California VA Loan Rates, Closing Costs & Stats
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.
California VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in California
for the week of 2023-09-22, compared to the national average (all VA variants) of
6.823% for the same period.
California's average VA mortgage closing costs are $7,896.
The average rate for the prior week (2023-09-15) was 6.56% and one month ago for the week of 2023-08-18, the average rate was 6.34%.
The average rate one year ago was 5.51%.
For refis of the same type during the week of 2023-09-22, the average rate was 5.23%.
California 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 California level.
The top California VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
6,178 VA loans originated. Their average total fees are
$12,861, which is $701
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee California VA lenders (with over 10 loans originated) are TRAVIS CREDIT UNION ($6,303), Lakeview Community Capital, LLC ($6,550), FRONTWAVE ($6,607), CHERRY CREEK MORTGAGE, LLC ($6,673) and M&T Bank ($6,999).
The lowest rate California VA lenders (with over 10 loans originated) are Prime Choice Funding Inc. (3.05%), TJC Mortgage, Inc. (3.06%), M&T Bank (3.06%), LAKEVIEW LOAN SERVICING, LLC (3.18%) and Lakeview Community Capital, LLC (3.21%).