San Jose VA Loan Rates, Closing Costs & Stats

SAN JOSE-SUNNYVALE-SANTA CLARA, 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 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 43 lenders originated 122 VA loans during 2023. The total origination value was $103,420,000, with an average VA loan value of $847,705.

San Jose VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in San Jose averaged 6.12% for the week of 2024-05-24, compared to the national average (all VA variants) of 6.567% for the same period.

San Jose's average VA mortgage closing costs are $10,576.

The average rate for the prior week (2024-05-17) was 6.05% and one month ago for the week of 2024-04-19, the average rate was 6.32%.

The average rate one year ago was 5.99%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.37%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 23 5.80% $22,864
QUICKEN LOANS, LLC 12 6.07% $20,658
Mortgage Research Center, LLC 11 6.34% $20,644
KBHS HOME LOANS, LLC 7 5.63% $9,206
GUARANTEED RATE, INC. 5 5.52% $10,913
PREMIER MORTGAGE RESOURCES, L.L.C. 4 6.19% $42,294
Prosperity Home Mortgage, LLC 4 5.75% $17,009
NAVY FEDERAL CREDIT UNION 4 5.94% $10,364
LOANDEPOT.COM, LLC 4 6.00% $21,666
INSPIRE HOME LOANS INC. 3 6.08% $24,888
ACADEMY MORTGAGE CORPORATION 3 6.42% $3,934
Paramount Residential Mortgage Group, Inc. 3 6.42% $22,518
PENNYMAC LOAN SERVICES, LLC 3 5.83% $10,966
MASON MCDUFFIE MORTGAGE CORPORATION 2 6.38% $13,328
GUARANTEED RATE AFFINITY, LLC 2 6.56% $11,688
EAGLE HOME MORTGAGE, LLC 2 5.31% $8,484
NATIONS DIRECT MORTGAGE, LLC 2 6.00% $6,832
Century Mortgage Company DBA Century Lending Company 2 6.50% $16,823
The Central Trust Bank 1 6.75% $4,258
The Federal Savings Bank 1 5.75% $28,618
USAA Federal Savings Bank 1 5.00% $63,934
U.S. Bank 1 5.75% $3,930
VERITAS FUNDING, LLC 1 6.63% $84,189
VILLAGE CAPITAL MORTGAGE 1 6.25% $49,187
Wells Fargo Bank 1 6.50% $24,940
NEWREZ LLC 1 5.75% $9,746
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $17,227
AMERISAVE MORTGAGE CORPORATION 1 5.75% $2,777
Barrington Bank & Trust Company, N.A. 1 5.25% $17,285
BNC National Bank 1 5.25% $2,714
CARDINAL FINANCIAL 1 7.75% $54,886
CMG MORTGAGE, INC. 1 7.00% $52,209
CROSSCOUNTRY MORTGAGE, LLC 1 6.06% $24,283
Equity Prime Mortgage LLC 1 6.63% $10,622
GUILD MORTGAGE COMPANY 1 6.50% $35,332
JMJ FINANCIAL GROUP 1 7.25% $21,687
LAND HOME FINANCIAL SERVICES, INC. 1 7.25% $19,371
Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $58,118
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.63% $3,824
NEW DAY FINANCIAL, LLC 1 7.38% $39,657
North American Savings Bank, F.S.B. 1 5.75% $35,779
SOVEREIGN LENDING GROUP INCORPORATED 1 5.25% $51,064
SUMMIT FUNDING, INC. 1 7.38% $7,383

The top San Jose VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 23 VA loans originated. Their average total fees are $22,864, which is $2,206 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee San Jose VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($20,644), QUICKEN LOANS, LLC ($20,658), UNITED WHOLESALE MORTGAGE, LLC ($22,864), .

The lowest rate San Jose VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.80%), QUICKEN LOANS, LLC (6.07%), Mortgage Research Center, LLC (6.34%), .


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 (28.2%) 4.12 570
2018-02-01 $1,199,444 (25.7%) $1,810,776 (21.6%) 4.35 676
2018-03-01 $1,286,500 (32.9%) $1,861,664 (23.7%) 4.51 799
2018-04-01 $1,254,722 (26.9%) $1,864,395 (24.4%) 4.25 993
2018-05-01 $1,293,000 (29.4%) $1,830,306 (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%) $1,710,621 (0.9%) 4.01 1,717
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%) $1,618,736 (-13.3%) 3.86 2,058
2018-10-01 $1,099,944 (-1.5%) $1,590,456 (-14.3%) 3.73 2,146
2018-11-01 $1,089,400 (-6.2%) $1,539,122 (-21.5%) 3.69 2,052
2018-12-01 $1,000,000 (-13.0%) $1,507,748 (-23.7%) 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 (-11.1%) 3.70 1,440
2019-03-01 $1,102,769 (-14.3%) $1,633,737 (-12.2%) 3.61 1,635
2019-04-01 $1,127,230 (-10.2%) $1,642,203 (-11.9%) 3.58 1,805
2019-05-01 $1,188,000 (-8.1%) $1,645,599 (-10.1%) 3.71 2,175
2019-06-01 $1,175,000 (-6.0%) $1,643,142 (-8.1%) 3.67 2,367
2019-07-01 $1,128,250 (-6.0%) $1,636,619 (-4.3%) 3.53 2,299
2019-08-01 $1,119,909 (-4.6%) $1,664,443 (1.3%) 3.55 2,190
2019-09-01 $1,122,773 (-2.2%) $1,681,961 (3.9%) 3.59 2,106
2019-10-01 $1,112,182 (1.1%) $1,693,639 (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%) 3.92 944
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 (13.0%) 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 (10.8%) $1,824,368 (11.5%) 3.62 1,681
2020-08-01 $1,248,000 (11.4%) $1,806,980 (8.6%) 3.58 1,673
2020-09-01 $1,210,000 (7.8%) $1,789,686 (6.4%) 3.47 1,668
2020-10-01 $1,229,950 (10.6%) $1,819,909 (7.5%) 3.52 1,690
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 (8.6%) 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 $1,298,444 (8.3%) $1,931,228 (3.3%) 3.51 488
2022-02-01 $1,350,250 (10.3%) $1,917,902 (2.4%) 3.51 639
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%) $1,967,126 (0.0%) 3.33 1,755
2022-07-01 $1,400,000 (9.8%) $1,904,902 (0.8%) 3.15 1,987
2022-08-01 $1,386,238 (10.9%) $1,912,557 (2.0%) 3.20 1,798
2022-09-01 $1,398,250 (10.7%) $1,964,656 (3.2%) 3.27 1,554
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 (1.0%) 3.34 823
2023-02-01 $1,399,500 (3.7%) $2,031,742 (5.9%) 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%) $2,198,585 (13.2%) 3.47 973
2023-06-01 $1,498,000 (0.2%) $2,179,792 (10.8%) 3.37 980
2023-07-01 $1,498,000 (7.0%) $2,176,298 (14.3%) 3.40 952
2023-08-01 $1,474,497 (6.4%) $2,094,720 (9.5%) 3.39 1,031
2023-09-01 $1,399,000 (0.1%) $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
2023-12-01 $1,298,944 (-7.1%) $2,029,021 (-0.4%) 3.17 833
2024-01-01 $1,288,250 (-4.5%) $1,966,840 (0.9%) 3.15 666
2024-02-01 $1,366,944 (-2.3%) $2,051,511 (1.0%) 3.29 725
2024-03-01 $1,481,397 (-0.9%) $2,128,258 (-1.2%) 3.49 889
2024-04-01 $1,466,953 (-4.5%) $2,108,183 (-4.5%) 3.41 1,109
San Jose's median listing price for 2024-04-01 was $1,466,953, a difference of $-69,547 (-4.5%) versus the prior year and $-14,444 versus the prior month.

San Jose's median listing price comes in at 341% of the national average.

San Jose's average listing price for 2024-04-01 was $2,108,183, a difference of $-98,094 (-4.5%) versus the prior year and $-20,075 versus the prior month.

For the 2024-04-01 period, San Jose had 1,109 MLS listings, a difference of 220 listings (25%) versus the prior month and 225 listings (25%) 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 1,897 sqft
2018-03-01 17 days 1,832 sqft
2018-04-01 18 days 1,785 sqft
2018-05-01 18 days 1,793 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 1,650 sqft
2018-11-01 38 days 1,632 sqft
2018-12-01 50 days 1,624 sqft
2019-01-01 52 days 1,624 sqft
2019-02-01 25 days 1,663 sqft
2019-03-01 27 days 1,689 sqft
2019-04-01 28 days 1,710 sqft
2019-05-01 25 days 1,753 sqft
2019-06-01 32 days 1,735 sqft
2019-07-01 38 days 1,721 sqft
2019-08-01 40 days 1,720 sqft
2019-09-01 43 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 11 days 1,599 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 1,673 sqft
2022-08-01 37 days 1,682 sqft
2022-09-01 38 days 1,691 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
2023-12-01 43 days 1,602 sqft
2024-01-01 42 days 1,589 sqft
2024-02-01 23 days 1,621 sqft
2024-03-01 22 days 1,658 sqft
2024-04-01 21 days 1,633 sqft
San Jose's median listing age (time on market) for 2024-04-01 was 21 days. This is -22% shorter than the same period one year ago.

San Jose's median square footage for active listings during the 2024-04-01 period was 1,633 sqft. One year prior, the average listing was 1,780 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.