Niles VA Loan Rates, Closing Costs & Stats

NILES, 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.

Niles's 35 lenders originated 105 VA loans during 2023. The total origination value was $27,985,000, with an average VA loan value of $266,524.

Niles VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Niles averaged 6.7% for the week of 2024-06-07, compared to the national average (all VA variants) of 6.387% for the same period.

Niles's average VA mortgage closing costs are $5,096.

The average rate for the prior week (2024-05-31) was 7.01% and one month ago for the week of 2024-05-03, the average rate was 7.03%.

The average rate one year ago was 6.83%.

For refis of the same type during the week of 2024-06-07, the average rate was 7.11%.

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

Niles 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 Niles level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 14 6.55% $7,017
QUICKEN LOANS, LLC 8 6.04% $7,842
UNION HOME MORTGAGE CORP. 7 6.73% $8,839
GUARANTEED RATE, INC. 7 6.22% $7,454
RUOFF MORTGAGE COMPANY, INC. 6 6.65% $3,420
NAVY FEDERAL CREDIT UNION 5 5.50% $4,891
UNITED WHOLESALE MORTGAGE, LLC 4 5.72% $12,613
USAA Federal Savings Bank 4 6.34% $8,475
FREEDOM MORTGAGE CORPORATION 4 6.53% $17,019
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.59% $17,721
PENNYMAC LOAN SERVICES, LLC 3 5.21% $3,028
LOANDEPOT.COM, LLC 3 6.70% $12,603
Neighborhood Loans, Inc. 2 5.94% $3,566
PROPER RATE, LLC 2 6.56% $2,797
HALLMARK HOME MORTGAGE, LLC 2 6.44% $6,156
INSPIRE HOME LOANS INC. 2 5.69% $10,089
VILLAGE CAPITAL MORTGAGE 2 5.50% $11,813
NEW DAY FINANCIAL, LLC 2 6.99% $13,800
Wells Fargo Bank 1 5.75% $8,597
AMERISAVE MORTGAGE CORPORATION 1 6.25% $7,526
Arvest Bank 1 7.00% $7,496
BROKER SOLUTIONS, INC. 1 7.25% $7,051
Capital Bank 1 6.75% $6,914
Fifth Third Bank 1 6.38% $2,215
First Western Trust Bank 1 6.25% $23,753
Flagstar Bank, FSB 1 6.75% $6,256
JPMorgan Chase Bank 1 5.63% $0
Northpointe Bank 1 6.13% $6,454
ROSS MORTGAGE CORPORATION 1 7.38% $2,196
SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $14,024
The Federal Savings Bank 1 6.63% $13,988
The Huntington National Bank 1 6.13% $2,083
UNITED 1 7.75% $3,219
U.S. Bank 1 7.75% $3,219
AMERICAN FINANCING CORPORATION 1 6.25% $5,705

The top Niles VA lender as defined by loan originations is Mortgage Research Center, LLC, with 14 VA loans originated. Their average total fees are $7,017, which is $826 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Niles VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,017), .

The lowest rate Niles VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.55%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Niles (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 $267,000 (-16.3%) $466,576 (-11.3%) 0.99 688
2018-02-01 $289,511 (-10.9%) $494,835 (-6.3%) 1.05 643
2018-03-01 $299,000 (-15.0%) $502,497 (-7.6%) 1.05 644
2018-04-01 $324,450 (-7.0%) $515,886 (-3.3%) 1.10 693
2018-05-01 $326,000 (-0.4%) $514,292 (1.1%) 1.09 776
2018-06-01 $329,900 (5.3%) $514,845 (6.6%) 1.10 847
2018-07-01 $324,000 (8.4%) $499,901 (4.2%) 1.08 925
2018-08-01 $310,000 (7.3%) $482,881 (0.8%) 1.04 989
2018-09-01 $299,900 (6.6%) $502,463 (3.9%) 1.01 992
2018-10-01 $301,200 (6.6%) $487,417 (0.5%) 1.02 969
2018-11-01 $298,450 (3.3%) $479,032 (-2.0%) 1.01 890
2018-12-01 $299,000 (10.8%) $477,520 (-0.6%) 1.03 765
2019-01-01 $298,350 (11.7%) $468,938 (0.5%) 1.03 645
2019-02-01 $314,490 (8.6%) $495,673 (0.2%) 1.06 615
2019-03-01 $332,929 (11.4%) $513,891 (2.3%) 1.09 645
2019-04-01 $346,250 (6.7%) $517,617 (0.3%) 1.10 684
2019-05-01 $347,175 (6.5%) $520,388 (1.2%) 1.09 739
2019-06-01 $334,900 (1.5%) $510,413 (-0.9%) 1.05 829
2019-07-01 $331,450 (2.3%) $519,445 (3.9%) 1.04 879
2019-08-01 $327,109 (5.5%) $508,328 (5.3%) 1.04 896
2019-09-01 $316,923 (5.7%) $495,389 (-1.4%) 1.01 912
2019-10-01 $310,357 (3.0%) $484,982 (-0.5%) 1.00 916
2019-11-01 $315,000 (5.6%) $481,930 (0.6%) 1.03 820
2019-12-01 $299,900 (0.3%) $453,263 (-5.1%) 1.00 701
2020-01-01 $294,925 (-1.2%) $442,728 (-5.6%) 0.99 614
2020-02-01 $295,000 (-6.2%) $446,369 (-10.0%) 0.97 616
2020-03-01 $327,000 (-1.8%) $470,157 (-8.5%) 1.03 603
2020-04-01 $338,400 (-2.3%) $510,745 (-1.3%) 1.06 586
2020-05-01 $339,000 (-2.4%) $501,727 (-3.6%) 1.03 639
2020-06-01 $355,725 (6.2%) $531,435 (4.1%) 1.05 629
2020-07-01 $356,850 (7.7%) $529,699 (2.0%) 1.03 593
2020-08-01 $358,875 (9.7%) $540,235 (6.3%) 1.03 514
2020-09-01 $342,725 (8.1%) $538,044 (8.6%) 0.98 468
2020-10-01 $357,325 (15.1%) $594,778 (22.6%) 1.02 408
2020-11-01 $349,950 (11.1%) $616,599 (27.9%) 1.02 377
2020-12-01 $349,950 (16.7%) $623,907 (37.7%) 1.04 338
2021-01-01 $341,950 (15.9%) $646,698 (46.1%) 1.02 280
2021-02-01 $358,900 (21.7%) $734,365 (64.5%) 1.04 213
2021-03-01 $351,225 (7.4%) $792,731 (68.6%) 1.00 217
2021-04-01 $425,700 (25.8%) $820,705 (60.7%) 1.15 215
2021-05-01 $406,950 (20.0%) $772,468 (54.0%) 1.08 234
2021-06-01 $397,125 (11.6%) $762,335 (43.5%) 1.05 289
2021-07-01 $350,000 (-1.9%) $672,401 (26.9%) 0.92 332
2021-08-01 $348,500 (-2.9%) $642,395 (18.9%) 0.93 360
2021-09-01 $340,875 (-0.5%) $613,274 (14.0%) 0.91 364
2021-10-01 $332,450 (-7.0%) $618,682 (4.0%) 0.89 311
2021-11-01 $339,900 (-2.9%) $640,753 (3.9%) 0.91 288
2021-12-01 $338,900 (-3.2%) $663,708 (6.4%) 0.92 226
2022-01-01 $322,400 (-5.7%) $666,659 (3.1%) 0.87 198
2022-02-01 $348,725 (-2.8%) $713,560 (-2.8%) 0.91 188
2022-03-01 $384,500 (9.5%) $746,748 (-5.8%) 0.96 184
2022-04-01 $399,000 (-6.3%) $772,145 (-5.9%) 0.95 198
2022-05-01 $419,975 (3.2%) $775,776 (0.4%) 0.96 242
2022-06-01 $399,225 (0.5%) $732,590 (-3.9%) 0.89 302
2022-07-01 $395,000 (12.9%) $682,874 (1.6%) 0.89 367
2022-08-01 $374,975 (7.6%) $668,499 (4.1%) 0.87 393
2022-09-01 $362,719 (6.4%) $643,521 (4.9%) 0.85 403
2022-10-01 $380,000 (14.3%) $675,027 (9.1%) 0.89 401
2022-11-01 $357,475 (5.2%) $654,569 (2.2%) 0.86 384
2022-12-01 $339,977 (0.3%) $648,901 (-2.2%) 0.84 339
2023-01-01 $315,000 (-2.3%) $653,406 (-2.0%) 0.78 293
2023-02-01 $339,425 (-2.7%) $648,371 (-9.1%) 0.82 271
2023-03-01 $345,688 (-10.1%) $643,270 (-13.9%) 0.82 270
2023-04-01 $360,000 (-9.8%) $679,138 (-12.1%) 0.84 265
2023-05-01 $418,500 (-0.4%) $740,451 (-4.6%) 0.95 263
2023-06-01 $450,000 (12.7%) $777,510 (6.1%) 1.01 297
2023-07-01 $400,000 (1.3%) $721,960 (5.7%) 0.91 327
2023-08-01 $400,625 (6.8%) $706,425 (5.7%) 0.92 350
2023-09-01 $364,950 (0.6%) $645,192 (0.3%) 0.85 361
2023-10-01 $349,675 (-8.0%) $623,444 (-7.6%) 0.82 384
2023-11-01 $346,175 (-3.2%) $627,977 (-4.1%) 0.82 363
2023-12-01 $326,500 (-4.0%) $571,339 (-12.0%) 0.80 320
2024-01-01 $308,675 (-2.0%) $553,718 (-15.3%) 0.75 288
2024-02-01 $303,698 (-10.5%) $601,543 (-7.2%) 0.73 259
2024-03-01 $325,000 (-6.0%) $650,526 (1.1%) 0.76 266
2024-04-01 $343,750 (-4.5%) $675,059 (-0.6%) 0.80 288
2024-05-01 $377,450 (-9.8%) $723,444 (-2.3%) 0.85 337
Niles's median listing price for 2024-05-01 was $377,450, a difference of $-41,050 (-9.8%) versus the prior year and $33,700 versus the prior month.

Niles's median listing price comes in at 85% of the national average.

Niles's average listing price for 2024-05-01 was $723,444, a difference of $-17,007 (-2.3%) versus the prior year and $48,385 versus the prior month.

For the 2024-05-01 period, Niles had 337 MLS listings, a difference of 49 listings (17%) versus the prior month and 74 listings (28%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Niles (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 105 days 1,950 sqft
2018-02-01 111 days 1,947 sqft
2018-03-01 93 days 1,988 sqft
2018-04-01 62 days 2,037 sqft
2018-05-01 53 days 2,075 sqft
2018-06-01 54 days 2,100 sqft
2018-07-01 64 days 2,121 sqft
2018-08-01 64 days 2,077 sqft
2018-09-01 68 days 2,062 sqft
2018-10-01 76 days 2,092 sqft
2018-11-01 85 days 2,052 sqft
2018-12-01 95 days 2,040 sqft
2019-01-01 108 days 2,040 sqft
2019-02-01 114 days 2,063 sqft
2019-03-01 90 days 2,106 sqft
2019-04-01 57 days 2,153 sqft
2019-05-01 55 days 2,175 sqft
2019-06-01 57 days 2,193 sqft
2019-07-01 59 days 2,185 sqft
2019-08-01 66 days 2,131 sqft
2019-09-01 69 days 2,091 sqft
2019-10-01 73 days 2,067 sqft
2019-11-01 89 days 2,098 sqft
2019-12-01 108 days 2,032 sqft
2020-01-01 115 days 2,000 sqft
2020-02-01 113 days 1,932 sqft
2020-03-01 72 days 1,962 sqft
2020-04-01 77 days 1,999 sqft
2020-05-01 84 days 2,039 sqft
2020-06-01 70 days 2,178 sqft
2020-07-01 53 days 2,218 sqft
2020-08-01 56 days 2,236 sqft
2020-09-01 57 days 2,162 sqft
2020-10-01 57 days 2,184 sqft
2020-11-01 62 days 2,101 sqft
2020-12-01 69 days 2,056 sqft
2021-01-01 81 days 2,012 sqft
2021-02-01 79 days 2,058 sqft
2021-03-01 54 days 2,105 sqft
2021-04-01 46 days 2,258 sqft
2021-05-01 45 days 2,201 sqft
2021-06-01 35 days 2,141 sqft
2021-07-01 42 days 2,004 sqft
2021-08-01 43 days 1,943 sqft
2021-09-01 46 days 1,887 sqft
2021-10-01 54 days 1,883 sqft
2021-11-01 57 days 1,894 sqft
2021-12-01 66 days 1,823 sqft
2022-01-01 72 days 1,808 sqft
2022-02-01 61 days 1,807 sqft
2022-03-01 47 days 1,881 sqft
2022-04-01 39 days 1,917 sqft
2022-05-01 34 days 1,953 sqft
2022-06-01 33 days 1,918 sqft
2022-07-01 42 days 1,942 sqft
2022-08-01 47 days 1,959 sqft
2022-09-01 45 days 1,975 sqft
2022-10-01 49 days 1,935 sqft
2022-11-01 60 days 1,943 sqft
2022-12-01 72 days 1,908 sqft
2023-01-01 83 days 1,848 sqft
2023-02-01 89 days 1,833 sqft
2023-03-01 74 days 1,833 sqft
2023-04-01 51 days 1,846 sqft
2023-05-01 38 days 1,951 sqft
2023-06-01 42 days 2,080 sqft
2023-07-01 44 days 2,038 sqft
2023-08-01 47 days 2,028 sqft
2023-09-01 48 days 2,014 sqft
2023-10-01 51 days 1,919 sqft
2023-11-01 53 days 1,841 sqft
2023-12-01 64 days 1,800 sqft
2024-01-01 77 days 1,748 sqft
2024-02-01 69 days 1,745 sqft
2024-03-01 50 days 1,800 sqft
2024-04-01 45 days 1,841 sqft
2024-05-01 38 days 1,930 sqft
Niles's median listing age (time on market) for 2024-05-01 was 38 days. This is -1% shorter than the same period one year ago.

Niles's median square footage for active listings during the 2024-05-01 period was 1,930 sqft. One year prior, the average listing was 1,951 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.