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 6.37% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.32% and one month ago for the week of 2024-10-04, the average rate was 5.85%.

    The average rate one year ago was 7.51%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.51%.

    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%).

    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.