San Luis Obispo VA Loan Rates, Closing Costs & Stats

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 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 5.98% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

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

    The average rate for the prior week (2023-05-19) was 5.9% and one month ago for the week of 2023-04-21, the average rate was 5.62%.

    The average rate one year ago was 4.79%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.84%.

    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 $748,850 (7.9%) $1,049,841 (3.8%) 2.78 774
    2018-02-01 $744,950 (6.5%) $1,006,836 (-2.6%) 2.71 809
    2018-03-01 $738,250 (2.8%) $999,670 (-4.6%) 2.59 864
    2018-04-01 $749,950 (4.9%) $1,023,381 (-1.3%) 2.54 927
    2018-05-01 $775,000 (4.0%) $1,059,210 (0.2%) 2.59 961
    2018-06-01 $767,500 (2.5%) $1,053,867 (1.5%) 2.56 1,031
    2018-07-01 $749,500 (0.3%) $1,026,699 (1.1%) 2.50 1,076
    2018-08-01 $744,000 (2.6%) $1,007,322 (-1.3%) 2.49 1,074
    2018-09-01 $729,900 (1.4%) $1,001,039 (-4.1%) 2.45 1,062
    2018-10-01 $715,000 (-1.3%) $981,507 (-7.1%) 2.42 1,027
    2018-11-01 $699,500 (-4.1%) $983,597 (-8.1%) 2.37 987
    2018-12-01 $696,750 (-6.5%) $994,376 (-7.3%) 2.40 917
    2019-01-01 $699,000 (-6.7%) $1,001,876 (-4.6%) 2.41 877
    2019-02-01 $699,995 (-6.0%) $996,058 (-1.1%) 2.36 880
    2019-03-01 $699,000 (-5.3%) $1,043,484 (4.4%) 2.33 910
    2019-04-01 $709,250 (-5.4%) $1,039,003 (1.5%) 2.25 994
    2019-05-01 $727,000 (-6.2%) $979,960 (-7.5%) 2.27 1,042
    2019-06-01 $729,270 (-5.0%) $968,845 (-8.1%) 2.28 1,059
    2019-07-01 $743,500 (-0.8%) $978,936 (-4.7%) 2.33 1,086
    2019-08-01 $749,000 (0.7%) $988,709 (-1.9%) 2.35 1,090
    2019-09-01 $741,500 (1.6%) $968,500 (-3.3%) 2.34 973
    2019-10-01 $725,000 (1.4%) $936,334 (-4.6%) 2.34 990
    2019-11-01 $729,900 (4.4%) $944,356 (-4.0%) 2.39 914
    2019-12-01 $729,498 (4.7%) $942,923 (-5.2%) 2.43 805
    2020-01-01 $732,610 (4.8%) $945,906 (-5.6%) 2.45 773
    2020-02-01 $749,000 (7.0%) $976,297 (-2.0%) 2.45 772
    2020-03-01 $749,000 (7.2%) $1,019,595 (-2.3%) 2.35 812
    2020-04-01 $749,000 (5.6%) $1,006,016 (-3.2%) 2.35 830
    2020-05-01 $765,000 (5.2%) $1,036,140 (5.7%) 2.33 847
    2020-06-01 $777,000 (6.5%) $1,031,935 (6.5%) 2.29 795
    2020-07-01 $793,750 (6.8%) $1,063,856 (8.7%) 2.30 734
    2020-08-01 $799,990 (6.8%) $1,119,965 (13.3%) 2.29 668
    2020-09-01 $799,250 (7.8%) $1,162,562 (20.0%) 2.29 587
    2020-10-01 $819,900 (13.1%) $1,168,062 (24.8%) 2.35 526
    2020-11-01 $801,750 (9.8%) $1,167,977 (23.7%) 2.34 489
    2020-12-01 $821,000 (12.5%) $1,189,526 (26.2%) 2.44 426
    2021-01-01 $849,000 (15.9%) $1,256,435 (32.8%) 2.53 368
    2021-02-01 $826,225 (10.3%) $1,265,798 (29.7%) 2.40 310
    2021-03-01 $846,000 (13.0%) $1,282,157 (25.8%) 2.40 300
    2021-04-01 $897,000 (19.8%) $1,428,600 (42.0%) 2.43 307
    2021-05-01 $886,500 (15.9%) $1,431,031 (38.1%) 2.35 344
    2021-06-01 $892,000 (14.8%) $1,444,890 (40.0%) 2.35 348
    2021-07-01 $889,000 (12.0%) $1,362,149 (28.0%) 2.35 385
    2021-08-01 $889,000 (11.1%) $1,412,468 (26.1%) 2.37 356
    2021-09-01 $901,750 (12.8%) $1,446,565 (24.4%) 2.40 348
    2021-10-01 $950,000 (15.9%) $1,567,842 (34.2%) 2.53 300
    2021-11-01 $957,625 (19.4%) $1,573,505 (34.7%) 2.56 288
    2021-12-01 $986,250 (20.1%) $1,601,964 (34.7%) 2.67 235
    2022-01-01 $1,049,500 (23.6%) $1,941,953 (54.6%) 2.84 200
    2022-02-01 $975,000 (18.0%) $1,839,763 (45.3%) 2.54 211
    2022-03-01 $991,250 (17.2%) $1,751,082 (36.6%) 2.48 238
    2022-04-01 $999,000 (11.4%) $1,654,036 (15.8%) 2.38 253
    2022-05-01 $996,125 (12.4%) $1,596,040 (11.5%) 2.28 336
    2022-06-01 $994,750 (11.5%) $1,540,249 (6.6%) 2.22 412
    2022-07-01 $925,000 (4.1%) $1,409,590 (3.5%) 2.09 477
    2022-08-01 $907,500 (2.1%) $1,426,385 (1.0%) 2.10 480
    2022-09-01 $949,475 (5.3%) $1,463,988 (1.2%) 2.22 448
    2022-10-01 $929,000 (-2.2%) $1,426,047 (-9.0%) 2.19 455
    2022-11-01 $950,000 (-0.8%) $1,460,505 (-7.2%) 2.28 453
    2022-12-01 $950,000 (-3.7%) $1,467,286 (-8.4%) 2.35 399
    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 (-1.1%) $1,360,399 (-22.3%) 2.31 316
    2023-04-01 $995,000 (-0.4%) $1,370,944 (-17.1%) 2.31 323
    San Luis Obispo's median listing price for 2023-04-01 was $995,000, a difference of $-4,000 (-0.4%) versus the prior year and $15,000 versus the prior month.

    San Luis Obispo's median listing price comes in at 231% of the national average.

    San Luis Obispo's average listing price for 2023-04-01 was $1,370,944, a difference of $-283,092 (-17.1%) versus the prior year and $10,545 versus the prior month.

    For the 2023-04-01 period, San Luis Obispo had 323 MLS listings, a difference of 7 listings (2%) versus the prior month and 70 listings (28%) 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 78 days 1,957 sqft
    2018-02-01 66 days 1,932 sqft
    2018-03-01 47 days 1,930 sqft
    2018-04-01 46 days 1,989 sqft
    2018-05-01 46 days 2,016 sqft
    2018-06-01 51 days 2,004 sqft
    2018-07-01 55 days 1,935 sqft
    2018-08-01 58 days 1,951 sqft
    2018-09-01 60 days 1,927 sqft
    2018-10-01 65 days 1,907 sqft
    2018-11-01 67 days 1,904 sqft
    2018-12-01 75 days 1,888 sqft
    2019-01-01 79 days 1,880 sqft
    2019-02-01 68 days 1,908 sqft
    2019-03-01 67 days 1,897 sqft
    2019-04-01 62 days 1,920 sqft
    2019-05-01 57 days 1,930 sqft
    2019-06-01 63 days 1,922 sqft
    2019-07-01 67 days 1,980 sqft
    2019-08-01 75 days 2,002 sqft
    2019-09-01 80 days 1,955 sqft
    2019-10-01 80 days 1,892 sqft
    2019-11-01 81 days 1,890 sqft
    2019-12-01 93 days 1,893 sqft
    2020-01-01 88 days 1,879 sqft
    2020-02-01 87 days 1,886 sqft
    2020-03-01 64 days 1,883 sqft
    2020-04-01 67 days 1,897 sqft
    2020-05-01 78 days 1,932 sqft
    2020-06-01 97 days 1,953 sqft
    2020-07-01 83 days 1,939 sqft
    2020-08-01 70 days 1,910 sqft
    2020-09-01 72 days 1,931 sqft
    2020-10-01 73 days 1,946 sqft
    2020-11-01 79 days 1,952 sqft
    2020-12-01 85 days 1,934 sqft
    2021-01-01 89 days 1,906 sqft
    2021-02-01 85 days 1,929 sqft
    2021-03-01 61 days 1,901 sqft
    2021-04-01 58 days 1,993 sqft
    2021-05-01 47 days 1,971 sqft
    2021-06-01 46 days 1,892 sqft
    2021-07-01 40 days 1,860 sqft
    2021-08-01 48 days 1,834 sqft
    2021-09-01 49 days 1,846 sqft
    2021-10-01 48 days 1,921 sqft
    2021-11-01 49 days 1,879 sqft
    2021-12-01 57 days 1,881 sqft
    2022-01-01 64 days 1,974 sqft
    2022-02-01 44 days 1,921 sqft
    2022-03-01 35 days 1,881 sqft
    2022-04-01 36 days 1,868 sqft
    2022-05-01 32 days 1,893 sqft
    2022-06-01 38 days 1,879 sqft
    2022-07-01 39 days 1,862 sqft
    2022-08-01 51 days 1,866 sqft
    2022-09-01 57 days 1,899 sqft
    2022-10-01 56 days 1,873 sqft
    2022-11-01 60 days 1,794 sqft
    2022-12-01 68 days 1,786 sqft
    2023-01-01 78 days 1,800 sqft
    2023-02-01 74 days 1,806 sqft
    2023-03-01 61 days 1,869 sqft
    2023-04-01 59 days 1,848 sqft
    San Luis Obispo's median listing age (time on market) for 2023-04-01 was 59 days. This is 64% longer than the same period one year ago.

    San Luis Obispo's median square footage for active listings during the 2023-04-01 period was 1,848 sqft. One year prior, the average listing was 1,868 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.