Modesto VA Loan Rates, Closing Costs & Stats

MODESTO, CA

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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.

    Modesto's 88 lenders originated 551 VA loans during 2022. The total origination value was $233,825,000, with an average VA loan value of $424,365.

    Modesto VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Modesto averaged -0.08% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Modesto's average VA mortgage closing costs are $7,177.

    The average rate for the prior week (2023-11-17) was 6.66% and one month ago for the week of 2023-10-20, the average rate was 7.19%.

    The average rate one year ago was 6.41%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.25%.

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

    Modesto 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 Modesto level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 54 3.54% $12,156
    Mortgage Research Center, LLC 53 4.66% $10,502
    UNITED WHOLESALE MORTGAGE, LLC 51 4.22% $10,393
    FREEDOM MORTGAGE CORPORATION 28 3.92% $10,118
    AMERICAN PACIFIC MORTGAGE CORPORATION 27 4.67% $11,315
    HOME POINT FINANCIAL CORPORATION 20 3.74% $11,949
    PENNYMAC LOAN SERVICES, LLC 19 3.18% $11,185
    CROSSCOUNTRY MORTGAGE, LLC 18 4.64% $13,900
    SCENIC OAKS FUNDING, INC. 14 5.04% $18,219
    NAVY FEDERAL CREDIT UNION 14 3.62% $6,991
    LOANDEPOT.COM, LLC 13 3.97% $8,284
    USAA Federal Savings Bank 9 4.31% $10,267
    The Federal Savings Bank 9 4.28% $19,830
    KBHS HOME LOANS, LLC 9 4.21% $14,093
    NEW DAY FINANCIAL, LLC 8 3.75% $17,261
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 4.01% $12,048
    SUMMIT FUNDING, INC. 7 5.25% $13,827
    Mr. Cooper ( Nationstar Mortgage ) 7 4.04% $14,528
    CALIBER HOME LOANS, INC. 7 4.28% $16,527
    CLEARPATH LENDING 7 3.20% $7,625
    S1L, Inc. 6 4.83% $11,728
    PLANET HOME LENDING, LLC 6 4.04% $12,718
    Commerce Home Mortgage, Inc. 5 3.53% $16,303
    Flagstar Bank, FSB 5 3.80% $14,339
    Century Mortgage Company DBA Century Lending Company 5 4.53% $12,938
    LAKEVIEW LOAN SERVICING, LLC 5 2.73% $5,965
    ACADEMY MORTGAGE CORPORATION 5 5.75% $13,508
    BROKER SOLUTIONS, INC. 4 3.63% $14,095
    FINANCE OF AMERICA MORTGAGE LLC 4 4.03% $16,806
    NATIONS DIRECT MORTGAGE, LLC 4 3.84% $17,991
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 3.94% $17,508
    SUN WEST MORTGAGE COMPANY, INC. 4 3.56% $13,126
    CMG MORTGAGE, INC. 3 4.58% $21,290
    Strong Home Mortgage, LLC 3 3.33% $9,130
    NFM, INC. 3 5.08% $15,236
    EVERETT FINANCIAL, INC. 3 4.71% $9,149
    VILLAGE CAPITAL MORTGAGE 3 4.46% $19,672
    NETWORK CAPITAL FUNDING CORPORATION 2 3.81% $7,817
    GUARANTEED RATE AFFINITY, LLC 2 4.48% $1,738
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 2 3.81% $618
    Lakeview Community Capital, LLC 2 2.75% $13,185
    LAND HOME FINANCIAL SERVICES, INC. 2 3.31% $16,760
    Magnolia Bank 2 4.50% $21,184
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 4.19% $22,441
    MOVEMENT MORTGAGE, LLC 2 4.44% $8,280
    M&T Bank 2 2.56% $4,496
    NEWREZ LLC 2 3.94% $21,867
    Paramount Residential Mortgage Group, Inc. 2 4.19% $6,234
    PENTAGON FEDERAL CREDIT UNION 2 4.13% $9,592
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.19% $6,600
    RESIDENTIAL BANCORP 2 5.88% $9,455
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 5.06% $5,038
    Sierra Pacific Mortgage Company, Inc. 2 4.50% $9,948
    Golden Empire Mortgage, Inc. 1 4.50% $5,225
    First Savings Bank 1 3.13% $17,896
    Equity Prime Mortgage LLC 1 5.63% $9,507
    ENVOY MORTGAGE, LTD 1 5.50% $5,711
    Amerifirst Financial, Inc. 1 3.25% $7,148
    DIRECTIONS EQUITY, LLC 1 5.75% $10,033
    North American Savings Bank, F.S.B. 1 3.88% $16,241
    Northpointe Bank 1 5.50% $700
    NP, Inc. 1 2.75% $8,074
    ALAMEDA MORTGAGE CORPORATION 1 3.25% $7,345
    DHI MORTGAGE COMPANY, LTD. 1 4.50% $7,627
    U.S. Bank 1 4.75% $13,051
    CONTOUR MORTGAGE CORPORATION 1 6.25% $18,918
    PLAZA HOME MORTGAGE, INC. 1 3.38% $23,948
    PNC Bank 1 5.00% $5,171
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 4.99% $10,746
    VERITAS FUNDING, LLC 1 5.25% $26,624
    Citizens Bank 1 4.25% $5,074
    AHL FUNDING 1 3.13% $13,911
    Wells Fargo Bank 1 4.88% $13,769
    CHURCHILL MORTGAGE CORPORATION 1 5.75% $5,424
    Carrington Mortgage Services, LLC 1 5.63% $8,707
    Wyndham Capital Mortgage, Inc. 1 3.50% $2,302
    CARDINAL FINANCIAL 1 6.63% $4,388
    LADERA LENDING, INC. 1 4.75% $5,597
    CANOPY MORTGAGE, LLC 1 2.88% $8,062
    MEGASTAR FINANCIAL CORP. 1 3.50% $10,435
    Mid-Continent Funding, Inc. 1 2.50% $14,324
    MORTGAGE CAPITAL PARTNERS, INC. 1 2.75% $18,305
    Hometown Lenders, Inc. 1 2.75% $9,267
    Barrington Bank & Trust Company, N.A. 1 5.75% $3,946
    MOUNTAIN WEST FINANCIAL, INC. 1 3.25% $14,011
    AMERISAVE MORTGAGE CORPORATION 1 4.25% $10,849
    GUARANTEED RATE, INC. 1 4.75% $2,484
    Umpqua Bank 1 5.88% $16,991

    The top Modesto VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 54 VA loans originated. Their average total fees are $12,156, which is $1,654 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Modesto VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($6,991), LOANDEPOT.COM, LLC ($8,284), FREEDOM MORTGAGE CORPORATION ($10,118), UNITED WHOLESALE MORTGAGE, LLC ($10,393) and Mortgage Research Center, LLC ($10,502).

    The lowest rate Modesto VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.18%), QUICKEN LOANS, LLC (3.54%), NAVY FEDERAL CREDIT UNION (3.62%), HOME POINT FINANCIAL CORPORATION (3.74%) and FREEDOM MORTGAGE CORPORATION (3.92%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Modesto (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 $346,500 (14.6%) $435,301 (9.6%) 1.28 643
    2018-02-01 $346,875 (11.9%) $423,147 (4.2%) 1.26 681
    2018-03-01 $353,000 (10.8%) $449,092 (10.6%) 1.24 722
    2018-04-01 $359,500 (10.6%) $454,420 (10.9%) 1.22 753
    2018-05-01 $364,950 (10.8%) $450,889 (9.2%) 1.22 842
    2018-06-01 $355,000 (6.1%) $430,577 (4.4%) 1.18 957
    2018-07-01 $354,900 (7.6%) $425,911 (2.8%) 1.19 1,005
    2018-08-01 $350,000 (7.0%) $423,132 (1.6%) 1.17 1,106
    2018-09-01 $349,000 (5.8%) $420,435 (2.2%) 1.17 1,086
    2018-10-01 $339,913 (3.0%) $411,327 (0.3%) 1.15 1,102
    2018-11-01 $339,900 (0.9%) $416,682 (0.9%) 1.15 1,079
    2018-12-01 $340,000 (0.0%) $413,623 (-3.2%) 1.17 1,026
    2019-01-01 $339,985 (-1.9%) $413,501 (-5.0%) 1.17 925
    2019-02-01 $344,611 (-0.7%) $416,321 (-1.6%) 1.16 887
    2019-03-01 $356,371 (1.0%) $426,391 (-5.1%) 1.17 836
    2019-04-01 $365,000 (1.5%) $441,712 (-2.8%) 1.16 806
    2019-05-01 $365,000 (0.0%) $441,618 (-2.1%) 1.14 865
    2019-06-01 $369,950 (4.2%) $456,546 (6.0%) 1.16 879
    2019-07-01 $374,400 (5.5%) $463,568 (8.8%) 1.17 851
    2019-08-01 $375,836 (7.4%) $461,688 (9.1%) 1.19 870
    2019-09-01 $369,741 (5.9%) $448,629 (6.7%) 1.18 897
    2019-10-01 $367,677 (8.2%) $441,824 (7.4%) 1.19 886
    2019-11-01 $369,000 (8.6%) $438,366 (5.2%) 1.21 794
    2019-12-01 $368,950 (8.5%) $449,597 (8.7%) 1.23 640
    2020-01-01 $372,000 (9.4%) $452,766 (9.5%) 1.24 575
    2020-02-01 $375,120 (8.9%) $474,080 (13.9%) 1.23 538
    2020-03-01 $389,225 (9.2%) $473,800 (11.1%) 1.22 610
    2020-04-01 $377,250 (3.4%) $456,612 (3.4%) 1.18 667
    2020-05-01 $377,000 (3.3%) $465,429 (5.4%) 1.15 661
    2020-06-01 $392,450 (6.1%) $479,783 (5.1%) 1.16 486
    2020-07-01 $402,225 (7.4%) $529,779 (14.3%) 1.17 411
    2020-08-01 $419,000 (11.5%) $547,642 (18.6%) 1.20 356
    2020-09-01 $417,225 (12.8%) $536,714 (19.6%) 1.20 374
    2020-10-01 $418,888 (13.9%) $550,968 (24.7%) 1.20 399
    2020-11-01 $422,500 (14.5%) $556,940 (27.1%) 1.24 410
    2020-12-01 $431,235 (16.9%) $589,424 (31.1%) 1.28 354
    2021-01-01 $439,000 (18.0%) $619,061 (36.7%) 1.31 299
    2021-02-01 $429,950 (14.6%) $622,412 (31.3%) 1.25 265
    2021-03-01 $443,500 (13.9%) $639,943 (35.1%) 1.26 267
    2021-04-01 $445,600 (18.1%) $609,410 (33.5%) 1.21 299
    2021-05-01 $449,800 (19.3%) $614,325 (32.0%) 1.20 320
    2021-06-01 $448,425 (14.3%) $598,953 (24.8%) 1.18 379
    2021-07-01 $449,900 (11.9%) $584,241 (10.3%) 1.19 451
    2021-08-01 $460,000 (9.8%) $580,082 (5.9%) 1.23 495
    2021-09-01 $464,500 (11.3%) $569,751 (6.2%) 1.24 481
    2021-10-01 $472,450 (12.8%) $579,129 (5.1%) 1.26 526
    2021-11-01 $482,450 (14.2%) $591,879 (6.3%) 1.29 467
    2021-12-01 $481,315 (11.6%) $597,951 (1.5%) 1.31 352
    2022-01-01 $479,925 (9.3%) $600,753 (-3.0%) 1.30 290
    2022-02-01 $489,500 (13.9%) $612,804 (-1.5%) 1.27 279
    2022-03-01 $494,225 (11.4%) $624,146 (-2.5%) 1.24 291
    2022-04-01 $499,000 (12.0%) $630,535 (3.5%) 1.19 337
    2022-05-01 $499,950 (11.2%) $639,979 (4.2%) 1.14 475
    2022-06-01 $494,475 (10.3%) $598,062 (-0.2%) 1.10 607
    2022-07-01 $480,000 (6.7%) $553,414 (-5.3%) 1.08 762
    2022-08-01 $475,000 (3.3%) $549,208 (-5.3%) 1.10 824
    2022-09-01 $472,500 (1.7%) $544,610 (-4.4%) 1.10 789
    2022-10-01 $470,000 (-0.5%) $552,066 (-4.7%) 1.11 743
    2022-11-01 $472,500 (-2.1%) $564,609 (-4.6%) 1.14 653
    2022-12-01 $480,000 (-0.3%) $588,001 (-1.7%) 1.19 542
    2023-01-01 $488,871 (1.9%) $595,593 (-0.9%) 1.21 456
    2023-02-01 $489,499 (0.0%) $598,105 (-2.4%) 1.18 417
    2023-03-01 $499,993 (1.2%) $610,947 (-2.1%) 1.18 363
    2023-04-01 $520,000 (4.2%) $612,746 (-2.8%) 1.21 319
    2023-05-01 $530,000 (6.0%) $628,054 (-1.9%) 1.20 322
    2023-06-01 $532,438 (7.7%) $620,356 (3.7%) 1.20 359
    2023-07-01 $522,450 (8.8%) $613,789 (10.9%) 1.19 414
    2023-08-01 $516,250 (8.7%) $624,545 (13.7%) 1.19 441
    2023-09-01 $504,500 (6.8%) $624,643 (14.7%) 1.17 448
    2023-10-01 $519,987 (10.6%) $628,522 (13.9%) 1.22 488
    Modesto's median listing price for 2023-10-01 was $519,987, a difference of $49,987 (10.6%) versus the prior year and $15,487 versus the prior month.

    Modesto's median listing price comes in at 122% of the national average.

    Modesto's average listing price for 2023-10-01 was $628,522, a difference of $76,456 (13.9%) versus the prior year and $3,879 versus the prior month.

    For the 2023-10-01 period, Modesto had 488 MLS listings, a difference of 40 listings (9%) versus the prior month and -255 listings (-34%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Modesto (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 57 days 1,837 sqft
    2018-02-01 37 days 1,778 sqft
    2018-03-01 35 days 1,837 sqft
    2018-04-01 35 days 1,862 sqft
    2018-05-01 33 days 1,870 sqft
    2018-06-01 34 days 1,835 sqft
    2018-07-01 37 days 1,829 sqft
    2018-08-01 37 days 1,810 sqft
    2018-09-01 38 days 1,767 sqft
    2018-10-01 42 days 1,715 sqft
    2018-11-01 45 days 1,704 sqft
    2018-12-01 54 days 1,712 sqft
    2019-01-01 57 days 1,695 sqft
    2019-02-01 47 days 1,713 sqft
    2019-03-01 42 days 1,755 sqft
    2019-04-01 39 days 1,816 sqft
    2019-05-01 39 days 1,813 sqft
    2019-06-01 39 days 1,849 sqft
    2019-07-01 43 days 1,863 sqft
    2019-08-01 44 days 1,865 sqft
    2019-09-01 43 days 1,838 sqft
    2019-10-01 45 days 1,822 sqft
    2019-11-01 52 days 1,844 sqft
    2019-12-01 65 days 1,834 sqft
    2020-01-01 67 days 1,833 sqft
    2020-02-01 45 days 1,856 sqft
    2020-03-01 35 days 1,888 sqft
    2020-04-01 43 days 1,828 sqft
    2020-05-01 57 days 1,853 sqft
    2020-06-01 63 days 1,882 sqft
    2020-07-01 53 days 1,902 sqft
    2020-08-01 35 days 1,948 sqft
    2020-09-01 32 days 1,844 sqft
    2020-10-01 32 days 1,836 sqft
    2020-11-01 37 days 1,851 sqft
    2020-12-01 42 days 1,844 sqft
    2021-01-01 46 days 1,845 sqft
    2021-02-01 34 days 1,788 sqft
    2021-03-01 32 days 1,841 sqft
    2021-04-01 30 days 1,847 sqft
    2021-05-01 26 days 1,789 sqft
    2021-06-01 25 days 1,737 sqft
    2021-07-01 26 days 1,754 sqft
    2021-08-01 26 days 1,790 sqft
    2021-09-01 30 days 1,724 sqft
    2021-10-01 30 days 1,762 sqft
    2021-11-01 37 days 1,745 sqft
    2021-12-01 42 days 1,770 sqft
    2022-01-01 40 days 1,763 sqft
    2022-02-01 29 days 1,739 sqft
    2022-03-01 26 days 1,750 sqft
    2022-04-01 25 days 1,718 sqft
    2022-05-01 23 days 1,755 sqft
    2022-06-01 25 days 1,725 sqft
    2022-07-01 30 days 1,695 sqft
    2022-08-01 37 days 1,663 sqft
    2022-09-01 44 days 1,661 sqft
    2022-10-01 46 days 1,663 sqft
    2022-11-01 54 days 1,662 sqft
    2022-12-01 64 days 1,678 sqft
    2023-01-01 60 days 1,712 sqft
    2023-02-01 51 days 1,737 sqft
    2023-03-01 40 days 1,795 sqft
    2023-04-01 36 days 1,824 sqft
    2023-05-01 35 days 1,822 sqft
    2023-06-01 32 days 1,863 sqft
    2023-07-01 33 days 1,860 sqft
    2023-08-01 34 days 1,832 sqft
    2023-09-01 37 days 1,786 sqft
    2023-10-01 37 days 1,829 sqft
    Modesto's median listing age (time on market) for 2023-10-01 was 37 days. This is -20% shorter than the same period one year ago.

    Modesto's median square footage for active listings during the 2023-10-01 period was 1,829 sqft. One year prior, the average listing was 1,663 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.