Niles VA Loan Rates, Closing Costs & Stats

NILES, 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 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 6.39% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.32% and one month ago for the week of 2024-11-08, the average rate was 6.72%.

    The average rate one year ago was 6.77%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.9%.

    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
    2024-06-01 $399,000 (-11.3%) $719,993 (-7.4%) 0.90 389
    2024-07-01 $399,250 (-0.2%) $690,376 (-4.4%) 0.91 404
    2024-08-01 $379,000 (-5.4%) $665,592 (-5.8%) 0.88 457
    2024-09-01 $377,500 (3.4%) $681,303 (5.6%) 0.89 488
    2024-10-01 $396,500 (13.4%) $698,383 (12.0%) 0.93 492
    2024-11-01 $379,900 (9.7%) $672,491 (7.1%) 0.91 487
    Niles's median listing price for 2024-11-01 was $379,900, a difference of $33,725 (9.7%) versus the prior year and $-16,600 versus the prior month.

    Niles's median listing price comes in at 91% of the national average.

    Niles's average listing price for 2024-11-01 was $672,491, a difference of $44,514 (7.1%) versus the prior year and $-25,892 versus the prior month.

    For the 2024-11-01 period, Niles had 487 MLS listings, a difference of -5 listings (-1%) versus the prior month and 124 listings (34%) 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
    2024-06-01 41 days 2,000 sqft
    2024-07-01 51 days 1,946 sqft
    2024-08-01 45 days 1,920 sqft
    2024-09-01 48 days 1,944 sqft
    2024-10-01 53 days 1,989 sqft
    2024-11-01 61 days 2,026 sqft
    Niles's median listing age (time on market) for 2024-11-01 was 61 days. This is 15% longer than the same period one year ago.

    Niles's median square footage for active listings during the 2024-11-01 period was 2,026 sqft. One year prior, the average listing was 1,841 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.