California VA Loan Rates, Closing Costs & Stats

CALIFORNIA-LEXINGTON PARK, MD

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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.

    California's 129 lenders originated 2,093 VA loans during 2021. The total origination value was $751,235,000, with an average VA loan value of $358,927.

    California VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in California averaged 6% for the week of 2023-01-27, compared to the national average (all VA variants) of 5.952% for the same period.

    California's average VA mortgage closing costs are $6,098.

    The average rate for the prior week (2023-01-20) was 6.13% and one month ago for the week of 2022-12-23, the average rate was 6.2%.

    The average rate one year ago was 3.9%.

    For refis of the same type during the week of 2023-01-27, the average rate was 5.9%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    California 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 California level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    FIRST HOME MORTGAGE CORPORATION 177 2.63% $7,530
    NAVY FEDERAL CREDIT UNION 159 2.47% $5,585
    QUICKEN LOANS, LLC 149 2.43% $4,666
    FREEDOM MORTGAGE CORPORATION 122 2.42% $3,667
    Mortgage Research Center, LLC 101 2.82% $7,523
    PENNYMAC LOAN SERVICES, LLC 87 2.26% $6,442
    EQUITY RESOURCES, INC. 59 2.46% $5,582
    Towne Bank 53 2.51% $10,348
    CALIBER HOME LOANS, INC. 42 2.49% $4,588
    SOUTHERN TRUST MORTGAGE, LLC 41 2.69% $4,679
    HOME POINT FINANCIAL CORPORATION 33 2.32% $6,299
    First Heritage Mortgage, LLC 33 2.76% $10,562
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 32 2.88% $8,023
    C & F Mortgage Corporation 32 2.84% $9,666
    GUARANTEED RATE AFFINITY, LLC 31 2.58% $5,214
    Wells Fargo Bank 30 2.45% $4,466
    UNITED WHOLESALE MORTGAGE, LLC 28 2.46% $7,811
    USAA Federal Savings Bank 28 2.84% $5,207
    LOANDEPOT.COM, LLC 27 2.53% $6,407
    CELEBRITY HOME LOANS, LLC 27 2.63% $7,542
    BAY CAPITAL MORTGAGE CORPORATION 27 2.53% $9,595
    NEW DAY FINANCIAL, LLC 24 2.67% $6,291
    LAKEVIEW LOAN SERVICING, LLC 23 2.44% $2,977
    CORNERSTONE HOME LENDING, INC. 21 3.01% $7,073
    VILLAGE CAPITAL MORTGAGE 21 2.25% $4,463
    Vellum Mortgage, Inc. 19 2.83% $8,462
    CLEARPATH LENDING 19 2.28% $5,733
    Presidential Bank, FSB 19 2.69% $4,906
    The Federal Savings Bank 19 2.44% $6,207
    Truist 17 2.85% $3,747
    Mr. Cooper ( Nationstar Mortgage ) 16 2.69% $3,096
    GUARANTEED RATE, INC. 14 2.62% $4,133
    PRIMARY RESIDENTIAL MORTGAGE, INC. 14 2.87% $14,967
    Plains Commerce Bank 14 2.59% $8,073
    Waterstone Mortgage Corporation 12 2.75% $10,225
    First Guaranty Mortgage Corporation 12 2.54% $6,345
    PENTAGON FEDERAL CREDIT UNION 11 2.32% $3,513
    EAGLE HOME MORTGAGE, LLC 11 3.32% $7,480
    PLANET HOME LENDING, LLC 10 2.64% $3,815
    HOMEBRIDGE FINANCIAL SERVICES, INC. 9 2.71% $11,556
    MOVEMENT MORTGAGE, LLC 8 2.97% $7,890
    Carrington Mortgage Services, LLC 8 2.97% $6,226
    AMERICAN FINANCIAL NETWORK, INC. 8 2.91% $13,730
    Paramount Residential Mortgage Group, Inc. 7 3.11% $7,715
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 2.98% $13,478
    CMG MORTGAGE, INC. 7 2.32% $6,319
    BROKER SOLUTIONS, INC. 7 2.39% $9,583
    HOMESPIRE MORTGAGE CORPORATION 6 2.71% $3,925
    MUTUAL OF OMAHA MORTGAGE, INC. 6 2.71% $7,859
    InterContinental Capital Group, Inc 6 2.29% $3,305
    EMBRACE HOME LOANS, INC. 6 2.33% $4,324
    MCLEAN MORTGAGE CORPORATION 5 2.38% $5,405
    ACCELERATE MORTGAGE, LLC 5 1.85% $10,729
    BNC National Bank 5 2.40% $14,460
    Low VA Rates, LLC 5 2.80% $5,186
    North American Savings Bank, F.S.B. 5 2.30% $2,544
    PNC Bank 5 2.85% $5,195
    SOVEREIGN LENDING GROUP INCORPORATED 5 2.68% $5,340
    1ST PREFERENCE MORTGAGE CORP. 4 3.09% $3,800
    UNION HOME MORTGAGE CORP. 4 2.25% $2,876
    NEWREZ LLC 4 3.03% $3,761
    Magnolia Bank 3 2.79% $7,855
    Mid-Continent Funding, Inc. 3 2.63% $10,950
    TJC Mortgage, Inc. 3 2.38% $4,882
    MID AMERICA MORTGAGE, INC. 3 2.38% $1,657
    NETWORK CAPITAL FUNDING CORPORATION 3 2.46% $4,335
    WesBanco Bank, Inc. 3 2.96% $3,487
    AMERISAVE MORTGAGE CORPORATION 3 2.63% $7,994
    NBKC BANK 3 2.46% $8,783
    Strong Home Mortgage, LLC 3 2.46% $1,671
    Prosperity Home Mortgage, LLC 3 2.67% $6,762
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.00% $16,917
    First Federal Bank 2 2.81% $10,563
    Nations Lending Corporation 2 2.38% $6,491
    U.S. Bank 2 2.63% $3,066
    AMERICAN FINANCING CORPORATION 2 2.25% $3,711
    CHURCHILL MORTGAGE CORPORATION 2 2.56% $7,610
    GUILD MORTGAGE COMPANY 2 2.69% $2,311
    KS StateBank 2 2.50% $8,352
    Prime Choice Funding Inc. 2 2.25% $2,659
    Equity Prime Mortgage LLC 2 2.81% $1,581
    Sandy Spring Bank 2 2.25% $10,062
    SEVERN SAVINGS BANK, FSB DBA SEVERN BANK 2 2.50% $10,811
    Wyndham Capital Mortgage, Inc. 2 2.25% $1,990
    Access Bank 2 2.63% $7,675
    SUN WEST MORTGAGE COMPANY, INC. 2 2.38% $5,964
    Lakeview Community Capital, LLC 2 2.56% $3,390
    Meridian Bank Corporation 2 2.75% $4,483
    First Federal Bank of Kansas City 2 2.31% $8,567
    Fulton Bank 2 2.94% $9,021
    Citizens Bank 2 2.44% $3,206
    UNIVERSAL MORTGAGE & FINANCE, INC. 1 3.00% $10,185
    AMERICAN HOME LENDING USA, LLC 1 2.25% $2,866
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $8,874
    HOMESIDE FINANCIAL, LLC 1 2.25% $1,069
    George Mason Mortgage, LLC 1 2.49% $3,172
    JPMorgan Chase Bank 1 2.50% $18,749
    Gateway First Bank 1 2.38% $7,298
    1ST FINANCIAL, INC. 1 4.13% $18,163
    MICHIGAN MUTUAL, INC. 1 4.25% $12,672
    MILEND, INC. 1 2.50% $5,333
    MORTGAGE ACCESS CORP. 1 2.25% $6,027
    Flagstar Bank, FSB 1 2.69% $2,211
    FIRST SAVINGS MORTGAGE CORPORATION 1 2.25% $4,791
    M&T Bank 1 2.75% $4,377
    FIDELITY DIRECT MORTGAGE, LLC 1 2.25% $23,192
    NFM, INC. 1 3.50% $2,934
    Northpointe Bank 1 2.25% $2,284
    NORWICH COMMERCIAL GROUP, INC. 1 2.50% $2,328
    NP, Inc. 1 2.25% $7,241
    OVM FINANCIAL, INC. 1 3.25% $4,167
    Credence Funding Corporation 1 2.25% $2,094
    Commerce Home Mortgage, Inc. 1 2.25% $4,033
    PHH Mortgage Corporation 1 2.75% $2,674
    Citibank 1 2.75% $2,285
    PLAZA HOME MORTGAGE, INC. 1 2.38% $2,812
    Century Mortgage Company DBA Century Lending Company 1 2.75% $2,671
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.75% $4,338
    CAPITAL CENTER, L.L.C. 1 2.63% $3,800
    BELEM SERVICING LLC 1 2.38% $7,105
    Barrington Bank & Trust Company, N.A. 1 2.84% $19,192
    Stifel Bank and Trust 1 2.00% $11,736
    STOCKTON MORTGAGE CORPORATION 1 2.38% $10,098
    Bank of England 1 2.25% $4,807
    The Huntington National Bank 1 3.25% $2,517
    TIAA, FSB 1 2.25% $4,337
    TIDEWATER MORTGAGE SERVICES, INC. 1 2.38% $3,753
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.25% $3,907
    UNITED SECURITY FINANCIAL CORP 1 1.75% $3,944

    The top California VA lender as defined by loan originations is FIRST HOME MORTGAGE CORPORATION, with 177 VA loans originated. Their average total fees are $7,530, which is $1,945 higher than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee California VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,977), Mr. Cooper ( Nationstar Mortgage ) ($3,096), PENTAGON FEDERAL CREDIT UNION ($3,513), FREEDOM MORTGAGE CORPORATION ($3,667) and Truist ($3,747).

    The lowest rate California VA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (2.25%), PENNYMAC LOAN SERVICES, LLC (2.26%), CLEARPATH LENDING (2.28%), PENTAGON FEDERAL CREDIT UNION (2.32%) and HOME POINT FINANCIAL CORPORATION (2.32%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - California (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $289,099 (5.1%) $325,519 (7.7%) 0.00 448
    2018-02-01 $285,000 (1.8%) $326,756 (7.4%) 0.00 447
    2018-03-01 $309,000 (6.6%) $333,484 (4.6%) 0.00 457
    2018-04-01 $314,900 (5.5%) $345,681 (3.7%) 0.00 478
    2018-05-01 $321,723 (7.6%) $355,272 (6.2%) 0.00 513
    2018-06-01 $321,669 (7.4%) $355,673 (4.7%) 0.00 557
    2018-07-01 $319,450 (4.8%) $350,410 (1.8%) 0.00 581
    2018-08-01 $305,748 (1.9%) $350,872 (3.4%) 0.00 558
    2018-09-01 $299,999 (0.1%) $351,898 (3.6%) 0.00 549
    2018-10-01 $299,394 (0.1%) $342,502 (0.9%) 0.00 558
    2018-11-01 $302,423 (3.0%) $350,756 (5.3%) 0.00 507
    2018-12-01 $292,158 (1.1%) $337,497 (4.6%) 0.00 458
    2019-01-01 $291,551 (1.1%) $332,818 (2.2%) 0.00 429
    2019-02-01 $296,276 (4.2%) $336,139 (2.9%) 0.00 429
    2019-03-01 $312,757 (1.2%) $356,816 (7.0%) 0.00 432
    2019-04-01 $329,923 (4.8%) $382,698 (10.7%) 0.00 432
    2019-05-01 $335,294 (4.8%) $392,201 (10.4%) 0.00 465
    2019-06-01 $334,950 (4.0%) $388,078 (9.1%) 0.00 498
    2019-07-01 $329,993 (3.7%) $387,264 (10.5%) 0.00 482
    2019-08-01 $332,655 (7.9%) $383,409 (9.3%) 0.00 454
    2019-09-01 $336,786 (12.3%) $376,589 (7.0%) 0.00 440
    2019-10-01 $340,000 (13.6%) $371,738 (8.5%) 0.00 430
    2019-11-01 $335,000 (11.6%) $362,774 (3.4%) 0.00 397
    2019-12-01 $338,000 (16.1%) $360,195 (6.7%) 0.00 361
    2020-01-01 $339,950 (16.4%) $367,205 (10.3%) 0.00 317
    2020-02-01 $345,000 (16.9%) $378,993 (12.8%) 0.00 309
    2020-03-01 $354,500 (13.5%) $385,744 (8.1%) 0.00 318
    2020-04-01 $366,225 (12.1%) $396,106 (3.5%) 0.00 310
    2020-05-01 $369,900 (9.7%) $398,502 (1.6%) 0.00 289
    2020-06-01 $356,123 (6.5%) $404,721 (4.3%) 0.00 247
    2020-07-01 $362,450 (9.8%) $411,905 (6.4%) 0.00 212
    2020-08-01 $365,000 (9.7%) $421,466 (9.9%) 0.00 165
    2020-09-01 $360,725 (7.6%) $418,231 (11.1%) 0.00 172
    2020-10-01 $339,950 (0.7%) $404,474 (8.8%) 0.00 191
    2020-11-01 $331,750 (-1.4%) $408,569 (12.6%) 0.00 193
    2020-12-01 $320,143 (-5.2%) $380,010 (5.5%) 0.00 169
    2021-01-01 $319,900 (-5.4%) $374,631 (2.0%) 0.00 145
    2021-02-01 $312,046 (-9.1%) $357,157 (-5.8%) 0.00 129
    2021-03-01 $315,975 (-10.0%) $379,131 (-1.7%) 0.00 128
    2021-04-01 $320,335 (-12.8%) $361,365 (-8.8%) 0.00 129
    2021-05-01 $349,999 (-5.4%) $407,945 (2.4%) 0.00 143
    2021-06-01 $357,450 (0.2%) $442,292 (9.3%) 0.00 172
    2021-07-01 $359,900 (-1.0%) $466,663 (13.3%) 0.00 184
    2021-08-01 $371,000 (1.6%) $463,359 (9.9%) 0.00 204
    2021-09-01 $374,950 (3.5%) $489,773 (17.1%) 0.00 186
    2021-10-01 $379,000 (10.7%) $492,122 (21.7%) 0.00 162
    2021-11-01 $383,490 (15.3%) $523,244 (28.1%) 0.00 145
    2021-12-01 $384,946 (19.7%) $503,766 (32.6%) 0.00 148
    2022-01-01 $388,500 (20.8%) $543,191 (45.0%) 0.00 110
    2022-02-01 $386,625 (22.6%) $555,665 (55.6%) 0.00 98
    2022-03-01 $399,700 (25.1%) $530,150 (39.8%) 0.00 104
    2022-04-01 $409,900 (27.1%) $545,216 (50.9%) 0.00 131
    2022-05-01 $428,700 (22.5%) $539,091 (32.2%) 0.00 161
    2022-06-01 $429,950 (20.3%) $527,069 (19.2%) 0.00 191
    2022-07-01 $419,900 (16.7%) $510,580 (9.4%) 0.00 220
    2022-08-01 $420,000 (13.2%) $509,732 (10.0%) 0.00 230
    2022-09-01 $417,450 (11.3%) $503,574 (2.8%) 0.00 206
    2022-10-01 $419,900 (10.8%) $503,532 (2.3%) 0.00 227
    2022-11-01 $404,900 (5.6%) $490,854 (-6.2%) 0.00 223
    2022-12-01 $399,900 (0.0%) $489,368 (-2.9%) 0.00 185
    California's median listing price for 2022-12-01 was $399,900, a difference of $14,954 (0.0%) versus the prior year and $-5,000 versus the prior month.

    California's median listing price comes in at 0% of the national average.

    California's average listing price for 2022-12-01 was $489,368, a difference of $-14,398 (-2.9%) versus the prior year and $-1,486 versus the prior month.

    For the 2022-12-01 period, California had 185 MLS listings, a difference of -38 listings (-17%) versus the prior month and 37 listings (25%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - California (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,920 sqft
    2018-02-01 0 days 1,865 sqft
    2018-03-01 0 days 1,887 sqft
    2018-04-01 0 days 1,896 sqft
    2018-05-01 0 days 1,968 sqft
    2018-06-01 0 days 2,109 sqft
    2018-07-01 0 days 2,036 sqft
    2018-08-01 0 days 2,008 sqft
    2018-09-01 0 days 2,016 sqft
    2018-10-01 0 days 2,000 sqft
    2018-11-01 0 days 1,976 sqft
    2018-12-01 0 days 1,936 sqft
    2019-01-01 0 days 1,992 sqft
    2019-02-01 0 days 1,980 sqft
    2019-03-01 0 days 2,059 sqft
    2019-04-01 0 days 2,164 sqft
    2019-05-01 0 days 2,170 sqft
    2019-06-01 0 days 2,152 sqft
    2019-07-01 0 days 2,134 sqft
    2019-08-01 0 days 2,138 sqft
    2019-09-01 0 days 2,173 sqft
    2019-10-01 0 days 2,208 sqft
    2019-11-01 0 days 2,200 sqft
    2019-12-01 0 days 2,142 sqft
    2020-01-01 0 days 2,197 sqft
    2020-02-01 0 days 2,210 sqft
    2020-03-01 0 days 2,254 sqft
    2020-04-01 0 days 2,249 sqft
    2020-05-01 0 days 2,292 sqft
    2020-06-01 0 days 2,257 sqft
    2020-07-01 0 days 2,308 sqft
    2020-08-01 0 days 2,288 sqft
    2020-09-01 0 days 2,326 sqft
    2020-10-01 0 days 2,160 sqft
    2020-11-01 0 days 2,087 sqft
    2020-12-01 0 days 1,981 sqft
    2021-01-01 0 days 2,016 sqft
    2021-02-01 0 days 1,805 sqft
    2021-03-01 0 days 1,974 sqft
    2021-04-01 0 days 1,849 sqft
    2021-05-01 0 days 2,083 sqft
    2021-06-01 0 days 2,102 sqft
    2021-07-01 0 days 2,114 sqft
    2021-08-01 0 days 2,118 sqft
    2021-09-01 0 days 2,143 sqft
    2021-10-01 0 days 2,097 sqft
    2021-11-01 0 days 2,048 sqft
    2021-12-01 0 days 2,045 sqft
    2022-01-01 0 days 2,064 sqft
    2022-02-01 0 days 2,110 sqft
    2022-03-01 0 days 2,096 sqft
    2022-04-01 0 days 2,078 sqft
    2022-05-01 0 days 2,199 sqft
    2022-06-01 0 days 2,198 sqft
    2022-07-01 0 days 2,156 sqft
    2022-08-01 0 days 2,243 sqft
    2022-09-01 0 days 2,095 sqft
    2022-10-01 0 days 2,140 sqft
    2022-11-01 0 days 2,162 sqft
    2022-12-01 0 days 2,148 sqft
    California's median listing age (time on market) for 2022-12-01 was 0 days.

    California's median square footage for active listings during the 2022-12-01 period was 2,148 sqft. One year prior, the average listing was 2,045 sqft.

    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.