Traverse City VA Loan Rates, Closing Costs & Stats

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 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.

Traverse City's 41 lenders originated 179 VA loans during 2022. The total origination value was $55,355,000, with an average VA loan value of $309,246.

Traverse City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Traverse City averaged 6.56% for the week of 2024-03-15, compared to the national average (all VA variants) of 6.439% for the same period.

Traverse City's average VA mortgage closing costs are $5,465.

The average rate for the prior week (2024-03-08) was 6.37% and one month ago for the week of 2024-02-09, the average rate was 6.24%.

The average rate one year ago was 6.54%.

For refis of the same type during the week of 2024-03-15, the average rate was 5.39%.

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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Traverse City level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 29 5.23% $9,773
QUICKEN LOANS, LLC 25 4.01% $10,395
UNITED WHOLESALE MORTGAGE, LLC 24 4.60% $6,461
FREEDOM MORTGAGE CORPORATION 11 4.17% $10,559
NAVY FEDERAL CREDIT UNION 7 4.30% $6,390
LOANDEPOT.COM, LLC 6 3.67% $9,292
CALIBER HOME LOANS, INC. 6 4.96% $10,277
UNION HOME MORTGAGE CORP. 5 4.48% $5,874
USAA Federal Savings Bank 5 5.15% $4,108
NEW DAY FINANCIAL, LLC 5 4.22% $10,604
Independent Bank 4 5.22% $7,625
AMERIFIRST FINANCIAL CORPORATION 3 4.71% $10,320
The Huntington National Bank 3 4.38% $6,132
HOME POINT FINANCIAL CORPORATION 3 2.67% $12,310
Mr. Cooper ( Nationstar Mortgage ) 2 3.94% $10,263
CARDINAL FINANCIAL 2 4.06% $6,620
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.75% $5,766
Fifth Third Bank 2 3.00% $11,405
STAUNTON FINANCIAL, INC. 2 6.44% $7,034
LAKE MICHIGAN CREDIT UNION 2 4.00% $13,013
LAKEVIEW LOAN SERVICING, LLC 2 3.25% $4,597
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 4.81% $4,119
Neighborhood Loans, Inc. 1 5.00% $6,668
Armed Forces Bank 1 5.25% $3,471
CHURCHILL MORTGAGE CORPORATION 1 4.75% $10,130
Citizens Bank 1 2.38% $1,022
Equity Prime Mortgage LLC 1 3.63% $9,497
FINANCE OF AMERICA MORTGAGE LLC 1 4.13% $1,754
Flagstar Bank, FSB 1 3.75% $12,866
GSF Mortgage Corporation 1 6.13% $10,508
JPMorgan Chase Bank 1 3.13% $14,942
MORTGAGE 1 INCORPORATED 1 3.99% $4,500
MUTUAL OF OMAHA MORTGAGE, INC. 1 4.63% $18,602
NBKC BANK 1 2.88% $13,133
NFM, INC. 1 7.00% $4,064
PENNYMAC LOAN SERVICES, LLC 1 2.25% $4,831
PENTAGON FEDERAL CREDIT UNION 1 4.13% $3,192
RELIANCE FIRST CAPITAL, LLC 1 5.75% $8,348
T2 FINANCIAL LLC 1 5.75% $16,583
Wells Fargo Bank 1 4.75% $16,156
West Town Bank & Trust 1 5.13% $8,519

The top Traverse City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 29 VA loans originated. Their average total fees are $9,773, which is $622 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Traverse City VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($6,461), Mortgage Research Center, LLC ($9,773), QUICKEN LOANS, LLC ($10,395), FREEDOM MORTGAGE CORPORATION ($10,559) and .

The lowest rate Traverse City VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.01%), FREEDOM MORTGAGE CORPORATION (4.17%), UNITED WHOLESALE MORTGAGE, LLC (4.60%), Mortgage Research Center, LLC (5.23%) and .


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 $327,650 (6.7%) $460,418 (4.0%) 1.21 1,136
2018-02-01 $325,000 (6.8%) $461,184 (6.5%) 1.18 1,108
2018-03-01 $324,950 (8.3%) $457,845 (6.0%) 1.14 1,155
2018-04-01 $325,000 (8.4%) $464,115 (10.2%) 1.10 1,228
2018-05-01 $329,250 (10.0%) $468,541 (10.4%) 1.10 1,367
2018-06-01 $325,000 (8.1%) $461,995 (7.0%) 1.08 1,582
2018-07-01 $318,750 (-0.1%) $450,046 (0.7%) 1.06 1,745
2018-08-01 $315,000 (-1.6%) $448,761 (-1.8%) 1.06 1,772
2018-09-01 $309,250 (-3.1%) $447,667 (-1.1%) 1.04 1,742
2018-10-01 $301,225 (-6.5%) $447,610 (-2.1%) 1.02 1,680
2018-11-01 $309,500 (-5.3%) $454,225 (-2.6%) 1.05 1,582
2018-12-01 $310,500 (-5.6%) $466,265 (-1.0%) 1.07 1,374
2019-01-01 $309,892 (-5.4%) $466,426 (1.3%) 1.07 1,248
2019-02-01 $305,350 (-6.1%) $463,499 (0.5%) 1.03 1,211
2019-03-01 $318,314 (-2.0%) $468,494 (2.3%) 1.04 1,211
2019-04-01 $324,950 (0.0%) $470,011 (1.3%) 1.03 1,227
2019-05-01 $329,000 (-0.1%) $473,545 (1.1%) 1.03 1,345
2019-06-01 $329,900 (1.5%) $479,102 (3.7%) 1.03 1,530
2019-07-01 $330,000 (3.5%) $483,432 (7.4%) 1.03 1,606
2019-08-01 $329,155 (4.5%) $481,978 (7.4%) 1.04 1,595
2019-09-01 $327,886 (6.0%) $477,557 (6.7%) 1.05 1,564
2019-10-01 $338,541 (12.4%) $487,750 (9.0%) 1.09 1,350
2019-11-01 $349,000 (12.8%) $502,983 (10.7%) 1.14 1,075
2019-12-01 $349,450 (12.5%) $510,393 (9.5%) 1.17 970
2020-01-01 $349,000 (12.6%) $513,515 (10.1%) 1.17 872
2020-02-01 $369,000 (20.8%) $536,054 (15.7%) 1.21 786
2020-03-01 $379,900 (19.4%) $541,905 (15.7%) 1.19 775
2020-04-01 $387,400 (19.2%) $542,869 (15.5%) 1.21 799
2020-05-01 $395,000 (20.1%) $560,489 (18.4%) 1.20 856
2020-06-01 $399,450 (21.1%) $576,902 (20.4%) 1.18 877
2020-07-01 $389,450 (18.0%) $594,494 (23.0%) 1.13 766
2020-08-01 $385,000 (17.0%) $595,020 (23.5%) 1.10 712
2020-09-01 $379,800 (15.8%) $593,811 (24.3%) 1.09 611
2020-10-01 $379,900 (12.2%) $622,348 (27.6%) 1.09 544
2020-11-01 $388,500 (11.3%) $646,632 (28.6%) 1.14 464
2020-12-01 $379,200 (8.5%) $638,267 (25.1%) 1.13 421
2021-01-01 $389,000 (11.5%) $592,696 (15.4%) 1.16 342
2021-02-01 $410,000 (11.1%) $633,807 (18.2%) 1.19 274
2021-03-01 $424,400 (11.7%) $700,259 (29.2%) 1.20 270
2021-04-01 $427,100 (10.3%) $715,891 (31.9%) 1.16 260
2021-05-01 $449,000 (13.7%) $717,080 (27.9%) 1.19 317
2021-06-01 $475,000 (18.9%) $749,391 (29.9%) 1.25 354
2021-07-01 $450,000 (15.6%) $739,264 (24.4%) 1.19 372
2021-08-01 $455,000 (18.2%) $732,227 (23.1%) 1.21 388
2021-09-01 $450,000 (18.5%) $740,610 (24.7%) 1.20 376
2021-10-01 $434,900 (14.5%) $742,207 (19.3%) 1.16 355
2021-11-01 $424,900 (9.4%) $762,077 (17.9%) 1.14 312
2021-12-01 $429,900 (13.4%) $773,135 (21.1%) 1.16 261
2022-01-01 $450,000 (15.7%) $793,090 (33.8%) 1.22 237
2022-02-01 $453,450 (10.6%) $811,637 (28.1%) 1.18 204
2022-03-01 $492,500 (16.1%) $844,214 (20.6%) 1.23 206
2022-04-01 $485,000 (13.6%) $862,664 (20.5%) 1.16 214
2022-05-01 $499,000 (11.1%) $857,224 (19.5%) 1.14 298
2022-06-01 $499,500 (5.2%) $860,393 (14.8%) 1.11 389
2022-07-01 $534,950 (18.9%) $813,042 (10.0%) 1.21 507
2022-08-01 $520,000 (14.3%) $790,376 (7.9%) 1.20 529
2022-09-01 $506,750 (12.6%) $780,532 (5.4%) 1.18 483
2022-10-01 $499,950 (15.0%) $764,063 (2.9%) 1.18 472
2022-11-01 $481,050 (13.2%) $748,948 (-1.7%) 1.16 430
2022-12-01 $479,900 (11.6%) $763,714 (-1.2%) 1.18 361
2023-01-01 $464,950 (3.3%) $773,499 (-2.5%) 1.15 286
2023-02-01 $485,975 (7.2%) $786,699 (-3.1%) 1.17 293
2023-03-01 $486,475 (-1.2%) $794,078 (-5.9%) 1.15 293
2023-04-01 $499,000 (2.9%) $809,578 (-6.2%) 1.16 315
2023-05-01 $534,000 (7.0%) $827,017 (-3.5%) 1.21 367
2023-06-01 $524,500 (5.0%) $811,622 (-5.7%) 1.18 451
2023-07-01 $497,500 (-7.0%) $772,506 (-5.0%) 1.13 508
2023-08-01 $495,000 (-4.8%) $757,657 (-4.1%) 1.14 514
2023-09-01 $499,000 (-1.5%) $755,802 (-3.2%) 1.16 556
2023-10-01 $499,000 (-0.2%) $747,081 (-2.2%) 1.17 565
2023-11-01 $477,250 (-0.8%) $722,174 (-3.6%) 1.14 559
2023-12-01 $485,000 (1.1%) $724,312 (-5.2%) 1.18 469
2024-01-01 $459,188 (-1.2%) $675,119 (-12.7%) 1.12 390
Traverse City's median listing price for 2024-01-01 was $459,188, a difference of $-5,762 (-1.2%) versus the prior year and $-25,812 versus the prior month.

Traverse City's median listing price comes in at 112% of the national average.

Traverse City's average listing price for 2024-01-01 was $675,119, a difference of $-98,380 (-12.7%) versus the prior year and $-49,193 versus the prior month.

For the 2024-01-01 period, Traverse City had 390 MLS listings, a difference of -79 listings (-17%) versus the prior month and 104 listings (36%) 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
2018-01-01 121 days 1,703 sqft
2018-02-01 122 days 1,700 sqft
2018-03-01 127 days 1,719 sqft
2018-04-01 84 days 1,718 sqft
2018-05-01 55 days 1,750 sqft
2018-06-01 48 days 1,778 sqft
2018-07-01 56 days 1,771 sqft
2018-08-01 66 days 1,793 sqft
2018-09-01 75 days 1,800 sqft
2018-10-01 80 days 1,739 sqft
2018-11-01 85 days 1,717 sqft
2018-12-01 100 days 1,725 sqft
2019-01-01 111 days 1,681 sqft
2019-02-01 117 days 1,638 sqft
2019-03-01 101 days 1,631 sqft
2019-04-01 76 days 1,641 sqft
2019-05-01 50 days 1,660 sqft
2019-06-01 46 days 1,700 sqft
2019-07-01 54 days 1,709 sqft
2019-08-01 60 days 1,713 sqft
2019-09-01 67 days 1,719 sqft
2019-10-01 76 days 1,732 sqft
2019-11-01 89 days 1,722 sqft
2019-12-01 101 days 1,692 sqft
2020-01-01 114 days 1,651 sqft
2020-02-01 106 days 1,628 sqft
2020-03-01 78 days 1,618 sqft
2020-04-01 83 days 1,652 sqft
2020-05-01 81 days 1,732 sqft
2020-06-01 72 days 1,781 sqft
2020-07-01 60 days 1,967 sqft
2020-08-01 68 days 1,888 sqft
2020-09-01 73 days 1,827 sqft
2020-10-01 64 days 1,792 sqft
2020-11-01 67 days 1,665 sqft
2020-12-01 77 days 1,604 sqft
2021-01-01 80 days 1,608 sqft
2021-02-01 79 days 1,584 sqft
2021-03-01 49 days 1,625 sqft
2021-04-01 44 days 1,660 sqft
2021-05-01 37 days 1,708 sqft
2021-06-01 38 days 1,823 sqft
2021-07-01 40 days 1,794 sqft
2021-08-01 40 days 1,758 sqft
2021-09-01 42 days 1,771 sqft
2021-10-01 54 days 1,753 sqft
2021-11-01 58 days 1,744 sqft
2021-12-01 66 days 1,622 sqft
2022-01-01 68 days 1,545 sqft
2022-02-01 72 days 1,510 sqft
2022-03-01 64 days 1,515 sqft
2022-04-01 44 days 1,531 sqft
2022-05-01 30 days 1,672 sqft
2022-06-01 31 days 1,806 sqft
2022-07-01 33 days 1,800 sqft
2022-08-01 47 days 1,770 sqft
2022-09-01 58 days 1,741 sqft
2022-10-01 61 days 1,700 sqft
2022-11-01 70 days 1,648 sqft
2022-12-01 87 days 1,603 sqft
2023-01-01 81 days 1,628 sqft
2023-02-01 60 days 1,567 sqft
2023-03-01 56 days 1,567 sqft
2023-04-01 52 days 1,632 sqft
2023-05-01 42 days 1,684 sqft
2023-06-01 38 days 1,763 sqft
2023-07-01 40 days 1,766 sqft
2023-08-01 51 days 1,716 sqft
2023-09-01 48 days 1,708 sqft
2023-10-01 51 days 1,719 sqft
2023-11-01 59 days 1,610 sqft
2023-12-01 80 days 1,585 sqft
2024-01-01 82 days 1,528 sqft
Traverse City's median listing age (time on market) for 2024-01-01 was 82 days. This is 2% longer than the same period one year ago.

Traverse City's median square footage for active listings during the 2024-01-01 period was 1,528 sqft. One year prior, the average listing was 1,628 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.