Grand Rapids VA Loan Rates, Closing Costs & Stats
GRAND RAPIDS-KENTWOOD, MI
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.
Grand Rapids's 83 lenders originated 789 VA
loans during 2024. The total origination value was $260,455,000, with an average VA loan value of
$330,108.
Grand Rapids VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Grand Rapids
averaged
6.84%
for the week of 2025-07-18, compared to the national average (all VA variants) of
6.385% for the same period.
Grand Rapids's average VA mortgage closing costs are $5,764.
The average rate for the prior week (2025-07-11) was
6.83% and
one month ago for the week of 2025-06-13, the
average rate was 6.8%.
The average rate one year ago was 6.8%.
For refis of the same type during the week of 2025-07-18, the average rate
was 6.49%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Grand Rapids 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 Grand Rapids level.
Name |
# of Loans |
2024 Avg. 30yFix Rate |
2024 Avg. Closing Costs |
UNITED WHOLESALE MORTGAGE, LLC
|
126
|
5.96%
|
$6,577
|
Mortgage Research Center, LLC
|
101
|
6.28%
|
$7,175
|
QUICKEN LOANS, LLC
|
63
|
5.97%
|
$9,461
|
FREEDOM MORTGAGE CORPORATION
|
31
|
6.20%
|
$8,473
|
LAKE MICHIGAN CREDIT UNION
|
30
|
6.07%
|
$9,185
|
PENNYMAC LOAN SERVICES, LLC
|
29
|
5.55%
|
$7,110
|
VILLAGE CAPITAL MORTGAGE
|
27
|
5.68%
|
$7,736
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
25
|
6.40%
|
$5,246
|
MORTGAGE 1 INCORPORATED
|
21
|
6.53%
|
$8,345
|
NEWREZ LLC
|
21
|
6.20%
|
$8,424
|
USAA Federal Savings Bank
|
18
|
6.13%
|
$6,839
|
NAVY FEDERAL CREDIT UNION
|
18
|
5.77%
|
$5,375
|
PLANET HOME LENDING, LLC
|
13
|
6.08%
|
$5,637
|
NEW DAY FINANCIAL, LLC
|
12
|
7.51%
|
$9,881
|
LAKEVIEW LOAN SERVICING, LLC
|
10
|
5.98%
|
$5,148
|
CROSSCOUNTRY MORTGAGE, LLC
|
10
|
6.31%
|
$6,973
|
FIRST COMMUNITY MORTGAGE, INC.
|
10
|
6.75%
|
$5,940
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
9
|
6.37%
|
$9,166
|
LOANDEPOT.COM, LLC
|
9
|
6.36%
|
$5,436
|
SUCCESS MORTGAGE PARTNERS, INC.
|
8
|
7.03%
|
$10,278
|
NORTHERN MORTGAGE SERVICES, LLC
|
8
|
6.47%
|
$7,954
|
GUARANTEED RATE, INC.
|
7
|
6.08%
|
$3,934
|
The Huntington National Bank
|
7
|
6.59%
|
$3,696
|
ROSS MORTGAGE CORPORATION
|
7
|
6.95%
|
$6,060
|
Independent Bank
|
6
|
5.96%
|
$3,491
|
BROKER SOLUTIONS, INC.
|
6
|
6.92%
|
$11,070
|
GUILD MORTGAGE COMPANY
|
6
|
6.60%
|
$7,092
|
Barrington Bank & Trust Company, N.A.
|
5
|
6.20%
|
$6,828
|
Fifth Third Bank
|
5
|
6.25%
|
$5,996
|
The Dart Bank
|
5
|
5.75%
|
$7,890
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
5
|
6.63%
|
$7,995
|
UNION HOME MORTGAGE CORP.
|
5
|
6.87%
|
$5,725
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
5
|
5.75%
|
$15,384
|
Magnolia Bank
|
4
|
5.75%
|
$16,854
|
TOWNE MORTGAGE COMPANY
|
4
|
6.62%
|
$10,825
|
MICHIGAN FIRST CREDIT UNION
|
4
|
6.19%
|
$3,935
|
MMS MORTGAGE SERVICES, LTD.
|
4
|
6.97%
|
$6,223
|
T2 FINANCIAL LLC
|
3
|
6.71%
|
$10,672
|
Equity Prime Mortgage LLC
|
3
|
7.63%
|
$3,763
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
3
|
7.75%
|
$4,868
|
CMG MORTGAGE, INC.
|
3
|
5.83%
|
$12,831
|
Northpointe Bank
|
3
|
6.29%
|
$8,307
|
JPMorgan Chase Bank
|
3
|
6.08%
|
$5,662
|
VAN DYK MORTGAGE CORPORATION
|
3
|
6.83%
|
$3,326
|
Wells Fargo Bank
|
2
|
5.94%
|
$7,050
|
Carrington Mortgage Services, LLC
|
2
|
5.75%
|
$8,296
|
CHURCHILL MORTGAGE CORPORATION
|
2
|
5.75%
|
$9,470
|
Credence Funding Corporation
|
2
|
6.12%
|
$5,576
|
Flagstar Bank, FSB
|
2
|
6.94%
|
$3,455
|
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION
|
2
|
6.13%
|
$8,428
|
GVC MORTGAGE, INC.
|
2
|
5.75%
|
$3,319
|
Mr. Cooper ( Nationstar Mortgage )
|
2
|
6.00%
|
$10,504
|
Plains Commerce Bank
|
2
|
6.25%
|
$5,807
|
PLAZA HOME MORTGAGE, INC.
|
2
|
7.25%
|
$2,230
|
POLARIS HOME FUNDING CORP.
|
2
|
6.88%
|
$3,882
|
STAUNTON FINANCIAL, INC.
|
2
|
6.62%
|
$7,998
|
The Loan Store, Inc.
|
2
|
5.88%
|
$5,382
|
CLEARPATH LENDING
|
1
|
4.99%
|
$7,663
|
LOANPAL, LLC
|
1
|
5.63%
|
$11,632
|
CARDINAL FINANCIAL
|
1
|
6.75%
|
$2,459
|
PLUS RELOCATION MORTGAGE, LLC
|
1
|
6.75%
|
$5,904
|
Armed Forces Bank
|
1
|
5.25%
|
$3,117
|
PREMIA MORTGAGE, LLC
|
1
|
5.63%
|
$0
|
Preston Home Loans Inc
|
1
|
7.25%
|
$8,812
|
LENOX FINANCIAL MORTGAGE CORPORATION
|
1
|
6.13%
|
$2,224
|
RELIANCE FIRST CAPITAL, LLC
|
1
|
6.13%
|
$9,054
|
INSPIRE HOME LOANS INC.
|
1
|
4.50%
|
$15,603
|
RUOFF MORTGAGE COMPANY, INC.
|
1
|
6.63%
|
$2,306
|
AMERICAN FINANCING CORPORATION
|
1
|
5.99%
|
$10,651
|
HOMESIDE FINANCIAL, LLC
|
1
|
7.25%
|
$23,971
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
6.25%
|
$2,804
|
First Federal Bank
|
1
|
6.00%
|
$2,270
|
FIRST COLONY MORTGAGE CORPORATION
|
1
|
6.75%
|
$9,868
|
The Federal Savings Bank
|
1
|
6.75%
|
$18,086
|
CORNERSTONE HOME LENDING, INC.
|
1
|
6.13%
|
$11,312
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
6.75%
|
$893
|
CONTOUR MORTGAGE CORPORATION
|
1
|
6.50%
|
$6,835
|
Commerce Home Mortgage, Inc.
|
1
|
6.25%
|
$3,729
|
NBKC BANK
|
1
|
5.63%
|
$16,606
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
1
|
7.49%
|
$11,027
|
MORTGAGE CENTER L.C
|
1
|
6.50%
|
$7,526
|
MICHIGAN MUTUAL, INC.
|
1
|
6.25%
|
$17,614
|
PHH Mortgage Corporation
|
1
|
5.63%
|
$6,297
|
The top Grand Rapids VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
126 VA loans originated. Their average total fees are
$6,577, which is $598
lower than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Grand Rapids VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($5,148), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($5,246), NAVY FEDERAL CREDIT UNION ($5,375), PLANET HOME LENDING, LLC ($5,637) and FIRST COMMUNITY MORTGAGE, INC. ($5,940).
The lowest rate Grand Rapids VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (5.55%), VILLAGE CAPITAL MORTGAGE (5.68%), NAVY FEDERAL CREDIT UNION (5.77%), UNITED WHOLESALE MORTGAGE, LLC (5.96%) and QUICKEN LOANS, LLC (5.97%).
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.