Santa Cruz VA Loans

SANTA CRUZ-WATSONVILLE, 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.

    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 6.04% for the week of 2022-09-23, compared to the national average (all VA variants) of 5.992% for the same period.

    The average rate for the prior week (2022-09-16) was 5.89% and one month ago for the week of 2022-08-19, the average rate was 5.15%.

    The average rate one year ago was 2.75%.

    For refis of the same type during the week of 2022-09-23, the average rate was 6.2%.

    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 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. Total Fees
    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 $899,500 (5.6%) $1,376,038 (7.3%) 3.31 236
    2018-02-01 $899,000 (5.9%) $1,377,145 (7.8%) 3.24 266
    2018-03-01 $959,000 (9.7%) $1,344,682 (2.1%) 3.32 313
    2018-04-01 $948,500 (5.5%) $1,425,853 (6.7%) 3.18 369
    2018-05-01 $939,000 (4.5%) $1,404,459 (6.8%) 3.13 412
    2018-06-01 $979,000 (7.0%) $1,409,376 (7.2%) 3.26 449
    2018-07-01 $972,000 (5.1%) $1,366,872 (5.0%) 3.24 506
    2018-08-01 $944,000 (4.3%) $1,316,267 (3.7%) 3.15 556
    2018-09-01 $937,000 (4.1%) $1,282,981 (2.0%) 3.13 607
    2018-10-01 $919,500 (2.3%) $1,289,600 (3.8%) 3.08 602
    2018-11-01 $914,950 (1.8%) $1,309,094 (0.9%) 3.07 570
    2018-12-01 $895,000 (-0.5%) $1,308,370 (0.1%) 3.07 453
    2019-01-01 $895,000 (-0.5%) $1,353,971 (-1.6%) 3.09 346
    2019-02-01 $899,000 (0.0%) $1,314,460 (-4.6%) 3.01 322
    2019-03-01 $941,857 (-1.8%) $1,357,147 (0.9%) 3.07 372
    2019-04-01 $991,857 (4.6%) $1,374,826 (-3.6%) 3.12 432
    2019-05-01 $1,024,250 (9.1%) $1,361,668 (-3.1%) 3.16 501
    2019-06-01 $1,049,000 (7.2%) $1,421,673 (0.9%) 3.23 549
    2019-07-01 $977,000 (0.5%) $1,353,278 (-1.0%) 3.04 618
    2019-08-01 $989,286 (4.8%) $1,355,714 (3.0%) 3.11 606
    2019-09-01 $995,000 (6.2%) $1,362,806 (6.2%) 3.16 582
    2019-10-01 $979,500 (6.5%) $1,377,359 (6.8%) 3.12 594
    2019-11-01 $969,000 (5.9%) $1,388,310 (6.1%) 3.13 497
    2019-12-01 $924,000 (3.2%) $1,427,425 (9.1%) 3.08 343
    2020-01-01 $909,500 (1.6%) $1,391,075 (2.7%) 3.03 268
    2020-02-01 $939,000 (4.5%) $1,392,377 (5.9%) 3.03 285
    2020-03-01 $957,500 (1.7%) $1,370,578 (1.0%) 2.99 342
    2020-04-01 $962,500 (-3.0%) $1,335,706 (-2.9%) 3.00 371
    2020-05-01 $975,000 (-4.8%) $1,378,903 (1.3%) 2.95 404
    2020-06-01 $1,049,000 (0.0%) $1,503,080 (5.7%) 3.06 405
    2020-07-01 $1,098,500 (12.4%) $1,521,060 (12.4%) 3.15 374
    2020-08-01 $1,119,000 (13.1%) $1,602,520 (18.2%) 3.20 331
    2020-09-01 $1,149,500 (15.5%) $1,657,636 (21.6%) 3.28 289
    2020-10-01 $1,118,000 (14.1%) $1,627,796 (18.2%) 3.19 280
    2020-11-01 $1,164,500 (20.2%) $1,565,941 (12.8%) 3.33 263
    2020-12-01 $1,022,950 (10.7%) $1,457,444 (2.1%) 3.00 229
    2021-01-01 $998,000 (9.7%) $1,411,160 (1.4%) 2.94 172
    2021-02-01 $957,500 (2.0%) $1,468,324 (5.5%) 2.75 159
    2021-03-01 $1,122,500 (17.2%) $1,554,950 (13.5%) 3.15 172
    2021-04-01 $1,182,000 (22.8%) $1,614,044 (20.8%) 3.18 201
    2021-05-01 $1,249,000 (28.1%) $1,702,049 (23.4%) 3.29 224
    2021-06-01 $1,230,000 (17.3%) $1,688,960 (12.4%) 3.19 228
    2021-07-01 $1,270,500 (15.7%) $1,682,907 (10.6%) 3.30 247
    2021-08-01 $1,199,000 (7.2%) $1,544,071 (-3.7%) 3.15 266
    2021-09-01 $1,200,000 (4.4%) $1,586,898 (-4.3%) 3.16 233
    2021-10-01 $1,250,000 (11.8%) $1,690,794 (3.9%) 3.29 199
    2021-11-01 $1,348,000 (15.8%) $1,674,977 (7.0%) 3.55 162
    2021-12-01 $1,272,500 (24.4%) $1,578,310 (8.3%) 3.39 106
    2022-01-01 $1,199,000 (20.1%) $1,474,350 (4.5%) 3.20 92
    2022-02-01 $1,243,250 (29.8%) $1,492,242 (1.6%) 3.17 113
    2022-03-01 $1,262,500 (12.5%) $1,572,400 (1.1%) 3.12 137
    2022-04-01 $1,275,000 (7.9%) $1,616,407 (0.2%) 3.00 165
    2022-05-01 $1,386,000 (11.0%) $1,703,118 (0.1%) 3.10 248
    2022-06-01 $1,324,975 (7.7%) $1,752,457 (3.8%) 2.94 290
    2022-07-01 $1,349,000 (6.2%) $1,724,300 (2.5%) 3.00 337
    2022-08-01 $1,345,000 (12.2%) $1,687,826 (9.3%) 3.09 330
    Santa Cruz's median listing price for 2022-08-01 was $1,345,000, a difference of $146,000 (12.2%) versus the prior year and $-4,000 versus the prior month.

    Santa Cruz's median listing price comes in at 309% of the national average.

    Santa Cruz's average listing price for 2022-08-01 was $1,687,826, a difference of $143,755 (9.3%) versus the prior year and $-36,474 versus the prior month.

    For the 2022-08-01 period, Santa Cruz had 330 MLS listings, a difference of -7 listings (-2%) versus the prior month and 64 listings (24%) 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 70 days 1,732 sqft
    2018-02-01 38 days 1,619 sqft
    2018-03-01 31 days 1,685 sqft
    2018-04-01 36 days 1,697 sqft
    2018-05-01 36 days 1,683 sqft
    2018-06-01 39 days 1,696 sqft
    2018-07-01 42 days 1,728 sqft
    2018-08-01 45 days 1,658 sqft
    2018-09-01 46 days 1,676 sqft
    2018-10-01 52 days 1,671 sqft
    2018-11-01 58 days 1,700 sqft
    2018-12-01 69 days 1,648 sqft
    2019-01-01 81 days 1,602 sqft
    2019-02-01 65 days 1,661 sqft
    2019-03-01 41 days 1,725 sqft
    2019-04-01 32 days 1,791 sqft
    2019-05-01 35 days 1,785 sqft
    2019-06-01 45 days 1,796 sqft
    2019-07-01 51 days 1,698 sqft
    2019-08-01 53 days 1,712 sqft
    2019-09-01 58 days 1,737 sqft
    2019-10-01 59 days 1,718 sqft
    2019-11-01 66 days 1,758 sqft
    2019-12-01 85 days 1,696 sqft
    2020-01-01 92 days 1,695 sqft
    2020-02-01 52 days 1,695 sqft
    2020-03-01 37 days 1,693 sqft
    2020-04-01 48 days 1,728 sqft
    2020-05-01 60 days 1,759 sqft
    2020-06-01 46 days 1,783 sqft
    2020-07-01 48 days 1,866 sqft
    2020-08-01 49 days 1,892 sqft
    2020-09-01 58 days 1,890 sqft
    2020-10-01 57 days 1,914 sqft
    2020-11-01 43 days 1,916 sqft
    2020-12-01 51 days 1,733 sqft
    2021-01-01 58 days 1,680 sqft
    2021-02-01 37 days 1,590 sqft
    2021-03-01 33 days 1,716 sqft
    2021-04-01 26 days 1,709 sqft
    2021-05-01 27 days 1,815 sqft
    2021-06-01 30 days 1,846 sqft
    2021-07-01 29 days 1,837 sqft
    2021-08-01 31 days 1,762 sqft
    2021-09-01 37 days 1,881 sqft
    2021-10-01 42 days 1,901 sqft
    2021-11-01 42 days 1,949 sqft
    2021-12-01 47 days 1,925 sqft
    2022-01-01 42 days 1,800 sqft
    2022-02-01 20 days 1,616 sqft
    2022-03-01 22 days 1,555 sqft
    2022-04-01 26 days 1,656 sqft
    2022-05-01 24 days 1,780 sqft
    2022-06-01 29 days 1,772 sqft
    2022-07-01 37 days 1,751 sqft
    2022-08-01 43 days 1,745 sqft
    Santa Cruz's median listing age (time on market) for 2022-08-01 was 43 days. This is 39% longer than the same period one year ago.

    Santa Cruz's median square footage for active listings during the 2022-08-01 period was 1,745 sqft. One year prior, the average listing was 1,762 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.