The rates shown above are estimates, current as of: 5:50 p.m. PDT on Aug 29. Please note, rates and loan terms are subject to lender approval and are not guaranteed.
VA loans offer some of the lowest rates available, making homeownership more affordable for veterans, active-duty military, and eligible surviving spouses.
Backed by the government, VA loans come with competitive rates, flexible credit requirements, and other great benefits. This guide will walk you through everything you need to know—from eligibility to applying—so you can fully benefit from this valuable opportunity.
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs. Unlike regular loans, VA loans are issued by lenders but guaranteed by the government, which lowers the risk for lenders if the borrower can’t pay.
You can use a VA loan to buy a single-family home, condo, multi-unit property, prefab or manufactured home, or even a newly built home. They come with competitive rates and terms, making them a great choice for many veterans and service members.
VA loans offer a strong path to homeownership for veterans and service members. With perks like 0% down payment, lower interest rates, and flexible credit requirements, it’s easy to see why millions of veterans have used this benefit to buy their homes.
If you’re a veteran or active-duty military member, a VA loan could be your ticket to owning your dream home. Explore your options, compare rates, and start your journey to homeownership today.
VA loans come with several perks that make homeownership more accessible and affordable for veterans and service members. Here are the key benefits:
To qualify for a VA loan, you need to meet specific service requirements. Generally, you can qualify if you served:
The VA loan program offers several home financing options, including:
Compared to conventional and FHA loans, VA loans have significant advantages. They offer 0% down payments, no PMI, competitive interest rates, and the lowest average origination costs. Despite these benefits, it’s important to explore all your mortgage options to make the best financial choice.
| Comparison | VA Loans | Conventional Loans | FHA Loans |
|---|---|---|---|
| Percent Down Payment | They are unique because they require no down payment for eligible borrowers. | They often require down payments starting at 3%, but it’s more common for borrowers to put down up to 20%. | They have a minimum down payment requirement of 3.5%. |
| Private Mortgage Insurance | A major benefit is that they don’t require Private Mortgage Insurance (PMI), even with a 0% down payment. | They typically require PMI unless the borrower makes a 20% down payment. | It requires both upfront and annual mortgage insurance premiums. |
| Interest Rates | They feature competitive interest rates, often boasting the lowest average rates in the market. | To get the best rates, buyers usually need excellent credit scores. | It typically offers rates lower than conventional loans but higher than VA loan rates. |
| Origination Costs | Lowest origination costs. | Charges are, on average, 22% higher than those for VA loans. | They have the highest origination costs, averaging 27% more than VA loan charges. |
| Quantifiability | Qualifying is generally easier because it’s designed to help veterans and service members become homeowners. Its flexible credit underwriting guidelines make it especially accessible. | They often require higher credit scores and larger down payments, with stricter approval rules in some cases. | They are aimed at helping lower and middle-income buyers become homeowners, offering flexible underwriting guidelines to make qualifying easier. |
To get a Certificate of Eligibility (COE), you’ll need to provide certain documents, like proof of military service or discharge. The exact documents needed may vary depending on your service type and length. You can request your COE through the VA, your lender, or online using the eBenefits portal. Getting your COE is an important step in the VA loan process, ensuring you can access VA home loan benefits if you’re eligible.
The first step in applying for a VA loan is getting a Certificate of Eligibility (COE), which shows you meet the VA’s service requirements. Once you have your COE, you can start the loan application process with a VA-approved lender.
Check Your VA Loan RateNo impact on your credit score
• Latest Rates: Rates can change several times a day. We ensure you have the most up-to-date information. Last updated: 3:24 p.m. PDT, May 29. Interest rates and APRs are for informational purposes only and don't include all applicable fees. Your actual rates, payments, and costs may vary.
• Subject to Change: Rates and fees are current as of the time displayed above and may change without notice.
• One-Time Costs: Displayed costs include points/credits and third-party fees. An escrow deposit, prepaid interest, and other charges may apply depending on your situation.
• Estimate Accuracy: Without your complete financial picture, we can't provide exact figures. Your actual rate, payment, and costs could be higher. Obtain an official Loan Estimate before choosing a loan.
• Approval Conditions: Loan approval is subject to underwriter review. Not all applicants will be approved.
• Assumptions: Our estimates assume you're purchasing or refinancing a single-family home as your primary residence, with closing costs paid out of pocket, a debt-to-income ratio below 35%, a 20% down payment, and a credit score of 760 or higher.