Sault Ste. Marie VA Loan Rates, Closing Costs & Stats

Sault Ste. Marie, 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.

Sault Ste. Marie's 13 lenders originated 34 VA loans during 2023. The total origination value was $7,530,000, with an average VA loan value of $221,471.

Sault Ste. Marie VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Sault Ste. Marie averaged 0.18% for the week of 2024-11-29, compared to the national average (all VA variants) of 0% for the same period.

Sault Ste. Marie's average VA mortgage closing costs are $4,240.

The average rate for the prior week (2024-11-22) was 6.75% and one month ago for the week of 2024-10-25, the average rate was 6.45%.

The average rate one year ago was 7.19%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.1%.

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

Sault Ste. Marie 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 Sault Ste. Marie level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 13 6.93% $4,886
USAA Federal Savings Bank 4 5.91% $7,120
VAN DYK MORTGAGE CORPORATION 2 6.94% $7,206
Citizens Bank 2 5.69% $2,599
NAVY FEDERAL CREDIT UNION 2 7.00% $3,205
Shamrock Home Loans, Inc. 2 5.56% $9,528
HOMESIDE FINANCIAL, LLC 1 7.13% $13,844
FREEDOM MORTGAGE CORPORATION 1 6.25% $8,081
NEW DAY FINANCIAL, LLC 1 6.88% $10,863
ROSS MORTGAGE CORPORATION 1 6.88% $11,457
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $8,266
LOANDEPOT.COM, LLC 1 2.99% $10,036
MORTGAGE 1 INCORPORATED 1 6.63% $7,359

The top Sault Ste. Marie VA lender as defined by loan originations is Mortgage Research Center, LLC, with 13 VA loans originated. Their average total fees are $4,886, which is $2,234 lower than the next largest lender, USAA Federal Savings Bank.

The lowest fee Sault Ste. Marie VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,886), .

The lowest rate Sault Ste. Marie VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.93%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Sault Ste. Marie (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 $138,750 (15.7%) $186,914 (10.2%) 0.00 398
2018-02-01 $137,900 (11.1%) $185,743 (-1.1%) 0.00 387
2018-03-01 $139,000 (11.3%) $192,974 (3.1%) 0.00 366
2018-04-01 $140,000 (12.0%) $195,088 (4.3%) 0.00 371
2018-05-01 $148,375 (14.2%) $197,789 (5.1%) 0.00 382
2018-06-01 $149,000 (14.7%) $194,543 (2.0%) 0.00 443
2018-07-01 $144,250 (11.1%) $191,157 (0.4%) 0.00 485
2018-08-01 $146,250 (9.5%) $192,618 (-1.4%) 0.00 489
2018-09-01 $138,000 (2.2%) $189,185 (-2.5%) 0.00 464
2018-10-01 $137,225 (0.6%) $193,996 (7.3%) 0.00 427
2018-11-01 $135,000 (-1.6%) $195,108 (7.6%) 0.00 409
2018-12-01 $139,000 (0.0%) $196,075 (5.9%) 0.00 373
2019-01-01 $144,700 (4.3%) $198,948 (6.4%) 0.00 346
2019-02-01 $149,000 (8.1%) $204,049 (9.9%) 0.00 344
2019-03-01 $149,386 (7.5%) $206,637 (7.1%) 0.00 329
2019-04-01 $149,948 (7.1%) $209,033 (7.2%) 0.00 329
2019-05-01 $149,900 (1.0%) $208,274 (5.3%) 0.00 324
2019-06-01 $157,000 (5.4%) $208,672 (7.3%) 0.00 354
2019-07-01 $156,500 (8.5%) $202,736 (6.1%) 0.00 386
2019-08-01 $155,455 (6.3%) $201,498 (4.6%) 0.00 391
2019-09-01 $154,636 (12.1%) $199,939 (5.7%) 0.00 389
2019-10-01 $154,341 (12.5%) $198,900 (2.5%) 0.00 383
2019-11-01 $154,500 (14.4%) $201,142 (3.1%) 0.00 348
2019-12-01 $159,000 (14.4%) $200,900 (2.5%) 0.00 313
2020-01-01 $156,750 (8.3%) $197,433 (-0.8%) 0.00 296
2020-02-01 $158,000 (6.0%) $202,401 (-0.8%) 0.00 294
2020-03-01 $159,900 (7.0%) $206,246 (-0.2%) 0.00 286
2020-04-01 $159,900 (6.6%) $206,158 (-1.4%) 0.00 287
2020-05-01 $159,900 (6.7%) $200,148 (-3.9%) 0.00 287
2020-06-01 $159,900 (1.9%) $198,901 (-4.7%) 0.00 279
2020-07-01 $159,950 (2.2%) $203,568 (0.4%) 0.00 262
2020-08-01 $167,450 (7.7%) $203,844 (1.2%) 0.00 232
2020-09-01 $159,450 (3.1%) $201,817 (0.9%) 0.00 202
2020-10-01 $159,450 (3.3%) $210,772 (6.0%) 0.00 174
2020-11-01 $153,325 (-0.8%) $213,336 (6.1%) 0.00 173
2020-12-01 $144,225 (-9.3%) $197,625 (-1.6%) 0.00 158
2021-01-01 $146,500 (-6.5%) $208,157 (5.4%) 0.00 139
2021-02-01 $156,000 (-1.3%) $226,140 (11.7%) 0.00 121
2021-03-01 $175,000 (9.4%) $237,445 (15.1%) 0.00 107
2021-04-01 $179,667 (12.4%) $276,360 (34.1%) 0.00 94
2021-05-01 $199,900 (25.0%) $298,525 (49.2%) 0.00 99
2021-06-01 $198,000 (23.8%) $296,848 (49.2%) 0.00 121
2021-07-01 $198,000 (23.8%) $297,999 (46.4%) 0.00 116
2021-08-01 $202,000 (20.6%) $316,545 (55.3%) 0.00 120
2021-09-01 $202,450 (27.0%) $309,247 (53.2%) 0.00 123
2021-10-01 $210,000 (31.7%) $298,838 (41.8%) 0.00 110
2021-11-01 $185,925 (21.3%) $277,405 (30.0%) 0.00 98
2021-12-01 $176,950 (22.7%) $257,774 (30.4%) 0.00 90
2022-01-01 $167,450 (14.3%) $262,693 (26.2%) 0.00 75
2022-02-01 $176,725 (13.3%) $266,736 (18.0%) 0.00 55
2022-03-01 $222,500 (27.1%) $291,854 (22.9%) 0.00 49
2022-04-01 $194,950 (8.5%) $276,878 (0.2%) 0.00 53
2022-05-01 $205,000 (2.6%) $250,996 (-15.9%) 0.00 64
2022-06-01 $184,500 (-6.8%) $240,062 (-19.1%) 0.00 82
2022-07-01 $190,000 (-4.0%) $235,083 (-21.1%) 0.00 92
2022-08-01 $189,300 (-6.3%) $240,017 (-24.2%) 0.00 93
2022-09-01 $189,925 (-6.2%) $242,577 (-21.6%) 0.00 92
2022-10-01 $199,900 (-4.8%) $294,351 (-1.5%) 0.00 92
2022-11-01 $225,000 (21.0%) $367,333 (32.4%) 0.00 80
2022-12-01 $232,450 (31.4%) $379,511 (47.2%) 0.00 74
2023-01-01 $247,425 (47.8%) $421,396 (60.4%) 0.00 61
2023-02-01 $239,900 (35.8%) $403,510 (51.3%) 0.00 63
2023-03-01 $250,000 (12.4%) $426,657 (46.2%) 0.00 64
2023-04-01 $270,000 (38.5%) $476,667 (72.2%) 0.00 56
2023-05-01 $242,400 (18.2%) $367,064 (46.2%) 0.00 71
2023-06-01 $225,000 (22.0%) $337,424 (40.6%) 0.00 86
2023-07-01 $239,900 (26.3%) $334,933 (42.5%) 0.00 100
2023-08-01 $229,725 (21.4%) $328,440 (36.8%) 0.00 103
2023-09-01 $215,000 (13.2%) $318,327 (31.2%) 0.00 102
2023-10-01 $212,500 (6.3%) $292,074 (-0.8%) 0.00 103
2023-11-01 $218,000 (-3.1%) $294,642 (-19.8%) 0.00 94
2023-12-01 $225,250 (-3.1%) $324,842 (-14.4%) 0.00 84
2024-01-01 $234,450 (-5.2%) $333,099 (-21.0%) 0.00 73
2024-02-01 $249,250 (3.9%) $329,927 (-18.2%) 0.00 70
2024-03-01 $250,000 (0.0%) $352,729 (-17.3%) 0.00 63
2024-04-01 $261,200 (-3.3%) $354,760 (-25.6%) 0.00 73
2024-05-01 $278,200 (14.8%) $366,428 (-0.2%) 0.00 81
2024-06-01 $264,950 (17.8%) $391,361 (16.0%) 0.00 100
2024-07-01 $262,225 (9.3%) $372,394 (11.2%) 0.00 107
2024-08-01 $269,000 (17.1%) $360,755 (9.8%) 0.00 115
2024-09-01 $260,500 (21.2%) $354,279 (11.3%) 0.00 112
2024-10-01 $259,375 (22.1%) $348,730 (19.4%) 0.00 111
Sault Ste. Marie's median listing price for 2024-10-01 was $259,375, a difference of $46,875 (22.1%) versus the prior year and $-1,125 versus the prior month.

Sault Ste. Marie's median listing price comes in at 0% of the national average.

Sault Ste. Marie's average listing price for 2024-10-01 was $348,730, a difference of $56,656 (19.4%) versus the prior year and $-5,549 versus the prior month.

For the 2024-10-01 period, Sault Ste. Marie had 111 MLS listings, a difference of -1 listings (-1%) versus the prior month and 8 listings (8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Sault Ste. Marie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,355 sqft
2018-02-01 0 days 1,400 sqft
2018-03-01 0 days 1,433 sqft
2018-04-01 0 days 1,429 sqft
2018-05-01 0 days 1,420 sqft
2018-06-01 0 days 1,424 sqft
2018-07-01 0 days 1,389 sqft
2018-08-01 0 days 1,391 sqft
2018-09-01 0 days 1,350 sqft
2018-10-01 0 days 1,365 sqft
2018-11-01 0 days 1,358 sqft
2018-12-01 0 days 1,352 sqft
2019-01-01 0 days 1,362 sqft
2019-02-01 0 days 1,392 sqft
2019-03-01 0 days 1,395 sqft
2019-04-01 0 days 1,403 sqft
2019-05-01 0 days 1,400 sqft
2019-06-01 0 days 1,400 sqft
2019-07-01 0 days 1,371 sqft
2019-08-01 0 days 1,361 sqft
2019-09-01 0 days 1,383 sqft
2019-10-01 0 days 1,400 sqft
2019-11-01 0 days 1,394 sqft
2019-12-01 0 days 1,391 sqft
2020-01-01 0 days 1,321 sqft
2020-02-01 0 days 1,354 sqft
2020-03-01 0 days 1,404 sqft
2020-04-01 0 days 1,400 sqft
2020-05-01 0 days 1,400 sqft
2020-06-01 0 days 1,375 sqft
2020-07-01 0 days 1,387 sqft
2020-08-01 0 days 1,400 sqft
2020-09-01 0 days 1,351 sqft
2020-10-01 0 days 1,325 sqft
2020-11-01 0 days 1,354 sqft
2020-12-01 0 days 1,388 sqft
2021-01-01 0 days 1,400 sqft
2021-02-01 0 days 1,420 sqft
2021-03-01 0 days 1,388 sqft
2021-04-01 0 days 1,346 sqft
2021-05-01 0 days 1,440 sqft
2021-06-01 0 days 1,488 sqft
2021-07-01 0 days 1,512 sqft
2021-08-01 0 days 1,512 sqft
2021-09-01 0 days 1,428 sqft
2021-10-01 0 days 1,432 sqft
2021-11-01 0 days 1,392 sqft
2021-12-01 0 days 1,334 sqft
2022-01-01 0 days 1,360 sqft
2022-02-01 0 days 1,427 sqft
2022-03-01 0 days 1,522 sqft
2022-04-01 0 days 1,418 sqft
2022-05-01 0 days 1,378 sqft
2022-06-01 0 days 1,350 sqft
2022-07-01 0 days 1,337 sqft
2022-08-01 0 days 1,376 sqft
2022-09-01 0 days 1,346 sqft
2022-10-01 0 days 1,451 sqft
2022-11-01 0 days 1,570 sqft
2022-12-01 0 days 1,600 sqft
2023-01-01 0 days 1,600 sqft
2023-02-01 0 days 1,586 sqft
2023-03-01 0 days 1,613 sqft
2023-04-01 0 days 1,613 sqft
2023-05-01 0 days 1,462 sqft
2023-06-01 0 days 1,459 sqft
2023-07-01 0 days 1,443 sqft
2023-08-01 0 days 1,412 sqft
2023-09-01 0 days 1,380 sqft
2023-10-01 0 days 1,347 sqft
2023-11-01 0 days 1,408 sqft
2023-12-01 0 days 1,440 sqft
2024-01-01 0 days 1,420 sqft
2024-02-01 0 days 1,476 sqft
2024-03-01 0 days 1,500 sqft
2024-04-01 0 days 1,500 sqft
2024-05-01 0 days 1,677 sqft
2024-06-01 0 days 1,628 sqft
2024-07-01 0 days 1,509 sqft
2024-08-01 0 days 1,600 sqft
2024-09-01 0 days 1,600 sqft
2024-10-01 0 days 1,604 sqft
Sault Ste. Marie's median listing age (time on market) for 2024-10-01 was 0 days.

Sault Ste. Marie's median square footage for active listings during the 2024-10-01 period was 1,604 sqft. One year prior, the average listing was 1,347 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.