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 6.66% for the week of 2023-03-17, compared to the national average (all VA variants) of 6.138% for the same period.

Michigan's average VA mortgage closing costs are $4,510.

The average rate for the prior week (2023-03-10) was 7.04% and one month ago for the week of 2023-02-10, the average rate was 6.26%.

The average rate one year ago was 4.46%.

For refis of the same type during the week of 2023-03-17, the average rate was 6.14%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 3,360 2.54% $4,521
Mortgage Research Center, LLC 2,247 2.90% $4,893
FREEDOM MORTGAGE CORPORATION 1,252 2.50% $2,525
UNITED WHOLESALE MORTGAGE, LLC 1,029 2.59% $5,146
NEW DAY FINANCIAL, LLC 596 2.81% $5,766
PENNYMAC LOAN SERVICES, LLC 586 2.56% $4,583
CALIBER HOME LOANS, INC. 553 2.69% $4,507
USAA Federal Savings Bank 505 2.84% $4,048
VILLAGE CAPITAL MORTGAGE 453 2.39% $3,083
NAVY FEDERAL CREDIT UNION 406 2.50% $4,640
UNION HOME MORTGAGE CORP. 345 2.89% $5,200
Flagstar Bank, FSB 272 2.77% $4,302
LAKEVIEW LOAN SERVICING, LLC 268 2.61% $2,324
LOANDEPOT.COM, LLC 262 2.66% $4,416
MORTGAGE 1 INCORPORATED 257 3.15% $5,804
CLEARPATH LENDING 244 2.33% $4,008
Mr. Cooper ( Nationstar Mortgage ) 212 2.94% $3,532
HOME POINT FINANCIAL CORPORATION 207 2.62% $4,240
ARK-LA-TEX FINANCIAL SERVICES, LLC. 194 2.99% $5,163
The Huntington National Bank 191 3.02% $3,258
AMERIFIRST FINANCIAL CORPORATION 191 3.24% $4,586
CROSSCOUNTRY MORTGAGE, LLC 174 2.99% $6,035
Barrington Bank & Trust Company, N.A. 173 2.78% $4,757
LAKE MICHIGAN CREDIT UNION 156 2.75% $5,585
The Federal Savings Bank 153 2.58% $7,218
Wells Fargo Bank 153 2.58% $3,422
Fifth Third Bank 105 2.87% $3,949
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 104 2.75% $4,692
Low VA Rates, LLC 100 2.44% $3,832
NEWREZ LLC 98 2.68% $3,309
J. VIRGIL, INC. 94 3.06% $5,043
ROSS MORTGAGE CORPORATION 92 2.91% $4,631
Carrington Mortgage Services, LLC 91 3.20% $4,911
SUCCESS MORTGAGE PARTNERS, INC. 90 3.14% $6,117
AMERISAVE MORTGAGE CORPORATION 84 2.73% $5,668
BROKER SOLUTIONS, INC. 84 2.74% $5,342
GUARANTEED RATE, INC. 83 2.75% $4,060
STAUNTON FINANCIAL, INC. 83 2.71% $7,180
PENTAGON FEDERAL CREDIT UNION 80 2.36% $3,306
Neighborhood Loans, Inc. 75 3.11% $5,515
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 75 3.03% $6,873
MICHIGAN MUTUAL, INC. 71 2.99% $4,766
PRIMELENDING, A PLAINSCAPITAL COMPANY 68 3.30% $4,877
First Guaranty Mortgage Corporation 62 2.78% $3,163
PLANET HOME LENDING, LLC 58 2.49% $2,065
AMERICAN FINANCIAL NETWORK, INC. 58 2.75% $7,231
VAN DYK MORTGAGE CORPORATION 57 3.00% $6,025
TOWNE MORTGAGE COMPANY 55 2.87% $5,357
RUOFF MORTGAGE COMPANY, INC. 55 3.19% $5,013
ACADEMY MORTGAGE CORPORATION 54 3.27% $6,151
MUTUAL OF OMAHA MORTGAGE, INC. 53 2.76% $4,480
FINANCE OF AMERICA MORTGAGE LLC 53 3.06% $5,263
Independent Bank 53 3.01% $6,392
PNC Bank 51 2.79% $3,555
ACCELERATE MORTGAGE, LLC 48 2.27% $5,512
UNIVERSITY LENDING GROUP, LLC 46 2.97% $6,976
Citizens Bank 45 2.70% $4,474
InterContinental Capital Group, Inc 45 2.40% $3,535
TCF National Bank 44 2.66% $4,552
MID AMERICA MORTGAGE, INC. 42 3.17% $3,208
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 2.94% $4,650
SUN WEST MORTGAGE COMPANY, INC. 39 2.56% $3,099
NBKC BANK 36 2.52% $4,464
Magnolia Bank 35 2.53% $8,180
Northpointe Bank 35 2.68% $5,928
PLAZA HOME MORTGAGE, INC. 34 2.91% $6,156
Nations Lending Corporation 33 2.88% $6,604
First Federal Bank 33 3.20% $9,073
SOVEREIGN LENDING GROUP INCORPORATED 32 2.63% $5,571
NORTHERN MORTGAGE SERVICES, LLC 30 2.87% $6,322
North American Savings Bank, F.S.B. 29 2.41% $3,155
HOMEBRIDGE FINANCIAL SERVICES, INC. 28 2.55% $4,430
INLANTA MORTGAGE, INC. 27 3.05% $4,446
Platinum Home Mortgage Corporation 27 2.93% $8,366
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 25 2.93% $4,608
Lakeview Community Capital, LLC 25 2.55% $2,328
The Dart Bank 25 3.01% $5,477
BNC National Bank 24 2.35% $4,769
MEMBER FIRST MORTGAGE, LLC 24 2.96% $5,445
ENVOY MORTGAGE, LTD 24 3.20% $4,611
HOMESITE MORTGAGE, LLC 22 3.06% $6,711
CHURCHILL MORTGAGE CORPORATION 21 2.64% $5,620
MICHIGAN FIRST CREDIT UNION 21 2.84% $6,526
NATIONS DIRECT MORTGAGE, LLC 21 3.35% $5,691
Preston Home Loans Inc 21 3.13% $4,584
NP, Inc. 20 2.44% $3,660
Wyndham Capital Mortgage, Inc. 18 2.38% $3,102
U.S. Bank 18 2.92% $6,062
MORTGAGE CENTER L.C 18 2.93% $4,651
CMG MORTGAGE, INC. 18 3.20% $7,113
CHERRY CREEK MORTGAGE, LLC 18 3.33% $4,119
TOP FLITE FINANCIAL, INC. 18 3.16% $6,842
BLG HOLDINGS, INC. 17 2.94% $3,930
AMERICAN PORTFOLIO MORTGAGE CORPORATION 17 2.68% $5,199
Sunflower Bank 17 2.87% $4,638
GVC MORTGAGE, INC. 16 3.20% $5,798
SUMMIT FUNDING, INC. 15 2.93% $4,214
INSPIRE HOME LOANS INC. 15 3.25% $5,882
PULTE MORTGAGE LLC 15 2.83% $8,946
First State Bank 15 2.78% $4,881
HOMESIDE FINANCIAL, LLC 15 2.68% $5,923
MOVEMENT MORTGAGE, LLC 14 3.19% $4,725
Paramount Residential Mortgage Group, Inc. 14 2.91% $5,684
AMERICAN FINANCING CORPORATION 13 2.74% $4,609
Mid-Continent Funding, Inc. 13 2.80% $5,843
EVERETT FINANCIAL, INC. 13 3.42% $5,387
M&T Bank 13 2.96% $6,282
GUARANTEED RATE AFFINITY, LLC 12 2.53% $5,390
Old National Bank 12 2.54% $6,446
FIRST HERITAGE FINANCIAL, LLC 11 2.86% $5,581
TJC Mortgage, Inc. 11 2.47% $5,521
GENEVA FINANCIAL, LLC 11 2.82% $8,156
HOWARD HANNA FINANCIAL SERVICES, INC. 10 2.78% $7,773
Equity Prime Mortgage LLC 10 3.48% $4,646
POLARIS HOME FUNDING CORP. 10 2.66% $4,489
Bank of England 10 2.83% $4,488
ROYAL UNITED MORTGAGE LLC 10 2.85% $6,457
CONTOUR MORTGAGE CORPORATION 10 3.14% $9,755
KELLER MORTGAGE, LLC 10 2.78% $6,285
JPMorgan Chase Bank 9 3.17% $3,820
Prosperity Home Mortgage, LLC 9 2.57% $2,590
T2 FINANCIAL LLC 8 3.31% $5,086
Hometown Lenders, Inc. 8 3.36% $4,118
PHH Mortgage Corporation 8 3.14% $3,394
Paramount Bank 8 2.58% $5,792
AmeriHome Mortgage Company, LLC 8 2.93% $2,768
HANCOCK MORTGAGE PARTNERS, LLC 8 3.14% $4,852
CIBM Bank 8 2.95% $3,549
STOCKTON MORTGAGE CORPORATION 8 2.70% $6,574
ZILLOW HOME LOANS, LLC 8 2.92% $8,927
PREMIA MORTGAGE, LLC 8 2.64% $7,137
SUMMIT HOME MORTGAGE, LLC 8 3.26% $4,224
ChoiceOne Bank 7 3.10% $3,679
First Savings Bank 7 2.84% $6,688
Strong Home Mortgage, LLC 7 2.54% $4,546
BAYSHORE MORTGAGE FUNDING, LLC 7 2.91% $4,545
AMERICAN FINANCIAL RESOURCES, INC. 7 3.25% $6,178
MMS MORTGAGE SERVICES, LTD. 6 3.00% $8,125
Prime Choice Funding Inc. 6 2.54% $1,898
HALLMARK HOME MORTGAGE, LLC 6 3.08% $4,806
AMERICAN PACIFIC MORTGAGE CORPORATION 6 2.83% $8,313
THE ANDERSON FINANCIAL GROUP, INC. 6 2.60% $5,803
EQUITY RESOURCES, INC. 6 2.56% $4,671
NETWORK CAPITAL FUNDING CORPORATION 6 3.25% $9,920
Bank of Ann Arbor 5 2.55% $8,152
Goldwater Bank, N.A. 5 2.65% $5,573
Horizon Bank 5 3.08% $7,119
RELIANCE FIRST CAPITAL, LLC 5 2.75% $7,386
UNITED 5 3.05% $6,726
STEARNS LENDING, LLC 5 3.12% $3,796
LAND HOME FINANCIAL SERVICES, INC. 5 3.50% $9,638
LOANPAL, LLC 5 2.48% $5,676
FirstBank 5 2.45% $2,092
Meridian Bank Corporation 5 2.43% $4,295
CELEBRITY HOME LOANS, LLC 5 2.93% $4,163
Credence Funding Corporation 5 2.43% $3,466
Community First National Bank 5 2.60% $6,233
LENDUS, LLC 4 2.38% $2,350
Armed Forces Bank 4 2.63% $4,613
SOUTHWEST FUNDING, LP 4 3.31% $7,788
KS StateBank 4 2.59% $5,865
Sierra Pacific Mortgage Company, Inc. 4 3.03% $6,825
GUILD MORTGAGE COMPANY 4 2.75% $5,857
The State Bank and Trust Company 4 2.78% $5,285
Servion, Inc. 4 2.97% $3,089
Luxury Mortgage Corp. 3 3.08% $5,804
Bank of America 3 3.00% $20,126
LIBERTY HOME MORTGAGE CORPORATION 3 3.13% $8,592
GSF Mortgage Corporation 3 2.42% $6,804
EMBRACE HOME LOANS, INC. 3 2.38% $2,365
M/I FINANCIAL, LLC 3 2.50% $5,884
LEADERONE FINANCIAL CORPORATION 3 2.71% $5,311
ADVISORS CAPITAL, INC. 3 3.25% $5,398
KeyBank 3 2.79% $3,494
DAS Acquisition Company, LLC 3 3.29% $5,626
First Federal Bank of Kansas City 3 2.42% $2,928
MEMBER ADVANTAGE MORTGAGE, LLC 3 3.58% $3,901
NBH Bank 3 2.71% $2,606
Commerce Home Mortgage, Inc. 3 2.71% $2,405
NEW ENGLAND FEDERAL CREDIT UNION 3 2.83% $6,537
CityWorth Mortgage LLC 3 2.46% $3,022
UNITED SECURITY FINANCIAL CORP 3 2.25% $2,543
Christensen Financial, Inc. 3 2.88% $2,785
AMERICAN MORTGAGE SERVICE COMPANY 3 3.21% $9,725
AMCAP MORTGAGE, LTD. 3 3.33% $8,215
HARTFORD FUNDING, LTD. 3 3.21% $9,434
Capital Bank 3 2.33% $1,725
Gateway First Bank 2 3.56% $6,061
FIRST STATE MORTGAGE SERVICES, LLC 2 2.56% $2,638
HOMESTEAD FUNDING CORP. 2 2.31% $6,175
First Home Bank 2 2.63% $9,314
EMM LOANS LLC 2 2.81% $10,654
ELGA CREDIT UNION 2 3.06% $5,029
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.25% $1,873
Citibank 2 3.06% $4,996
Plains Commerce Bank 2 2.56% $5,671
SIRVA MORTGAGE, INC. 2 2.88% $2,818
TEACHERS CREDIT UNION 2 2.50% $2,245
The Central Trust Bank 2 2.56% $1,789
Ameris Bank 2 3.00% $6,231
The Union Bank Company 2 2.44% $3,447
Triumph Bank 2 2.25% $2,442
US MORTGAGE CORPORATION 2 2.81% $2,818
West Town Bank & Trust 2 2.81% $12,694
CHARTER WEST BANK 1 2.25% $2,060
Bank of Idaho 1 2.63% $779
PARKSIDE LENDING, LLC 1 2.88% $2,016
Pacor Mortgage Corp 1 2.75% $5,042
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 2.75% $4,001
OCMBC, INC. 1 3.88% $6,412
SECURITYNATIONAL MORTGAGE COMPANY 1 3.75% $3,930
OCEANSIDE MORTGAGE COMPANY 1 2.75% $550
NFM, INC. 1 3.38% $18,309
AMERICAN ADVISORS GROUP 1 2.62% $6,486
Colonial Savings, F.A. 1 3.75% $1,557
SOUTHWEST STAGE FUNDING, LLC 1 3.25% $2,195
COMPASS MORTGAGE, INC. 1 2.75% $3,465
SRE MORTGAGE ALLIANCE INC. 1 2.00% $6,316
Atlantic Union Bank 1 2.50% $2,030
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.25% $16,233
Stifel Bank and Trust 1 2.75% $2,293
NATIONS RELIABLE LENDING, LLC 1 3.25% $525
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 2.63% $3,558
Assurance Financial Group, L.L.C. 1 2.38% $2,692
Dort Financial Credit Union 1 2.88% $2,432
DRAPER AND KRAMER MORTGAGE CORP. 1 2.63% $3,681
Evolve Bank & Trust 1 2.63% $2,165
Associated Bank 1 2.50% $5,047
Exchange Bank 1 2.25% $6,465
TBI MORTGAGE COMPANY 1 3.00% $12,378
LHM FINANCIAL CORPORATION 1 2.25% $3,356
First Merchants Bank 1 2.50% $3,018
Texana Bank 1 2.75% $5,466
LENDING 3, INC. 1 4.25% $7,708
WesBanco Bank, Inc. 1 2.63% $6,648
ARC HOME LLC 1 2.25% $11,192
AmRes Corporation 1 2.25% $1,226
Flanagan State Bank 1 2.75% $25
FBC MORTGAGE, LLC 1 2.25% $5,262
Willamette Valley Bank 1 3.25% $3,760
THRIVENT Federal Credit Union 1 2.50% $4,283
TIAA, FSB 1 2.75% $3,673
First Bank 1 2.75% $11,195
FIRST COMMUNITY MORTGAGE, INC. 1 3.50% $4,299
Amerifirst Financial, Inc. 1 2.75% $16,036
WRIGHT-PATT CREDIT UNION, INC. 1 2.50% $3,077
Ixonia Bank 1 2.25% $2,458
INTERCAP LENDING INC. 1 2.25% $3,834
UNITED HOME LOANS, INC. 1 2.88% $3,611
INOVA FEDERAL CREDIT UNION 1 2.88% $2,899
INLAND BANK & TRUST 1 2.50% $1,922
American Mortgage & Equity Consultants, Inc. 1 2.63% $2,478
AMERICAN INTERNET MORTGAGE, INC. 1 2.25% $2,600
Hometown Equity Mortgage, LLC 1 2.88% $1,203
First State Bank of St. Charles, Missouri 1 2.88% $2,539
First Internet Bank of Indiana 1 2.25% $1,193
Bell Bank 1 2.63% $17,716
PLUS RELOCATION MORTGAGE, LLC 1 3.25% $2,900
Presidential Bank, FSB 1 2.25% $0
BECKAM FUNDING CORP. 1 4.25% $2,861
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.13% $9,667
Century Mortgage Company DBA Century Lending Company 1 2.88% $4,487
PINNACLE LENDING GROUP, INC. 1 2.88% $14,409
CERTAINTY HOME LOANS, LLC 1 3.13% $2,567

The top Michigan VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 3,360 VA loans originated. Their average total fees are $4,521, which is $373 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Michigan VA lenders (with over 10 loans originated) are PLANET HOME LENDING, LLC ($2,065), LAKEVIEW LOAN SERVICING, LLC ($2,324), Lakeview Community Capital, LLC ($2,328), FREEDOM MORTGAGE CORPORATION ($2,525) and VILLAGE CAPITAL MORTGAGE ($3,083).

The lowest rate Michigan VA lenders (with over 10 loans originated) are ACCELERATE MORTGAGE, LLC (2.27%), CLEARPATH LENDING (2.33%), BNC National Bank (2.35%), PENTAGON FEDERAL CREDIT UNION (2.36%) and Wyndham Capital Mortgage, Inc. (2.38%).

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.