Modesto VA Loan Rates, Closing Costs & Stats

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 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 6.8% for the week of 2024-05-24, compared to the national average (all VA variants) of 6.567% for the same period.

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

The average rate for the prior week (2024-05-17) was 6.72% and one month ago for the week of 2024-04-19, the average rate was 6.79%.

The average rate one year ago was 6.16%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.54%.

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
Modesto's median listing price for 2024-04-01 was $529,000, a difference of $9,000 (1.7%) versus the prior year and $9,001 versus the prior month.

Modesto's median listing price comes in at 123% of the national average.

Modesto's average listing price for 2024-04-01 was $635,737, a difference of $22,991 (3.8%) versus the prior year and $10,510 versus the prior month.

For the 2024-04-01 period, Modesto had 496 MLS listings, a difference of 48 listings (11%) versus the prior month and 177 listings (55%) 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
Modesto's median listing age (time on market) for 2024-04-01 was 33 days. This is -10% shorter than the same period one year ago.

Modesto's median square footage for active listings during the 2024-04-01 period was 1,835 sqft. One year prior, the average listing was 1,824 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.