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%.

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.