Sonora VA Loan Rates, Closing Costs & Stats

Sonora, CA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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.

    Sonora's 21 lenders originated 49 VA loans during 2023. The total origination value was $20,455,000, with an average VA loan value of $417,449.

    Sonora VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Sonora averaged 6.55% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Sonora's average VA mortgage closing costs are $6,171.

    The average rate for the prior week (2024-07-12) was 6.49% and one month ago for the week of 2024-06-14, the average rate was 6.65%.

    The average rate one year ago was 6.93%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.3%.

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

    Sonora 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 Sonora level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 11 5.95% $10,311
    QUICKEN LOANS, LLC 5 5.85% $8,866
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 7.03% $8,516
    SUN WEST MORTGAGE COMPANY, INC. 3 6.88% $8,277
    Mortgage Research Center, LLC 3 7.08% $10,285
    PENNYMAC LOAN SERVICES, LLC 2 5.13% $9,500
    NAVY FEDERAL CREDIT UNION 2 5.94% $8,224
    MASON MCDUFFIE MORTGAGE CORPORATION 2 5.50% $10,453
    FREEDOM MORTGAGE CORPORATION 2 6.50% $22,982
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 7.75% $700
    Paramount Residential Mortgage Group, Inc. 1 6.50% $10,196
    The Federal Savings Bank 1 5.75% $15,683
    MORTGAGEONE, INC. 1 7.63% $13,265
    Barrington Bank & Trust Company, N.A. 1 7.25% $9,921
    CARDINAL FINANCIAL 1 6.75% $19,625
    Century Mortgage Company DBA Century Lending Company 1 7.13% $9,154
    Equity Prime Mortgage LLC 1 6.63% $10,514
    JPMorgan Chase Bank 1 5.38% $6,952
    LAKEVIEW LOAN SERVICING, LLC 1 6.50% $11,369
    ACADEMY MORTGAGE CORPORATION 1 5.75% $13,682
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $18,796

    The top Sonora VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 11 VA loans originated. Their average total fees are $10,311, which is $1,445 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Sonora VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($10,311), .

    The lowest rate Sonora VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.95%), .

    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.