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 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.