Salinas VA Loans
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 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.