Michigan VA Loan Rates, Closing Costs & Stats

Michigan

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.

Michigan VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Michigan averaged 6.69% for the week of 2024-12-06, compared to the national average (all VA variants) of 6.143% for the same period.

Michigan's average VA mortgage closing costs are $5,107.

The average rate for the prior week (2024-11-29) was 6.38% and one month ago for the week of 2024-11-01, the average rate was 6.64%.

The average rate one year ago was 7.19%.

For refis of the same type during the week of 2024-12-06, the average rate was 6.51%.

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

Michigan 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 Michigan level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 1,433 6.78% $5,443
QUICKEN LOANS, LLC 732 6.23% $9,527
UNITED WHOLESALE MORTGAGE, LLC 604 6.50% $7,920
NAVY FEDERAL CREDIT UNION 242 5.85% $4,975
NEW DAY FINANCIAL, LLC 191 7.41% $10,552
USAA Federal Savings Bank 182 6.36% $7,063
PENNYMAC LOAN SERVICES, LLC 147 5.49% $5,724
MORTGAGE 1 INCORPORATED 143 6.71% $6,591
FREEDOM MORTGAGE CORPORATION 125 6.52% $13,898
UNION HOME MORTGAGE CORP. 119 6.87% $8,470
LOANDEPOT.COM, LLC 107 6.30% $11,065
Flagstar Bank, FSB 86 6.86% $6,100
LAKE MICHIGAN CREDIT UNION 82 6.26% $8,079
CROSSCOUNTRY MORTGAGE, LLC 79 6.75% $8,704
NEWREZ LLC 78 6.73% $8,682
The Huntington National Bank 76 6.77% $4,888
ARK-LA-TEX FINANCIAL SERVICES, LLC. 72 6.71% $8,361
Mr. Cooper ( Nationstar Mortgage ) 68 6.06% $10,603
SUCCESS MORTGAGE PARTNERS, INC. 61 6.71% $9,127
FIRST COMMUNITY MORTGAGE, INC. 60 6.62% $7,901
GUARANTEED RATE, INC. 53 6.26% $5,713
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 53 6.61% $8,295
STAUNTON FINANCIAL, INC. 52 6.67% $7,335
MICHIGAN MUTUAL, INC. 52 6.54% $9,000
The Federal Savings Bank 50 6.45% $14,323
ROSS MORTGAGE CORPORATION 50 6.89% $7,169
Neighborhood Loans, Inc. 48 6.90% $7,994
J. VIRGIL, INC. 41 6.65% $5,920
CALIBER HOME LOANS, INC. 41 6.40% $7,522
Barrington Bank & Trust Company, N.A. 40 6.46% $6,777
VILLAGE CAPITAL MORTGAGE 38 6.27% $8,344
JPMorgan Chase Bank 36 6.44% $4,884
AMERISAVE MORTGAGE CORPORATION 35 6.06% $13,378
Fifth Third Bank 35 6.59% $5,035
DAS Acquisition Company, LLC 31 6.73% $6,889
The Dart Bank 30 6.59% $8,111
GVC MORTGAGE, INC. 29 6.89% $6,247
TOWNE MORTGAGE COMPANY 28 6.82% $7,683
Preston Home Loans Inc 28 6.82% $10,530
CARDINAL FINANCIAL 27 6.49% $8,467
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 6.48% $6,632
AMERICAN FINANCIAL NETWORK, INC. 26 7.02% $8,770
MUTUAL OF OMAHA MORTGAGE, INC. 26 6.40% $12,644
RUOFF MORTGAGE COMPANY, INC. 25 6.66% $4,997
BROKER SOLUTIONS, INC. 25 6.51% $9,924
ACADEMY MORTGAGE CORPORATION 24 6.98% $5,238
VAN DYK MORTGAGE CORPORATION 24 7.04% $5,057
PLAZA HOME MORTGAGE, INC. 20 6.76% $8,901
EVERETT FINANCIAL, INC. 20 6.85% $7,783
First State Bank 20 6.80% $8,014
PENTAGON FEDERAL CREDIT UNION 20 5.74% $7,208
GUILD MORTGAGE COMPANY 19 6.80% $9,389
Plains Commerce Bank 17 6.49% $7,846
NBKC BANK 17 5.80% $6,675
MEMBER FIRST MORTGAGE, LLC 16 6.62% $6,184
Equity Prime Mortgage LLC 16 6.93% $8,368
Northpointe Bank 16 6.48% $7,312
Wells Fargo Bank 15 6.09% $6,046
Citizens Bank 15 6.59% $4,715
Independent Bank 14 6.75% $7,977
CONTOUR MORTGAGE CORPORATION 14 6.69% $10,370
Magnolia Bank 13 6.30% $16,183
MORTGAGE SOLUTIONS OF COLORADO, LLC 12 7.47% $2,674
AMERICAN FINANCIAL RESOURCES, INC. 12 7.26% $9,559
MOVEMENT MORTGAGE, LLC 12 6.85% $5,434
CHURCHILL MORTGAGE CORPORATION 12 6.47% $8,412
TOP FLITE FINANCIAL, INC. 11 6.92% $6,059
PLANET HOME LENDING, LLC 11 6.28% $9,896
First Merchants Bank 10 6.95% $7,383
LAKEVIEW LOAN SERVICING, LLC 10 6.25% $11,050
ROYAL UNITED MORTGAGE LLC 9 6.63% $11,879
PNC Bank 9 7.08% $4,228
U.S. Bank 9 6.29% $5,627
INSPIRE HOME LOANS INC. 9 5.58% $6,366
BM Real Estate Services, Inc. 8 6.78% $5,632
NORTHERN MORTGAGE SERVICES, LLC 8 6.36% $12,052
MICHIGAN FIRST CREDIT UNION 8 6.23% $6,220
AMERICAN PORTFOLIO MORTGAGE CORPORATION 8 6.56% $3,954
Nations Lending Corporation 7 6.46% $6,661
BNC National Bank 7 5.43% $8,014
PRIMELENDING, A PLAINSCAPITAL COMPANY 7 6.91% $6,173
M/I FINANCIAL, LLC 7 5.66% $13,082
MORTGAGE CENTER L.C 7 6.61% $6,110
MORTGAGEONE, INC. 7 7.61% $8,241
NATIONS DIRECT MORTGAGE, LLC 7 6.55% $7,744
THE MORTGAGE LINK, INC. 6 7.38% $9,961
University Bank 6 6.56% $5,744
RELIANCE FIRST CAPITAL, LLC 6 6.58% $6,860
CMG MORTGAGE, INC. 6 6.38% $13,056
Armed Forces Bank 6 6.29% $7,339
PREMIA MORTGAGE, LLC 6 6.13% $3,755
Mid-Continent Funding, Inc. 6 6.60% $9,179
Sunflower Bank 6 6.44% $6,324
AMERICAN PACIFIC MORTGAGE CORPORATION 6 7.00% $7,239
MMS MORTGAGE SERVICES, LTD. 6 6.77% $11,590
HOWARD HANNA FINANCIAL SERVICES, INC. 5 6.75% $9,179
EQUITY RESOURCES, INC. 5 6.75% $6,020
POLARIS HOME FUNDING CORP. 5 6.75% $8,755
AMERICAN FINANCING CORPORATION 5 6.18% $7,137
GSF Mortgage Corporation 5 6.58% $5,916
Old National Bank 5 6.20% $5,057
NATIONWIDE MORTGAGE BANKERS, INC. 5 6.88% $9,271
EMM LOANS LLC 5 6.58% $10,819
NETWORK CAPITAL FUNDING CORPORATION 5 5.90% $13,284
Platinum Home Mortgage Corporation 5 6.40% $10,480
ENVOY MORTGAGE, LTD 5 6.38% $7,902
GUARANTEED RATE AFFINITY, LLC 5 6.89% $3,882
HOMESITE MORTGAGE, LLC 4 6.72% $11,541
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 6.50% $9,902
STOCKTON MORTGAGE CORPORATION 4 7.16% $13,126
LEGEND LENDING CORPORATION 4 6.50% $11,797
LOANPAL, LLC 4 5.69% $13,494
SUN WEST MORTGAGE COMPANY, INC. 4 6.94% $7,870
T2 FINANCIAL LLC 4 7.19% $8,215
The Central Trust Bank 4 5.22% $10,031
Paramount Residential Mortgage Group, Inc. 4 7.03% $4,096
NFM, INC. 4 6.66% $14,030
Horizon Bank 4 6.78% $4,639
HOMESIDE FINANCIAL, LLC 4 7.03% $17,068
GENEVA FINANCIAL, LLC 3 6.88% $1,892
First Federal Bank 3 6.25% $8,443
DELMAR FINANCIAL COMPANY 3 7.00% $6,570
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.83% $4,952
HOMESTEAD FUNDING CORP. 3 5.83% $4,568
Cornerstone First Mortgage, Inc 3 7.00% $14,110
KeyBank 3 6.71% $4,274
Century Mortgage Company DBA Century Lending Company 3 6.75% $7,025
PHH Mortgage Corporation 3 7.13% $11,992
Bank of England 3 6.88% $8,385
PULTE MORTGAGE LLC 3 6.33% $10,729
Shamrock Home Loans, Inc. 3 5.79% $7,421
SUMMIT FUNDING, INC. 3 5.75% $29,938
SUMMIT HOME MORTGAGE, LLC 3 6.92% $7,598
CORNERSTONE HOME LENDING, INC. 2 6.75% $7,704
SeaTrust Mortgage Company 2 6.69% $10,701
Ameris Bank 2 6.13% $9,349
Carrington Mortgage Services, LLC 2 6.56% $6,602
Community First National Bank 2 6.25% $13,131
Servion, Inc. 2 6.13% $6,748
Credence Funding Corporation 2 5.81% $4,006
PROPER RATE, LLC 2 6.56% $2,797
Prosperity Home Mortgage, LLC 2 6.19% $4,215
LEADERONE FINANCIAL CORPORATION 2 6.87% $8,810
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 7.19% $6,888
AmeriHome Mortgage Company, LLC 2 6.81% $6,114
AMCAP MORTGAGE, LTD. 2 6.63% $10,377
ELGA CREDIT UNION 2 7.19% $3,793
Capital Bank 2 6.75% $4,803
HALLMARK HOME MORTGAGE, LLC 2 6.44% $6,156
OCMBC, INC. 2 6.63% $7,175
M&T Bank 2 7.38% $7,412
HOMESTAR FINANCIAL CORPORATION 1 7.25% $5,679
Associated Bank 1 6.50% $1,910
HomePromise Corporation 1 8.13% $2,659
Arvest Bank 1 7.00% $7,496
Semper Home Loans, Inc. 1 6.63% $13,340
Service Federal Credit Union 1 5.75% $2,655
First Bank 1 6.75% $450
SIRVA MORTGAGE, INC. 1 6.13% $4,197
SIWELL, INC. 1 6.63% $20,167
SOVEREIGN LENDING GROUP INCORPORATED 1 5.75% $12,111
Strong Home Mortgage, LLC 1 6.49% $4,310
Willamette Valley Bank 1 6.63% $690
FBC MORTGAGE, LLC 1 6.75% $16,175
SUN Federal Credit Union 1 6.50% $8,267
Goldwater Bank, N.A. 1 7.00% $20,924
EVANSVILLE TEACHERS 1 6.13% $6,426
TBI MORTGAGE COMPANY 1 5.75% $10,813
F&M Bank 1 5.25% $5,973
The Loan Store, Inc. 1 7.13% $8,986
First Western Trust Bank 1 6.25% $23,753
The State Bank and Trust Company 1 7.38% $3,389
TJC Mortgage, Inc. 1 7.38% $14,918
FIRST STATE MORTGAGE SERVICES, LLC 1 7.13% $7,436
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.13% $8,153
American Mortgage & Equity Consultants, Inc. 1 6.75% $13,578
UNITED 1 7.75% $3,219
First Savings Bank 1 7.13% $12,879
First Federal Bank of the Midwest 1 6.13% $2,803
ON Q FINANCIAL, INC. 1 7.25% $4,736
FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.25% $4,868
US MORTGAGE CORPORATION 1 7.25% $6,680
BLACK HILLS FEDERAL CREDIT UNION 1 5.00% $17,186
BLG HOLDINGS, INC. 1 6.13% $24,361
OCEANSIDE MORTGAGE COMPANY 1 5.25% $4,155
FIRST COLONY MORTGAGE CORPORATION 1 6.25% $8,755
Pacor Mortgage Corp 1 6.13% $9,700
BAY EQUITY LLC 1 5.13% $7,558
MORTGAGE ACCESS CORP. 1 6.25% $15,166
ZILLOW HOME LOANS, LLC 1 6.63% $5,686
MJW Financial LLC 1 5.75% $5,754
MILEND, INC. 1 7.50% $10,078
MID AMERICA MORTGAGE, INC. 1 7.13% $3,776
LIBERTY HOME MORTGAGE CORPORATION 1 7.63% $25,870
PLUS RELOCATION MORTGAGE, LLC 1 6.75% $7,496
LAND HOME FINANCIAL SERVICES, INC. 1 8.13% $1,676
Presidential Bank, FSB 1 6.13% $9,391
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $8,209
Ixonia Bank 1 6.99% $10,720
Waterstone Mortgage Corporation 1 7.50% $10,751
Bank of Ann Arbor 1 6.88% $3,813
RAPID MORTGAGE COMPANY 1 6.63% $3,119
Regions Bank 1 7.25% $7,547

The top Michigan VA lender as defined by loan originations is Mortgage Research Center, LLC, with 1,433 VA loans originated. Their average total fees are $5,443, which is $4,085 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Michigan VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($2,674), Citizens Bank ($4,715), JPMorgan Chase Bank ($4,884), The Huntington National Bank ($4,888) and NAVY FEDERAL CREDIT UNION ($4,975).

The lowest rate Michigan VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.49%), PENTAGON FEDERAL CREDIT UNION (5.74%), NBKC BANK (5.80%), NAVY FEDERAL CREDIT UNION (5.85%) and Mr. Cooper ( Nationstar Mortgage ) (6.06%).

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.