Salinas VA Loan Rates, Closing Costs & Stats

SALINAS, 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.

    Salinas's 107 lenders originated 923 VA loans during 2021. The total origination value was $518,155,000, with an average VA loan value of $561,381.

    Salinas VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Salinas averaged 0.06% for the week of 2022-11-25, compared to the national average (all VA variants) of 0% for the same period.

    Salinas's average VA mortgage closing costs are $7,987.

    The average rate for the prior week (2022-11-18) was 6.75% and one month ago for the week of 2022-10-21, the average rate was 6.79%.

    The average rate one year ago was 3.38%.

    For refis of the same type during the week of 2022-11-25, the average rate was 0.1%.

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

    Salinas 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 Salinas level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 108 2.40% $6,924
    PENNYMAC LOAN SERVICES, LLC 67 2.24% $8,768
    FREEDOM MORTGAGE CORPORATION 63 2.38% $4,469
    UNITED WHOLESALE MORTGAGE, LLC 58 2.47% $8,436
    Mortgage Research Center, LLC 44 2.75% $11,886
    LOANDEPOT.COM, LLC 37 2.29% $3,514
    HOME POINT FINANCIAL CORPORATION 34 2.34% $8,631
    NAVY FEDERAL CREDIT UNION 31 2.46% $8,078
    CALIBER HOME LOANS, INC. 23 2.48% $8,892
    The Federal Savings Bank 19 2.40% $6,890
    AMERICAN FINANCIAL NETWORK, INC. 18 2.58% $21,835
    VILLAGE CAPITAL MORTGAGE 17 2.07% $6,111
    USAA Federal Savings Bank 15 2.78% $8,639
    MASON MCDUFFIE MORTGAGE CORPORATION 14 2.60% $9,818
    Mr. Cooper ( Nationstar Mortgage ) 12 2.51% $4,186
    PENTAGON FEDERAL CREDIT UNION 12 2.42% $3,839
    CLEARPATH LENDING 11 2.31% $5,431
    GUILD MORTGAGE COMPANY 10 2.70% $6,163
    First Guaranty Mortgage Corporation 9 2.26% $5,078
    LAKEVIEW LOAN SERVICING, LLC 9 2.29% $2,714
    Carrington Mortgage Services, LLC 9 2.49% $7,913
    NEW DAY FINANCIAL, LLC 9 2.83% $12,515
    SUMMIT FUNDING, INC. 9 2.82% $9,998
    AMERICAN PACIFIC MORTGAGE CORPORATION 8 2.81% $9,894
    CROSSCOUNTRY MORTGAGE, LLC 7 2.77% $14,875
    Wells Fargo Bank 6 2.40% $6,102
    InterContinental Capital Group, Inc 6 2.25% $3,939
    PREMIER MORTGAGE RESOURCES, L.L.C. 6 2.60% $23,304
    BNC National Bank 5 2.28% $8,045
    Lakeview Community Capital, LLC 5 2.38% $3,174
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.38% $6,244
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.30% $9,641
    GUARANTEED RATE AFFINITY, LLC 5 2.45% $12,811
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 2.28% $3,363
    NEWREZ LLC 5 2.53% $3,644
    ENVOY MORTGAGE, LTD 4 3.00% $10,768
    S1L, Inc. 4 2.66% $5,322
    PLANET HOME LENDING, LLC 4 2.25% $9,815
    Strong Home Mortgage, LLC 4 2.38% $4,265
    BROKER SOLUTIONS, INC. 4 2.50% $12,397
    KBHS HOME LOANS, LLC 4 3.09% $8,513
    Flagstar Bank, FSB 3 2.58% $16,691
    MOVEMENT MORTGAGE, LLC 3 2.83% $1,177
    SUN WEST MORTGAGE COMPANY, INC. 3 2.46% $14,487
    INSPIRE HOME LOANS INC. 3 2.50% $16,476
    Commerce Home Mortgage, Inc. 3 2.71% $9,360
    Barrington Bank & Trust Company, N.A. 3 2.54% $7,670
    CMG MORTGAGE, INC. 3 2.25% $10,356
    AMERISAVE MORTGAGE CORPORATION 3 2.63% $2,688
    SOVEREIGN LENDING GROUP INCORPORATED 3 2.38% $2,874
    AUGUSTA FINANCIAL, INC. 3 2.33% $4,018
    LENDUS, LLC 2 2.75% $4,793
    CHERRY CREEK MORTGAGE, LLC 2 2.25% $5,612
    EMBRACE HOME LOANS, INC. 2 2.44% $3,795
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 2.69% $7,860
    FINANCE OF AMERICA MORTGAGE LLC 2 2.56% $2,947
    First Federal Bank 2 3.19% $6,218
    GUARANTEED RATE, INC. 2 3.13% $11,823
    KD CAPITAL MORTGAGE CORPORATION 2 2.63% $22,380
    LADERA LENDING, INC. 2 2.69% $10,504
    AMCAP MORTGAGE, LTD. 2 2.88% $14,591
    NETWORK CAPITAL FUNDING CORPORATION 2 2.25% $2,136
    North American Savings Bank, F.S.B. 2 2.31% $11,474
    NP, Inc. 2 2.31% $6,720
    Sierra Pacific Mortgage Company, Inc. 2 2.81% $3,440
    Magnolia Bank 1 2.25% $8,748
    M&T Bank 1 2.25% $5,717
    MUFG Union Bank 1 2.50% $21,286
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $16,339
    NATIONS DIRECT MORTGAGE, LLC 1 2.75% $3,859
    NATIONWIDE MORTGAGE BANKERS, INC. 1 2.25% $18,975
    Low VA Rates, LLC 1 2.25% $0
    NBKC BANK 1 2.75% $13,877
    U.S. Bank 1 2.25% $3,981
    LOANPAL, LLC 1 2.38% $19,799
    KS StateBank 1 2.25% $0
    NFM, INC. 1 2.88% $28,697
    VERITAS FUNDING, LLC 1 2.63% $4,188
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 2.75% $12,391
    AMERICAN FINANCING CORPORATION 1 2.25% $6,865
    OCMBC, INC. 1 2.75% $25,438
    Paramount Residential Mortgage Group, Inc. 1 3.25% $16,555
    JPMorgan Chase Bank 1 2.50% $21,158
    Hometown Equity Mortgage, LLC 1 2.88% $24,057
    Peoples National Bank , N.A. 1 2.25% $2,902
    Home Mortgage Alliance Corp 1 2.63% $3,740
    PLAZA HOME MORTGAGE, INC. 1 2.25% $4,054
    GRANDE HOMES, INC. 1 2.88% $21,817
    Prime Choice Funding Inc. 1 2.25% $2,766
    Goldwater Bank, N.A. 1 2.25% $959
    Evolve Bank & Trust 1 2.75% $2,085
    EMM LOANS LLC 1 2.25% $1,269
    AMERICAN FINANCIAL RESOURCES, INC. 1 2.50% $16,359
    DIGNIFIED HOME LOANS, LLC 1 2.50% $9,602
    S&S Financial 1 2.75% $5,473
    STEARNS LENDING, LLC 1 2.88% $33,488
    Community First National Bank 1 3.13% $9,313
    Citizens Bank 1 2.25% $6,413
    Sunflower Bank 1 2.25% $5,356
    Capital Bank 1 2.25% $5,187
    CALCULATED RISK ANALYTICS LLC 1 2.50% $6,957
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.50% $11,538
    AmeriHome Mortgage Company, LLC 1 2.75% $975
    MORTGAGE MANAGEMENT CONSULTANTS, INC. 1 2.88% $3,464
    Meridian Bank Corporation 1 2.38% $16,331
    MOUNTAIN WEST FINANCIAL, INC. 1 3.13% $29,907
    MEGA CAPITAL FUNDING, INC. 1 2.38% $6,442

    The top Salinas VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 108 VA loans originated. Their average total fees are $6,924, which is $1,845 lower than the next largest lender, PENNYMAC LOAN SERVICES, LLC.

    The lowest fee Salinas VA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($3,514), PENTAGON FEDERAL CREDIT UNION ($3,839), Mr. Cooper ( Nationstar Mortgage ) ($4,186), FREEDOM MORTGAGE CORPORATION ($4,469) and CLEARPATH LENDING ($5,431).

    The lowest rate Salinas VA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (2.07%), PENNYMAC LOAN SERVICES, LLC (2.24%), LOANDEPOT.COM, LLC (2.29%), CLEARPATH LENDING (2.31%) and HOME POINT FINANCIAL CORPORATION (2.34%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Salinas (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 $931,050 (7.2%) $2,034,550 (9.7%) 3.45 557
    2018-02-01 $995,000 (8.6%) $2,071,713 (-1.0%) 3.61 572
    2018-03-01 $980,000 (5.8%) $1,965,706 (-7.2%) 3.44 613
    2018-04-01 $933,250 (-0.6%) $2,067,904 (1.2%) 3.16 655
    2018-05-01 $945,923 (1.6%) $2,061,974 (3.6%) 3.16 672
    2018-06-01 $965,000 (1.6%) $2,111,105 (2.9%) 3.22 676
    2018-07-01 $922,500 (-3.8%) $1,968,788 (-4.1%) 3.08 737
    2018-08-01 $882,495 (-7.1%) $2,003,072 (-0.9%) 2.95 762
    2018-09-01 $889,000 (-5.9%) $2,022,816 (1.3%) 2.98 797
    2018-10-01 $857,200 (-8.2%) $1,944,286 (-0.2%) 2.90 818
    2018-11-01 $849,000 (-9.8%) $1,934,309 (0.4%) 2.88 805
    2018-12-01 $867,000 (-7.8%) $1,947,672 (-2.6%) 2.99 740
    2019-01-01 $852,500 (-8.4%) $1,990,829 (-2.2%) 2.94 655
    2019-02-01 $910,000 (-8.5%) $2,045,931 (-1.2%) 3.07 690
    2019-03-01 $937,857 (-4.3%) $2,051,776 (4.4%) 3.07 703
    2019-04-01 $992,000 (6.3%) $2,075,941 (0.4%) 3.15 712
    2019-05-01 $995,222 (5.2%) $2,018,928 (-2.1%) 3.11 736
    2019-06-01 $1,095,000 (13.5%) $2,153,182 (2.0%) 3.42 796
    2019-07-01 $1,102,500 (19.5%) $2,151,551 (9.3%) 3.45 806
    2019-08-01 $1,157,359 (31.2%) $2,216,755 (10.7%) 3.66 809
    2019-09-01 $1,139,157 (28.1%) $2,145,028 (6.0%) 3.64 805
    2019-10-01 $1,112,500 (29.8%) $2,081,803 (7.1%) 3.59 798
    2019-11-01 $1,093,500 (28.8%) $2,110,404 (9.1%) 3.59 720
    2019-12-01 $999,999 (15.3%) $2,103,517 (8.0%) 3.33 613
    2020-01-01 $999,775 (17.3%) $2,040,318 (2.5%) 3.34 531
    2020-02-01 $1,149,000 (26.3%) $2,240,606 (9.5%) 3.76 558
    2020-03-01 $1,137,000 (21.2%) $2,190,122 (6.7%) 3.56 580
    2020-04-01 $1,088,250 (9.7%) $2,110,049 (1.6%) 3.41 588
    2020-05-01 $990,372 (-0.5%) $2,019,870 (0.1%) 3.01 643
    2020-06-01 $1,062,500 (-3.0%) $2,130,436 (-1.1%) 3.13 597
    2020-07-01 $1,173,500 (6.4%) $2,248,852 (4.5%) 3.40 506
    2020-08-01 $1,282,000 (10.8%) $2,464,188 (11.2%) 3.67 441
    2020-09-01 $1,295,000 (13.7%) $2,528,877 (17.9%) 3.71 415
    2020-10-01 $1,290,000 (16.0%) $2,557,468 (22.9%) 3.70 405
    2020-11-01 $1,312,250 (20.0%) $2,597,813 (23.1%) 3.83 390
    2020-12-01 $1,317,750 (31.8%) $2,768,405 (31.6%) 3.92 350
    2021-01-01 $1,295,000 (29.5%) $2,854,750 (39.9%) 3.87 319
    2021-02-01 $1,246,750 (8.5%) $2,873,154 (28.2%) 3.62 301
    2021-03-01 $1,285,000 (13.0%) $2,886,900 (31.8%) 3.65 276
    2021-04-01 $1,181,000 (8.5%) $2,719,137 (28.9%) 3.20 289
    2021-05-01 $1,195,000 (20.7%) $2,650,791 (31.2%) 3.16 289
    2021-06-01 $1,172,250 (10.3%) $2,535,755 (19.0%) 3.09 310
    2021-07-01 $1,100,000 (-6.3%) $2,556,536 (13.7%) 2.90 319
    2021-08-01 $1,196,000 (-6.7%) $2,764,672 (12.2%) 3.19 348
    2021-09-01 $1,124,500 (-13.2%) $2,662,852 (5.3%) 3.00 334
    2021-10-01 $1,087,000 (-15.7%) $2,681,295 (4.8%) 2.90 328
    2021-11-01 $1,054,750 (-19.6%) $2,650,690 (2.0%) 2.82 269
    2021-12-01 $1,021,000 (-22.5%) $2,758,020 (-0.4%) 2.77 212
    2022-01-01 $1,099,000 (-15.1%) $3,079,826 (7.9%) 2.97 176
    2022-02-01 $984,000 (-21.1%) $2,855,258 (-0.6%) 2.56 199
    2022-03-01 $1,098,250 (-14.5%) $2,824,154 (-2.2%) 2.75 208
    2022-04-01 $992,000 (-16.0%) $2,502,873 (-8.0%) 2.37 274
    2022-05-01 $949,250 (-20.6%) $2,409,748 (-9.1%) 2.17 327
    2022-06-01 $998,850 (-14.8%) $2,386,235 (-5.9%) 2.22 369
    2022-07-01 $998,800 (-9.2%) $2,298,457 (-10.1%) 2.26 414
    2022-08-01 $988,444 (-17.4%) $2,347,205 (-15.1%) 2.28 459
    2022-09-01 $962,500 (-14.4%) $2,389,229 (-10.3%) 2.25 443
    2022-10-01 $899,990 (-17.2%) $2,318,337 (-13.5%) 2.12 423
    Salinas's median listing price for 2022-10-01 was $899,990, a difference of $-187,010 (-17.2%) versus the prior year and $-62,510 versus the prior month.

    Salinas's median listing price comes in at 212% of the national average.

    Salinas's average listing price for 2022-10-01 was $2,318,337, a difference of $-362,958 (-13.5%) versus the prior year and $-70,892 versus the prior month.

    For the 2022-10-01 period, Salinas had 423 MLS listings, a difference of -20 listings (-5%) versus the prior month and 95 listings (29%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Salinas (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 88 days 2,020 sqft
    2018-02-01 67 days 2,029 sqft
    2018-03-01 50 days 1,991 sqft
    2018-04-01 53 days 1,983 sqft
    2018-05-01 54 days 1,963 sqft
    2018-06-01 59 days 1,974 sqft
    2018-07-01 58 days 1,948 sqft
    2018-08-01 59 days 1,939 sqft
    2018-09-01 59 days 1,941 sqft
    2018-10-01 64 days 1,937 sqft
    2018-11-01 73 days 1,906 sqft
    2018-12-01 85 days 1,843 sqft
    2019-01-01 90 days 1,806 sqft
    2019-02-01 79 days 1,858 sqft
    2019-03-01 66 days 1,902 sqft
    2019-04-01 63 days 1,974 sqft
    2019-05-01 63 days 2,018 sqft
    2019-06-01 64 days 2,095 sqft
    2019-07-01 66 days 2,103 sqft
    2019-08-01 73 days 2,136 sqft
    2019-09-01 84 days 2,134 sqft
    2019-10-01 90 days 2,133 sqft
    2019-11-01 95 days 2,172 sqft
    2019-12-01 107 days 2,153 sqft
    2020-01-01 96 days 2,113 sqft
    2020-02-01 75 days 2,131 sqft
    2020-03-01 57 days 2,135 sqft
    2020-04-01 70 days 2,084 sqft
    2020-05-01 75 days 2,075 sqft
    2020-06-01 84 days 2,117 sqft
    2020-07-01 67 days 2,124 sqft
    2020-08-01 65 days 2,171 sqft
    2020-09-01 65 days 2,157 sqft
    2020-10-01 63 days 2,174 sqft
    2020-11-01 66 days 2,173 sqft
    2020-12-01 63 days 2,198 sqft
    2021-01-01 64 days 2,146 sqft
    2021-02-01 64 days 2,102 sqft
    2021-03-01 61 days 2,041 sqft
    2021-04-01 62 days 2,001 sqft
    2021-05-01 44 days 1,977 sqft
    2021-06-01 44 days 2,015 sqft
    2021-07-01 43 days 1,983 sqft
    2021-08-01 43 days 1,944 sqft
    2021-09-01 41 days 1,942 sqft
    2021-10-01 50 days 1,898 sqft
    2021-11-01 56 days 1,887 sqft
    2021-12-01 80 days 1,828 sqft
    2022-01-01 60 days 1,851 sqft
    2022-02-01 29 days 1,824 sqft
    2022-03-01 30 days 1,951 sqft
    2022-04-01 27 days 1,816 sqft
    2022-05-01 28 days 1,757 sqft
    2022-06-01 32 days 1,817 sqft
    2022-07-01 37 days 1,843 sqft
    2022-08-01 43 days 1,809 sqft
    2022-09-01 48 days 1,855 sqft
    2022-10-01 53 days 1,840 sqft
    Salinas's median listing age (time on market) for 2022-10-01 was 53 days. This is 6% longer than the same period one year ago.

    Salinas's median square footage for active listings during the 2022-10-01 period was 1,840 sqft. One year prior, the average listing was 1,898 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.