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 52 lenders originated 237 VA loans during 2023. The total origination value was $109,275,000, with an average VA loan value of $461,076.

    Modesto VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Modesto averaged 6.21% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

    Modesto's average VA mortgage closing costs are $7,357.

    The average rate for the prior week (2024-12-06) was 6.44% and one month ago for the week of 2024-11-08, the average rate was 6.24%.

    The average rate one year ago was 6.78%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.35%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 38 6.64% $9,849
    UNITED WHOLESALE MORTGAGE, LLC 26 6.19% $9,660
    QUICKEN LOANS, LLC 13 6.13% $12,341
    Century Mortgage Company DBA Century Lending Company 11 6.19% $9,995
    LOANDEPOT.COM, LLC 11 6.37% $9,247
    SCENIC OAKS FUNDING, INC. 10 6.33% $17,340
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 6.35% $15,360
    CROSSCOUNTRY MORTGAGE, LLC 8 6.40% $11,630
    KBHS HOME LOANS, LLC 7 5.32% $14,026
    PENNYMAC LOAN SERVICES, LLC 7 5.52% $10,836
    FREEDOM MORTGAGE CORPORATION 6 6.63% $18,164
    ACADEMY MORTGAGE CORPORATION 6 6.23% $13,323
    NAVY FEDERAL CREDIT UNION 5 5.63% $11,671
    ENVOY MORTGAGE, LTD 4 6.06% $12,417
    Mr. Cooper ( Nationstar Mortgage ) 4 6.09% $13,540
    VILLAGE CAPITAL MORTGAGE 3 5.63% $10,342
    AMERICAN FINANCIAL NETWORK, INC. 3 6.83% $9,157
    Barrington Bank & Trust Company, N.A. 3 6.42% $9,147
    CARDINAL FINANCIAL 3 6.08% $9,323
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.50% $4,694
    SUMMIT FUNDING, INC. 3 5.88% $9,750
    The Federal Savings Bank 3 6.13% $15,200
    Northpointe Bank 2 5.56% $16,141
    DHI MORTGAGE COMPANY, LTD. 2 5.25% $13,633
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.25% $17,115
    USAA Federal Savings Bank 2 6.63% $12,293
    GUILD MORTGAGE COMPANY 2 5.88% $9,591
    Equity Prime Mortgage LLC 2 7.00% $13,713
    NBKC BANK 1 5.88% $14,434
    NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $2,015
    NEW DAY FINANCIAL, LLC 1 7.49% $20,085
    NFM, INC. 1 5.63% $12,583
    PLANET HOME LENDING, LLC 1 6.75% $8,700
    PLAZA HOME MORTGAGE, INC. 1 6.00% $5,193
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.75% $19,871
    Prosperity Home Mortgage, LLC 1 6.63% $10,896
    CALCON MUTUAL MORTGAGE LLC 1 8.62% $8,201
    S1L, Inc. 1 6.13% $10,258
    BROKER SOLUTIONS, INC. 1 7.13% $6,275
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.99% $31,612
    Strong Home Mortgage, LLC 1 6.13% $4,565
    U.S. Bank 1 7.00% $7,753
    SUN WEST MORTGAGE COMPANY, INC. 1 5.75% $8,605
    ALAMEDA MORTGAGE CORPORATION 1 6.99% $9,481
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $16,449
    GUARANTEED RATE, INC. 1 6.25% $8,751
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 1 7.25% $23,520
    MASON MCDUFFIE MORTGAGE CORPORATION 1 7.63% $25,206
    MLD MORTGAGE INC. 1 7.00% $13,425
    GSF Mortgage Corporation 1 5.63% $840
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $20,551
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $22,959

    The top Modesto VA lender as defined by loan originations is Mortgage Research Center, LLC, with 38 VA loans originated. Their average total fees are $9,849, which is $189 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Modesto VA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($9,247), UNITED WHOLESALE MORTGAGE, LLC ($9,660), Mortgage Research Center, LLC ($9,849), Century Mortgage Company DBA Century Lending Company ($9,995) and QUICKEN LOANS, LLC ($12,341).

    The lowest rate Modesto VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.13%), Century Mortgage Company DBA Century Lending Company (6.19%), UNITED WHOLESALE MORTGAGE, LLC (6.19%), SCENIC OAKS FUNDING, INC. (6.33%) and AMERICAN PACIFIC MORTGAGE CORPORATION (6.35%).

    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%) 1.19 320
    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%) 1.30 352
    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%) $597,835 (-2.4%) 1.18 417
    2023-03-01 $499,993 (1.2%) $610,642 (-2.2%) 1.18 363
    2023-04-01 $520,000 (4.2%) $612,746 (-2.8%) 1.21 319
    2023-05-01 $530,000 (6.0%) $627,971 (-1.9%) 1.20 322
    2023-06-01 $531,200 (7.4%) $619,455 (3.6%) 1.19 358
    2023-07-01 $522,450 (8.8%) $612,921 (10.8%) 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
    2023-11-01 $499,987 (5.8%) $618,671 (9.6%) 1.19 505
    2023-12-01 $509,995 (6.3%) $628,165 (6.8%) 1.24 460
    2024-01-01 $522,500 (6.9%) $625,522 (5.0%) 1.28 416
    2024-02-01 $525,000 (7.3%) $622,800 (4.2%) 1.26 385
    2024-03-01 $519,999 (4.0%) $625,227 (2.4%) 1.22 448
    2024-04-01 $529,000 (1.7%) $635,737 (3.8%) 1.23 496
    2024-05-01 $535,000 (0.9%) $628,863 (0.1%) 1.21 539
    2024-06-01 $530,000 (-0.2%) $620,549 (0.2%) 1.19 577
    2024-07-01 $529,923 (1.4%) $630,957 (2.9%) 1.21 632
    2024-08-01 $534,999 (3.6%) $620,420 (-0.7%) 1.24 684
    2024-09-01 $528,950 (4.9%) $610,897 (-2.2%) 1.24 698
    2024-10-01 $524,950 (1.0%) $612,561 (-2.5%) 1.24 685
    2024-11-01 $520,000 (4.0%) $633,218 (2.4%) 1.25 701
    Modesto's median listing price for 2024-11-01 was $520,000, a difference of $20,013 (4.0%) versus the prior year and $-4,950 versus the prior month.

    Modesto's median listing price comes in at 125% of the national average.

    Modesto's average listing price for 2024-11-01 was $633,218, a difference of $14,547 (2.4%) versus the prior year and $20,657 versus the prior month.

    For the 2024-11-01 period, Modesto had 701 MLS listings, a difference of 16 listings (2%) versus the prior month and 196 listings (39%) 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 40 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 1,794 sqft
    2023-04-01 36 days 1,824 sqft
    2023-05-01 35 days 1,822 sqft
    2023-06-01 32 days 1,866 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
    2023-11-01 42 days 1,787 sqft
    2023-12-01 49 days 1,753 sqft
    2024-01-01 47 days 1,805 sqft
    2024-02-01 42 days 1,809 sqft
    2024-03-01 33 days 1,783 sqft
    2024-04-01 33 days 1,835 sqft
    2024-05-01 27 days 1,796 sqft
    2024-06-01 32 days 1,798 sqft
    2024-07-01 39 days 1,781 sqft
    2024-08-01 42 days 1,798 sqft
    2024-09-01 43 days 1,765 sqft
    2024-10-01 48 days 1,743 sqft
    2024-11-01 50 days 1,730 sqft
    Modesto's median listing age (time on market) for 2024-11-01 was 50 days. This is 19% longer than the same period one year ago.

    Modesto's median square footage for active listings during the 2024-11-01 period was 1,730 sqft. One year prior, the average listing was 1,787 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.