Salem VA Loans

SALEM, OR

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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.

    Salem's 145 lenders originated 2,271 VA loans during 2021. The total origination value was $757,965,000, with an average VA loan value of $333,758.

    Salem VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Salem averaged 5.48% 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 5.39% and one month ago for the week of 2022-04-15, the average rate was 5.35%.

    The average rate one year ago was 3.04%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.16%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Salem 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 Salem level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Mortgage Research Center, LLC 166 2.81% $8,157
    CALIBER HOME LOANS, INC. 145 2.55% $6,992
    FREEDOM MORTGAGE CORPORATION 143 2.42% $3,957
    QUICKEN LOANS, LLC 131 2.44% $4,979
    PENNYMAC LOAN SERVICES, LLC 115 2.35% $6,636
    NATIONS DIRECT MORTGAGE, LLC 110 2.58% $8,306
    LPMC, LLC 62 2.69% $7,391
    GUILD MORTGAGE COMPANY 60 2.67% $7,566
    LOANDEPOT.COM, LLC 59 2.51% $8,007
    UNITED WHOLESALE MORTGAGE, LLC 53 2.52% $6,715
    LAKEVIEW LOAN SERVICING, LLC 44 2.45% $3,791
    NEW DAY FINANCIAL, LLC 38 2.79% $11,675
    HOMEBRIDGE FINANCIAL SERVICES, INC. 38 2.56% $8,277
    USAA Federal Savings Bank 36 2.86% $5,149
    S1L, Inc. 34 2.90% $8,978
    HOME POINT FINANCIAL CORPORATION 30 2.57% $7,979
    NAVY FEDERAL CREDIT UNION 28 2.42% $5,654
    The Federal Savings Bank 28 2.54% $10,252
    Mr. Cooper ( Nationstar Mortgage ) 25 2.85% $3,905
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 3.02% $8,668
    ACADEMY MORTGAGE CORPORATION 23 2.73% $6,474
    NEWREZ LLC 22 2.62% $4,608
    Umpqua Bank 20 2.83% $6,903
    PACIFIC RESIDENTIAL MORTGAGE, LLC 20 2.93% $9,430
    FINANCE OF AMERICA MORTGAGE LLC 19 2.78% $11,063
    Wells Fargo Bank 19 2.65% $4,625
    DHI MORTGAGE COMPANY, LTD. 18 2.58% $9,460
    MOVEMENT MORTGAGE, LLC 17 2.98% $6,371
    AMERICAN PACIFIC MORTGAGE CORPORATION 16 2.75% $9,509
    SUN WEST MORTGAGE COMPANY, INC. 16 2.42% $7,446
    Low VA Rates, LLC 16 2.42% $5,634
    CHURCHILL MORTGAGE CORPORATION 15 2.80% $10,945
    PLANET HOME LENDING, LLC 14 2.45% $3,694
    BROKER SOLUTIONS, INC. 13 2.70% $5,688
    PREMIER MORTGAGE RESOURCES, L.L.C. 13 2.59% $5,176
    MANN FINANCIAL INC. 12 3.25% $9,735
    DIRECTORS MORTGAGE, INC. 12 2.90% $9,610
    Flagstar Bank, FSB 11 2.76% $8,149
    PLAZA HOME MORTGAGE, INC. 11 2.60% $6,110
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 11 2.82% $8,991
    Barrington Bank & Trust Company, N.A. 11 2.70% $5,690
    AMERICAN FINANCIAL NETWORK, INC. 11 2.35% $10,373
    VILLAGE CAPITAL & INVESTMENT LLC 11 2.38% $3,405
    Commerce Home Mortgage, Inc. 10 2.94% $10,318
    GENEVA FINANCIAL, LLC 10 2.86% $10,256
    AMERICAN FINANCING CORPORATION 10 2.34% $8,352
    Citizens Bank 10 2.40% $7,165
    NBKC BANK 10 2.56% $4,650
    Willamette Valley Bank 9 2.60% $6,161
    CHERRY CREEK MORTGAGE, LLC 9 2.39% $7,996
    CROSSCOUNTRY MORTGAGE, LLC 9 2.51% $9,396
    Prosperity Home Mortgage, LLC 9 2.81% $6,241
    SOVEREIGN LENDING GROUP INCORPORATED 9 2.33% $7,283
    North American Savings Bank, F.S.B. 9 2.31% $3,733
    PENTAGON FEDERAL CREDIT UNION 8 2.30% $1,549
    InterContinental Capital Group, Inc 8 2.34% $4,591
    MUTUAL OF OMAHA MORTGAGE, INC. 8 2.45% $9,175
    CMG MORTGAGE, INC. 7 2.48% $6,660
    ACCELERATE MORTGAGE, LLC 7 2.29% $6,256
    NP, Inc. 7 2.32% $4,769
    AMERISAVE MORTGAGE CORPORATION 7 2.68% $9,431
    Magnolia Bank 7 2.36% $9,917
    SUMMIT FUNDING, INC. 7 3.20% $16,370
    CLEARPATH LENDING 6 2.27% $3,219
    GUARANTEED RATE, INC. 6 2.54% $7,336
    Sierra Pacific Mortgage Company, Inc. 6 2.56% $6,753
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 5 3.08% $15,975
    TJC Mortgage, Inc. 5 2.18% $10,443
    BNC National Bank 5 2.20% $7,233
    HOMESIDE FINANCIAL, LLC 5 2.72% $19,267
    Carrington Mortgage Services, LLC 4 2.91% $6,323
    First Guaranty Mortgage Corporation 4 2.41% $3,763
    EAGLE HOME MORTGAGE, LLC 4 2.69% $10,697
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 2.87% $7,169
    BAYSHORE MORTGAGE FUNDING, LLC 4 2.56% $6,095
    HomeStreet Bank 4 2.53% $10,089
    Hometown Lenders, Inc. 4 2.75% $9,597
    SUMMIT MORTGAGE CORPORATION 4 3.06% $16,211
    NETWORK CAPITAL FUNDING CORPORATION 4 2.53% $8,259
    Strong Home Mortgage, LLC 3 2.38% $6,868
    U.S. Bank 3 3.00% $8,348
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 2.96% $10,457
    LOANPAL, LLC 3 2.25% $7,955
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 3.50% $13,381
    Columbia State Bank 2 2.38% $4,311
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 3.19% $5,509
    Nations Lending Corporation 2 2.56% $15,987
    JPMorgan Chase Bank 2 3.50% $10,428
    UNITED SECURITY FINANCIAL CORP 2 2.25% $4,480
    Prime Choice Funding Inc. 2 2.31% $2,083
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.06% $5,686
    Paramount Residential Mortgage Group, Inc. 2 2.94% $3,551
    STEARNS LENDING, LLC 2 2.69% $12,411
    First Federal Bank 2 3.19% $12,683
    Capital Bank 2 2.56% $4,551
    PANORAMA MORTGAGE GROUP, LLC 2 3.19% $9,939
    CENTRAL WILLAMETTE Credit Union 2 2.69% $12,165
    First Home Bank 2 2.31% $3,524
    OnPoint Community Credit Union 2 3.00% $3,784
    CELEBRITY HOME LOANS, LLC 2 2.56% $3,461
    ON Q FINANCIAL, INC. 2 2.75% $9,883
    AXIA FINANCIAL, LLC 2 2.56% $6,347
    CONTOUR MORTGAGE CORPORATION 2 2.75% $12,015
    KS StateBank 2 2.25% $8,248
    TruHome Solutions, LLC 1 2.75% $2,634
    GSF Mortgage Corporation 1 3.75% $19,002
    First Federal Bank of Kansas City 1 2.88% $1,964
    HOME MORTGAGE ALLIANCE, LLC 1 2.88% $3,611
    INSPIRE HOME LOANS INC. 1 3.13% $3,498
    ALL WESTERN MORTGAGE, INC. 1 3.25% $4,693
    INTERNATIONAL CITY MORTGAGE, INC. 1 2.88% $4,653
    KeyBank 1 2.50% $7,682
    LADERA LENDING, INC. 1 2.25% $3,851
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 3.13% $0
    LENDUS, LLC 1 2.25% $2,384
    Equity Prime Mortgage LLC 1 2.88% $22,113
    ENVOY MORTGAGE, LTD 1 2.88% $7,491
    Manufacturers and Traders Trust Company 1 2.25% $6,472
    MID AMERICA MORTGAGE, INC. 1 2.75% $2,995
    MORTGAGEONE, INC. 1 2.63% $378
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.50% $14,288
    DAS Acquisition Company, LLC 1 3.50% $2,827
    NATIONWIDE MORTGAGE BANKERS, INC. 1 2.75% $17,012
    NBH Bank 1 2.25% $1,949
    CENTENNIAL LENDING, LLC 1 2.75% $4,854
    Paramount Bank 1 2.88% $7,164
    1st Security Bank of Washington 1 2.75% $18,155
    CANOPY MORTGAGE, LLC 1 2.75% $5,196
    BLUELEAF LENDING, LLC 1 2.88% $11,150
    BELEM SERVICING LLC 1 2.75% $5,525
    RANLIFE, INC. 1 3.13% $13,527
    BAY EQUITY LLC 1 2.75% $813
    SOUTHWEST STAGE FUNDING, LLC 1 3.25% $1,094
    Bank of England 1 3.13% $7,600
    Stifel Bank and Trust 1 2.50% $3,346
    SWBC MORTGAGE CORPORATION 1 3.13% $4,429
    Texana Bank 1 2.75% $4,551
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.75% $3,100
    GoPrime Mortgage, Inc. 1 2.38% $8,929
    AmRes Corporation 1 2.63% $17,586
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.75% $8,950
    V.I.P. MORTGAGE, INC. 1 2.25% $3,535
    Washington Trust Bank 1 3.38% $13,600
    Waterstone Mortgage Corporation 1 3.25% $7,300
    First Mortgage Solutions, LLC 1 2.25% $2,051

    The top Salem VA lender as defined by loan originations is Mortgage Research Center, LLC, with 166 VA loans originated. Their average total fees are $8,157, which is $1,165 higher than the next largest lender, CALIBER HOME LOANS, INC..

    The lowest fee Salem VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($3,405), PLANET HOME LENDING, LLC ($3,694), LAKEVIEW LOAN SERVICING, LLC ($3,791), Mr. Cooper ( Nationstar Mortgage ) ($3,905) and FREEDOM MORTGAGE CORPORATION ($3,957).

    The lowest rate Salem VA lenders (with over 10 loans originated) are AMERICAN FINANCING CORPORATION (2.34%), PENNYMAC LOAN SERVICES, LLC (2.35%), AMERICAN FINANCIAL NETWORK, INC. (2.35%), VILLAGE CAPITAL & INVESTMENT LLC (2.38%) and Citizens Bank (2.40%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Salem (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 $384,950 (35.1%) $504,971 (34.3%) 1.42 933
    2018-02-01 $384,945 (32.1%) $497,773 (30.3%) 1.39 923
    2018-03-01 $379,900 (27.9%) $485,585 (24.5%) 1.31 947
    2018-04-01 $385,000 (26.3%) $505,771 (25.9%) 1.29 997
    2018-05-01 $398,950 (29.8%) $504,267 (24.9%) 1.33 1,122
    2018-06-01 $394,900 (29.5%) $494,477 (25.2%) 1.32 1,186
    2018-07-01 $398,750 (9.3%) $496,069 (6.7%) 1.33 1,276
    2018-08-01 $379,950 (5.6%) $469,809 (0.8%) 1.27 1,517
    2018-09-01 $375,900 (4.5%) $462,908 (-1.1%) 1.26 1,608
    2018-10-01 $372,900 (-1.1%) $456,885 (-4.3%) 1.25 1,623
    2018-11-01 $364,950 (-3.5%) $444,090 (-8.3%) 1.22 1,638
    2018-12-01 $369,900 (-4.2%) $446,519 (-10.9%) 1.27 1,545
    2019-01-01 $367,000 (-4.7%) $439,844 (-12.9%) 1.27 1,418
    2019-02-01 $362,450 (-5.8%) $427,023 (-14.2%) 1.21 1,369
    2019-03-01 $366,657 (-3.5%) $428,472 (-11.8%) 1.19 1,392
    2019-04-01 $368,707 (-4.2%) $431,215 (-14.7%) 1.16 1,457
    2019-05-01 $369,450 (-7.4%) $434,839 (-13.8%) 1.14 1,573
    2019-06-01 $369,900 (-6.3%) $436,074 (-11.8%) 1.14 1,725
    2019-07-01 $374,950 (-6.0%) $437,898 (-11.7%) 1.17 1,789
    2019-08-01 $375,000 (-1.3%) $445,432 (-5.2%) 1.18 1,740
    2019-09-01 $375,000 (-0.2%) $456,545 (-1.4%) 1.19 1,690
    2019-10-01 $379,900 (1.9%) $460,521 (0.8%) 1.21 1,708
    2019-11-01 $383,400 (5.1%) $463,939 (4.5%) 1.24 1,587
    2019-12-01 $384,450 (3.9%) $470,338 (5.3%) 1.28 1,365
    2020-01-01 $387,450 (5.6%) $478,308 (8.7%) 1.29 1,190
    2020-02-01 $389,990 (7.6%) $482,290 (12.9%) 1.26 1,098
    2020-03-01 $407,175 (11.1%) $505,855 (18.1%) 1.27 1,062
    2020-04-01 $399,900 (8.5%) $490,217 (13.7%) 1.25 1,176
    2020-05-01 $419,900 (13.7%) $511,280 (17.6%) 1.27 1,082
    2020-06-01 $430,000 (16.3%) $538,418 (23.5%) 1.26 908
    2020-07-01 $429,950 (14.7%) $547,700 (25.1%) 1.23 844
    2020-08-01 $430,000 (14.7%) $556,533 (24.9%) 1.23 764
    2020-09-01 $449,995 (20.0%) $583,753 (27.9%) 1.29 633
    2020-10-01 $439,000 (15.6%) $569,358 (23.6%) 1.25 637
    2020-11-01 $454,475 (18.5%) $602,169 (29.8%) 1.30 530
    2020-12-01 $435,000 (13.2%) $600,801 (27.7%) 1.28 438
    2021-01-01 $448,000 (15.6%) $608,113 (27.1%) 1.32 383
    2021-02-01 $450,000 (15.4%) $602,677 (25.0%) 1.29 324
    2021-03-01 $427,450 (5.0%) $565,187 (11.7%) 1.20 341
    2021-04-01 $433,250 (8.3%) $585,419 (19.4%) 1.16 380
    2021-05-01 $445,000 (6.0%) $566,984 (10.9%) 1.17 452
    2021-06-01 $468,448 (8.9%) $591,425 (9.9%) 1.22 523
    2021-07-01 $449,950 (4.7%) $596,763 (9.0%) 1.17 637
    2021-08-01 $472,450 (9.9%) $601,357 (8.1%) 1.24 766
    2021-09-01 $467,400 (3.9%) $607,226 (4.0%) 1.23 860
    2021-10-01 $449,900 (2.5%) $602,025 (5.7%) 1.18 843
    2021-11-01 $452,500 (-0.4%) $620,889 (3.1%) 1.19 719
    2021-12-01 $477,450 (9.8%) $642,836 (7.0%) 1.27 570
    2022-01-01 $489,000 (9.2%) $705,786 (16.1%) 1.30 422
    2022-02-01 $495,800 (10.2%) $732,407 (21.5%) 1.26 404
    2022-03-01 $512,420 (19.9%) $718,311 (27.1%) 1.27 433
    2022-04-01 $512,900 (18.4%) $672,800 (14.9%) 1.21 532
    Salem's median listing price for 2022-04-01 was $512,900, a difference of $79,650 (18.4%) versus the prior year and $480 versus the prior month.

    Salem's median listing price comes in at 121% of the national average.

    Salem's average listing price for 2022-04-01 was $672,800, a difference of $87,381 (14.9%) versus the prior year and $-45,511 versus the prior month.

    For the 2022-04-01 period, Salem had 532 MLS listings, a difference of 99 listings (23%) versus the prior month and 152 listings (40%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Salem (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 70 days 2,159 sqft
    2018-02-01 56 days 2,119 sqft
    2018-03-01 40 days 2,074 sqft
    2018-04-01 37 days 2,084 sqft
    2018-05-01 32 days 2,094 sqft
    2018-06-01 35 days 2,064 sqft
    2018-07-01 43 days 2,111 sqft
    2018-08-01 37 days 2,055 sqft
    2018-09-01 44 days 2,019 sqft
    2018-10-01 52 days 2,016 sqft
    2018-11-01 53 days 2,000 sqft
    2018-12-01 61 days 2,004 sqft
    2019-01-01 72 days 1,982 sqft
    2019-02-01 61 days 1,944 sqft
    2019-03-01 49 days 1,984 sqft
    2019-04-01 45 days 1,994 sqft
    2019-05-01 43 days 1,988 sqft
    2019-06-01 39 days 1,988 sqft
    2019-07-01 41 days 1,985 sqft
    2019-08-01 46 days 2,000 sqft
    2019-09-01 49 days 2,015 sqft
    2019-10-01 51 days 2,038 sqft
    2019-11-01 55 days 2,048 sqft
    2019-12-01 65 days 2,001 sqft
    2020-01-01 72 days 2,001 sqft
    2020-02-01 69 days 1,988 sqft
    2020-03-01 43 days 2,046 sqft
    2020-04-01 44 days 2,016 sqft
    2020-05-01 49 days 2,127 sqft
    2020-06-01 44 days 2,228 sqft
    2020-07-01 39 days 2,198 sqft
    2020-08-01 39 days 2,164 sqft
    2020-09-01 42 days 2,224 sqft
    2020-10-01 36 days 2,128 sqft
    2020-11-01 47 days 2,158 sqft
    2020-12-01 56 days 2,046 sqft
    2021-01-01 49 days 2,092 sqft
    2021-02-01 36 days 1,984 sqft
    2021-03-01 29 days 1,893 sqft
    2021-04-01 23 days 1,880 sqft
    2021-05-01 17 days 1,948 sqft
    2021-06-01 21 days 1,970 sqft
    2021-07-01 22 days 1,940 sqft
    2021-08-01 24 days 1,946 sqft
    2021-09-01 29 days 1,911 sqft
    2021-10-01 33 days 1,845 sqft
    2021-11-01 37 days 1,894 sqft
    2021-12-01 44 days 1,932 sqft
    2022-01-01 52 days 1,968 sqft
    2022-02-01 33 days 1,913 sqft
    2022-03-01 27 days 1,912 sqft
    2022-04-01 23 days 1,864 sqft
    Salem's median listing age (time on market) for 2022-04-01 was 23 days. This is 0% longer than the same period one year ago.

    Salem's median square footage for active listings during the 2022-04-01 period was 1,864 sqft. One year prior, the average listing was 1,880 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.