 1,647 sqft
2018-11-01 49 days 1,612 sqft
2018-12-01 60 days 1,574 sqft
2019-01-01 69 days 1,565 sqft
2019-02-01 70 days 1,607 sqft
2019-03-01 63 days 1,649 sqft
2019-04-01 52 days 1,677 sqft
2019-05-01 46 days 1,800 sqft
2019-06-01 32 days 1,830 sqft
2019-07-01 36 days 1,820 sqft
2019-08-01 36 days 1,774 sqft
2019-09-01 38 days 1,736 sqft
2019-10-01 41 days 1,720 sqft
2019-11-01 54 days 1,661 sqft
2019-12-01 66 days 1,593 sqft
2020-01-01 71 days 1,607 sqft
2020-02-01 65 days 1,539 sqft
2020-03-01 48 days 1,550 sqft
2020-04-01 61 days 1,566 sqft
2020-05-01 71 days 1,652 sqft
2020-06-01 58 days 1,652 sqft
2020-07-01 44 days 1,663 sqft
2020-08-01 44 days 1,621 sqft
2020-09-01 48 days 1,557 sqft
2020-10-01 46 days 1,521 sqft
2020-11-01 45 days 1,511 sqft
2020-12-01 57 days 1,456 sqft
2021-01-01 52 days 1,434 sqft
2021-02-01 38 days 1,379 sqft
2021-03-01 34 days 1,396 sqft
2021-04-01 34 days 1,423 sqft
2021-05-01 31 days 1,480 sqft
2021-06-01 28 days 1,510 sqft
2021-07-01 29 days 1,510 sqft
2021-08-01 29 days 1,535 sqft
2021-09-01 35 days 1,521 sqft
2021-10-01 38 days 1,522 sqft
2021-11-01 46 days 1,449 sqft
2021-12-01 50 days 1,426 sqft
2022-01-01 53 days 1,421 sqft
2022-02-01 44 days 1,448 sqft
2022-03-01 30 days 1,454 sqft
2022-04-01 29 days 1,476 sqft
2022-05-01 26 days 1,462 sqft
2022-06-01 30 days 1,562 sqft
2022-07-01 32 days 1,560 sqft
2022-08-01 36 days 1,565 sqft
2022-09-01 42 days 1,565 sqft
2022-10-01 39 days 1,565 sqft
2022-11-01 44 days 1,533 sqft
2022-12-01 45 days 1,502 sqft
2023-01-01 57 days 1,430 sqft
2023-02-01 55 days 1,429 sqft
2023-03-01 39 days 1,479 sqft
2023-04-01 36 days 1,563 sqft
2023-05-01 32 days 1,496 sqft
2023-06-01 29 days 1,521 sqft
2023-07-01 31 days 1,525 sqft
2023-08-01 38 days 1,534 sqft
2023-09-01 44 days 1,560 sqft
2023-10-01 43 days 1,547 sqft
2023-11-01 53 days 1,499 sqft
2023-12-01 58 days 1,484 sqft
2024-01-01 67 days 1,484 sqft
2024-02-01 70 days 1,484 sqft
2024-03-01 59 days 1,484 sqft
2024-04-01 59 days 1,484 sqft
2024-05-01 45 days 1,506 sqft
Muskegon's median listing age (time on market) for 2024-05-01 was 45 days. This is 41% longer than the same period one year ago.

Muskegon's median square footage for active listings during the 2024-05-01 period was 1,506 sqft. One year prior, the average listing was 1,496 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.