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 6.66% 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.