Santa Cruz VA Loan Rates, Closing Costs & Stats

SANTA CRUZ-WATSONVILLE, CA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.