Salt Lake City VA Loans

SALT LAKE CITY, UT

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.

Salt Lake City's 138 lenders originated 3,598 VA loans during 2021. The total origination value was $1,342,080,000, with an average VA loan value of $373,007.

Salt Lake City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Salt Lake City averaged 5.61% for the week of 2022-05-20, compared to the national average (all VA variants) of 5.143% for the same period.

The average rate for the prior week (2022-05-13) was 5.32% and one month ago for the week of 2022-04-15, the average rate was 5.09%.

The average rate one year ago was 2.98%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.25%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Salt Lake City 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 Salt Lake City level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
UNITED WHOLESALE MORTGAGE, LLC 350 2.49% $7,290
QUICKEN LOANS, LLC 250 2.44% $6,920
FREEDOM MORTGAGE CORPORATION 217 2.42% $3,290
PENNYMAC LOAN SERVICES, LLC 201 2.36% $7,314
INTERCAP LENDING INC. 153 2.77% $9,155
Mortgage Research Center, LLC 130 2.78% $8,317
The Federal Savings Bank 121 2.55% $10,467
VILLAGE CAPITAL & INVESTMENT LLC 118 2.26% $4,699
HOME POINT FINANCIAL CORPORATION 110 2.43% $7,682
LOANDEPOT.COM, LLC 78 2.46% $4,607
CALIBER HOME LOANS, INC. 61 2.55% $6,450
LAKEVIEW LOAN SERVICING, LLC 58 2.44% $2,423
SECURITYNATIONAL MORTGAGE COMPANY 58 2.76% $11,596
FIRST COLONY MORTGAGE CORPORATION 47 2.66% $7,422
RANLIFE, INC. 47 2.68% $10,871
NEWREZ LLC 47 2.62% $5,653
ACADEMY MORTGAGE CORPORATION 45 2.84% $13,543
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 42 2.88% $9,758
Mr. Cooper ( Nationstar Mortgage ) 41 2.68% $3,784
BROKER SOLUTIONS, INC. 41 2.69% $7,329
USAA Federal Savings Bank 39 2.85% $3,598
Low VA Rates, LLC 39 2.43% $6,951
CITYWIDE HOME LOANS, LLC 38 2.88% $7,687
NAVY FEDERAL CREDIT UNION 35 2.47% $7,806
CROSSCOUNTRY MORTGAGE, LLC 35 2.80% $11,274
GUARANTEED RATE, INC. 32 2.54% $7,779
CANOPY MORTGAGE, LLC 30 2.50% $9,479
VERITAS FUNDING, LLC 29 2.52% $8,239
GUILD MORTGAGE COMPANY 28 2.60% $7,908
MY MOVE MORTGAGE, LLC 25 2.52% $7,512
Barrington Bank & Trust Company, N.A. 24 2.69% $5,117
SECURITY HOME MORTGAGE, LLC. 21 2.48% $8,013
Magnolia Bank 20 2.49% $9,618
DIRECT MORTGAGE, CORP. 19 2.47% $9,749
AMERICAN PACIFIC MORTGAGE CORPORATION 19 2.66% $7,968
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 2.77% $7,570
Wells Fargo Bank 17 2.41% $5,208
SUN WEST MORTGAGE COMPANY, INC. 16 2.34% $5,595
LOANPAL, LLC 16 2.37% $11,002
Network Funding, L.P. 16 2.81% $9,926
Gateway First Bank 15 2.71% $11,357
MOUNTAIN AMERICA 14 2.30% $6,385
First Federal Bank 14 3.11% $15,174
PRIMARY RESIDENTIAL MORTGAGE, INC. 14 2.93% $9,166
GUARANTEED RATE AFFINITY, LLC 12 2.41% $5,470
SOVEREIGN LENDING GROUP INCORPORATED 12 2.63% $10,709
AMERICAN FINANCING CORPORATION 12 2.41% $11,809
AMERICA FIRST 11 2.45% $8,107
North American Savings Bank, F.S.B. 11 2.30% $3,689
STEARNS LENDING, LLC 11 2.47% $8,851
AMERICAN FINANCIAL NETWORK, INC. 10 2.50% $9,409
NBH Bank 10 2.41% $7,075
AMERISAVE MORTGAGE CORPORATION 10 2.33% $7,982
BNC National Bank 10 2.30% $4,576
FINANCE OF AMERICA MORTGAGE LLC 10 2.54% $8,854
PENTAGON FEDERAL CREDIT UNION 10 2.35% $3,934
HOMEAMERICAN MORTGAGE CORPORATION 9 2.54% $7,053
CYPRUS Federal Credit Union 9 2.61% $7,591
Flagstar Bank, FSB 8 2.78% $7,839
Northpointe Bank 8 2.73% $5,993
VAN DYK MORTGAGE CORPORATION 8 2.59% $11,002
First Guaranty Mortgage Corporation 7 2.55% $5,027
PRIMELENDING, A PLAINSCAPITAL COMPANY 7 3.18% $9,257
Wyndham Capital Mortgage, Inc. 6 2.31% $4,979
EVERLEND MORTGAGE COMPANY 6 2.79% $11,769
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.25% $8,476
INSPIRE HOME LOANS INC. 6 2.75% $14,674
DHI MORTGAGE COMPANY, LTD. 6 2.50% $4,285
CELEBRITY HOME LOANS, LLC 6 3.12% $7,534
EVERETT FINANCIAL, INC. 5 2.98% $3,989
Carrington Mortgage Services, LLC 5 3.05% $5,921
CMG MORTGAGE, INC. 5 2.58% $8,947
First Home Bank 5 2.73% $9,838
First Savings Bank 5 2.35% $2,502
NBKC BANK 5 2.55% $7,522
Strong Home Mortgage, LLC 5 2.35% $14,148
Utah Mortgage Loan Corporation 5 2.65% $9,916
Paramount Residential Mortgage Group, Inc. 4 2.47% $7,742
Meridian Bank Corporation 4 2.38% $7,107
BELEM SERVICING LLC 4 2.56% $3,492
PANORAMA MORTGAGE GROUP, LLC 4 2.75% $8,273
Zions Bancorporation, N.A. 4 2.38% $10,945
Capital Bank 4 2.31% $5,749
MID AMERICA MORTGAGE, INC. 4 2.59% $2,054
Mid-Continent Funding, Inc. 4 2.72% $5,146
Florida Capital Bank 4 2.34% $5,921
KS StateBank 3 2.58% $9,473
Nations Lending Corporation 3 2.54% $9,910
NEST HOME LENDING, LLC 3 3.04% $9,268
HOMESIDE FINANCIAL, LLC 3 2.75% $8,659
UNITED SECURITY FINANCIAL CORP 3 2.29% $8,027
Blue Ridge Bank 3 2.58% $3,222
The Central Trust Bank 2 2.25% $9,942
Century Mortgage Company DBA Century Lending Company 2 3.06% $4,777
Plains Commerce Bank 2 2.38% $3,706
SIRVA MORTGAGE, INC. 2 2.88% $5,371
LEADERONE FINANCIAL CORPORATION 2 2.25% $6,845
PLAZA HOME MORTGAGE, INC. 2 2.25% $3,082
First Federal Bank of Kansas City 2 2.31% $3,839
UTAH COMMUNITY 2 2.44% $12,545
OAKTREE FUNDING CORP. 2 2.44% $20,480
LENOX FINANCIAL MORTGAGE CORPORATION 2 2.94% $16,315
BECKAM FUNDING CORP. 2 2.25% $5,990
Paramount Bank 2 2.81% $18,251
Bank of England 2 2.38% $10,795
S1L, Inc. 2 2.75% $10,621
Goldwater Bank, N.A. 2 2.94% $10,268
EAGLE HOME MORTGAGE, LLC 2 2.38% $11,863
Commerce Home Mortgage, Inc. 1 3.00% $9,754
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 3.00% $7,100
Amerifirst Financial, Inc. 1 3.25% $13,513
CHERRY CREEK MORTGAGE, LLC 1 2.25% $15,114
SWBC MORTGAGE CORPORATION 1 2.75% $16,830
Texana Bank 1 2.25% $4,972
THRIVE MORTGAGE, LLC 1 2.50% $10,798
LOANLEADERS OF AMERICA, INC. 1 2.50% $6,831
MORTGAGEONE, INC. 1 2.25% $1,929
U.S. Bank 1 2.63% $4,979
LENDUS, LLC 1 2.25% $6,648
Bank of Utah 1 2.63% $11,429
Manufacturers and Traders Trust Company 1 2.63% $4,460
NP, Inc. 1 2.38% $2,251
GOLDENWEST 1 2.38% $10,737
OCMBC, INC. 1 2.25% $5,668
Old National Bank 1 2.38% $4,514
OPEN MORTGAGE, LLC 1 2.63% $22,610
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.38% $18,677
Willamette Valley Bank 1 2.75% $7,999
GMFS LLC 1 3.25% $6,357
Glacier Bank 1 2.50% $15,012
PINNACLE LENDING GROUP, INC. 1 2.25% $27,098
PNC Bank 1 3.13% $1,170
PREMIA MORTGAGE, LLC 1 2.75% $0
Presidential Bank, FSB 1 2.25% $0
J. VIRGIL, INC. 1 3.13% $13,822
FirstBank 1 2.25% $2,050
Equity Prime Mortgage LLC 1 3.75% $2,023
D. L. Evans Bank 1 2.38% $3,528

The top Salt Lake City VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 350 VA loans originated. Their average total fees are $7,290, which is $370 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Salt Lake City VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,423), FREEDOM MORTGAGE CORPORATION ($3,290), USAA Federal Savings Bank ($3,598), North American Savings Bank, F.S.B. ($3,689) and Mr. Cooper ( Nationstar Mortgage ) ($3,784).

The lowest rate Salt Lake City VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.26%), North American Savings Bank, F.S.B. (2.30%), BNC National Bank (2.30%), MOUNTAIN AMERICA (2.30%) and AMERISAVE MORTGAGE CORPORATION (2.33%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Salt Lake City (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 $392,475 (7.8%) $561,298 (2.3%) 1.45 2,029
2018-02-01 $399,000 (6.4%) $584,031 (3.4%) 1.44 1,834
2018-03-01 $410,000 (3.3%) $600,750 (2.6%) 1.42 1,784
2018-04-01 $429,400 (7.4%) $606,814 (2.4%) 1.44 1,960
2018-05-01 $430,000 (7.7%) $608,646 (5.4%) 1.43 2,149
2018-06-01 $429,500 (7.5%) $607,550 (6.7%) 1.43 2,407
2018-07-01 $425,450 (6.7%) $604,747 (9.0%) 1.42 2,552
2018-08-01 $409,950 (5.1%) $581,549 (8.3%) 1.37 2,898
2018-09-01 $409,900 (6.5%) $574,365 (10.3%) 1.37 3,045
2018-10-01 $399,925 (5.1%) $563,295 (9.5%) 1.34 3,251
2018-11-01 $399,900 (6.4%) $561,276 (10.3%) 1.34 3,133
2018-12-01 $399,990 (5.3%) $564,075 (8.7%) 1.37 2,770
2019-01-01 $400,000 (1.9%) $563,799 (0.5%) 1.38 2,474
2019-02-01 $414,950 (4.0%) $578,464 (-1.0%) 1.39 2,267
2019-03-01 $433,900 (5.8%) $596,098 (-0.8%) 1.41 2,202
2019-04-01 $449,900 (4.8%) $602,579 (-0.7%) 1.42 2,233
2019-05-01 $459,500 (6.9%) $605,125 (-0.6%) 1.42 2,513
2019-06-01 $450,000 (4.8%) $599,669 (-1.3%) 1.39 2,672
2019-07-01 $444,950 (4.6%) $591,631 (-2.2%) 1.38 2,724
2019-08-01 $428,514 (4.5%) $567,378 (-2.4%) 1.35 3,274
2019-09-01 $416,014 (1.5%) $553,643 (-3.6%) 1.32 3,362
2019-10-01 $429,900 (7.5%) $583,496 (3.6%) 1.37 2,653
2019-11-01 $439,000 (9.8%) $610,415 (8.8%) 1.42 2,315
2019-12-01 $449,995 (12.5%) $637,788 (13.1%) 1.50 1,833
2020-01-01 $457,000 (14.3%) $666,648 (18.2%) 1.52 1,513
2020-02-01 $489,900 (18.1%) $713,353 (23.3%) 1.58 1,280
2020-03-01 $487,450 (12.3%) $704,333 (18.2%) 1.52 1,439
2020-04-01 $450,000 (0.0%) $629,926 (4.5%) 1.40 2,034
2020-05-01 $469,900 (2.3%) $634,521 (4.9%) 1.42 1,984
2020-06-01 $489,950 (8.9%) $676,513 (12.8%) 1.43 1,733
2020-07-01 $499,995 (12.4%) $704,489 (19.1%) 1.43 1,546
2020-08-01 $490,000 (14.4%) $715,685 (26.1%) 1.40 1,508
2020-09-01 $480,950 (15.6%) $721,897 (30.4%) 1.37 1,407
2020-10-01 $490,000 (14.0%) $745,753 (27.8%) 1.40 1,306
2020-11-01 $514,950 (17.3%) $820,602 (34.4%) 1.47 1,061
2020-12-01 $555,945 (23.5%) $896,630 (40.6%) 1.63 823
2021-01-01 $599,000 (31.1%) $975,097 (46.3%) 1.76 595
2021-02-01 $597,000 (21.9%) $951,227 (33.4%) 1.72 504
2021-03-01 $539,950 (10.8%) $894,558 (27.0%) 1.51 606
2021-04-01 $552,500 (22.8%) $892,005 (41.6%) 1.48 641
2021-05-01 $579,000 (23.2%) $825,245 (30.1%) 1.52 697
2021-06-01 $567,950 (15.9%) $808,296 (19.5%) 1.48 864
2021-07-01 $563,000 (12.6%) $799,485 (13.5%) 1.46 1,061
2021-08-01 $572,000 (16.7%) $779,713 (9.0%) 1.50 1,218
2021-09-01 $547,500 (13.8%) $762,410 (5.6%) 1.44 1,322
2021-10-01 $540,000 (10.2%) $755,781 (1.3%) 1.42 1,268
2021-11-01 $554,900 (7.8%) $771,016 (-6.0%) 1.46 985
2021-12-01 $557,900 (0.4%) $764,993 (-14.7%) 1.49 600
2022-01-01 $550,000 (-8.2%) $755,222 (-22.6%) 1.47 444
2022-02-01 $550,000 (-7.9%) $780,149 (-18.0%) 1.40 432
2022-03-01 $582,000 (7.8%) $790,485 (-11.6%) 1.44 526
2022-04-01 $625,000 (13.1%) $794,152 (-11.0%) 1.47 706
Salt Lake City's median listing price for 2022-04-01 was $625,000, a difference of $72,500 (13.1%) versus the prior year and $43,000 versus the prior month.

Salt Lake City's median listing price comes in at 147% of the national average.

Salt Lake City's average listing price for 2022-04-01 was $794,152, a difference of $-97,853 (-11.0%) versus the prior year and $3,667 versus the prior month.

For the 2022-04-01 period, Salt Lake City had 706 MLS listings, a difference of 180 listings (34%) versus the prior month and 65 listings (10%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Salt Lake City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 55 days 2,849 sqft
2018-02-01 45 days 2,888 sqft
2018-03-01 36 days 3,030 sqft
2018-04-01 30 days 3,062 sqft
2018-05-01 29 days 3,063 sqft
2018-06-01 30 days 3,024 sqft
2018-07-01 32 days 2,955 sqft
2018-08-01 31 days 2,788 sqft
2018-09-01 36 days 2,746 sqft
2018-10-01 37 days 2,671 sqft
2018-11-01 44 days 2,664 sqft
2018-12-01 54 days 2,725 sqft
2019-01-01 60 days 2,721 sqft
2019-02-01 54 days 2,801 sqft
2019-03-01 44 days 2,897 sqft
2019-04-01 36 days 2,988 sqft
2019-05-01 32 days 2,981 sqft
2019-06-01 36 days 2,924 sqft
2019-07-01 38 days 2,866 sqft
2019-08-01 42 days 2,747 sqft
2019-09-01 49 days 2,629 sqft
2019-10-01 39 days 2,668 sqft
2019-11-01 45 days 2,700 sqft
2019-12-01 60 days 2,785 sqft
2020-01-01 66 days 2,858 sqft
2020-02-01 55 days 3,010 sqft
2020-03-01 29 days 2,897 sqft
2020-04-01 27 days 2,720 sqft
2020-05-01 36 days 2,654 sqft
2020-06-01 38 days 2,654 sqft
2020-07-01 37 days 2,644 sqft
2020-08-01 30 days 2,564 sqft
2020-09-01 32 days 2,429 sqft
2020-10-01 30 days 2,422 sqft
2020-11-01 35 days 2,464 sqft
2020-12-01 43 days 2,603 sqft
2021-01-01 43 days 2,615 sqft
2021-02-01 21 days 2,564 sqft
2021-03-01 11 days 2,385 sqft
2021-04-01 10 days 2,374 sqft
2021-05-01 8 days 2,413 sqft
2021-06-01 11 days 2,450 sqft
2021-07-01 16 days 2,460 sqft
2021-08-01 20 days 2,459 sqft
2021-09-01 22 days 2,402 sqft
2021-10-01 24 days 2,402 sqft
2021-11-01 28 days 2,405 sqft
2021-12-01 38 days 2,423 sqft
2022-01-01 40 days 2,400 sqft
2022-02-01 27 days 2,319 sqft
2022-03-01 25 days 2,349 sqft
2022-04-01 21 days 2,422 sqft
Salt Lake City's median listing age (time on market) for 2022-04-01 was 21 days. This is 110% longer than the same period one year ago.

Salt Lake City's median square footage for active listings during the 2022-04-01 period was 2,422 sqft. One year prior, the average listing was 2,374 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.