San Luis Obispo VA Loans

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 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 5.19% for the week of 2022-05-20, compared to the national average (all VA variants) of 5.143% for the same period.

The average rate for the prior week (2022-05-13) was 5.5% and one month ago for the week of 2022-04-15, the average rate was 4.96%.

The average rate one year ago was 2.96%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.13%.

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 & INVESTMENT LLC 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 & INVESTMENT LLC (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
San Luis Obispo's median listing price for 2022-04-01 was $999,900, a difference of $70,900 (7.6%) versus the prior year and $1,450 versus the prior month.

San Luis Obispo's median listing price comes in at 235% of the national average.

San Luis Obispo's average listing price for 2022-04-01 was $1,794,838, a difference of $283,021 (18.7%) versus the prior year and $-110,587 versus the prior month.

For the 2022-04-01 period, San Luis Obispo had 247 MLS listings, a difference of 22 listings (10%) versus the prior month and -57 listings (-19%) 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
San Luis Obispo's median listing age (time on market) for 2022-04-01 was 31 days. This is 0% longer than the same period one year ago.

San Luis Obispo's median square footage for active listings during the 2022-04-01 period was 1,888 sqft. One year prior, the average listing was 1,999 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.