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Rates and other loan terms are subject to lender approval and not guaranteed.
VA loan rates introduction
One of the many benefits of a VA loan is that their rates are lower on average than conventional loans. If you’re a veteran, active-duty military personnel, or an eligible surviving spouse, a VA loan could be your ticket to homeownership.
VA loans are government-backed mortgages that offer competitive interest rates, flexible credit guidelines, and significant benefits designed to make homeownership more affordable for qualifying veterans and service members. This comprehensive guide will walk you through everything you need to know about VA loans, from eligibility requirements to the application process, and how to get the most out of this hard-earned benefit.
What is the VA home loan program?
A VA loan is a mortgage option backed by the U.S. Department of Veterans Affairs. Unlike conventional loans, VA loans are issued by mortgage lenders and banks, but guaranteed by the government. This means that if the borrower defaults, the government will cover a portion of the loan, reducing the risk for lenders.
VA loans can be utilized to buy a single-family home, condo, multi-unit real estate, prefab or manufactured home, or newly constructed property. They offer competitive interest rates and terms, making them an attractive option for many veterans and service members.
- Rates can change several times a day, so we make sure you have the latest. We updated them at 9:28 p.m. PST on Dec 22. Interest rates and APRs are for informational purposes and do not include all applicable fees. Your actual rates, payments, and costs may differ.
- Rates and fees are as of time displayed above and are subject to change without notice.
- The one-time costs shown include points/credits and third-party fees. An escrow deposit, pre-paid interest, and other charges may be required depending on your situation.
- We don’t yet have your complete financial picture. Your actual rate, payment and costs could be higher. Get an official Loan Estimate before choosing a loan.
- Loan approval is subject to underwriter review: not everyone who applies will be approved.
- We also assume: closing costs are paid out of pocket; your debt-to-income ratio is below 35%; you are purchasing or refinancing a single-family home that is your primary residence; you are making a down payment of 20%; and your credit score is 760 or higher.
- Refinancing may cause your finance charges to be higher over the life of the loan.