Salinas VA Loan Rates, Closing Costs & Stats

SALINAS, CA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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 34 lenders originated 106 VA loans during 2023. The total origination value was $78,820,000, with an average VA loan value of $743,585.

    Salinas VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Salinas averaged 6.2% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Salinas's average VA mortgage closing costs are $8,772.

    The average rate for the prior week (2024-07-12) was 6.24% and one month ago for the week of 2024-06-14, the average rate was 6.6%.

    The average rate one year ago was 6.48%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.64%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 17 5.68% $21,049
    CROSSCOUNTRY MORTGAGE, LLC 9 6.39% $20,341
    NAVY FEDERAL CREDIT UNION 8 5.70% $8,802
    PREMIER MORTGAGE RESOURCES, L.L.C. 7 5.96% $10,898
    Mortgage Research Center, LLC 7 6.50% $8,774
    PENNYMAC LOAN SERVICES, LLC 6 6.10% $21,020
    Shea Mortgage Inc. 5 6.10% $8,947
    QUICKEN LOANS, LLC 5 5.72% $25,567
    LOANDEPOT.COM, LLC 5 6.20% $15,672
    The Federal Savings Bank 3 6.67% $33,269
    S1L, Inc. 2 6.94% $21,562
    MASON MCDUFFIE MORTGAGE CORPORATION 2 6.13% $23,267
    Century Mortgage Company DBA Century Lending Company 2 6.63% $24,942
    SUMMIT FUNDING, INC. 2 5.94% $16,238
    NEWREZ LLC 1 6.63% $3,086
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 6.75% $5,229
    PLANET HOME LENDING, LLC 1 5.50% $14,183
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $20,247
    SeaTrust Mortgage Company 1 6.13% $30,160
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.25% $34,525
    U.S. Bank 1 6.25% $24,699
    Bank of America 1 6.00% $13,969
    BNC National Bank 1 5.63% $24,542
    CMG MORTGAGE, INC. 1 6.25% $12,832
    ENVOY MORTGAGE, LTD 1 6.75% $42,793
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.38% $15,133
    FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $65,660
    FREEDOM MORTGAGE CORPORATION 1 6.25% $20,536
    GUARANTEED RATE AFFINITY, LLC 1 5.75% $38,981
    GUARANTEED RATE, INC. 1 7.25% $22,624
    GUILD MORTGAGE COMPANY 1 6.13% $9,779
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.25% $391
    KD CAPITAL MORTGAGE CORPORATION 1 4.50% $17,725
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.63% $23,715

    The top Salinas VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 17 VA loans originated. Their average total fees are $21,049, which is $707 higher than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Salinas VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($21,049), .

    The lowest rate Salinas VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.68%), .

    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.