Santa Cruz VA Loan Rates, Closing Costs & Stats

SANTA CRUZ-WATSONVILLE, 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.

Santa Cruz's 58 lenders originated 281 VA loans during 2021. The total origination value was $177,835,000, with an average VA loan value of $632,865.

Santa Cruz VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Santa Cruz averaged 0.44% for the week of 2023-01-20, compared to the national average (all VA variants) of 0% for the same period.

Santa Cruz's average VA mortgage closing costs are $8,902.

The average rate for the prior week (2023-01-13) was 6.23% and one month ago for the week of 2022-12-16, the average rate was 6.5%.

The average rate one year ago was 3.4%.

For refis of the same type during the week of 2023-01-20, the average rate was 0.21%.

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

Santa Cruz 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 Santa Cruz level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 45 2.36% $5,358
PENNYMAC LOAN SERVICES, LLC 20 2.20% $8,006
FREEDOM MORTGAGE CORPORATION 19 2.31% $3,696
UNITED WHOLESALE MORTGAGE, LLC 18 2.47% $11,369
Mortgage Research Center, LLC 14 2.81% $14,657
HOME POINT FINANCIAL CORPORATION 12 2.39% $6,800
LOANDEPOT.COM, LLC 11 2.40% $3,149
LAKEVIEW LOAN SERVICING, LLC 9 2.40% $4,655
MASON MCDUFFIE MORTGAGE CORPORATION 8 2.48% $11,632
Flagstar Bank, FSB 7 2.54% $13,000
CALIBER HOME LOANS, INC. 6 2.55% $3,122
NEW DAY FINANCIAL, LLC 5 2.70% $14,373
The Federal Savings Bank 4 2.66% $5,135
Paramount Residential Mortgage Group, Inc. 4 2.44% $7,943
Lakeview Community Capital, LLC 4 2.47% $4,500
PLANET HOME LENDING, LLC 4 2.47% $4,888
BAY EQUITY LLC 3 2.42% $6,517
CLEARPATH LENDING 3 2.25% $8,153
MOUNTAIN WEST FINANCIAL, INC. 3 2.54% $3,824
CROSSCOUNTRY MORTGAGE, LLC 3 2.83% $11,156
DATA MORTGAGE, INC. 2 2.38% $36,083
NEWREZ LLC 2 2.31% $7,275
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 2.56% $7,528
FINANCE OF AMERICA MORTGAGE LLC 2 2.50% $9,408
AMERISAVE MORTGAGE CORPORATION 2 2.31% $41,602
GUARANTEED RATE AFFINITY, LLC 2 2.50% $12,957
STEARNS LENDING, LLC 2 2.25% $4,398
GUARANTEED RATE, INC. 2 2.44% $12,537
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.69% $3,353
USAA Federal Savings Bank 2 3.00% $2,799
VILLAGE CAPITAL MORTGAGE 2 2.00% $4,791
Wells Fargo Bank 2 2.50% $5,202
AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.50% $22,213
North American Savings Bank, F.S.B. 1 2.25% $1,229
AMERICAN FINANCIAL NETWORK, INC. 1 2.38% $9,800
Barrington Bank & Trust Company, N.A. 1 2.25% $5,465
BROKER SOLUTIONS, INC. 1 2.38% $4,398
ENVOY MORTGAGE, LTD 1 3.00% $15,388
FBC MORTGAGE, LLC 1 2.25% $2,779
First Guaranty Mortgage Corporation 1 2.25% $3,700
Franklin Loan Corporation 1 3.25% $8,411
GUILD MORTGAGE COMPANY 1 2.88% $11,242
InterContinental Capital Group, Inc 1 2.25% $9,359
Low VA Rates, LLC 1 3.25% $3,611
Mr. Cooper ( Nationstar Mortgage ) 1 2.38% $6,936
NAVY FEDERAL CREDIT UNION 1 2.38% $20,330
ACADEMY MORTGAGE CORPORATION 1 2.75% $25,050
OCMBC, INC. 1 2.25% $10,211
ONY GLO, INC. 1 2.63% $4,634
OPEN MORTGAGE, LLC 1 2.25% $6,243
PANORAMA MORTGAGE GROUP, LLC 1 2.75% $10,701
PLAZA HOME MORTGAGE, INC. 1 2.25% $3,078
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.25% $2,968
SOVEREIGN LENDING GROUP INCORPORATED 1 2.88% $3,282
Strong Home Mortgage, LLC 1 2.25% $6,426
TOWNE MORTGAGE COMPANY 1 2.25% $2,794
U.S. Bank 1 2.75% $20,818
Watermark Capital, Inc. 1 2.50% $1,742

The top Santa Cruz VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 45 VA loans originated. Their average total fees are $5,358, which is $2,648 lower than the next largest lender, PENNYMAC LOAN SERVICES, LLC.

The lowest fee Santa Cruz VA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($3,149), FREEDOM MORTGAGE CORPORATION ($3,696), QUICKEN LOANS, LLC ($5,358), HOME POINT FINANCIAL CORPORATION ($6,800) and PENNYMAC LOAN SERVICES, LLC ($8,006).

The lowest rate Santa Cruz VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.20%), FREEDOM MORTGAGE CORPORATION (2.31%), QUICKEN LOANS, LLC (2.36%), HOME POINT FINANCIAL CORPORATION (2.39%) and LOANDEPOT.COM, LLC (2.40%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Santa Cruz (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 $899,472 (5.9%) $1,396,805 (9.6%) 3.34 220
2018-02-01 $899,250 (5.9%) $1,383,211 (6.8%) 3.26 245
2018-03-01 $975,000 (9.9%) $1,368,314 (3.5%) 3.42 285
2018-04-01 $950,000 (5.2%) $1,504,485 (12.4%) 3.22 337
2018-05-01 $939,250 (4.5%) $1,461,802 (11.9%) 3.14 380
2018-06-01 $975,000 (5.9%) $1,455,698 (12.0%) 3.25 422
2018-07-01 $964,500 (4.3%) $1,407,289 (8.8%) 3.22 474
2018-08-01 $930,253 (3.4%) $1,341,335 (6.7%) 3.11 526
2018-09-01 $925,000 (2.8%) $1,320,901 (5.7%) 3.10 561
2018-10-01 $897,000 (-0.2%) $1,311,670 (6.3%) 3.03 562
2018-11-01 $899,500 (0.1%) $1,340,998 (2.7%) 3.05 537
2018-12-01 $895,000 (-0.4%) $1,352,935 (3.3%) 3.09 428
2019-01-01 $898,000 (-0.2%) $1,396,503 (0.0%) 3.10 322
2019-02-01 $899,000 (0.0%) $1,374,867 (-0.6%) 3.04 304
2019-03-01 $940,143 (-3.6%) $1,398,082 (2.2%) 3.07 351
2019-04-01 $988,143 (4.0%) $1,381,745 (-8.2%) 3.14 411
2019-05-01 $999,250 (6.4%) $1,371,729 (-6.2%) 3.12 470
2019-06-01 $998,000 (2.4%) $1,400,705 (-3.8%) 3.12 516
2019-07-01 $957,500 (-0.7%) $1,358,860 (-3.4%) 3.00 585
2019-08-01 $961,000 (3.3%) $1,356,164 (1.1%) 3.04 582
2019-09-01 $954,250 (3.2%) $1,350,545 (2.2%) 3.05 569
2019-10-01 $949,125 (5.8%) $1,346,800 (2.7%) 3.06 554
2019-11-01 $949,500 (5.6%) $1,365,374 (1.8%) 3.11 467
2019-12-01 $899,500 (0.5%) $1,392,669 (2.9%) 3.00 307
2020-01-01 $906,750 (1.0%) $1,386,266 (-0.7%) 3.03 240
2020-02-01 $929,000 (3.3%) $1,415,904 (3.0%) 3.04 265
2020-03-01 $949,250 (1.0%) $1,383,291 (-1.1%) 2.97 328
2020-04-01 $953,988 (-3.5%) $1,359,828 (-1.6%) 2.99 359
2020-05-01 $966,500 (-3.3%) $1,401,533 (2.2%) 2.94 391
2020-06-01 $1,049,500 (5.2%) $1,534,902 (9.6%) 3.09 380
2020-07-01 $1,098,249 (14.7%) $1,558,220 (14.7%) 3.18 354
2020-08-01 $1,100,000 (14.5%) $1,657,250 (22.2%) 3.15 314
2020-09-01 $1,094,000 (14.7%) $1,609,034 (19.1%) 3.13 276
2020-10-01 $1,076,000 (13.4%) $1,605,423 (19.2%) 3.08 273
2020-11-01 $1,067,750 (12.5%) $1,471,183 (7.8%) 3.12 257
2020-12-01 $985,975 (9.6%) $1,406,997 (1.0%) 2.93 219
2021-01-01 $990,000 (9.2%) $1,394,226 (0.6%) 2.96 169
2021-02-01 $949,500 (2.2%) $1,439,668 (1.7%) 2.76 151
2021-03-01 $1,075,000 (13.3%) $1,504,810 (8.8%) 3.05 161
2021-04-01 $1,149,250 (20.5%) $1,633,678 (20.1%) 3.11 187
2021-05-01 $1,220,000 (26.2%) $1,753,714 (25.1%) 3.23 209
2021-06-01 $1,235,000 (17.7%) $1,753,824 (14.3%) 3.25 218
2021-07-01 $1,200,000 (9.3%) $1,701,709 (9.2%) 3.16 237
2021-08-01 $1,174,500 (6.8%) $1,601,104 (-3.4%) 3.13 246
2021-09-01 $1,200,000 (9.7%) $1,644,761 (2.2%) 3.20 224
2021-10-01 $1,250,000 (16.2%) $1,723,102 (7.3%) 3.33 190
2021-11-01 $1,349,250 (26.4%) $1,765,346 (20.0%) 3.60 154
2021-12-01 $1,295,000 (31.3%) $1,693,453 (20.4%) 3.51 104
2022-01-01 $1,231,250 (24.4%) $1,627,981 (16.8%) 3.33 86
2022-02-01 $1,271,375 (33.9%) $1,617,802 (12.4%) 3.31 109
2022-03-01 $1,298,738 (20.8%) $1,674,604 (11.3%) 3.25 139
2022-04-01 $1,299,000 (13.0%) $1,704,955 (4.4%) 3.10 159
2022-05-01 $1,398,750 (14.7%) $1,772,997 (1.1%) 3.20 237
2022-06-01 $1,368,250 (10.8%) $1,766,245 (0.7%) 3.05 272
2022-07-01 $1,349,000 (12.4%) $1,728,931 (1.6%) 3.05 328
2022-08-01 $1,349,000 (14.9%) $1,697,692 (6.0%) 3.12 315
2022-09-01 $1,386,000 (15.5%) $1,739,274 (5.8%) 3.24 288
2022-10-01 $1,349,000 (7.9%) $1,724,220 (0.1%) 3.17 299
2022-11-01 $1,399,000 (3.7%) $1,777,841 (0.7%) 3.37 268
2022-12-01 $1,349,000 (4.2%) $1,719,354 (1.5%) 3.37 236
Santa Cruz's median listing price for 2022-12-01 was $1,349,000, a difference of $54,000 (4.2%) versus the prior year and $-50,000 versus the prior month.

Santa Cruz's median listing price comes in at 337% of the national average.

Santa Cruz's average listing price for 2022-12-01 was $1,719,354, a difference of $25,901 (1.5%) versus the prior year and $-58,487 versus the prior month.

For the 2022-12-01 period, Santa Cruz had 236 MLS listings, a difference of -32 listings (-12%) versus the prior month and 132 listings (127%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Santa Cruz (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 69 days 1,719 sqft
2018-02-01 37 days 1,604 sqft
2018-03-01 30 days 1,674 sqft
2018-04-01 35 days 1,699 sqft
2018-05-01 34 days 1,663 sqft
2018-06-01 39 days 1,696 sqft
2018-07-01 42 days 1,716 sqft
2018-08-01 45 days 1,655 sqft
2018-09-01 46 days 1,657 sqft
2018-10-01 52 days 1,652 sqft
2018-11-01 57 days 1,678 sqft
2018-12-01 68 days 1,619 sqft
2019-01-01 81 days 1,606 sqft
2019-02-01 68 days 1,662 sqft
2019-03-01 41 days 1,719 sqft
2019-04-01 34 days 1,766 sqft
2019-05-01 36 days 1,744 sqft
2019-06-01 46 days 1,747 sqft
2019-07-01 49 days 1,678 sqft
2019-08-01 55 days 1,670 sqft
2019-09-01 60 days 1,686 sqft
2019-10-01 63 days 1,693 sqft
2019-11-01 74 days 1,702 sqft
2019-12-01 98 days 1,632 sqft
2020-01-01 92 days 1,639 sqft
2020-02-01 44 days 1,616 sqft
2020-03-01 35 days 1,647 sqft
2020-04-01 48 days 1,678 sqft
2020-05-01 57 days 1,738 sqft
2020-06-01 46 days 1,754 sqft
2020-07-01 47 days 1,845 sqft
2020-08-01 51 days 1,847 sqft
2020-09-01 73 days 1,814 sqft
2020-10-01 68 days 1,807 sqft
2020-11-01 63 days 1,724 sqft
2020-12-01 61 days 1,624 sqft
2021-01-01 57 days 1,628 sqft
2021-02-01 37 days 1,548 sqft
2021-03-01 35 days 1,662 sqft
2021-04-01 28 days 1,668 sqft
2021-05-01 26 days 1,797 sqft
2021-06-01 32 days 1,802 sqft
2021-07-01 30 days 1,801 sqft
2021-08-01 32 days 1,678 sqft
2021-09-01 44 days 1,844 sqft
2021-10-01 51 days 1,863 sqft
2021-11-01 71 days 1,956 sqft
2021-12-01 82 days 1,863 sqft
2022-01-01 56 days 1,659 sqft
2022-02-01 18 days 1,616 sqft
2022-03-01 19 days 1,538 sqft
2022-04-01 25 days 1,608 sqft
2022-05-01 23 days 1,735 sqft
2022-06-01 29 days 1,726 sqft
2022-07-01 37 days 1,714 sqft
2022-08-01 43 days 1,704 sqft
2022-09-01 46 days 1,758 sqft
2022-10-01 45 days 1,714 sqft
2022-11-01 55 days 1,804 sqft
2022-12-01 67 days 1,745 sqft
Santa Cruz's median listing age (time on market) for 2022-12-01 was 67 days. This is -18% shorter than the same period one year ago.

Santa Cruz's median square footage for active listings during the 2022-12-01 period was 1,745 sqft. One year prior, the average listing was 1,863 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.