Modesto VA Loans

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 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%.

    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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Modesto level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    FREEDOM MORTGAGE CORPORATION 135 2.43% $3,631
    QUICKEN LOANS, LLC 110 2.39% $5,523
    UNITED WHOLESALE MORTGAGE, LLC 94 2.52% $7,227
    PENNYMAC LOAN SERVICES, LLC 75 2.33% $7,065
    Mortgage Research Center, LLC 74 2.90% $8,584
    LOANDEPOT.COM, LLC 59 2.53% $5,734
    HOME POINT FINANCIAL CORPORATION 56 2.42% $5,063
    AMERICAN PACIFIC MORTGAGE CORPORATION 54 2.76% $8,209
    VILLAGE CAPITAL & INVESTMENT LLC 46 2.23% $3,841
    SCENIC OAKS FUNDING, INC. 33 2.62% $9,478
    CALIBER HOME LOANS, INC. 33 2.61% $6,070
    CROSSCOUNTRY MORTGAGE, LLC 27 2.79% $10,753
    ACADEMY MORTGAGE CORPORATION 23 2.70% $7,759
    NEWREZ LLC 22 2.56% $6,353
    LAKEVIEW LOAN SERVICING, LLC 22 2.45% $3,072
    The Federal Savings Bank 22 2.59% $7,081
    Mr. Cooper ( Nationstar Mortgage ) 22 2.63% $3,791
    CLEARPATH LENDING 21 2.38% $5,612
    AMERICAN FINANCIAL NETWORK, INC. 21 2.50% $12,112
    USAA Federal Savings Bank 21 2.88% $8,254
    NAVY FEDERAL CREDIT UNION 19 2.45% $6,418
    NEW DAY FINANCIAL, LLC 16 2.89% $7,166
    BROKER SOLUTIONS, INC. 14 2.62% $3,903
    Commerce Home Mortgage, Inc. 14 2.63% $11,629
    GUILD MORTGAGE COMPANY 12 2.72% $7,880
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 2.90% $7,884
    SOVEREIGN LENDING GROUP INCORPORATED 11 2.50% $8,582
    HOMEBRIDGE FINANCIAL SERVICES, INC. 11 2.58% $10,629
    FINANCE OF AMERICA MORTGAGE LLC 10 2.89% $9,064
    SUMMIT FUNDING, INC. 10 2.97% $11,467
    SUN WEST MORTGAGE COMPANY, INC. 10 2.50% $3,233
    Carrington Mortgage Services, LLC 9 2.93% $7,975
    Lakeview Community Capital, LLC 9 2.40% $3,189
    InterContinental Capital Group, Inc 8 2.34% $3,409
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 8 3.02% $3,675
    S1L, Inc. 8 3.09% $4,256
    PLANET HOME LENDING, LLC 8 2.48% $5,399
    NBKC BANK 7 2.38% $5,500
    KBHS HOME LOANS, LLC 7 2.75% $10,435
    Magnolia Bank 6 2.35% $5,462
    Low VA Rates, LLC 5 2.28% $4,335
    North American Savings Bank, F.S.B. 5 2.33% $6,667
    Paramount Residential Mortgage Group, Inc. 5 2.98% $5,539
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.92% $14,470
    Wells Fargo Bank 5 2.53% $2,902
    NP, Inc. 4 2.25% $3,353
    AMERISAVE MORTGAGE CORPORATION 4 2.38% $13,805
    First Guaranty Mortgage Corporation 4 2.47% $3,154
    MEGASTAR FINANCIAL CORP. 4 2.47% $6,421
    ALAMEDA MORTGAGE CORPORATION 4 2.94% $3,310
    LADERA LENDING, INC. 4 2.84% $7,164
    PENTAGON FEDERAL CREDIT UNION 3 2.38% $985
    ACCELERATE MORTGAGE, LLC 3 2.25% $10,876
    DHI MORTGAGE COMPANY, LTD. 3 2.58% $5,667
    Barrington Bank & Trust Company, N.A. 3 2.54% $3,538
    MUTUAL OF OMAHA MORTGAGE, INC. 3 2.58% $5,572
    CMG MORTGAGE, INC. 3 2.71% $2,631
    NETWORK CAPITAL FUNDING CORPORATION 3 3.00% $8,379
    LOANPAL, LLC 3 2.46% $4,559
    Nations Lending Corporation 3 2.42% $9,819
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.33% $3,817
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 3 2.71% $7,131
    GUARANTEED RATE, INC. 2 2.56% $2,795
    MOVEMENT MORTGAGE, LLC 2 2.88% $7,007
    Golden Empire Mortgage, Inc. 2 3.13% $8,998
    STEARNS LENDING, LLC 2 2.50% $5,641
    Sierra Pacific Mortgage Company, Inc. 2 2.56% $1,912
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.63% $12,015
    PLAZA HOME MORTGAGE, INC. 2 2.38% $2,378
    NATIONS DIRECT MORTGAGE, LLC 2 3.06% $10,061
    ENVOY MORTGAGE, LTD 2 3.06% $7,056
    AMERICAN FINANCING CORPORATION 2 2.25% $3,340
    MASON MCDUFFIE MORTGAGE CORPORATION 2 2.81% $4,286
    BAY EQUITY LLC 2 2.75% $4,246
    U.S. Bank 2 3.31% $5,635
    Wyndham Capital Mortgage, Inc. 1 2.75% $2,424
    AHL FUNDING 1 2.25% $3,727
    ALL WESTERN MORTGAGE, INC. 1 3.00% $24,602
    AMERICAN FINANCIAL RESOURCES, INC. 1 2.63% $12,687
    Amerifirst Financial, Inc. 1 2.75% $14,557
    AmeriHome Mortgage Company, LLC 1 2.99% $2,471
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.50% $14,745
    Arvest Bank 1 2.75% $2,030
    CELEBRITY HOME LOANS, LLC 1 2.25% $917
    CHERRY CREEK MORTGAGE, LLC 1 2.25% $123
    CONTOUR MORTGAGE CORPORATION 1 2.25% $6,254
    COUNTRY CLUB MORTGAGE, INC. 1 2.50% $4,498
    DATA MORTGAGE, INC. 1 4.63% $2,739
    Equity Prime Mortgage LLC 1 4.88% $4,290
    EVERETT FINANCIAL, INC. 1 2.88% $2,441
    FBC MORTGAGE, LLC 1 2.88% $1,300
    First Federal Bank 1 2.38% $7,282
    Flagstar Bank, FSB 1 2.72% $1,381
    Florida Capital Bank 1 2.25% $2,725
    FRONTWAVE 1 2.38% $1,063
    GENEVA FINANCIAL, LLC 1 2.75% $19,097
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.25% $3,619
    Goldwater Bank, N.A. 1 2.25% $2,169
    GUARANTEED RATE AFFINITY, LLC 1 2.63% $15,216
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 4.13% $23,776
    HomePromise Corporation 1 3.00% $26,011
    Hometown Equity Mortgage, LLC 1 2.88% $4,219
    INTELLILOAN, INC. 1 2.38% $2,750
    KS StateBank 1 2.63% $3,108
    LENOX FINANCIAL MORTGAGE CORPORATION 1 2.38% $16,908
    MANN FINANCIAL INC. 1 2.38% $21,752
    Manufacturers and Traders Trust Company 1 3.13% $10,814
    Mid-Continent Funding, Inc. 1 2.88% $4,129
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.63% $16,738
    MUFG Union Bank 1 2.38% $15,581
    NATIONWIDE MORTGAGE BANKERS, INC. 1 2.75% $13,244
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 2.63% $3,934
    Prime Choice Funding Inc. 1 2.38% $17,464
    RANLIFE, INC. 1 2.25% $13,518
    RESIDENTIAL BANCORP. 1 2.88% $7,691
    SNAPFI, INC. 1 3.00% $3,738
    SOUTHWEST STAGE FUNDING, LLC 1 2.75% $2,682
    SRE MORTGAGE ALLIANCE INC. 1 2.63% $2,847
    Strong Home Mortgage, LLC 1 2.25% $1,565
    TJC Mortgage, Inc. 1 2.25% $1,880
    Truist Bank 1 2.90% $962
    UNION HOME MORTGAGE CORP. 1 2.25% $2,562
    Valley First Credit Union 1 2.63% $3,806

    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. Louis
    Date 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 for 2022-04-01 was $499,000, a difference of $49,500 (11.0%) versus the prior year and $4,106 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2022-04-01 was 27 days. This is -7% shorter than the same period one year ago.

    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.

    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.