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 6.65% for the week of 2024-03-15, compared to the national average (all VA variants) of 6.439% for the same period.

Michigan's average VA mortgage closing costs are $4,876.

The average rate for the prior week (2024-03-08) was 6.17% and one month ago for the week of 2024-02-09, the average rate was 6.44%.

The average rate one year ago was 6.23%.

For refis of the same type during the week of 2024-03-15, the average rate was 5.41%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 1,815 5.17% $5,754
QUICKEN LOANS, LLC 1,292 4.25% $8,570
UNITED WHOLESALE MORTGAGE, LLC 813 4.51% $7,224
FREEDOM MORTGAGE CORPORATION 357 4.30% $9,146
NAVY FEDERAL CREDIT UNION 342 4.17% $4,650
NEW DAY FINANCIAL, LLC 283 5.13% $9,103
USAA Federal Savings Bank 281 4.56% $6,354
Flagstar Bank, FSB 202 4.59% $6,692
MORTGAGE 1 INCORPORATED 195 5.05% $7,260
PENNYMAC LOAN SERVICES, LLC 182 3.51% $6,722
LOANDEPOT.COM, LLC 141 4.10% $8,384
Mr. Cooper ( Nationstar Mortgage ) 131 4.84% $8,716
CALIBER HOME LOANS, INC. 126 4.76% $7,966
The Huntington National Bank 112 4.67% $4,413
CROSSCOUNTRY MORTGAGE, LLC 107 5.19% $8,891
UNION HOME MORTGAGE CORP. 106 4.55% $7,095
ARK-LA-TEX FINANCIAL SERVICES, LLC. 101 5.15% $7,719
HOME POINT FINANCIAL CORPORATION 86 4.37% $7,474
AMERIFIRST FINANCIAL CORPORATION 85 5.25% $6,275
Neighborhood Loans, Inc. 84 5.34% $8,156
LAKE MICHIGAN CREDIT UNION 79 4.53% $7,966
The Federal Savings Bank 75 4.53% $13,434
SUCCESS MORTGAGE PARTNERS, INC. 73 5.03% $8,977
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 71 4.73% $9,314
GUARANTEED RATE, INC. 71 4.98% $6,268
Barrington Bank & Trust Company, N.A. 68 4.73% $6,923
CARDINAL FINANCIAL 63 4.40% $7,632
AMERISAVE MORTGAGE CORPORATION 62 4.32% $9,471
STAUNTON FINANCIAL, INC. 61 5.23% $6,754
Fifth Third Bank 55 4.50% $4,440
J. VIRGIL, INC. 54 5.20% $6,549
LAKEVIEW LOAN SERVICING, LLC 53 3.85% $4,815
ROSS MORTGAGE CORPORATION 53 5.39% $6,107
VILLAGE CAPITAL MORTGAGE 51 4.05% $7,524
CLEARPATH LENDING 50 3.94% $8,975
BROKER SOLUTIONS, INC. 49 4.82% $8,145
NEWREZ LLC 49 4.18% $6,603
Carrington Mortgage Services, LLC 46 4.79% $7,613
VAN DYK MORTGAGE CORPORATION 42 4.86% $5,981
Wells Fargo Bank 36 4.27% $4,413
PRIMELENDING, A PLAINSCAPITAL COMPANY 35 4.73% $5,878
MICHIGAN MUTUAL, INC. 34 5.22% $9,568
RUOFF MORTGAGE COMPANY, INC. 34 5.15% $3,899
EVERETT FINANCIAL, INC. 33 5.25% $5,626
MUTUAL OF OMAHA MORTGAGE, INC. 31 4.56% $11,131
FINANCE OF AMERICA MORTGAGE LLC 29 4.56% $7,725
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 28 4.59% $7,404
ACADEMY MORTGAGE CORPORATION 27 5.11% $4,793
Independent Bank 27 4.86% $5,356
The Dart Bank 26 5.13% $7,504
Preston Home Loans Inc 25 5.45% $5,604
NBKC BANK 24 4.13% $7,919
PLANET HOME LENDING, LLC 23 4.10% $7,794
MEMBER FIRST MORTGAGE, LLC 23 5.00% $6,813
Nations Lending Corporation 23 5.15% $8,688
PLAZA HOME MORTGAGE, INC. 22 4.85% $6,977
PENTAGON FEDERAL CREDIT UNION 22 3.76% $5,522
NORTHERN MORTGAGE SERVICES, LLC 21 5.01% $7,328
Citizens Bank 19 4.38% $5,137
JPMorgan Chase Bank 19 4.89% $5,348
ENVOY MORTGAGE, LTD 19 5.07% $4,879
CONTOUR MORTGAGE CORPORATION 18 5.00% $9,784
UNIVERSITY LENDING GROUP, LLC 18 4.62% $7,587
DAS Acquisition Company, LLC 18 5.72% $6,846
TOP FLITE FINANCIAL, INC. 17 5.35% $8,355
TOWNE MORTGAGE COMPANY 17 4.58% $8,919
MID AMERICA MORTGAGE, INC. 17 4.85% $4,033
CHURCHILL MORTGAGE CORPORATION 16 4.81% $10,818
Equity Prime Mortgage LLC 16 5.47% $6,299
Northpointe Bank 16 4.52% $6,580
INLANTA MORTGAGE, INC. 15 4.47% $7,706
RELIANCE FIRST CAPITAL, LLC 15 4.59% $8,829
PNC Bank 15 3.93% $4,629
Magnolia Bank 14 4.85% $10,774
PULTE MORTGAGE LLC 14 4.53% $4,502
CHERRY CREEK MORTGAGE, LLC 14 5.01% $1,980
Platinum Home Mortgage Corporation 13 4.78% $8,317
CMG MORTGAGE, INC. 13 4.58% $6,869
North American Savings Bank, F.S.B. 13 4.01% $9,707
NATIONS DIRECT MORTGAGE, LLC 12 5.09% $9,720
AMERICAN FINANCING CORPORATION 11 3.80% $7,991
HOWARD HANNA FINANCIAL SERVICES, INC. 11 4.44% $10,246
LEGEND LENDING CORPORATION 11 5.95% $5,742
ROYAL UNITED MORTGAGE LLC 11 4.60% $8,053
Low VA Rates, LLC 11 5.53% $11,240
U.S. Bank 11 4.68% $11,624
LOANPAL, LLC 11 3.80% $11,588
MORTGAGE SOLUTIONS OF COLORADO, LLC 11 5.47% $8,975
MORTGAGE CENTER L.C 10 4.75% $7,734
AMERICAN PORTFOLIO MORTGAGE CORPORATION 10 4.93% $4,883
Mid-Continent Funding, Inc. 10 5.51% $9,713
Lakeview Community Capital, LLC 10 3.60% $4,136
MICHIGAN FIRST CREDIT UNION 10 4.93% $6,858
HOMEBRIDGE FINANCIAL SERVICES, INC. 10 4.57% $5,778
SUN WEST MORTGAGE COMPANY, INC. 10 4.11% $7,513
GVC MORTGAGE, INC. 10 5.28% $8,321
First State Bank 9 5.19% $7,896
GENEVA FINANCIAL, LLC 9 4.76% $9,010
PREMIA MORTGAGE, LLC 8 4.28% $2,764
Armed Forces Bank 8 4.31% $8,659
M/I FINANCIAL, LLC 8 4.95% $12,762
First Guaranty Mortgage Corporation 8 4.05% $4,758
Texana Bank 8 3.97% $9,124
Hometown Lenders, Inc. 8 4.69% $5,198
BNC National Bank 8 4.17% $9,501
POLARIS HOME FUNDING CORP. 8 4.75% $4,971
INSPIRE HOME LOANS INC. 8 5.14% $7,346
AMERICAN PACIFIC MORTGAGE CORPORATION 8 5.16% $9,919
T2 FINANCIAL LLC 7 5.39% $9,563
AMERICAN FINANCIAL RESOURCES, INC. 7 5.43% $9,116
Bank of America 7 4.09% $5,173
FIRST COMMUNITY MORTGAGE, INC. 7 5.86% $7,054
First Federal Bank 7 4.50% $8,760
HANCOCK MORTGAGE PARTNERS, LLC 7 5.18% $8,860
HOMESITE MORTGAGE, LLC 7 5.28% $8,154
MMS MORTGAGE SERVICES, LTD. 7 5.48% $7,649
Old National Bank 7 4.61% $6,651
NETWORK CAPITAL FUNDING CORPORATION 6 4.54% $7,355
HomePromise Corporation 6 6.27% $17,084
MOVEMENT MORTGAGE, LLC 6 4.56% $4,772
TJC Mortgage, Inc. 5 5.38% $15,856
Horizon Bank 5 5.00% $3,217
M&T Bank 5 4.03% $9,297
HOMESIDE FINANCIAL, LLC 5 4.55% $7,697
SOVEREIGN LENDING GROUP INCORPORATED 5 4.08% $11,888
Sunflower Bank 5 5.17% $6,399
Ixonia Bank 5 4.75% $4,268
STOCKTON MORTGAGE CORPORATION 5 5.28% $16,260
ChoiceOne Bank 4 5.13% $7,995
Wyndham Capital Mortgage, Inc. 4 3.88% $9,478
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 4.31% $6,502
KELLER MORTGAGE, LLC 4 4.34% $6,783
HALLMARK HOME MORTGAGE, LLC 3 5.46% $10,276
GUILD MORTGAGE COMPANY 3 4.29% $9,335
University Bank 3 5.58% $7,303
GUARANTEED RATE AFFINITY, LLC 3 3.54% $9,706
The Central Trust Bank 3 4.46% $4,169
First Merchants Bank 3 4.63% $14,985
FIRST HERITAGE FINANCIAL, LLC 3 5.12% $6,165
SOUTHWEST FUNDING, LP 3 6.33% $9,854
Century Mortgage Company DBA Century Lending Company 3 5.33% $4,012
ZILLOW HOME LOANS, LLC 3 4.88% $5,435
MORTGAGE ACCESS CORP. 2 3.00% $15,259
INLAND BANK & TRUST 2 5.31% $8,712
HOMESTEAD FUNDING CORP. 2 3.81% $4,805
GSF Mortgage Corporation 2 6.31% $7,928
First Home Bank 2 5.19% $14,432
NFM, INC. 2 5.38% $5,674
FIRST CENTENNIAL MORTGAGE CORPORATION 2 6.50% $4,036
Paramount Residential Mortgage Group, Inc. 2 4.44% $8,564
Plains Commerce Bank 2 5.13% $4,838
EQUITY RESOURCES, INC. 2 5.13% $5,683
ELGA CREDIT UNION 2 4.13% $3,376
Credence Funding Corporation 2 3.06% $3,175
RESIDENTIAL BANCORP 2 3.18% $17,118
Centennial Bank 2 5.19% $6,130
Capital Bank 2 5.00% $21,116
Service Federal Credit Union 2 4.31% $8,517
Servion, Inc. 2 5.13% $3,650
Strong Home Mortgage, LLC 2 3.63% $11,820
BAY EQUITY LLC 2 5.13% $8,909
Bank of England 2 3.19% $4,066
Bank of Ann Arbor 2 6.00% $7,391
UNITED 2 5.13% $12,641
Amerifirst Financial, Inc. 2 4.19% $18,797
LENOX FINANCIAL MORTGAGE CORPORATION 2 4.81% $9,813
KeyBank 2 3.56% $1,734
DIRECT MORTGAGE LOANS, LLC 1 2.88% $23,443
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 5.13% $11,872
Willamette Valley Bank 1 5.13% $13,973
Presidential Bank, FSB 1 4.25% $17,552
CORNERSTONE HOME LENDING, INC. 1 6.63% $6,600
Prime Choice Funding Inc. 1 3.63% $8,560
COMPASS MORTGAGE, INC. 1 6.25% $6,967
PROPER RATE, LLC 1 6.75% $5,866
Commerce Home Mortgage, Inc. 1 2.75% $1,488
Colonial Savings, F.A. 1 5.88% $4,828
NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $22,155
Luxury Mortgage Corp. 1 2.75% $11,351
Residential Mortgage Solutions, Inc. 1 5.25% $7,148
FLAT BRANCH MORTGAGE, INC. 1 3.50% $8,303
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.00% $15,343
AMERICAN INTERNET MORTGAGE, INC. 1 2.38% $625
American Bank & Trust 1 5.25% $4,735
VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.38% $11,084
Sierra Pacific Mortgage Company, Inc. 1 3.50% $15,263
Goldwater Bank, N.A. 1 5.13% $11,338
MYCUMORTGAGE, LLC 1 3.00% $0
BOKF 1 4.25% $3,319
HAMILTON HOME LOANS, INC. 1 4.50% $13,130
AMERICAN ADVISORS GROUP 1 2.75% $1,895
BLG HOLDINGS, INC. 1 4.50% $13,324
SUMMIT HOME MORTGAGE, LLC 1 5.75% $5,775
MLD MORTGAGE INC. 1 4.75% $7,920
BAYSHORE MORTGAGE FUNDING, LLC 1 5.63% $7,345
Academy Bank 1 2.38% $8,306
TBI MORTGAGE COMPANY 1 4.75% $15,184
AMCAP MORTGAGE, LTD. 1 3.38% $7,598
THE ANDERSON FINANCIAL GROUP, INC. 1 5.63% $10,155
Hometown Equity Mortgage, LLC 1 7.50% $5,996
Watermark Capital, Inc. 1 4.75% $11,384
ALLIED MORTGAGE GROUP, INC. 1 2.75% $7,163
First Savings Bank 1 6.25% $6,016
NEW ENGLAND FEDERAL CREDIT UNION 1 3.75% $16,069
Austin Capital Bank SSB 1 5.13% $34,560
INB 1 6.13% $13,138
First State Bank of St. Charles, Missouri 1 4.25% $18,150
First Community Bank 1 5.25% $6,513
Arvest Bank 1 3.00% $10,921
NP, Inc. 1 2.25% $10,590
OCEANSIDE MORTGAGE COMPANY 1 3.38% $1,800
First United Bank and Trust Company 1 4.38% $21,179
ON Q FINANCIAL, INC. 1 3.25% $5,184
Paramount Bank 1 2.75% $3,454
AmRes Corporation 1 4.75% $1,963
FIDELITY BANK 1 4.75% $6,936
EVANSVILLE TEACHERS 1 6.63% $3,375
Peoples Bank 1 4.63% $19,779
PHH Mortgage Corporation 1 5.13% $13,859
Truist 1 3.20% $4,574
AmeriHome Mortgage Company, LLC 1 5.63% $12,022
Encompass Lending Group, LP 1 5.25% $11,618
West Town Bank & Trust 1 5.13% $8,519

The top Michigan VA lender as defined by loan originations is Mortgage Research Center, LLC, with 1,815 VA loans originated. Their average total fees are $5,754, which is $2,816 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Michigan VA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($1,980), RUOFF MORTGAGE COMPANY, INC. ($3,899), MID AMERICA MORTGAGE, INC. ($4,033), Lakeview Community Capital, LLC ($4,136) and Wells Fargo Bank ($4,413).

The lowest rate Michigan VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.51%), Lakeview Community Capital, LLC (3.60%), PENTAGON FEDERAL CREDIT UNION (3.76%), AMERICAN FINANCING CORPORATION (3.80%) and LOANPAL, LLC (3.80%).

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.