Traverse City VA Loans

Traverse City, 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 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.

Traverse City's 63 lenders originated 400 VA loans during 2021. The total origination value was $100,160,000, with an average VA loan value of $250,400.

Traverse City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Traverse City averaged 5.46% for the week of 2022-08-05, compared to the national average (all VA variants) of 5.013% for the same period.

The average rate for the prior week (2022-07-29) was 5.42% and one month ago for the week of 2022-07-01, the average rate was 5.74%.

The average rate one year ago was 3.02%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.38%.

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

Traverse City VA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Traverse City level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 66 2.50% $5,098
Mortgage Research Center, LLC 35 2.80% $5,237
UNITED WHOLESALE MORTGAGE, LLC 21 2.72% $4,423
CALIBER HOME LOANS, INC. 21 2.86% $4,606
FREEDOM MORTGAGE CORPORATION 21 2.46% $3,473
NEW DAY FINANCIAL, LLC 17 2.78% $5,226
LOANDEPOT.COM, LLC 13 2.56% $2,857
USAA Federal Savings Bank 10 2.81% $3,198
PENNYMAC LOAN SERVICES, LLC 9 2.44% $6,149
The Huntington National Bank 9 2.96% $3,984
LAKEVIEW LOAN SERVICING, LLC 9 2.47% $2,779
Fifth Third Bank 9 2.89% $3,844
UNION HOME MORTGAGE CORP. 8 2.84% $4,895
NAVY FEDERAL CREDIT UNION 7 2.63% $4,177
LAKE MICHIGAN CREDIT UNION 6 2.67% $6,785
HOME POINT FINANCIAL CORPORATION 6 2.33% $6,399
Independent Bank 5 3.08% $6,224
Wells Fargo Bank 5 2.45% $5,088
NEWREZ LLC 5 2.68% $5,878
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 3.13% $3,799
NBKC BANK 4 2.53% $2,339
The Federal Savings Bank 4 2.53% $8,517
VILLAGE CAPITAL & INVESTMENT LLC 4 2.38% $3,592
STAUNTON FINANCIAL, INC. 3 2.71% $7,813
CLEARPATH LENDING 3 2.50% $4,758
Barrington Bank & Trust Company, N.A. 3 2.89% $3,517
PENTAGON FEDERAL CREDIT UNION 3 2.50% $1,830
West Town Bank & Trust 2 2.81% $12,694
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.50% $13,141
Citizens Bank 2 2.75% $1,128
Flagstar Bank, FSB 2 2.72% $4,702
InterContinental Capital Group, Inc 2 2.25% $3,291
Mr. Cooper ( Nationstar Mortgage ) 2 2.81% $3,011
ROSS MORTGAGE CORPORATION 2 2.88% $13,864
SOVEREIGN LENDING GROUP INCORPORATED 2 3.06% $4,593
AMERIFIRST FINANCIAL CORPORATION 1 3.13% $6,190
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.13% $1,226
Nations Lending Corporation 1 2.50% $4,615
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $1,740
GUARANTEED RATE AFFINITY, LLC 1 2.25% $9,519
First Guaranty Mortgage Corporation 1 2.75% $3,019
First Federal Bank 1 2.25% $6,122
North American Savings Bank, F.S.B. 1 2.75% $8,438
NORTHERN MORTGAGE SERVICES, LLC 1 2.75% $10,882
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $11,910
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.88% $6,268
CROSSCOUNTRY MORTGAGE, LLC 1 3.63% $12,403
AMERICAN FINANCIAL NETWORK, INC. 1 2.25% $4,458
ROYAL UNITED MORTGAGE LLC 1 2.88% $3,667
SOUTHWEST STAGE FUNDING, LLC 1 3.25% $2,195
ACCELERATE MORTGAGE, LLC 1 2.25% $3,030
CONTOUR MORTGAGE CORPORATION 1 2.38% $7,567
T2 FINANCIAL LLC 1 3.25% $9,808
TCF National Bank 1 2.63% $2,669
CMG MORTGAGE, INC. 1 3.50% $3,240
CHURCHILL MORTGAGE CORPORATION 1 3.25% $9,903
TOWNE MORTGAGE COMPANY 1 3.13% $11,505
Carrington Mortgage Services, LLC 1 3.00% $5,216
Bank of England 1 2.88% $3,265
Atlantic Union Bank 1 2.50% $2,030
J. VIRGIL, INC. 1 2.88% $11,041
MEMBER FIRST MORTGAGE, LLC 1 3.00% $3,064
HOMESTEAD FUNDING CORP. 1 2.25% $2,079

The top Traverse City VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 66 VA loans originated. Their average total fees are $5,098, which is $139 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Traverse City VA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($2,857), USAA Federal Savings Bank ($3,198), FREEDOM MORTGAGE CORPORATION ($3,473), UNITED WHOLESALE MORTGAGE, LLC ($4,423) and CALIBER HOME LOANS, INC. ($4,606).

The lowest rate Traverse City VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.46%), QUICKEN LOANS, LLC (2.50%), LOANDEPOT.COM, LLC (2.56%), UNITED WHOLESALE MORTGAGE, LLC (2.72%) and NEW DAY FINANCIAL, LLC (2.78%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Traverse City (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 $329,900 (4.1%) $467,837 (1.6%) 1.21 1,141
2018-02-01 $329,450 (5.4%) $470,023 (4.0%) 1.19 1,108
2018-03-01 $329,500 (4.6%) $466,547 (3.7%) 1.14 1,155
2018-04-01 $329,700 (6.7%) $473,199 (7.7%) 1.11 1,235
2018-05-01 $334,450 (9.7%) $478,238 (8.1%) 1.12 1,371
2018-06-01 $326,900 (3.1%) $469,404 (4.5%) 1.09 1,586
2018-07-01 $320,000 (-1.5%) $458,499 (0.0%) 1.07 1,745
2018-08-01 $319,900 (-1.6%) $457,497 (-2.6%) 1.07 1,769
2018-09-01 $315,000 (-3.1%) $456,053 (-1.1%) 1.05 1,746
2018-10-01 $311,450 (-4.9%) $456,467 (-1.8%) 1.04 1,692
2018-11-01 $316,950 (-4.5%) $463,660 (-2.4%) 1.06 1,596
2018-12-01 $319,900 (-5.2%) $476,072 (-0.5%) 1.10 1,392
2019-01-01 $316,900 (-3.9%) $475,600 (1.7%) 1.09 1,275
2019-02-01 $312,400 (-5.2%) $472,262 (0.5%) 1.05 1,233
2019-03-01 $323,246 (-1.9%) $477,437 (2.3%) 1.05 1,228
2019-04-01 $330,138 (0.1%) $479,727 (1.4%) 1.04 1,234
2019-05-01 $337,400 (0.9%) $487,318 (1.9%) 1.04 1,351
2019-06-01 $339,500 (3.9%) $496,243 (5.7%) 1.04 1,536
2019-07-01 $339,850 (6.2%) $500,321 (9.1%) 1.06 1,600
2019-08-01 $335,614 (4.9%) $499,264 (9.1%) 1.06 1,609
2019-09-01 $330,614 (5.0%) $494,120 (8.4%) 1.05 1,613
2019-10-01 $348,750 (12.0%) $512,329 (12.2%) 1.11 1,382
2019-11-01 $359,900 (13.6%) $532,978 (15.0%) 1.16 1,106
2019-12-01 $359,900 (12.5%) $542,194 (13.9%) 1.20 998
2020-01-01 $359,900 (13.6%) $547,819 (15.2%) 1.20 891
2020-02-01 $384,900 (23.2%) $570,503 (20.8%) 1.24 804
2020-03-01 $394,950 (22.2%) $570,860 (19.6%) 1.23 784
2020-04-01 $396,950 (20.2%) $571,024 (19.0%) 1.24 807
2020-05-01 $399,000 (18.3%) $585,184 (20.1%) 1.21 857
2020-06-01 $410,000 (20.8%) $600,532 (21.0%) 1.20 873
2020-07-01 $397,400 (16.9%) $615,947 (23.1%) 1.14 775
2020-08-01 $390,000 (16.2%) $620,086 (24.2%) 1.11 722
2020-09-01 $389,250 (17.7%) $623,629 (26.2%) 1.11 624
2020-10-01 $395,000 (13.3%) $650,827 (27.0%) 1.13 555
2020-11-01 $399,900 (11.1%) $676,370 (26.9%) 1.15 475
2020-12-01 $392,500 (9.1%) $676,020 (24.7%) 1.15 430
2021-01-01 $406,000 (12.8%) $621,643 (13.5%) 1.19 346
2021-02-01 $423,950 (10.2%) $668,069 (17.1%) 1.22 276
2021-03-01 $424,950 (7.6%) $703,182 (23.2%) 1.19 272
2021-04-01 $439,500 (10.7%) $726,748 (27.3%) 1.18 260
2021-05-01 $450,000 (12.8%) $723,577 (23.7%) 1.18 317
2021-06-01 $492,000 (20.0%) $764,530 (27.3%) 1.28 352
2021-07-01 $450,950 (13.5%) $740,591 (20.2%) 1.17 358
2021-08-01 $457,950 (17.4%) $742,036 (19.7%) 1.20 386
2021-09-01 $450,000 (15.6%) $746,622 (19.7%) 1.18 378
2021-10-01 $424,900 (7.6%) $727,159 (11.7%) 1.12 355
2021-11-01 $412,450 (3.1%) $749,596 (10.8%) 1.09 313
2021-12-01 $417,450 (6.4%) $770,770 (14.0%) 1.11 267
2022-01-01 $435,000 (7.1%) $813,185 (30.8%) 1.16 227
2022-02-01 $442,500 (4.4%) $837,659 (25.4%) 1.13 204
2022-03-01 $499,000 (17.4%) $912,454 (29.8%) 1.23 207
2022-04-01 $485,000 (10.4%) $918,464 (26.4%) 1.14 217
2022-05-01 $499,000 (10.9%) $897,011 (24.0%) 1.12 301
2022-06-01 $509,500 (3.6%) $896,202 (17.2%) 1.13 399
Traverse City's median listing price for 2022-06-01 was $509,500, a difference of $17,500 (3.6%) versus the prior year and $10,500 versus the prior month.

Traverse City's median listing price comes in at 113% of the national average.

Traverse City's average listing price for 2022-06-01 was $896,202, a difference of $131,672 (17.2%) versus the prior year and $-809 versus the prior month.

For the 2022-06-01 period, Traverse City had 399 MLS listings, a difference of 98 listings (33%) versus the prior month and 47 listings (13%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Traverse City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 138 days 1,723 sqft
2018-02-01 136 days 1,712 sqft
2018-03-01 143 days 1,741 sqft
2018-04-01 99 days 1,739 sqft
2018-05-01 68 days 1,772 sqft
2018-06-01 56 days 1,793 sqft
2018-07-01 63 days 1,777 sqft
2018-08-01 73 days 1,800 sqft
2018-09-01 84 days 1,808 sqft
2018-10-01 94 days 1,754 sqft
2018-11-01 102 days 1,739 sqft
2018-12-01 117 days 1,740 sqft
2019-01-01 129 days 1,698 sqft
2019-02-01 139 days 1,656 sqft
2019-03-01 140 days 1,649 sqft
2019-04-01 111 days 1,650 sqft
2019-05-01 70 days 1,683 sqft
2019-06-01 57 days 1,740 sqft
2019-07-01 61 days 1,726 sqft
2019-08-01 71 days 1,728 sqft
2019-09-01 74 days 1,728 sqft
2019-10-01 87 days 1,747 sqft
2019-11-01 102 days 1,768 sqft
2019-12-01 122 days 1,739 sqft
2020-01-01 138 days 1,679 sqft
2020-02-01 147 days 1,663 sqft
2020-03-01 119 days 1,672 sqft
2020-04-01 117 days 1,698 sqft
2020-05-01 109 days 1,762 sqft
2020-06-01 104 days 1,796 sqft
2020-07-01 75 days 1,935 sqft
2020-08-01 79 days 1,900 sqft
2020-09-01 86 days 1,850 sqft
2020-10-01 78 days 1,800 sqft
2020-11-01 80 days 1,668 sqft
2020-12-01 92 days 1,622 sqft
2021-01-01 109 days 1,621 sqft
2021-02-01 107 days 1,615 sqft
2021-03-01 64 days 1,642 sqft
2021-04-01 55 days 1,678 sqft
2021-05-01 45 days 1,720 sqft
2021-06-01 41 days 1,830 sqft
2021-07-01 44 days 1,811 sqft
2021-08-01 43 days 1,768 sqft
2021-09-01 44 days 1,776 sqft
2021-10-01 54 days 1,738 sqft
2021-11-01 61 days 1,723 sqft
2021-12-01 69 days 1,635 sqft
2022-01-01 70 days 1,560 sqft
2022-02-01 76 days 1,517 sqft
2022-03-01 65 days 1,517 sqft
2022-04-01 44 days 1,560 sqft
2022-05-01 34 days 1,684 sqft
2022-06-01 31 days 1,800 sqft
Traverse City's median listing age (time on market) for 2022-06-01 was 31 days. This is -23% shorter than the same period one year ago.

Traverse City's median square footage for active listings during the 2022-06-01 period was 1,800 sqft. One year prior, the average listing was 1,830 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.