San Jose VA Loan Rates, Closing Costs & Stats

SAN JOSE-SUNNYVALE-SANTA CLARA, CA

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    • 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.

    San Jose's 60 lenders originated 299 VA loans during 2022. The total origination value was $227,255,000, with an average VA loan value of $760,050.

    San Jose VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in San Jose averaged 5.46% for the week of 2023-12-08, compared to the national average (all VA variants) of 6.544% for the same period.

    San Jose's average VA mortgage closing costs are $10,261.

    The average rate for the prior week (2023-12-01) was 5.96% and one month ago for the week of 2023-11-03, the average rate was 6.1%.

    The average rate one year ago was 5.27%.

    For refis of the same type during the week of 2023-12-08, the average rate was 4.36%.

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

    San Jose 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 San Jose level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 44 3.62% $16,968
    UNITED WHOLESALE MORTGAGE, LLC 39 3.90% $21,506
    Mortgage Research Center, LLC 29 4.72% $16,935
    LOANDEPOT.COM, LLC 20 3.94% $16,741
    PENNYMAC LOAN SERVICES, LLC 18 2.82% $15,426
    KBHS HOME LOANS, LLC 9 4.78% $23,266
    The Federal Savings Bank 8 3.61% $24,267
    FREEDOM MORTGAGE CORPORATION 8 3.62% $15,410
    NAVY FEDERAL CREDIT UNION 6 4.04% $14,932
    GUARANTEED RATE, INC. 6 4.26% $13,746
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 4.75% $11,622
    CROSSCOUNTRY MORTGAGE, LLC 4 4.66% $15,697
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 4.53% $25,328
    MOVEMENT MORTGAGE, LLC 4 4.59% $36,916
    Paramount Residential Mortgage Group, Inc. 3 5.29% $10,244
    CALIBER HOME LOANS, INC. 3 3.52% $8,164
    Flagstar Bank, FSB 3 3.63% $19,106
    MASON MCDUFFIE MORTGAGE CORPORATION 3 3.21% $11,388
    Barrington Bank & Trust Company, N.A. 3 3.47% $21,043
    HOME POINT FINANCIAL CORPORATION 3 3.75% $4,136
    GUILD MORTGAGE COMPANY 3 3.96% $8,787
    Wells Fargo Bank 3 4.25% $15,143
    FINANCE OF AMERICA MORTGAGE LLC 3 3.75% $17,866
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 4.08% $25,575
    CMG MORTGAGE, INC. 2 3.19% $6,495
    Strong Home Mortgage, LLC 2 3.25% $14,227
    GUARANTEED RATE AFFINITY, LLC 2 4.39% $19,946
    USAA Federal Savings Bank 2 3.06% $1,292
    VILLAGE CAPITAL MORTGAGE 2 4.13% $25,521
    BNC National Bank 2 4.38% $9,411
    LAKEVIEW LOAN SERVICING, LLC 2 2.50% $3,766
    OCMBC, INC. 2 4.75% $13,169
    CLEARPATH LENDING 2 5.00% $29,390
    NEWREZ LLC 2 4.87% $3,708
    NEW DAY FINANCIAL, LLC 2 4.81% $43,237
    Mr. Cooper ( Nationstar Mortgage ) 2 3.94% $7,752
    Texana Bank 1 2.75% $3,623
    ALAMEDA MORTGAGE CORPORATION 1 5.63% $10,416
    AMERICAN FINANCING CORPORATION 1 5.75% $34,310
    BAY EQUITY LLC 1 4.75% $4,151
    BROKER SOLUTIONS, INC. 1 2.25% $5,411
    Century Mortgage Company DBA Century Lending Company 1 4.63% $3,776
    CHERRY CREEK MORTGAGE, LLC 1 2.25% $873
    FRONTWAVE 1 5.25% $18,312
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.63% $47,337
    HOMESIDE FINANCIAL, LLC 1 5.49% $55,176
    JPMorgan Chase Bank 1 5.25% $16,330
    Mid-Continent Funding, Inc. 1 4.75% $15,224
    M&T Bank 1 2.50% $3,057
    NETWORK CAPITAL FUNDING CORPORATION 1 2.75% $8,246
    North American Savings Bank, F.S.B. 1 2.63% $13,421
    PENTAGON FEDERAL CREDIT UNION 1 2.50% $3,082
    PLANET HOME LENDING, LLC 1 4.63% $27,114
    PLAZA HOME MORTGAGE, INC. 1 4.88% $28,574
    Prosperity Home Mortgage, LLC 1 4.63% $4,704
    S1L, Inc. 1 6.75% $4,362
    SUN WEST MORTGAGE COMPANY, INC. 1 3.25% $25,488
    ACADEMY MORTGAGE CORPORATION 1 3.25% $26,135
    THRIVE MORTGAGE, LLC 1 4.63% $25,357
    VERITAS FUNDING, LLC 1 3.99% $23,881

    The top San Jose VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 44 VA loans originated. Their average total fees are $16,968, which is $4,538 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee San Jose VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($15,426), LOANDEPOT.COM, LLC ($16,741), Mortgage Research Center, LLC ($16,935), QUICKEN LOANS, LLC ($16,968) and UNITED WHOLESALE MORTGAGE, LLC ($21,506).

    The lowest rate San Jose VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.82%), QUICKEN LOANS, LLC (3.62%), UNITED WHOLESALE MORTGAGE, LLC (3.90%), LOANDEPOT.COM, LLC (3.94%) and Mortgage Research Center, LLC (4.72%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - San Jose (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 $1,110,250 (23.5%) $1,829,513 (28.3%) 4.12 570
    2018-02-01 $1,199,444 (25.7%) $1,810,403 (21.6%) 4.36 677
    2018-03-01 $1,285,000 (32.8%) $1,861,071 (23.7%) 4.51 800
    2018-04-01 $1,254,444 (26.9%) $1,863,877 (24.3%) 4.25 994
    2018-05-01 $1,293,000 (29.4%) $1,830,094 (11.6%) 4.32 1,198
    2018-06-01 $1,250,000 (24.4%) $1,788,116 (7.2%) 4.17 1,441
    2018-07-01 $1,199,944 (14.3%) $1,710,078 (0.8%) 4.01 1,718
    2018-08-01 $1,173,500 (11.8%) $1,642,858 (-2.2%) 3.93 1,816
    2018-09-01 $1,148,000 (4.5%) $1,618,429 (-13.3%) 3.86 2,059
    2018-10-01 $1,099,944 (-1.5%) $1,590,128 (-14.3%) 3.73 2,147
    2018-11-01 $1,089,400 (-6.3%) $1,539,122 (-21.4%) 3.69 2,052
    2018-12-01 $1,000,000 (-13.0%) $1,507,748 (-23.6%) 3.45 1,459
    2019-01-01 $999,888 (-9.9%) $1,509,950 (-17.5%) 3.45 1,264
    2019-02-01 $1,095,250 (-8.7%) $1,610,619 (-11.0%) 3.70 1,440
    2019-03-01 $1,102,769 (-14.2%) $1,633,737 (-12.2%) 3.61 1,635
    2019-04-01 $1,127,230 (-10.1%) $1,642,203 (-11.9%) 3.58 1,805
    2019-05-01 $1,188,000 (-8.1%) $1,645,803 (-10.1%) 3.71 2,173
    2019-06-01 $1,175,000 (-6.0%) $1,643,086 (-8.1%) 3.67 2,366
    2019-07-01 $1,127,250 (-6.1%) $1,636,557 (-4.3%) 3.53 2,298
    2019-08-01 $1,117,816 (-4.8%) $1,664,401 (1.3%) 3.54 2,189
    2019-09-01 $1,121,857 (-2.3%) $1,681,943 (3.9%) 3.59 2,106
    2019-10-01 $1,112,051 (1.1%) $1,693,637 (6.5%) 3.59 2,021
    2019-11-01 $1,100,000 (1.0%) $1,775,100 (15.3%) 3.61 1,612
    2019-12-01 $1,084,194 (8.4%) $1,798,338 (19.3%) 3.62 989
    2020-01-01 $1,088,722 (8.9%) $1,881,701 (24.6%) 3.64 819
    2020-02-01 $1,198,000 (9.4%) $2,032,748 (26.2%) 3.93 944
    2020-03-01 $1,249,805 (13.3%) $1,990,529 (21.8%) 3.92 1,144
    2020-04-01 $1,198,500 (6.3%) $1,854,244 (12.9%) 3.75 1,349
    2020-05-01 $1,200,500 (1.1%) $1,858,819 (12.9%) 3.65 1,646
    2020-06-01 $1,260,000 (7.2%) $1,856,022 (13.0%) 3.71 1,656
    2020-07-01 $1,249,975 (10.9%) $1,824,368 (11.5%) 3.62 1,681
    2020-08-01 $1,248,000 (11.7%) $1,806,980 (8.6%) 3.58 1,673
    2020-09-01 $1,210,000 (7.9%) $1,789,686 (6.4%) 3.47 1,668
    2020-10-01 $1,229,900 (10.6%) $1,819,302 (7.4%) 3.52 1,691
    2020-11-01 $1,232,124 (12.0%) $1,897,714 (6.9%) 3.60 1,558
    2020-12-01 $1,197,000 (10.4%) $1,865,030 (3.7%) 3.56 1,153
    2021-01-01 $1,199,000 (10.1%) $1,869,161 (-0.7%) 3.58 971
    2021-02-01 $1,223,900 (2.2%) $1,873,351 (-7.8%) 3.56 1,054
    2021-03-01 $1,246,692 (-0.3%) $1,881,183 (-5.5%) 3.54 1,181
    2021-04-01 $1,249,500 (4.3%) $1,898,349 (2.4%) 3.38 1,252
    2021-05-01 $1,298,888 (8.2%) $1,951,204 (5.0%) 3.45 1,243
    2021-06-01 $1,299,444 (3.1%) $1,967,174 (6.0%) 3.42 1,326
    2021-07-01 $1,275,000 (2.0%) $1,889,262 (3.6%) 3.36 1,410
    2021-08-01 $1,250,250 (0.2%) $1,875,379 (3.8%) 3.33 1,367
    2021-09-01 $1,262,639 (4.4%) $1,902,946 (6.3%) 3.37 1,283
    2021-10-01 $1,275,000 (3.7%) $1,977,104 (8.7%) 3.40 1,189
    2021-11-01 $1,244,444 (1.0%) $1,970,988 (3.9%) 3.33 819
    2021-12-01 $1,239,416 (3.5%) $1,941,596 (4.1%) 3.36 532
    2022-01-01 $1,298,888 (8.3%) $1,932,889 (3.4%) 3.51 489
    2022-02-01 $1,356,500 (10.8%) $1,919,565 (2.5%) 3.53 640
    2022-03-01 $1,399,500 (12.3%) $1,936,123 (2.9%) 3.50 784
    2022-04-01 $1,439,000 (15.2%) $1,909,718 (0.6%) 3.43 907
    2022-05-01 $1,496,500 (15.2%) $1,941,803 (-0.5%) 3.42 1,505
    2022-06-01 $1,495,000 (15.1%) $1,967,593 (0.0%) 3.33 1,754
    2022-07-01 $1,400,000 (9.8%) $1,905,340 (0.9%) 3.15 1,986
    2022-08-01 $1,386,500 (10.9%) $1,913,053 (2.0%) 3.21 1,797
    2022-09-01 $1,398,500 (10.8%) $1,965,247 (3.3%) 3.27 1,553
    2022-10-01 $1,399,000 (9.7%) $2,028,183 (2.6%) 3.29 1,532
    2022-11-01 $1,399,000 (12.4%) $2,028,954 (2.9%) 3.36 1,354
    2022-12-01 $1,398,000 (12.8%) $2,037,289 (4.9%) 3.45 956
    2023-01-01 $1,349,000 (3.9%) $1,949,922 (0.9%) 3.34 823
    2023-02-01 $1,399,500 (3.2%) $2,031,742 (5.8%) 3.38 831
    2023-03-01 $1,495,000 (6.8%) $2,155,081 (11.3%) 3.53 870
    2023-04-01 $1,536,500 (6.8%) $2,206,277 (15.5%) 3.57 884
    2023-05-01 $1,530,000 (2.2%) $2,198,739 (13.2%) 3.47 974
    2023-06-01 $1,498,000 (0.2%) $2,180,149 (10.8%) 3.37 981
    2023-07-01 $1,498,000 (7.0%) $2,175,155 (14.2%) 3.40 953
    2023-08-01 $1,474,497 (6.4%) $2,094,720 (9.5%) 3.39 1,031
    2023-09-01 $1,399,000 (0.0%) $2,001,621 (1.9%) 3.26 1,148
    2023-10-01 $1,380,694 (-1.3%) $1,989,260 (-1.9%) 3.25 1,183
    2023-11-01 $1,352,222 (-3.3%) $1,968,351 (-3.0%) 3.22 1,132
    San Jose's median listing price for 2023-11-01 was $1,352,222, a difference of $-46,778 (-3.3%) versus the prior year and $-28,472 versus the prior month.

    San Jose's median listing price comes in at 322% of the national average.

    San Jose's average listing price for 2023-11-01 was $1,968,351, a difference of $-60,603 (-3.0%) versus the prior year and $-20,909 versus the prior month.

    For the 2023-11-01 period, San Jose had 1,132 MLS listings, a difference of -51 listings (-4%) versus the prior month and -222 listings (-16%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - San Jose (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 26 days 1,900 sqft
    2018-02-01 17 days 1,895 sqft
    2018-03-01 17 days 1,830 sqft
    2018-04-01 18 days 1,787 sqft
    2018-05-01 18 days 1,794 sqft
    2018-06-01 22 days 1,747 sqft
    2018-07-01 26 days 1,695 sqft
    2018-08-01 28 days 1,661 sqft
    2018-09-01 30 days 1,661 sqft
    2018-10-01 31 days 1,649 sqft
    2018-11-01 38 days 1,631 sqft
    2018-12-01 50 days 1,623 sqft
    2019-01-01 52 days 1,623 sqft
    2019-02-01 25 days 1,663 sqft
    2019-03-01 27 days 1,688 sqft
    2019-04-01 28 days 1,709 sqft
    2019-05-01 25 days 1,753 sqft
    2019-06-01 32 days 1,736 sqft
    2019-07-01 38 days 1,722 sqft
    2019-08-01 40 days 1,720 sqft
    2019-09-01 42 days 1,716 sqft
    2019-10-01 44 days 1,716 sqft
    2019-11-01 56 days 1,752 sqft
    2019-12-01 73 days 1,788 sqft
    2020-01-01 53 days 1,764 sqft
    2020-02-01 23 days 1,830 sqft
    2020-03-01 22 days 1,808 sqft
    2020-04-01 35 days 1,774 sqft
    2020-05-01 36 days 1,796 sqft
    2020-06-01 35 days 1,774 sqft
    2020-07-01 33 days 1,713 sqft
    2020-08-01 33 days 1,663 sqft
    2020-09-01 37 days 1,632 sqft
    2020-10-01 36 days 1,614 sqft
    2020-11-01 42 days 1,585 sqft
    2020-12-01 51 days 1,541 sqft
    2021-01-01 41 days 1,553 sqft
    2021-02-01 25 days 1,576 sqft
    2021-03-01 25 days 1,591 sqft
    2021-04-01 29 days 1,607 sqft
    2021-05-01 25 days 1,663 sqft
    2021-06-01 23 days 1,649 sqft
    2021-07-01 25 days 1,624 sqft
    2021-08-01 30 days 1,599 sqft
    2021-09-01 31 days 1,624 sqft
    2021-10-01 36 days 1,615 sqft
    2021-11-01 51 days 1,607 sqft
    2021-12-01 66 days 1,547 sqft
    2022-01-01 39 days 1,585 sqft
    2022-02-01 12 days 1,600 sqft
    2022-03-01 16 days 1,630 sqft
    2022-04-01 16 days 1,663 sqft
    2022-05-01 17 days 1,666 sqft
    2022-06-01 24 days 1,675 sqft
    2022-07-01 29 days 1,670 sqft
    2022-08-01 37 days 1,682 sqft
    2022-09-01 38 days 1,690 sqft
    2022-10-01 36 days 1,715 sqft
    2022-11-01 40 days 1,720 sqft
    2022-12-01 53 days 1,722 sqft
    2023-01-01 53 days 1,686 sqft
    2023-02-01 30 days 1,729 sqft
    2023-03-01 27 days 1,758 sqft
    2023-04-01 27 days 1,780 sqft
    2023-05-01 25 days 1,778 sqft
    2023-06-01 29 days 1,772 sqft
    2023-07-01 30 days 1,717 sqft
    2023-08-01 27 days 1,731 sqft
    2023-09-01 29 days 1,693 sqft
    2023-10-01 31 days 1,659 sqft
    2023-11-01 34 days 1,613 sqft
    San Jose's median listing age (time on market) for 2023-11-01 was 34 days. This is -15% shorter than the same period one year ago.

    San Jose's median square footage for active listings during the 2023-11-01 period was 1,613 sqft. One year prior, the average listing was 1,720 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.