California VA Loan Rates, Closing Costs & Stats

CALIFORNIA-LEXINGTON PARK, MD

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.