Michigan VA Loan Rates, Closing Costs & Stats

Michigan

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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.

    Michigan VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Michigan averaged 6.85% for the week of 2025-05-23, compared to the national average (all VA variants) of 6.52% for the same period.

    Michigan's average VA mortgage closing costs are $5,294.

    The average rate for the prior week (2025-05-16) was 7.14% and one month ago for the week of 2025-04-18, the average rate was 6.91%.

    The average rate one year ago was 7.03%.

    For refis of the same type during the week of 2025-05-23, the average rate was 7%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 1,820 6.43% $5,393
    UNITED WHOLESALE MORTGAGE, LLC 1,211 6.04% $6,778
    QUICKEN LOANS, LLC 971 6.13% $9,109
    FREEDOM MORTGAGE CORPORATION 397 6.21% $7,196
    NAVY FEDERAL CREDIT UNION 291 5.91% $4,801
    PENNYMAC LOAN SERVICES, LLC 270 5.76% $6,892
    NEW DAY FINANCIAL, LLC 266 7.45% $10,189
    USAA Federal Savings Bank 195 6.18% $6,267
    UNION HOME MORTGAGE CORP. 187 6.56% $7,472
    VILLAGE CAPITAL MORTGAGE 173 5.88% $5,965
    NEWREZ LLC 149 6.23% $7,357
    MORTGAGE 1 INCORPORATED 137 6.61% $6,724
    Flagstar Bank, FSB 127 6.38% $4,590
    CROSSCOUNTRY MORTGAGE, LLC 95 6.48% $7,729
    LOANDEPOT.COM, LLC 93 6.26% $8,050
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 88 6.41% $5,375
    LAKE MICHIGAN CREDIT UNION 86 6.09% $7,608
    GUARANTEED RATE, INC. 84 6.20% $4,731
    SUCCESS MORTGAGE PARTNERS, INC. 77 6.63% $10,091
    The Huntington National Bank 77 6.83% $4,397
    PLANET HOME LENDING, LLC 75 5.85% $4,046
    STAUNTON FINANCIAL, INC. 70 6.60% $5,799
    LAKEVIEW LOAN SERVICING, LLC 66 5.76% $5,292
    Mr. Cooper ( Nationstar Mortgage ) 65 6.33% $7,744
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 60 6.35% $7,200
    FIRST COMMUNITY MORTGAGE, INC. 56 6.62% $5,478
    Barrington Bank & Trust Company, N.A. 45 6.42% $5,685
    The Federal Savings Bank 44 6.35% $15,480
    Carrington Mortgage Services, LLC 44 6.00% $9,259
    CLEARPATH LENDING 42 5.68% $7,146
    ROSS MORTGAGE CORPORATION 41 6.61% $5,601
    Preston Home Loans Inc 39 6.79% $8,593
    J. VIRGIL, INC. 39 6.73% $6,278
    CMG MORTGAGE, INC. 38 6.29% $9,705
    NBKC BANK 35 5.88% $5,335
    JPMorgan Chase Bank 35 6.19% $4,130
    RUOFF MORTGAGE COMPANY, INC. 33 6.53% $4,601
    BROKER SOLUTIONS, INC. 32 6.68% $9,251
    MORTGAGE SOLUTIONS OF COLORADO, LLC 30 7.42% $4,050
    The Dart Bank 30 6.14% $6,769
    GUILD MORTGAGE COMPANY 30 6.61% $8,016
    Fifth Third Bank 28 6.39% $3,957
    TOWNE MORTGAGE COMPANY 28 6.43% $7,926
    Plains Commerce Bank 26 6.44% $7,875
    Equity Prime Mortgage LLC 26 6.75% $7,213
    MICHIGAN MUTUAL, INC. 26 6.47% $6,621
    MORTGAGE CENTER L.C 26 6.46% $6,981
    DAS Acquisition Company, LLC 24 6.80% $5,222
    GVC MORTGAGE, INC. 23 6.65% $5,661
    MUTUAL OF OMAHA MORTGAGE, INC. 23 6.25% $13,044
    VAN DYK MORTGAGE CORPORATION 22 6.86% $4,740
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 22 6.53% $8,756
    AMERISAVE MORTGAGE CORPORATION 22 5.82% $13,345
    THE MORTGAGE LINK, INC. 22 6.68% $14,146
    PHH Mortgage Corporation 21 5.93% $6,827
    Magnolia Bank 19 5.78% $15,310
    PLAZA HOME MORTGAGE, INC. 19 6.74% $8,780
    Independent Bank 18 6.06% $3,965
    AMERICAN FINANCIAL NETWORK, INC. 18 6.14% $6,757
    CALCON MUTUAL MORTGAGE LLC 18 6.81% $7,372
    AMERICAN PACIFIC MORTGAGE CORPORATION 18 6.90% $7,681
    INSPIRE HOME LOANS INC. 18 5.67% $9,016
    Paramount Residential Mortgage Group, Inc. 15 6.53% $5,490
    NORTHERN MORTGAGE SERVICES, LLC 14 6.61% $7,040
    BLG HOLDINGS, INC. 14 6.75% $11,325
    MICHIGAN FIRST CREDIT UNION 14 6.38% $5,854
    MEMBER FIRST MORTGAGE, LLC 14 7.04% $7,380
    The Loan Store, Inc. 13 6.19% $9,302
    CARDINAL FINANCIAL 13 6.48% $9,962
    AMERICAN FINANCIAL RESOURCES, INC. 13 6.76% $12,538
    University Bank 12 6.22% $7,025
    Credence Funding Corporation 12 5.79% $5,052
    First Federal Bank 12 5.70% $5,935
    T2 FINANCIAL LLC 12 6.82% $7,485
    MOVEMENT MORTGAGE, LLC 12 6.60% $8,636
    HOMESIDE FINANCIAL, LLC 12 6.72% $10,235
    Lakeview Community Capital, LLC 11 5.83% $5,015
    First State Bank 11 6.65% $10,655
    FIRST COLONY MORTGAGE CORPORATION 11 6.41% $5,382
    TOP FLITE FINANCIAL, INC. 10 6.72% $10,807
    SUN WEST MORTGAGE COMPANY, INC. 10 5.95% $5,911
    GUARANTEED RATE AFFINITY, LLC 10 6.20% $2,874
    Wells Fargo Bank 10 6.28% $7,980
    M/I FINANCIAL, LLC 9 5.89% $9,287
    CHURCHILL MORTGAGE CORPORATION 9 6.38% $9,065
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 6.41% $4,456
    PNC Bank 8 6.58% $4,429
    ROYAL UNITED MORTGAGE LLC 8 6.45% $11,773
    First Merchants Bank 8 6.94% $4,761
    U.S. Bank 7 6.21% $4,982
    LOANPAL, LLC 7 5.88% $9,812
    Century Mortgage Company DBA Century Lending Company 7 5.71% $7,071
    PENTAGON FEDERAL CREDIT UNION 7 6.29% $7,305
    Armed Forces Bank 7 6.27% $6,423
    BAY EQUITY LLC 7 6.45% $5,000
    AmeriHome Mortgage Company, LLC 7 6.09% $5,018
    PREMIA MORTGAGE, LLC 7 5.92% $4,605
    Northpointe Bank 7 6.13% $5,414
    CONTOUR MORTGAGE CORPORATION 7 6.59% $7,742
    HOWARD HANNA FINANCIAL SERVICES, INC. 7 6.30% $8,222
    MMS MORTGAGE SERVICES, LTD. 6 6.85% $5,518
    STOCKTON MORTGAGE CORPORATION 6 6.33% $10,220
    EMM LOANS LLC 6 6.44% $11,424
    Texana Bank 6 5.73% $12,956
    FBC MORTGAGE, LLC 6 6.44% $3,975
    ALLIED MORTGAGE GROUP, INC. 6 6.31% $4,692
    PULTE MORTGAGE LLC 5 6.45% $7,635
    AMERICAN FINANCING CORPORATION 5 5.75% $15,662
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 5 6.98% $4,495
    EQUITY RESOURCES, INC. 5 6.20% $7,976
    HALLMARK HOME MORTGAGE, LLC 5 6.63% $13,967
    CORNERSTONE HOME LENDING, INC. 4 6.41% $6,013
    DELMAR FINANCIAL COMPANY 4 6.78% $7,775
    Prosperity Home Mortgage, LLC 4 6.34% $8,610
    SUMMIT HOME MORTGAGE, LLC 4 6.13% $11,338
    EVERETT FINANCIAL, INC. 4 6.94% $5,661
    Old National Bank 4 6.03% $3,241
    Residential Mortgage Solutions, Inc. 4 5.88% $3,968
    TJC Mortgage, Inc. 4 6.03% $11,010
    POLARIS HOME FUNDING CORP. 3 6.96% $7,035
    Citizens Bank 3 6.33% $3,647
    MILEND, INC. 3 6.83% $14,119
    NFM, INC. 3 6.17% $7,060
    CANOPY MORTGAGE, LLC 3 6.63% $4,526
    Nations Lending Corporation 3 6.25% $8,511
    LEADERONE FINANCIAL CORPORATION 3 6.75% $5,657
    Cornerstone First Mortgage, Inc 3 6.46% $10,750
    First Federal Bank of the Midwest 3 6.17% $3,878
    JMAC LENDING, INC. 3 5.92% $10,183
    RELIANCE FIRST CAPITAL, LLC 2 6.25% $11,011
    ABSOLUTE HOME MORTGAGE CORPORATION 2 7.00% $17,869
    ZILLOW HOME LOANS, LLC 2 6.75% $5,170
    KeyBank 2 6.06% $4,637
    Ixonia Bank 2 6.38% $18,231
    1st Source Bank 2 6.63% $5,060
    HomePromise Corporation 2 7.38% $14,785
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.75% $5,453
    Sunflower Bank 2 6.94% $5,457
    Commerce Home Mortgage, Inc. 2 6.19% $4,508
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.94% $6,602
    Presidential Bank, FSB 2 6.25% $12,440
    Capital Bank 2 6.06% $7,447
    BM Real Estate Services, Inc. 2 7.44% $485
    GENEVA FINANCIAL, LLC 2 7.00% $5,294
    MORTGAGEONE, INC. 2 7.13% $2,698
    UMB Bank 2 5.94% $5,044
    NETWORK CAPITAL FUNDING CORPORATION 2 6.44% $10,423
    UNITED 2 6.38% $11,724
    HOMESITE MORTGAGE, LLC 2 6.63% $10,649
    MORTGAGE ACCESS CORP. 2 6.25% $9,655
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.25% $7,142
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 6.44% $1,736
    Summit Mortgage Corporation 1 7.13% $3,589
    Listerhill Credit Union 1 6.13% $13,588
    LENOX FINANCIAL MORTGAGE CORPORATION 1 6.13% $2,224
    NP, Inc. 1 6.25% $5,597
    OCMBC, INC. 1 6.75% $11,267
    Horizon Bank 1 6.13% $1,946
    PLUS RELOCATION MORTGAGE, LLC 1 6.75% $5,904
    GoPrime Mortgage, Inc. 1 5.75% $11,414
    Princeton Mortgage Corporation 1 6.25% $5,228
    PROPER RATE, LLC 1 6.25% $60
    F & M Bank 1 6.50% $8,704
    Renasant Bank 1 6.13% $13,073
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 6.25% $3,073
    First Federal Bank of Kansas City 1 6.50% $12,709
    S1L, Inc. 1 5.75% $9,637
    Sierra Pacific Mortgage Company, Inc. 1 4.99% $33,760
    SOUTHWEST FUNDING, LP 1 6.75% $0
    ELGA CREDIT UNION 1 7.25% $16,705
    Elements Financial Federal Credit Union 1 6.25% $11,188
    Stride Bank 1 6.13% $3,540
    Strong Home Mortgage, LLC 1 5.25% $0
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.49% $11,027
    Civista Bank 1 6.25% $9,946
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.75% $4,405
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.75% $11,587
    TRISTAR FINANCE, INC. 1 6.75% $11,733
    TruHome Solutions, LLC 1 6.50% $625
    Bank of England 1 6.63% $3,023
    Bank of America 1 5.50% $16,305
    Arvest Bank 1 6.50% $9,389
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 7.13% $9,918
    American Mortgage & Equity Consultants, Inc. 1 6.25% $13,508
    Academy Bank 1 5.88% $14,668
    V.I.P. MORTGAGE, INC. 1 7.13% $2,914
    Washington Trust Bank 1 6.50% $7,145

    The top Michigan VA lender as defined by loan originations is Mortgage Research Center, LLC, with 1,820 VA loans originated. Their average total fees are $5,393, which is $1,385 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Michigan VA lenders (with over 10 loans originated) are GUARANTEED RATE AFFINITY, LLC ($2,874), Fifth Third Bank ($3,957), Independent Bank ($3,965), PLANET HOME LENDING, LLC ($4,046) and MORTGAGE SOLUTIONS OF COLORADO, LLC ($4,050).

    The lowest rate Michigan VA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. (5.67%), CLEARPATH LENDING (5.68%), First Federal Bank (5.70%), LAKEVIEW LOAN SERVICING, LLC (5.76%) and PENNYMAC LOAN SERVICES, LLC (5.76%).

    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.