Modesto VA Loans
MODESTO, CA
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 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 123 lenders originated 1,500 VA loans during 2021. The total origination value was $533,300,000, with an average VA loan value of $355,533.
Modesto VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Modesto
averaged
5.55%
for the week of 2022-05-20, compared to the national average (all VA variants) of
5.143% for the same period.
The average rate for the prior week (2022-05-13) was
5.36% and
one month ago for the week of 2022-04-15, the
average rate was 5.42%.
The average rate one year ago was 3.01%.
For refis of the same type during the week of 2022-05-20, the average rate
was 5.19%.
Modesto VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Modesto level.
The top Modesto VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with
135 VA loans originated. Their average total fees are
$3,631, which is $1,891
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Modesto VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($3,072), SUN WEST MORTGAGE COMPANY, INC. ($3,233), FREEDOM MORTGAGE CORPORATION ($3,631), Mr. Cooper ( Nationstar Mortgage ) ($3,791) and VILLAGE CAPITAL & INVESTMENT LLC ($3,841).
The lowest rate Modesto VA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC (2.23%), PENNYMAC LOAN SERVICES, LLC (2.33%), CLEARPATH LENDING (2.38%), QUICKEN LOANS, LLC (2.39%) and HOME POINT FINANCIAL CORPORATION (2.42%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Modesto (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $349,000 (14.4%) | $432,876 (9.1%) | 1.29 | 661 |
2018-02-01 | $348,500 (11.0%) | $421,959 (3.4%) | 1.26 | 704 |
2018-03-01 | $359,900 (12.5%) | $445,838 (9.5%) | 1.25 | 752 |
2018-04-01 | $363,450 (10.2%) | $452,048 (9.6%) | 1.22 | 784 |
2018-05-01 | $369,975 (10.5%) | $450,045 (8.5%) | 1.23 | 899 |
2018-06-01 | $359,900 (7.3%) | $430,952 (3.3%) | 1.20 | 1,021 |
2018-07-01 | $355,000 (6.5%) | $423,904 (1.5%) | 1.18 | 1,062 |
2018-08-01 | $350,000 (5.3%) | $418,961 (-0.6%) | 1.17 | 1,169 |
2018-09-01 | $349,900 (4.5%) | $418,212 (0.4%) | 1.17 | 1,151 |
2018-10-01 | $340,000 (1.5%) | $412,492 (0.2%) | 1.14 | 1,158 |
2018-11-01 | $339,994 (0.0%) | $414,086 (0.1%) | 1.14 | 1,133 |
2018-12-01 | $340,000 (-1.5%) | $413,138 (-3.4%) | 1.16 | 1,076 |
2019-01-01 | $342,475 (-1.9%) | $413,660 (-4.4%) | 1.18 | 979 |
2019-02-01 | $346,975 (-0.4%) | $416,570 (-1.3%) | 1.16 | 927 |
2019-03-01 | $356,423 (-1.0%) | $428,827 (-3.8%) | 1.16 | 884 |
2019-04-01 | $367,500 (1.1%) | $445,590 (-1.4%) | 1.16 | 851 |
2019-05-01 | $367,450 (-0.7%) | $447,368 (-0.6%) | 1.13 | 916 |
2019-06-01 | $374,000 (3.9%) | $462,930 (7.4%) | 1.15 | 928 |
2019-07-01 | $376,500 (6.1%) | $466,803 (10.1%) | 1.17 | 905 |
2019-08-01 | $377,800 (7.9%) | $468,817 (11.9%) | 1.19 | 898 |
2019-09-01 | $375,000 (7.2%) | $459,893 (10.0%) | 1.19 | 908 |
2019-10-01 | $375,000 (10.3%) | $457,413 (10.9%) | 1.20 | 932 |
2019-11-01 | $375,900 (10.6%) | $458,219 (10.7%) | 1.21 | 852 |
2019-12-01 | $375,000 (10.3%) | $469,624 (13.7%) | 1.25 | 691 |
2020-01-01 | $379,700 (10.9%) | $477,762 (15.5%) | 1.27 | 609 |
2020-02-01 | $389,000 (12.1%) | $495,047 (18.8%) | 1.26 | 572 |
2020-03-01 | $399,000 (12.0%) | $491,345 (14.6%) | 1.25 | 646 |
2020-04-01 | $383,650 (4.4%) | $468,448 (5.1%) | 1.20 | 708 |
2020-05-01 | $379,900 (3.4%) | $473,149 (5.8%) | 1.15 | 698 |
2020-06-01 | $404,925 (8.3%) | $514,172 (11.1%) | 1.18 | 507 |
2020-07-01 | $425,000 (12.9%) | $566,894 (21.4%) | 1.22 | 430 |
2020-08-01 | $425,072 (12.5%) | $558,859 (19.2%) | 1.21 | 371 |
2020-09-01 | $424,950 (13.3%) | $545,902 (18.7%) | 1.21 | 385 |
2020-10-01 | $420,000 (12.0%) | $560,516 (22.5%) | 1.20 | 416 |
2020-11-01 | $426,500 (13.5%) | $563,052 (22.9%) | 1.22 | 422 |
2020-12-01 | $438,500 (16.9%) | $601,315 (28.0%) | 1.29 | 370 |
2021-01-01 | $449,900 (18.5%) | $637,226 (33.4%) | 1.32 | 311 |
2021-02-01 | $434,500 (11.7%) | $638,329 (28.9%) | 1.25 | 262 |
2021-03-01 | $449,500 (12.7%) | $648,224 (31.9%) | 1.26 | 263 |
2021-04-01 | $449,500 (17.2%) | $617,193 (31.8%) | 1.21 | 294 |
2021-05-01 | $450,000 (18.5%) | $625,856 (32.3%) | 1.18 | 317 |
2021-06-01 | $449,900 (11.1%) | $621,890 (21.0%) | 1.17 | 376 |
2021-07-01 | $454,900 (7.0%) | $598,656 (5.6%) | 1.18 | 441 |
2021-08-01 | $460,000 (8.2%) | $586,992 (5.0%) | 1.21 | 500 |
2021-09-01 | $466,450 (9.8%) | $571,636 (4.7%) | 1.23 | 487 |
2021-10-01 | $470,000 (11.9%) | $581,672 (3.8%) | 1.24 | 531 |
2021-11-01 | $484,950 (13.7%) | $594,337 (5.6%) | 1.28 | 470 |
2021-12-01 | $482,450 (10.0%) | $603,086 (0.3%) | 1.29 | 355 |
2022-01-01 | $478,900 (6.5%) | $608,994 (-4.4%) | 1.28 | 286 |
2022-02-01 | $489,950 (12.8%) | $625,926 (-1.9%) | 1.25 | 282 |
2022-03-01 | $494,894 (10.1%) | $629,198 (-2.9%) | 1.22 | 288 |
2022-04-01 | $499,000 (11.0%) | $634,393 (2.8%) | 1.17 | 337 |
Modesto's median listing price comes in at 117% of the national average.
Modesto's average listing price for 2022-04-01 was $634,393, a difference of $17,200 (2.8%) versus the prior year and $5,195 versus the prior month.
For the 2022-04-01 period, Modesto had 337 MLS listings, a difference of 49 listings (17%) versus the prior month and 43 listings (15%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Modesto (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 57 days | 1,840 sqft |
2018-02-01 | 36 days | 1,795 sqft |
2018-03-01 | 34 days | 1,865 sqft |
2018-04-01 | 36 days | 1,870 sqft |
2018-05-01 | 33 days | 1,889 sqft |
2018-06-01 | 34 days | 1,865 sqft |
2018-07-01 | 37 days | 1,844 sqft |
2018-08-01 | 37 days | 1,814 sqft |
2018-09-01 | 39 days | 1,780 sqft |
2018-10-01 | 42 days | 1,725 sqft |
2018-11-01 | 45 days | 1,713 sqft |
2018-12-01 | 55 days | 1,713 sqft |
2019-01-01 | 57 days | 1,697 sqft |
2019-02-01 | 47 days | 1,716 sqft |
2019-03-01 | 42 days | 1,753 sqft |
2019-04-01 | 38 days | 1,814 sqft |
2019-05-01 | 41 days | 1,827 sqft |
2019-06-01 | 37 days | 1,876 sqft |
2019-07-01 | 42 days | 1,872 sqft |
2019-08-01 | 41 days | 1,889 sqft |
2019-09-01 | 44 days | 1,885 sqft |
2019-10-01 | 41 days | 1,882 sqft |
2019-11-01 | 43 days | 1,917 sqft |
2019-12-01 | 53 days | 1,902 sqft |
2020-01-01 | 62 days | 1,936 sqft |
2020-02-01 | 36 days | 1,965 sqft |
2020-03-01 | 29 days | 1,974 sqft |
2020-04-01 | 37 days | 1,876 sqft |
2020-05-01 | 46 days | 1,863 sqft |
2020-06-01 | 45 days | 1,990 sqft |
2020-07-01 | 36 days | 2,024 sqft |
2020-08-01 | 37 days | 1,988 sqft |
2020-09-01 | 33 days | 1,859 sqft |
2020-10-01 | 35 days | 1,849 sqft |
2020-11-01 | 37 days | 1,861 sqft |
2020-12-01 | 42 days | 1,852 sqft |
2021-01-01 | 48 days | 1,877 sqft |
2021-02-01 | 38 days | 1,832 sqft |
2021-03-01 | 35 days | 1,863 sqft |
2021-04-01 | 29 days | 1,849 sqft |
2021-05-01 | 26 days | 1,819 sqft |
2021-06-01 | 27 days | 1,743 sqft |
2021-07-01 | 27 days | 1,762 sqft |
2021-08-01 | 27 days | 1,788 sqft |
2021-09-01 | 31 days | 1,728 sqft |
2021-10-01 | 31 days | 1,757 sqft |
2021-11-01 | 36 days | 1,774 sqft |
2021-12-01 | 42 days | 1,792 sqft |
2022-01-01 | 41 days | 1,779 sqft |
2022-02-01 | 30 days | 1,743 sqft |
2022-03-01 | 27 days | 1,751 sqft |
2022-04-01 | 27 days | 1,714 sqft |
Modesto's median square footage for active listings during the 2022-04-01 period was 1,714 sqft. One year prior, the average listing was 1,849 sqft.