Santa Maria VA Loan Rates, Closing Costs & Stats

SANTA MARIA-SANTA BARBARA, 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 Maria's 40 lenders originated 160 VA loans during 2023. The total origination value was $97,690,000, with an average VA loan value of $610,563.

    Santa Maria VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Santa Maria averaged 6.42% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Santa Maria's average VA mortgage closing costs are $7,626.

    The average rate for the prior week (2024-11-01) was 6.67% and one month ago for the week of 2024-10-04, the average rate was 6%.

    The average rate one year ago was 7.56%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.61%.

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

    Santa Maria 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 Maria level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 22 6.23% $8,887
    QUICKEN LOANS, LLC 14 6.14% $12,832
    Mortgage Research Center, LLC 12 6.32% $15,324
    LOANDEPOT.COM, LLC 11 6.01% $17,263
    GUARANTEED RATE, INC. 10 6.08% $11,418
    FREEDOM MORTGAGE CORPORATION 6 6.42% $14,113
    MOVEMENT MORTGAGE, LLC 6 6.35% $10,934
    NAVY FEDERAL CREDIT UNION 5 5.73% $5,016
    CROSSCOUNTRY MORTGAGE, LLC 5 6.41% $11,524
    CMG MORTGAGE, INC. 5 6.20% $16,479
    CARDINAL FINANCIAL 4 6.09% $10,971
    USAA Federal Savings Bank 4 6.19% $12,144
    GUILD MORTGAGE COMPANY 4 6.25% $6,829
    HOMEOWNERS FINANCIAL GROUP USA, LLC 4 6.88% $21,901
    Century Mortgage Company DBA Century Lending Company 4 5.94% $17,346
    CORNERSTONE HOME LENDING, INC. 3 6.58% $27,121
    PENNYMAC LOAN SERVICES, LLC 3 5.63% $16,725
    The Federal Savings Bank 3 6.08% $16,584
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.25% $7,281
    AMERICAN FINANCIAL NETWORK, INC. 2 6.56% $1,174
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.44% $9,195
    ENVOY MORTGAGE, LTD 2 6.50% $20,188
    Farmers Bank & Trust 2 5.13% $19,174
    HOMESIDE FINANCIAL, LLC 1 6.75% $13,744
    KD CAPITAL MORTGAGE CORPORATION 1 6.75% $9,313
    Golden Empire Mortgage, Inc. 1 6.25% $29,041
    Magnolia Bank 1 5.75% $32,103
    Flagstar Bank, FSB 1 5.38% $9,747
    FIRST COMMUNITY MORTGAGE, INC. 1 5.63% $14,110
    NATIONS DIRECT MORTGAGE, LLC 1 5.50% $29,031
    COASTAL FUNDING SLC, INC. 1 6.25% $26,483
    Paramount Residential Mortgage Group, Inc. 1 6.75% $13,843
    CHURCHILL MORTGAGE CORPORATION 1 5.63% $5,777
    PLANET HOME LENDING, LLC 1 6.38% $9,701
    AXIA FINANCIAL, LLC 1 6.99% $8,519
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.75% $6,530
    AUGUSTA FINANCIAL, INC. 1 6.50% $5,400
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $15,995
    American Mortgage & Equity Consultants, Inc. 1 6.63% $4,497
    U.S. Bank 1 6.25% $10,398

    The top Santa Maria VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 22 VA loans originated. Their average total fees are $8,887, which is $3,945 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Santa Maria VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($8,887), GUARANTEED RATE, INC. ($11,418), QUICKEN LOANS, LLC ($12,832), Mortgage Research Center, LLC ($15,324) and LOANDEPOT.COM, LLC ($17,263).

    The lowest rate Santa Maria VA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (6.01%), GUARANTEED RATE, INC. (6.08%), QUICKEN LOANS, LLC (6.14%), UNITED WHOLESALE MORTGAGE, LLC (6.23%) and Mortgage Research Center, LLC (6.32%).

    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.