San Luis Obispo VA Loan Rates, Closing Costs & Stats

SAN LUIS OBISPO-PASO ROBLES, 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 Luis Obispo's 58 lenders originated 256 VA loans during 2022. The total origination value was $148,910,000, with an average VA loan value of $581,680.

San Luis Obispo VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in San Luis Obispo averaged 5.93% for the week of 2024-02-16, compared to the national average (all VA variants) of 6.462% for the same period.

San Luis Obispo's average VA mortgage closing costs are $8,368.

The average rate for the prior week (2024-02-09) was 6.19% and one month ago for the week of 2024-01-12, the average rate was 5.75%.

The average rate one year ago was 5.81%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.2%.

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/closing costs 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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 48 4.15% $14,995
QUICKEN LOANS, LLC 28 3.60% $11,851
KD CAPITAL MORTGAGE CORPORATION 14 4.09% $11,815
HOME POINT FINANCIAL CORPORATION 13 3.61% $14,044
Mortgage Research Center, LLC 13 5.06% $12,444
PENNYMAC LOAN SERVICES, LLC 12 3.03% $17,741
CMG MORTGAGE, INC. 9 4.01% $10,007
LOANDEPOT.COM, LLC 9 3.36% $10,950
CROSSCOUNTRY MORTGAGE, LLC 8 4.23% $11,415
CALIBER HOME LOANS, INC. 8 4.20% $20,033
FREEDOM MORTGAGE CORPORATION 6 4.38% $22,057
GUARANTEED RATE, INC. 4 4.46% $20,784
Carrington Mortgage Services, LLC 4 3.69% $9,089
COASTAL FUNDING SLC, INC. 4 4.66% $6,465
NAVY FEDERAL CREDIT UNION 3 3.79% $3,137
NEW DAY FINANCIAL, LLC 3 3.83% $13,499
NEWREZ LLC 3 3.12% $5,838
PENTAGON FEDERAL CREDIT UNION 3 4.38% $5,676
CENTRAL COAST LENDING, INC. 3 4.17% $11,236
LAKEVIEW LOAN SERVICING, LLC 2 2.50% $2,294
The Federal Savings Bank 2 4.00% $10,839
MUFG Union Bank 2 3.00% $17,136
Century Mortgage Company DBA Century Lending Company 2 4.81% $17,380
DIGNIFIED HOME LOANS, LLC 2 4.56% $9,759
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.75% $18,957
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $32,741
RELIANCE FIRST CAPITAL, LLC 1 3.50% $30,458
SUMMIT FUNDING, INC. 1 5.99% $9,783
UNION HOME MORTGAGE CORP. 1 4.13% $22,117
VERITAS FUNDING, LLC 1 5.50% $14,040
VILLAGE CAPITAL MORTGAGE 1 4.63% $12,121
Wells Fargo Bank 1 2.75% $11,158
AMERICAN PACIFIC MORTGAGE CORPORATION 1 4.50% $18,045
ZILLOW HOME LOANS, LLC 1 2.75% $5,888
AUGUSTA FINANCIAL, INC. 1 2.62% $15,464
Barrington Bank & Trust Company, N.A. 1 2.70% $4,009
BROKER SOLUTIONS, INC. 1 3.38% $5,202
CAPSTONE DIRECT, INC. 1 3.25% $19,097
CLEARPATH LENDING 1 3.50% $41,428
CORNERSTONE HOME LENDING, INC. 1 4.25% $50
COUNTRY CLUB MORTGAGE, INC. 1 5.13% $37,067
DATA MORTGAGE, INC. 1 3.50% $31,179
ENVOY MORTGAGE, LTD 1 4.00% $3,570
FINANCE OF AMERICA MORTGAGE LLC 1 2.50% $4,197
Flagstar Bank, FSB 1 4.75% $6,267
GUILD MORTGAGE COMPANY 1 4.75% $4,499
LADERA LENDING, INC. 1 5.88% $12,959
Lakeview Community Capital, LLC 1 2.99% $11,576
LOANPAL, LLC 1 5.63% $7,140
Loan Simple, Inc. 1 5.25% $16,463
Magnolia Bank 1 5.25% $13,651
Meridian Bank Corporation 1 3.63% $3,152
MORTGAGEONE, INC. 1 3.75% $20,158
MOUNTAIN WEST FINANCIAL, INC. 1 2.75% $9,218
Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $26,100
M&T Bank 1 3.75% $20,845
NATIONWIDE MORTGAGE BANKERS, INC. 1 4.25% $13,713
North American Savings Bank, F.S.B. 1 2.75% $6,816

The top San Luis Obispo VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 48 VA loans originated. Their average total fees are $14,995, which is $3,144 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee San Luis Obispo VA lenders (with over 10 loans originated) are KD CAPITAL MORTGAGE CORPORATION ($11,815), QUICKEN LOANS, LLC ($11,851), Mortgage Research Center, LLC ($12,444), HOME POINT FINANCIAL CORPORATION ($14,044) and UNITED WHOLESALE MORTGAGE, LLC ($14,995).

The lowest rate San Luis Obispo VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.03%), QUICKEN LOANS, LLC (3.60%), HOME POINT FINANCIAL CORPORATION (3.61%), KD CAPITAL MORTGAGE CORPORATION (4.09%) and UNITED WHOLESALE MORTGAGE, LLC (4.15%).


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 $748,750 (7.9%) $1,048,991 (3.7%) 2.78 775
2018-02-01 $744,950 (6.5%) $1,006,055 (-2.7%) 2.70 810
2018-03-01 $737,500 (2.7%) $998,946 (-4.7%) 2.59 865
2018-04-01 $749,900 (4.9%) $1,022,003 (-1.5%) 2.54 929
2018-05-01 $775,000 (4.0%) $1,057,840 (0.1%) 2.59 963
2018-06-01 $765,000 (2.1%) $1,052,570 (1.4%) 2.55 1,033
2018-07-01 $749,500 (0.3%) $1,025,471 (1.0%) 2.50 1,078
2018-08-01 $744,000 (2.6%) $1,006,735 (-1.3%) 2.49 1,076
2018-09-01 $729,900 (1.4%) $999,817 (-4.2%) 2.45 1,063
2018-10-01 $713,750 (-1.5%) $980,884 (-7.1%) 2.42 1,028
2018-11-01 $699,475 (-3.9%) $982,683 (-8.1%) 2.37 988
2018-12-01 $695,000 (-6.4%) $993,670 (-7.3%) 2.40 918
2019-01-01 $699,000 (-6.6%) $1,001,876 (-4.5%) 2.41 877
2019-02-01 $699,995 (-6.0%) $996,058 (-1.0%) 2.36 880
2019-03-01 $699,000 (-5.2%) $1,009,799 (1.1%) 2.29 928
2019-04-01 $709,250 (-5.4%) $1,037,896 (1.6%) 2.25 994
2019-05-01 $727,000 (-6.2%) $979,960 (-7.4%) 2.27 1,042
2019-06-01 $729,270 (-4.7%) $968,845 (-8.0%) 2.28 1,059
2019-07-01 $743,500 (-0.8%) $978,936 (-4.5%) 2.33 1,086
2019-08-01 $741,727 (-0.3%) $966,229 (-4.0%) 2.35 1,074
2019-09-01 $732,318 (0.3%) $948,449 (-5.1%) 2.34 1,029
2019-10-01 $725,000 (1.6%) $936,334 (-4.5%) 2.34 990
2019-11-01 $729,900 (4.4%) $941,942 (-4.2%) 2.39 913
2019-12-01 $729,488 (5.0%) $940,180 (-5.4%) 2.43 804
2020-01-01 $732,475 (4.8%) $943,047 (-5.9%) 2.45 772
2020-02-01 $749,000 (7.0%) $973,576 (-2.3%) 2.45 771
2020-03-01 $749,000 (7.2%) $1,017,029 (0.7%) 2.35 812
2020-04-01 $749,000 (5.6%) $1,005,757 (-3.1%) 2.35 830
2020-05-01 $762,000 (4.8%) $1,033,094 (5.4%) 2.32 846
2020-06-01 $776,000 (6.4%) $1,028,897 (6.2%) 2.29 794
2020-07-01 $792,935 (6.7%) $1,060,656 (8.4%) 2.30 734
2020-08-01 $799,945 (7.9%) $1,117,442 (15.7%) 2.29 667
2020-09-01 $799,250 (9.1%) $1,159,795 (22.3%) 2.29 586
2020-10-01 $819,900 (13.1%) $1,165,357 (24.5%) 2.35 525
2020-11-01 $799,000 (9.5%) $1,163,664 (23.5%) 2.34 491
2020-12-01 $817,500 (12.1%) $1,184,791 (26.0%) 2.43 429
2021-01-01 $847,000 (15.6%) $1,250,624 (32.6%) 2.53 372
2021-02-01 $825,000 (10.2%) $1,262,324 (29.7%) 2.40 311
2021-03-01 $842,850 (12.5%) $1,279,845 (25.8%) 2.39 301
2021-04-01 $897,000 (19.8%) $1,425,972 (41.8%) 2.43 307
2021-05-01 $886,500 (16.3%) $1,431,031 (38.5%) 2.35 344
2021-06-01 $892,000 (15.0%) $1,440,471 (40.0%) 2.35 348
2021-07-01 $889,000 (12.1%) $1,362,149 (28.4%) 2.35 385
2021-08-01 $888,000 (11.0%) $1,411,259 (26.3%) 2.37 356
2021-09-01 $901,750 (12.8%) $1,446,565 (24.7%) 2.40 348
2021-10-01 $950,000 (15.9%) $1,567,842 (34.5%) 2.53 300
2021-11-01 $957,625 (19.9%) $1,573,505 (35.2%) 2.56 288
2021-12-01 $986,250 (20.6%) $1,601,964 (35.2%) 2.67 235
2022-01-01 $1,049,500 (23.9%) $1,941,953 (55.3%) 2.84 200
2022-02-01 $975,000 (18.2%) $1,839,763 (45.7%) 2.54 211
2022-03-01 $991,375 (17.6%) $1,750,484 (36.8%) 2.48 238
2022-04-01 $999,450 (11.4%) $1,653,293 (15.9%) 2.38 254
2022-05-01 $996,250 (12.4%) $1,595,536 (11.5%) 2.28 337
2022-06-01 $997,249 (11.8%) $1,539,960 (6.9%) 2.22 413
2022-07-01 $925,000 (4.1%) $1,409,572 (3.5%) 2.08 478
2022-08-01 $914,750 (3.0%) $1,427,903 (1.2%) 2.11 481
2022-09-01 $949,500 (5.3%) $1,463,864 (1.2%) 2.22 449
2022-10-01 $929,000 (-2.2%) $1,425,999 (-9.1%) 2.19 456
2022-11-01 $950,000 (-0.8%) $1,460,384 (-7.2%) 2.28 454
2022-12-01 $954,500 (-3.2%) $1,467,141 (-8.4%) 2.36 400
2023-01-01 $952,000 (-9.3%) $1,283,047 (-33.9%) 2.36 353
2023-02-01 $949,000 (-2.7%) $1,329,969 (-27.7%) 2.29 341
2023-03-01 $980,000 (-1.2%) $1,359,082 (-22.4%) 2.31 316
2023-04-01 $995,000 (-0.5%) $1,370,944 (-17.1%) 2.31 323
2023-05-01 $992,625 (-0.4%) $1,380,794 (-13.5%) 2.25 342
2023-06-01 $1,015,000 (1.8%) $1,444,641 (-6.2%) 2.28 356
2023-07-01 $1,075,000 (16.2%) $1,505,893 (6.8%) 2.44 363
2023-08-01 $1,124,950 (23.0%) $1,541,112 (7.9%) 2.58 405
2023-09-01 $1,100,000 (15.9%) $1,579,983 (7.9%) 2.56 429
2023-10-01 $1,000,000 (7.6%) $1,534,693 (7.6%) 2.35 444
2023-11-01 $999,000 (5.2%) $1,505,755 (3.1%) 2.38 455
2023-12-01 $999,000 (4.7%) $1,555,375 (6.0%) 2.44 395
San Luis Obispo's median listing price for 2023-12-01 was $999,000, a difference of $44,500 (4.7%) versus the prior year and $0 versus the prior month.

San Luis Obispo's median listing price comes in at 244% of the national average.

San Luis Obispo's average listing price for 2023-12-01 was $1,555,375, a difference of $88,234 (6.0%) versus the prior year and $49,620 versus the prior month.

For the 2023-12-01 period, San Luis Obispo had 395 MLS listings, a difference of -60 listings (-13%) versus the prior month and -5 listings (-1%) 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 75 days 1,956 sqft
2018-02-01 62 days 1,932 sqft
2018-03-01 46 days 1,929 sqft
2018-04-01 44 days 1,985 sqft
2018-05-01 43 days 2,013 sqft
2018-06-01 47 days 2,001 sqft
2018-07-01 51 days 1,935 sqft
2018-08-01 54 days 1,951 sqft
2018-09-01 57 days 1,926 sqft
2018-10-01 61 days 1,906 sqft
2018-11-01 65 days 1,902 sqft
2018-12-01 71 days 1,886 sqft
2019-01-01 74 days 1,881 sqft
2019-02-01 64 days 1,908 sqft
2019-03-01 57 days 1,908 sqft
2019-04-01 57 days 1,912 sqft
2019-05-01 53 days 1,930 sqft
2019-06-01 59 days 1,923 sqft
2019-07-01 64 days 1,980 sqft
2019-08-01 67 days 1,966 sqft
2019-09-01 72 days 1,925 sqft
2019-10-01 75 days 1,892 sqft
2019-11-01 77 days 1,890 sqft
2019-12-01 88 days 1,892 sqft
2020-01-01 84 days 1,878 sqft
2020-02-01 75 days 1,882 sqft
2020-03-01 59 days 1,882 sqft
2020-04-01 64 days 1,897 sqft
2020-05-01 74 days 1,930 sqft
2020-06-01 91 days 1,947 sqft
2020-07-01 76 days 1,936 sqft
2020-08-01 64 days 1,905 sqft
2020-09-01 67 days 1,929 sqft
2020-10-01 66 days 1,946 sqft
2020-11-01 72 days 1,947 sqft
2020-12-01 79 days 1,926 sqft
2021-01-01 84 days 1,904 sqft
2021-02-01 73 days 1,927 sqft
2021-03-01 52 days 1,889 sqft
2021-04-01 49 days 1,992 sqft
2021-05-01 44 days 1,971 sqft
2021-06-01 43 days 1,889 sqft
2021-07-01 39 days 1,861 sqft
2021-08-01 45 days 1,834 sqft
2021-09-01 46 days 1,846 sqft
2021-10-01 46 days 1,921 sqft
2021-11-01 47 days 1,879 sqft
2021-12-01 54 days 1,881 sqft
2022-01-01 62 days 1,974 sqft
2022-02-01 42 days 1,921 sqft
2022-03-01 35 days 1,877 sqft
2022-04-01 36 days 1,867 sqft
2022-05-01 32 days 1,889 sqft
2022-06-01 37 days 1,877 sqft
2022-07-01 39 days 1,859 sqft
2022-08-01 50 days 1,865 sqft
2022-09-01 55 days 1,898 sqft
2022-10-01 55 days 1,869 sqft
2022-11-01 60 days 1,791 sqft
2022-12-01 68 days 1,777 sqft
2023-01-01 77 days 1,800 sqft
2023-02-01 72 days 1,806 sqft
2023-03-01 59 days 1,868 sqft
2023-04-01 56 days 1,848 sqft
2023-05-01 46 days 1,833 sqft
2023-06-01 43 days 1,827 sqft
2023-07-01 45 days 1,847 sqft
2023-08-01 47 days 1,966 sqft
2023-09-01 54 days 1,916 sqft
2023-10-01 58 days 1,901 sqft
2023-11-01 59 days 1,871 sqft
2023-12-01 70 days 1,807 sqft
San Luis Obispo's median listing age (time on market) for 2023-12-01 was 70 days. This is 3% longer than the same period one year ago.

San Luis Obispo's median square footage for active listings during the 2023-12-01 period was 1,807 sqft. One year prior, the average listing was 1,777 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.