Salinas VA Loans

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 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 5.07% for the week of 2022-08-05, compared to the national average (all VA variants) of 5.013% for the same period.

    The average rate for the prior week (2022-07-29) was 5.52% and one month ago for the week of 2022-07-01, the average rate was 5.45%.

    The average rate one year ago was 2.73%.

    For refis of the same type during the week of 2022-08-05, the average rate was 5.11%.

    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 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. Total Fees
    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 & INVESTMENT LLC 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
    NEW DAY FINANCIAL, LLC 9 2.83% $12,515
    Carrington Mortgage Services, LLC 9 2.49% $7,913
    First Guaranty Mortgage Corporation 9 2.26% $5,078
    LAKEVIEW LOAN SERVICING, LLC 9 2.29% $2,714
    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
    PREMIER MORTGAGE RESOURCES, L.L.C. 6 2.60% $23,304
    InterContinental Capital Group, Inc 6 2.25% $3,939
    Wells Fargo Bank 6 2.40% $6,102
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 2.28% $3,363
    NEWREZ LLC 5 2.53% $3,644
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.30% $9,641
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.38% $6,244
    BNC National Bank 5 2.28% $8,045
    GUARANTEED RATE AFFINITY, LLC 5 2.45% $12,811
    Lakeview Community Capital, LLC 5 2.38% $3,174
    PLANET HOME LENDING, LLC 4 2.25% $9,815
    BROKER SOLUTIONS, INC. 4 2.50% $12,397
    ENVOY MORTGAGE, LTD 4 3.00% $10,768
    S1L, Inc. 4 2.66% $5,322
    Strong Home Mortgage, LLC 4 2.38% $4,265
    KBHS HOME LOANS, LLC 4 3.09% $8,513
    SOVEREIGN LENDING GROUP INCORPORATED 3 2.38% $2,874
    AMERISAVE MORTGAGE CORPORATION 3 2.63% $2,688
    AUGUSTA FINANCIAL, INC. 3 2.33% $4,018
    Barrington Bank & Trust Company, N.A. 3 2.54% $7,670
    CMG MORTGAGE, INC. 3 2.25% $10,356
    Commerce Home Mortgage, Inc. 3 2.71% $9,360
    Flagstar Bank, FSB 3 2.58% $16,691
    INSPIRE HOME LOANS INC. 3 2.50% $16,476
    MOVEMENT MORTGAGE, LLC 3 2.83% $1,177
    SUN WEST MORTGAGE COMPANY, INC. 3 2.46% $14,487
    AMCAP MORTGAGE, LTD. 2 2.88% $14,591
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 2.69% $7,860
    FINANCE OF AMERICA MORTGAGE LLC 2 2.56% $2,947
    CHERRY CREEK MORTGAGE, LLC 2 2.25% $5,612
    GUARANTEED RATE, INC. 2 3.13% $11,823
    North American Savings Bank, F.S.B. 2 2.31% $11,474
    KD CAPITAL MORTGAGE CORPORATION 2 2.63% $22,380
    EMBRACE HOME LOANS, INC. 2 2.44% $3,795
    LENDUS, LLC 2 2.75% $4,793
    NP, Inc. 2 2.31% $6,720
    NETWORK CAPITAL FUNDING CORPORATION 2 2.25% $2,136
    First Federal Bank 2 3.19% $6,218
    Sierra Pacific Mortgage Company, Inc. 2 2.81% $3,440
    LADERA LENDING, INC. 2 2.69% $10,504
    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
    Goldwater Bank, N.A. 1 2.25% $959
    NBKC BANK 1 2.75% $13,877
    NFM, INC. 1 2.88% $28,697
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 2.75% $12,391
    OCMBC, INC. 1 2.75% $25,438
    Paramount Residential Mortgage Group, Inc. 1 3.25% $16,555
    Evolve Bank & Trust 1 2.75% $2,085
    Peoples National Bank , N.A. 1 2.25% $2,902
    EMM LOANS LLC 1 2.25% $1,269
    Prime Choice Funding Inc. 1 2.25% $2,766
    DIGNIFIED HOME LOANS, LLC 1 2.50% $9,602
    Community First National Bank 1 3.13% $9,313
    Citizens Bank 1 2.25% $6,413
    S&S Financial 1 2.75% $5,473
    STEARNS LENDING, LLC 1 2.88% $33,488
    Capital Bank 1 2.25% $5,187
    Sunflower Bank 1 2.25% $5,356
    AMERICAN FINANCIAL RESOURCES, INC. 1 2.50% $16,359
    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
    U.S. Bank 1 2.25% $3,981
    VERITAS FUNDING, LLC 1 2.63% $4,188
    KS StateBank 1 2.25% $0
    PLAZA HOME MORTGAGE, INC. 1 2.25% $4,054
    JPMorgan Chase Bank 1 2.50% $21,158
    Hometown Equity Mortgage, LLC 1 2.88% $24,057
    LOANPAL, LLC 1 2.38% $19,799
    Low VA Rates, LLC 1 2.25% $0
    Magnolia Bank 1 2.25% $8,748
    Manufacturers and Traders Trust Company 1 2.25% $5,717
    Home Mortgage Alliance Corp 1 2.63% $3,740
    MEGA CAPITAL FUNDING, INC. 1 2.38% $6,442
    Meridian Bank Corporation 1 2.38% $16,331
    MORTGAGE MANAGEMENT CONSULTANTS, INC. 1 2.88% $3,464
    MOUNTAIN WEST FINANCIAL, INC. 1 3.13% $29,907
    AMERICAN FINANCING CORPORATION 1 2.25% $6,865
    GRANDE HOMES, INC. 1 2.88% $21,817

    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 & INVESTMENT LLC (2.07%), PENNYMAC LOAN SERVICES, LLC (2.24%), LOANDEPOT.COM, LLC (2.29%), CLEARPATH LENDING (2.31%) and HOME POINT FINANCIAL CORPORATION (2.34%).

    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.