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.