Salinas VA Loan Rates, Closing Costs & Stats

SALINAS, CA

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 -0.58% for the week of 2024-02-23, compared to the national average (all VA variants) of 0% for the same period.

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

The average rate for the prior week (2024-02-16) was 6.19% and one month ago for the week of 2024-01-19, the average rate was 5.85%.

The average rate one year ago was 5.66%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.31%.

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 (7.4%) $2,034,492 (9.8%) 3.45 557
2018-02-01 $995,000 (9.1%) $2,070,744 (-1.0%) 3.61 573
2018-03-01 $984,500 (6.2%) $1,967,445 (-7.1%) 3.45 613
2018-04-01 $936,450 (-0.3%) $2,069,506 (1.3%) 3.17 655
2018-05-01 $955,500 (2.5%) $2,063,554 (3.6%) 3.19 672
2018-06-01 $975,000 (2.6%) $2,110,917 (2.9%) 3.25 676
2018-07-01 $935,451 (-2.5%) $1,970,267 (-4.0%) 3.12 737
2018-08-01 $886,000 (-6.7%) $2,002,435 (-0.9%) 2.97 762
2018-09-01 $892,500 (-5.6%) $2,022,100 (1.3%) 3.00 797
2018-10-01 $862,175 (-7.6%) $1,945,527 (-0.1%) 2.92 818
2018-11-01 $851,694 (-9.6%) $1,935,578 (0.4%) 2.89 805
2018-12-01 $869,500 (-7.5%) $1,949,092 (-2.5%) 3.00 740
2019-01-01 $854,750 (-8.2%) $1,991,187 (-2.1%) 2.95 656
2019-02-01 $910,000 (-8.5%) $2,045,070 (-1.2%) 3.07 690
2019-03-01 $937,857 (-4.7%) $2,051,776 (4.3%) 3.07 702
2019-04-01 $992,000 (5.9%) $2,075,899 (0.3%) 3.15 710
2019-05-01 $996,750 (4.3%) $2,020,378 (-2.1%) 3.12 734
2019-06-01 $1,095,000 (12.3%) $2,157,119 (2.2%) 3.42 793
2019-07-01 $1,115,000 (19.2%) $2,156,219 (9.4%) 3.49 803
2019-08-01 $1,161,364 (31.1%) $2,221,273 (10.9%) 3.68 806
2019-09-01 $1,140,909 (27.8%) $2,148,596 (6.3%) 3.65 803
2019-10-01 $1,124,750 (30.5%) $2,084,645 (7.2%) 3.63 796
2019-11-01 $1,098,000 (28.9%) $2,113,554 (9.2%) 3.60 718
2019-12-01 $1,000,000 (15.0%) $2,107,268 (8.1%) 3.33 611
2020-01-01 $999,999 (17.0%) $2,044,437 (2.7%) 3.34 529
2020-02-01 $1,150,000 (26.4%) $2,245,289 (9.8%) 3.76 556
2020-03-01 $1,137,000 (21.2%) $2,194,233 (6.9%) 3.56 578
2020-04-01 $1,089,000 (9.8%) $2,115,161 (1.9%) 3.41 585
2020-05-01 $995,000 (-0.2%) $2,025,381 (0.3%) 3.02 640
2020-06-01 $1,066,750 (-2.6%) $2,135,686 (-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 (11.1%) $2,473,904 (11.4%) 3.70 438
2020-09-01 $1,296,500 (13.6%) $2,539,168 (18.2%) 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%) 3.19 286
2021-06-01 $1,174,500 (10.1%) $2,549,472 (19.4%) 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 $1,099,500 (-15.0%) $2,850,103 (-1.7%) 2.75 205
2022-04-01 $995,000 (-16.6%) $2,535,232 (-7.1%) 2.37 270
2022-05-01 $949,500 (-20.8%) $2,418,675 (-9.3%) 2.17 325
2022-06-01 $998,900 (-15.0%) $2,391,296 (-6.2%) 2.22 367
2022-07-01 $998,900 (-11.2%) $2,306,391 (-10.7%) 2.25 411
2022-08-01 $989,666 (-17.5%) $2,356,382 (-15.5%) 2.29 455
2022-09-01 $961,200 (-16.3%) $2,391,513 (-11.0%) 2.25 441
2022-10-01 $899,990 (-18.2%) $2,322,467 (-14.2%) 2.12 421
2022-11-01 $918,500 (-14.4%) $2,284,580 (-14.3%) 2.21 425
2022-12-01 $944,500 (-8.4%) $2,392,096 (-14.1%) 2.33 354
2023-01-01 $974,500 (-11.3%) $2,440,474 (-21.6%) 2.41 325
2023-02-01 $1,233,500 (21.2%) $2,715,315 (-5.7%) 2.98 303
2023-03-01 $1,249,500 (13.6%) $2,705,511 (-5.1%) 2.95 296
2023-04-01 $1,300,000 (30.7%) $2,738,616 (8.0%) 3.02 273
2023-05-01 $1,397,500 (47.2%) $2,758,903 (14.1%) 3.17 304
2023-06-01 $1,399,749 (40.1%) $2,634,036 (10.2%) 3.15 315
2023-07-01 $1,395,000 (39.7%) $2,512,836 (9.0%) 3.17 339
2023-08-01 $1,399,000 (41.4%) $2,597,331 (10.2%) 3.21 378
2023-09-01 $1,300,000 (35.3%) $2,498,010 (4.5%) 3.03 363
2023-10-01 $1,262,250 (40.3%) $2,537,179 (9.2%) 2.97 362
2023-11-01 $1,242,000 (35.2%) $2,516,854 (10.2%) 2.96 370
2023-12-01 $1,196,500 (26.7%) $2,500,363 (4.5%) 2.92 343
Salinas's median listing price for 2023-12-01 was $1,196,500, a difference of $252,000 (26.7%) versus the prior year and $-45,500 versus the prior month.

Salinas's median listing price comes in at 292% of the national average.

Salinas's average listing price for 2023-12-01 was $2,500,363, a difference of $108,267 (4.5%) versus the prior year and $-16,491 versus the prior month.

For the 2023-12-01 period, Salinas had 343 MLS listings, a difference of -27 listings (-7%) versus the prior month and -11 listings (-3%) 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 83 days 2,020 sqft
2018-02-01 62 days 2,026 sqft
2018-03-01 47 days 1,991 sqft
2018-04-01 51 days 1,984 sqft
2018-05-01 52 days 1,963 sqft
2018-06-01 55 days 1,976 sqft
2018-07-01 55 days 1,948 sqft
2018-08-01 57 days 1,937 sqft
2018-09-01 57 days 1,941 sqft
2018-10-01 60 days 1,937 sqft
2018-11-01 69 days 1,906 sqft
2018-12-01 80 days 1,843 sqft
2019-01-01 87 days 1,801 sqft
2019-02-01 75 days 1,855 sqft
2019-03-01 60 days 1,902 sqft
2019-04-01 57 days 1,974 sqft
2019-05-01 59 days 2,012 sqft
2019-06-01 59 days 2,095 sqft
2019-07-01 63 days 2,101 sqft
2019-08-01 67 days 2,129 sqft
2019-09-01 75 days 2,126 sqft
2019-10-01 80 days 2,124 sqft
2019-11-01 88 days 2,164 sqft
2019-12-01 99 days 2,147 sqft
2020-01-01 92 days 2,109 sqft
2020-02-01 65 days 2,127 sqft
2020-03-01 53 days 2,126 sqft
2020-04-01 65 days 2,081 sqft
2020-05-01 72 days 2,070 sqft
2020-06-01 76 days 2,111 sqft
2020-07-01 61 days 2,114 sqft
2020-08-01 56 days 2,160 sqft
2020-09-01 57 days 2,148 sqft
2020-10-01 57 days 2,155 sqft
2020-11-01 59 days 2,152 sqft
2020-12-01 59 days 2,185 sqft
2021-01-01 59 days 2,133 sqft
2021-02-01 60 days 2,085 sqft
2021-03-01 52 days 2,034 sqft
2021-04-01 51 days 1,991 sqft
2021-05-01 40 days 1,965 sqft
2021-06-01 41 days 2,005 sqft
2021-07-01 39 days 1,978 sqft
2021-08-01 39 days 1,941 sqft
2021-09-01 40 days 1,935 sqft
2021-10-01 47 days 1,876 sqft
2021-11-01 52 days 1,879 sqft
2021-12-01 73 days 1,798 sqft
2022-01-01 57 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 1,808 sqft
2022-05-01 26 days 1,757 sqft
2022-06-01 31 days 1,815 sqft
2022-07-01 37 days 1,838 sqft
2022-08-01 42 days 1,807 sqft
2022-09-01 47 days 1,848 sqft
2022-10-01 51 days 1,833 sqft
2022-11-01 59 days 1,815 sqft
2022-12-01 71 days 1,862 sqft
2023-01-01 79 days 1,855 sqft
2023-02-01 60 days 1,910 sqft
2023-03-01 47 days 1,915 sqft
2023-04-01 45 days 1,887 sqft
2023-05-01 39 days 1,959 sqft
2023-06-01 39 days 1,996 sqft
2023-07-01 41 days 2,005 sqft
2023-08-01 46 days 2,006 sqft
2023-09-01 46 days 1,992 sqft
2023-10-01 53 days 1,910 sqft
2023-11-01 57 days 1,868 sqft
2023-12-01 63 days 1,854 sqft
Salinas's median listing age (time on market) for 2023-12-01 was 63 days. This is -11% shorter than the same period one year ago.

Salinas's median square footage for active listings during the 2023-12-01 period was 1,854 sqft. One year prior, the average listing was 1,862 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.