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 54 lenders originated 213 VA loans during 2022. The total origination value was $142,475,000, with an average VA loan value of $668,897.

    Salinas VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Salinas averaged 5.82% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Salinas's average VA mortgage closing costs are $8,449.

    The average rate for the prior week (2023-05-19) was 5.95% and one month ago for the week of 2023-04-21, the average rate was 5.77%.

    The average rate one year ago was 4.84%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.8%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 29 3.92% $14,371
    UNITED WHOLESALE MORTGAGE, LLC 28 4.09% $14,552
    Mortgage Research Center, LLC 13 4.62% $16,750
    NAVY FEDERAL CREDIT UNION 10 3.76% $11,239
    LOANDEPOT.COM, LLC 9 4.39% $13,997
    HOME POINT FINANCIAL CORPORATION 9 3.08% $10,866
    PENNYMAC LOAN SERVICES, LLC 8 2.52% $8,237
    CROSSCOUNTRY MORTGAGE, LLC 8 4.30% $20,596
    FREEDOM MORTGAGE CORPORATION 7 3.45% $14,672
    PREMIER MORTGAGE RESOURCES, L.L.C. 7 4.48% $27,280
    Wells Fargo Bank 5 4.05% $17,927
    Shea Mortgage Inc. 5 5.43% $6,714
    CLEARPATH LENDING 4 4.16% $12,033
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 4.22% $19,390
    CALIBER HOME LOANS, INC. 3 5.13% $16,693
    DATA MORTGAGE, INC. 3 5.08% $15,077
    SUN WEST MORTGAGE COMPANY, INC. 3 3.83% $20,485
    AMCAP MORTGAGE, LTD. 2 3.81% $13,170
    BROKER SOLUTIONS, INC. 2 3.19% $12,131
    FINANCE OF AMERICA MORTGAGE LLC 2 4.75% $3,939
    GUARANTEED RATE AFFINITY, LLC 2 3.69% $1,284
    GUARANTEED RATE, INC. 2 3.19% $9,005
    Hometown Equity Mortgage, LLC 2 4.63% $26,613
    NEW DAY FINANCIAL, LLC 2 4.99% $11,258
    NP, Inc. 2 3.69% $16,133
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.50% $24,069
    The Federal Savings Bank 2 3.75% $25,774
    Lakeview Community Capital, LLC 1 3.13% $3,854
    ENVOY MORTGAGE, LTD 1 5.50% $5,526
    MASON MCDUFFIE MORTGAGE CORPORATION 1 2.88% $11,213
    MICHIGAN MUTUAL, INC. 1 6.25% $26,492
    CMG MORTGAGE, INC. 1 5.75% $43,833
    Mr. Cooper ( Nationstar Mortgage ) 1 2.75% $5,852
    Nations Lending Corporation 1 6.75% $23,713
    CITYWIDE HOME LOANS, LLC 1 3.63% $23,106
    Amerifirst Financial, Inc. 1 5.75% $7,772
    North American Savings Bank, F.S.B. 1 4.75% $3,621
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.63% $31,649
    Paramount Residential Mortgage Group, Inc. 1 4.63% $12,742
    CHERRY CREEK MORTGAGE, LLC 1 2.25% $10,314
    PHH Mortgage Corporation 1 4.50% $11,934
    PLANET HOME LENDING, LLC 1 3.75% $12,721
    PLAZA HOME MORTGAGE, INC. 1 4.88% $7,503
    Carrington Mortgage Services, LLC 1 4.50% $18,330
    U.S. Bank 1 4.00% $38,689
    BNC National Bank 1 4.88% $9,296
    S1L, Inc. 1 4.63% $31,671
    BAY EQUITY LLC 1 3.99% $592
    SUMMIT FUNDING, INC. 1 5.75% $19,716
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 4.88% $10,507
    First Guaranty Mortgage Corporation 1 2.63% $3,103
    Barrington Bank & Trust Company, N.A. 1 2.38% $6,152
    JPMorgan Chase Bank 1 2.63% $500
    LADERA LENDING, INC. 1 4.25% $12,043

    The top Salinas VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 29 VA loans originated. Their average total fees are $14,371, which is $181 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Salinas VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($11,239), QUICKEN LOANS, LLC ($14,371), UNITED WHOLESALE MORTGAGE, LLC ($14,552), Mortgage Research Center, LLC ($16,750) and .

    The lowest rate Salinas VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (3.76%), QUICKEN LOANS, LLC (3.92%), UNITED WHOLESALE MORTGAGE, LLC (4.09%), Mortgage Research Center, LLC (4.62%) and .

    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%) 3.62 572
    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%) 2.96 762
    2018-09-01 $889,000 (-5.9%) $2,022,816 (1.3%) 2.99 797
    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%) 2.95 655
    2019-02-01 $910,000 (-8.5%) $2,045,931 (-1.2%) 3.07 690
    2019-03-01 $925,000 (-5.6%) $2,048,397 (4.2%) 3.08 682
    2019-04-01 $992,000 (6.3%) $2,080,285 (0.6%) 3.15 707
    2019-05-01 $996,097 (5.3%) $2,021,882 (-1.9%) 3.11 734
    2019-06-01 $1,095,000 (13.5%) $2,157,119 (2.2%) 3.42 793
    2019-07-01 $1,115,000 (20.9%) $2,156,219 (9.5%) 3.49 803
    2019-08-01 $1,249,000 (41.5%) $2,263,295 (13.0%) 3.92 796
    2019-09-01 $1,253,000 (40.9%) $2,234,704 (10.5%) 3.95 746
    2019-10-01 $1,124,750 (31.2%) $2,084,645 (7.2%) 3.63 796
    2019-11-01 $1,098,000 (29.3%) $2,113,554 (9.3%) 3.60 718
    2019-12-01 $1,000,000 (15.3%) $2,107,268 (8.2%) 3.33 611
    2020-01-01 $999,999 (17.3%) $2,044,437 (2.7%) 3.34 529
    2020-02-01 $1,150,000 (26.4%) $2,245,289 (9.7%) 3.77 556
    2020-03-01 $1,137,000 (22.9%) $2,194,233 (7.1%) 3.56 578
    2020-04-01 $1,089,000 (9.8%) $2,115,161 (1.7%) 3.41 585
    2020-05-01 $995,000 (-0.1%) $2,025,381 (0.2%) 3.02 640
    2020-06-01 $1,066,750 (-2.6%) $2,136,691 (-1.0%) 3.14 594
    2020-07-01 $1,192,250 (6.9%) $2,256,238 (4.6%) 3.46 503
    2020-08-01 $1,290,000 (3.3%) $2,473,904 (9.3%) 3.70 438
    2020-09-01 $1,296,500 (3.5%) $2,539,168 (13.6%) 3.71 412
    2020-10-01 $1,295,000 (15.1%) $2,568,295 (23.2%) 3.71 402
    2020-11-01 $1,345,250 (22.5%) $2,609,349 (23.5%) 3.93 387
    2020-12-01 $1,328,250 (32.8%) $2,782,940 (32.1%) 3.95 347
    2021-01-01 $1,295,000 (29.5%) $2,871,440 (40.5%) 3.87 316
    2021-02-01 $1,271,200 (10.5%) $2,891,331 (28.8%) 3.70 298
    2021-03-01 $1,293,500 (13.8%) $2,899,752 (32.2%) 3.67 274
    2021-04-01 $1,192,500 (9.5%) $2,730,254 (29.1%) 3.23 286
    2021-05-01 $1,199,000 (20.5%) $2,665,909 (31.6%) 3.18 286
    2021-06-01 $1,174,500 (10.1%) $2,549,472 (19.3%) 3.09 307
    2021-07-01 $1,125,000 (-5.6%) $2,582,685 (14.5%) 2.97 317
    2021-08-01 $1,199,250 (-7.0%) $2,789,901 (12.8%) 3.20 346
    2021-09-01 $1,149,000 (-11.4%) $2,687,940 (5.9%) 3.06 332
    2021-10-01 $1,099,500 (-15.1%) $2,707,348 (5.4%) 2.93 326
    2021-11-01 $1,072,500 (-20.3%) $2,665,995 (2.2%) 2.87 266
    2021-12-01 $1,030,500 (-22.4%) $2,785,968 (0.1%) 2.79 209
    2022-01-01 $1,099,000 (-15.1%) $3,111,250 (8.4%) 2.97 173
    2022-02-01 $1,017,500 (-20.0%) $2,880,408 (-0.4%) 2.65 196
    2022-03-01 $1,099,750 (-15.0%) $2,847,511 (-1.8%) 2.75 205
    2022-04-01 $995,000 (-16.6%) $2,517,976 (-7.8%) 2.37 271
    2022-05-01 $949,750 (-20.8%) $2,423,603 (-9.1%) 2.17 324
    2022-06-01 $999,000 (-14.9%) $2,397,498 (-6.0%) 2.22 366
    2022-07-01 $999,000 (-11.2%) $2,308,169 (-10.6%) 2.26 411
    2022-08-01 $992,444 (-17.2%) $2,356,231 (-15.5%) 2.29 456
    2022-09-01 $978,222 (-14.9%) $2,398,835 (-10.8%) 2.29 440
    2022-10-01 $905,000 (-17.7%) $2,328,307 (-14.0%) 2.13 420
    2022-11-01 $936,900 (-12.6%) $2,292,323 (-14.0%) 2.25 424
    2022-12-01 $950,000 (-7.8%) $2,398,931 (-13.9%) 2.35 353
    2023-01-01 $981,000 (-10.7%) $2,454,052 (-21.1%) 2.43 323
    2023-02-01 $1,241,250 (22.0%) $2,725,104 (-5.4%) 2.99 301
    2023-03-01 $1,250,750 (13.7%) $2,719,292 (-4.5%) 2.95 294
    2023-04-01 $1,300,000 (30.7%) $2,756,924 (9.5%) 3.02 272
    Salinas's median listing price for 2023-04-01 was $1,300,000, a difference of $305,000 (30.7%) versus the prior year and $49,250 versus the prior month.

    Salinas's median listing price comes in at 302% of the national average.

    Salinas's average listing price for 2023-04-01 was $2,756,924, a difference of $238,948 (9.5%) versus the prior year and $37,632 versus the prior month.

    For the 2023-04-01 period, Salinas had 272 MLS listings, a difference of -22 listings (-7%) versus the prior month and 1 listings (0%) 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 61 days 1,888 sqft
    2019-04-01 61 days 1,974 sqft
    2019-05-01 63 days 2,014 sqft
    2019-06-01 64 days 2,095 sqft
    2019-07-01 66 days 2,101 sqft
    2019-08-01 76 days 2,167 sqft
    2019-09-01 89 days 2,210 sqft
    2019-10-01 89 days 2,131 sqft
    2019-11-01 95 days 2,164 sqft
    2019-12-01 107 days 2,147 sqft
    2020-01-01 95 days 2,109 sqft
    2020-02-01 74 days 2,127 sqft
    2020-03-01 57 days 2,126 sqft
    2020-04-01 70 days 2,081 sqft
    2020-05-01 75 days 2,070 sqft
    2020-06-01 83 days 2,111 sqft
    2020-07-01 67 days 2,114 sqft
    2020-08-01 64 days 2,160 sqft
    2020-09-01 64 days 2,148 sqft
    2020-10-01 61 days 2,155 sqft
    2020-11-01 65 days 2,152 sqft
    2020-12-01 62 days 2,185 sqft
    2021-01-01 64 days 2,133 sqft
    2021-02-01 63 days 2,085 sqft
    2021-03-01 59 days 2,034 sqft
    2021-04-01 61 days 1,991 sqft
    2021-05-01 44 days 1,965 sqft
    2021-06-01 43 days 2,005 sqft
    2021-07-01 43 days 1,981 sqft
    2021-08-01 42 days 1,941 sqft
    2021-09-01 41 days 1,935 sqft
    2021-10-01 50 days 1,876 sqft
    2021-11-01 55 days 1,879 sqft
    2021-12-01 79 days 1,798 sqft
    2022-01-01 59 days 1,842 sqft
    2022-02-01 26 days 1,800 sqft
    2022-03-01 30 days 1,936 sqft
    2022-04-01 26 days 1,794 sqft
    2022-05-01 27 days 1,755 sqft
    2022-06-01 31 days 1,814 sqft
    2022-07-01 37 days 1,838 sqft
    2022-08-01 43 days 1,807 sqft
    2022-09-01 47 days 1,849 sqft
    2022-10-01 53 days 1,834 sqft
    2022-11-01 61 days 1,817 sqft
    2022-12-01 72 days 1,862 sqft
    2023-01-01 80 days 1,869 sqft
    2023-02-01 63 days 1,914 sqft
    2023-03-01 49 days 1,918 sqft
    2023-04-01 47 days 1,888 sqft
    Salinas's median listing age (time on market) for 2023-04-01 was 47 days. This is 81% longer than the same period one year ago.

    Salinas's median square footage for active listings during the 2023-04-01 period was 1,888 sqft. One year prior, the average listing was 1,794 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.