Salem VA Loans

SALEM, OR

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.