San Luis Obispo VA Loans

SAN LUIS OBISPO-PASO ROBLES, 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 Luis Obispo's 86 lenders originated 1,066 VA loans during 2021. The total origination value was $532,190,000, with an average VA loan value of $499,240.

    San Luis Obispo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in San Luis Obispo averaged 6.04% for the week of 2022-09-23, compared to the national average (all VA variants) of 5.992% for the same period.

    The average rate for the prior week (2022-09-16) was 5.8% and one month ago for the week of 2022-08-19, the average rate was 5.35%.

    The average rate one year ago was 3.16%.

    For refis of the same type during the week of 2022-09-23, the average rate was 5.88%.

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

    San Luis Obispo 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 San Luis Obispo level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 93 2.32% $4,889
    FREEDOM MORTGAGE CORPORATION 85 2.34% $3,932
    UNITED WHOLESALE MORTGAGE, LLC 69 2.40% $8,144
    PENNYMAC LOAN SERVICES, LLC 59 2.29% $7,834
    CENTRAL COAST LENDING, INC. 42 2.43% $5,565
    Flagstar Bank, FSB 41 2.40% $5,827
    HOME POINT FINANCIAL CORPORATION 40 2.36% $6,281
    KD CAPITAL MORTGAGE CORPORATION 38 2.51% $8,307
    LOANDEPOT.COM, LLC 38 2.41% $5,262
    CALIBER HOME LOANS, INC. 38 2.46% $7,778
    Mortgage Research Center, LLC 35 2.79% $10,197
    CMG MORTGAGE, INC. 28 2.48% $8,922
    ENVOY MORTGAGE, LTD 21 2.53% $14,583
    CROSSCOUNTRY MORTGAGE, LLC 21 2.76% $9,266
    LAKEVIEW LOAN SERVICING, LLC 19 2.36% $2,949
    VILLAGE CAPITAL MORTGAGE 17 2.20% $5,415
    GUARANTEED RATE, INC. 17 2.62% $8,249
    NEWREZ LLC 17 2.46% $5,350
    CLEARPATH LENDING 15 2.18% $6,239
    NEW DAY FINANCIAL, LLC 13 2.61% $8,841
    COASTAL FUNDING SLC, INC. 13 2.75% $6,143
    The Federal Savings Bank 12 2.43% $5,008
    NAVY FEDERAL CREDIT UNION 11 2.39% $5,951
    Mr. Cooper ( Nationstar Mortgage ) 11 2.64% $4,714
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 2.54% $5,483
    Wells Fargo Bank 8 2.66% $6,979
    DIGNIFIED HOME LOANS, LLC 8 2.58% $16,334
    USAA Federal Savings Bank 7 2.64% $5,724
    GUILD MORTGAGE COMPANY 7 2.66% $14,412
    InterContinental Capital Group, Inc 6 2.29% $10,004
    Golden Empire Mortgage, Inc. 5 2.48% $3,827
    NBKC BANK 5 2.45% $2,925
    North American Savings Bank, F.S.B. 5 2.35% $3,375
    Carrington Mortgage Services, LLC 5 2.88% $4,484
    MID AMERICA MORTGAGE, INC. 5 2.67% $8,057
    Lakeview Community Capital, LLC 5 2.45% $4,363
    First Guaranty Mortgage Corporation 4 2.38% $4,665
    AMERISAVE MORTGAGE CORPORATION 4 2.66% $7,606
    BNC National Bank 4 2.22% $2,362
    BROKER SOLUTIONS, INC. 4 2.56% $6,867
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 2.53% $11,688
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 2.84% $4,987
    PLANET HOME LENDING, LLC 3 2.38% $1,974
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 2.88% $6,989
    MASON MCDUFFIE MORTGAGE CORPORATION 3 2.38% $7,354
    MEGA CAPITAL FUNDING, INC. 3 2.25% $2,786
    SUN WEST MORTGAGE COMPANY, INC. 3 2.50% $8,409
    Paramount Residential Mortgage Group, Inc. 3 2.58% $13,028
    KINGS MORTGAGE SERVICES, INC. 3 2.42% $8,900
    AMERICAN FINANCIAL NETWORK, INC. 3 3.08% $16,084
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.79% $9,804
    MUTUAL OF OMAHA MORTGAGE, INC. 2 2.38% $26,873
    PENTAGON FEDERAL CREDIT UNION 2 2.31% $1,775
    LOANPAL, LLC 2 2.56% $22,319
    THRIVE MORTGAGE, LLC 2 2.31% $5,254
    ACCELERATE MORTGAGE, LLC 2 2.25% $3,661
    NETWORK CAPITAL FUNDING CORPORATION 2 2.31% $2,798
    First Mortgage Solutions, LLC 2 2.13% $2,619
    FINANCE OF AMERICA MORTGAGE LLC 2 2.75% $12,070
    Prime Choice Funding Inc. 1 2.25% $8,458
    Prosperity Home Mortgage, LLC 1 2.25% $20,993
    CAPSTONE DIRECT, INC. 1 2.25% $2,694
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.75% $4,328
    Sierra Pacific Mortgage Company, Inc. 1 2.75% $16,838
    STEARNS LENDING, LLC 1 2.75% $9,379
    BAYSHORE MORTGAGE FUNDING, LLC 1 2.38% $1,988
    Barrington Bank & Trust Company, N.A. 1 2.91% $2,289
    Bank of England 1 2.25% $1,549
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.88% $37,567
    Wyndham Capital Mortgage, Inc. 1 2.25% $3,239
    Franklin Loan Corporation 1 2.75% $6,803
    First Federal Bank 1 2.88% $22,428
    Magnolia Bank 1 2.50% $10,697
    Meridian Bank Corporation 1 2.75% $2,861
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 3.25% $9,520
    EVERETT FINANCIAL, INC. 1 2.75% $1,794
    MOVEMENT MORTGAGE, LLC 1 2.88% $5,479
    COUNTRY CLUB MORTGAGE, INC. 1 2.88% $4,932
    NATIONWIDE MORTGAGE BANKERS, INC. 1 2.25% $8,797
    CORNERSTONE HOME LENDING, INC. 1 2.75% $2,984
    Community First National Bank 1 2.88% $4,778
    Commerce Home Mortgage, Inc. 1 3.25% $6,918
    CHURCHILL MORTGAGE CORPORATION 1 3.13% $3,846
    Century Mortgage Company DBA Century Lending Company 1 2.75% $17,117
    CELEBRITY HOME LOANS, LLC 1 2.38% $10,930
    PLAZA HOME MORTGAGE, INC. 1 2.25% $3,854

    The top San Luis Obispo VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 93 VA loans originated. Their average total fees are $4,889, which is $957 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

    The lowest fee San Luis Obispo VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,949), FREEDOM MORTGAGE CORPORATION ($3,932), Mr. Cooper ( Nationstar Mortgage ) ($4,714), QUICKEN LOANS, LLC ($4,889) and The Federal Savings Bank ($5,008).

    The lowest rate San Luis Obispo VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.18%), VILLAGE CAPITAL MORTGAGE (2.20%), PENNYMAC LOAN SERVICES, LLC (2.29%), QUICKEN LOANS, LLC (2.32%) and FREEDOM MORTGAGE CORPORATION (2.34%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - San Luis Obispo (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 $748,950 (7.7%) $1,062,355 (-1.6%) 2.76 812
    2018-02-01 $739,800 (5.1%) $1,019,054 (-8.0%) 2.67 843
    2018-03-01 $734,000 (1.0%) $1,009,430 (-7.6%) 2.54 891
    2018-04-01 $750,000 (3.5%) $1,046,611 (-3.7%) 2.52 950
    2018-05-01 $777,000 (3.6%) $1,074,449 (-3.3%) 2.59 988
    2018-06-01 $774,500 (3.3%) $1,073,121 (-2.7%) 2.58 1,063
    2018-07-01 $750,000 (0.1%) $1,033,820 (-4.3%) 2.50 1,090
    2018-08-01 $749,000 (3.0%) $1,017,984 (-6.5%) 2.50 1,094
    2018-09-01 $733,000 (1.1%) $1,008,389 (-9.2%) 2.45 1,090
    2018-10-01 $712,500 (-1.7%) $980,806 (-12.6%) 2.38 1,070
    2018-11-01 $699,450 (-4.1%) $980,537 (-13.6%) 2.35 1,031
    2018-12-01 $698,500 (-6.7%) $991,649 (-13.0%) 2.39 974
    2019-01-01 $699,000 (-6.7%) $991,567 (-6.7%) 2.41 918
    2019-02-01 $699,250 (-5.5%) $987,872 (-3.1%) 2.34 917
    2019-03-01 $699,000 (-4.8%) $1,008,243 (-0.1%) 2.28 955
    2019-04-01 $707,000 (-5.7%) $1,037,998 (-0.8%) 2.23 1,022
    2019-05-01 $727,720 (-6.3%) $989,054 (-8.0%) 2.24 1,063
    2019-06-01 $735,000 (-5.1%) $974,115 (-9.2%) 2.26 1,070
    2019-07-01 $749,000 (-0.1%) $982,851 (-4.9%) 2.33 1,126
    2019-08-01 $747,286 (-0.2%) $978,199 (-3.9%) 2.35 1,098
    2019-09-01 $737,270 (0.6%) $960,136 (-4.8%) 2.34 1,056
    2019-10-01 $725,000 (1.8%) $939,473 (-4.2%) 2.31 1,017
    2019-11-01 $729,900 (4.4%) $946,912 (-3.4%) 2.36 937
    2019-12-01 $739,000 (5.8%) $946,940 (-4.5%) 2.46 836
    2020-01-01 $734,450 (5.1%) $945,219 (-4.7%) 2.45 789
    2020-02-01 $749,000 (7.1%) $975,638 (-1.2%) 2.42 771
    2020-03-01 $764,450 (9.4%) $1,046,111 (3.8%) 2.39 815
    2020-04-01 $752,500 (6.4%) $1,026,060 (-1.2%) 2.34 831
    2020-05-01 $777,000 (6.8%) $1,044,942 (5.7%) 2.35 860
    2020-06-01 $787,935 (7.2%) $1,052,403 (8.0%) 2.30 799
    2020-07-01 $799,999 (6.8%) $1,090,681 (11.0%) 2.29 727
    2020-08-01 $814,500 (9.0%) $1,132,282 (15.8%) 2.33 667
    2020-09-01 $832,900 (13.0%) $1,220,577 (27.1%) 2.38 584
    2020-10-01 $829,900 (14.5%) $1,224,638 (30.4%) 2.37 525
    2020-11-01 $827,000 (13.3%) $1,238,369 (30.8%) 2.37 489
    2020-12-01 $825,000 (11.6%) $1,255,578 (32.6%) 2.42 424
    2021-01-01 $864,800 (17.8%) $1,323,142 (40.0%) 2.54 380
    2021-02-01 $877,000 (17.1%) $1,372,510 (40.7%) 2.52 310
    2021-03-01 $893,500 (16.9%) $1,430,559 (36.8%) 2.51 292
    2021-04-01 $929,000 (23.5%) $1,511,817 (47.3%) 2.50 304
    2021-05-01 $888,000 (14.3%) $1,449,066 (38.7%) 2.34 338
    2021-06-01 $897,250 (13.9%) $1,476,908 (40.3%) 2.33 349
    2021-07-01 $894,000 (11.8%) $1,399,120 (28.3%) 2.32 386
    2021-08-01 $889,000 (9.2%) $1,426,675 (26.0%) 2.34 356
    2021-09-01 $924,000 (10.9%) $1,463,541 (19.9%) 2.43 343
    2021-10-01 $950,000 (14.5%) $1,598,314 (30.5%) 2.50 302
    2021-11-01 $969,500 (17.2%) $1,589,146 (28.3%) 2.56 286
    2021-12-01 $1,022,000 (23.9%) $1,653,172 (31.7%) 2.73 232
    2022-01-01 $1,075,000 (24.3%) $2,144,684 (62.1%) 2.87 202
    2022-02-01 $990,000 (12.9%) $2,076,616 (51.3%) 2.52 197
    2022-03-01 $998,450 (11.8%) $1,905,425 (33.2%) 2.47 225
    2022-04-01 $999,900 (7.6%) $1,794,838 (18.7%) 2.35 247
    2022-05-01 $1,024,500 (15.4%) $1,718,830 (18.6%) 2.29 323
    2022-06-01 $998,500 (11.3%) $1,642,962 (11.2%) 2.22 403
    2022-07-01 $925,000 (3.5%) $1,500,440 (7.2%) 2.06 472
    2022-08-01 $912,750 (2.7%) $1,508,605 (5.7%) 2.10 482
    San Luis Obispo's median listing price for 2022-08-01 was $912,750, a difference of $23,750 (2.7%) versus the prior year and $-12,250 versus the prior month.

    San Luis Obispo's median listing price comes in at 210% of the national average.

    San Luis Obispo's average listing price for 2022-08-01 was $1,508,605, a difference of $81,930 (5.7%) versus the prior year and $8,165 versus the prior month.

    For the 2022-08-01 period, San Luis Obispo had 482 MLS listings, a difference of 10 listings (2%) versus the prior month and 126 listings (35%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - San Luis Obispo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 77 days 1,954 sqft
    2018-02-01 64 days 1,932 sqft
    2018-03-01 49 days 1,932 sqft
    2018-04-01 46 days 1,989 sqft
    2018-05-01 45 days 2,006 sqft
    2018-06-01 50 days 2,005 sqft
    2018-07-01 52 days 1,930 sqft
    2018-08-01 55 days 1,943 sqft
    2018-09-01 58 days 1,924 sqft
    2018-10-01 63 days 1,881 sqft
    2018-11-01 65 days 1,881 sqft
    2018-12-01 72 days 1,873 sqft
    2019-01-01 78 days 1,880 sqft
    2019-02-01 71 days 1,908 sqft
    2019-03-01 64 days 1,890 sqft
    2019-04-01 57 days 1,892 sqft
    2019-05-01 52 days 1,925 sqft
    2019-06-01 57 days 1,925 sqft
    2019-07-01 61 days 1,988 sqft
    2019-08-01 63 days 1,970 sqft
    2019-09-01 67 days 1,930 sqft
    2019-10-01 73 days 1,882 sqft
    2019-11-01 77 days 1,889 sqft
    2019-12-01 84 days 1,900 sqft
    2020-01-01 79 days 1,875 sqft
    2020-02-01 66 days 1,891 sqft
    2020-03-01 52 days 1,905 sqft
    2020-04-01 57 days 1,919 sqft
    2020-05-01 71 days 1,978 sqft
    2020-06-01 80 days 2,000 sqft
    2020-07-01 66 days 1,984 sqft
    2020-08-01 57 days 1,940 sqft
    2020-09-01 56 days 1,962 sqft
    2020-10-01 53 days 1,985 sqft
    2020-11-01 58 days 1,965 sqft
    2020-12-01 61 days 1,960 sqft
    2021-01-01 65 days 1,935 sqft
    2021-02-01 49 days 1,990 sqft
    2021-03-01 33 days 1,989 sqft
    2021-04-01 31 days 1,999 sqft
    2021-05-01 35 days 1,980 sqft
    2021-06-01 35 days 1,904 sqft
    2021-07-01 35 days 1,851 sqft
    2021-08-01 43 days 1,827 sqft
    2021-09-01 44 days 1,825 sqft
    2021-10-01 43 days 1,915 sqft
    2021-11-01 45 days 1,880 sqft
    2021-12-01 50 days 1,908 sqft
    2022-01-01 57 days 1,994 sqft
    2022-02-01 47 days 1,943 sqft
    2022-03-01 30 days 1,854 sqft
    2022-04-01 31 days 1,888 sqft
    2022-05-01 28 days 1,867 sqft
    2022-06-01 31 days 1,884 sqft
    2022-07-01 35 days 1,836 sqft
    2022-08-01 42 days 1,829 sqft
    San Luis Obispo's median listing age (time on market) for 2022-08-01 was 42 days. This is -2% shorter than the same period one year ago.

    San Luis Obispo's median square footage for active listings during the 2022-08-01 period was 1,829 sqft. One year prior, the average listing was 1,827 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.