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 6.22% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.36% and one month ago for the week of 2024-11-08, the average rate was 6.45%.

    The average rate one year ago was 6.9%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.74%.

    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.