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 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 6.2% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

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

    The average rate for the prior week (2024-11-01) was 5.85% and one month ago for the week of 2024-10-04, the average rate was 5.18%.

    The average rate one year ago was 6.84%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

    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%), .

    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.