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Current VA loan rates: Get great rates today

Here are today’s VA purchase loan rates in . Take the next step by getting a personalized quote in as quick as 3 minutes with no impact to your credit score.
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The above rates are estimated rates current as of:
Rates and other loan terms are subject to lender approval and not guaranteed.

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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.

VA loan vs conventional loan rates 

One of the largest benefits of a VA loan is their competitive interest rates, which are on average, below conventional loan rates.

VA loan vs conventional loan rates

Source: The Optimal Blue Mortgage Market Indices
Rates from Sep 3, 2023 - Feb 24, 2024

What benefits do VA loans have?

VA loans come with a host of benefits designed to make homeownership more accessible and affordable for veterans and service members. Here are some of the biggest advantages:

  • 0% down payment: This is the signature benefit of VA loans. Qualified veterans can purchase a home without making a down payment, regardless of the home's price (as long as the sales price doesn’t exceed the appraised value).
  • Lower interest rates: VA loans typically offer lower interest rates than conventional loans, making monthly payments more affordable.
  • Flexible credit guidelines: VA loans have more lenient credit requirements compared to other types of loans, making it easier for veterans with less-than-perfect credit to qualify.
  • Closing cost limits: The VA limits the amount of closing costs that veterans can be charged, potentially saving them thousands of dollars at closing.
  • No private mortgage insurance: Unlike conventional and FHA loans, VA loans do not require private mortgage insurance (PMI) if you make a down payment less than 20%, which can significantly reduce monthly payments.

What are VA loan eligibility requirements?

To be eligible for a VA loan, you must meet certain service requirements. Generally, you can qualify if you served:

  • 90 consecutive days on active duty during wartime
  • 181 consecutive days on active duty during peacetime
  • Six years in the National Guard or Reserve, or 90 days under Title 32 orders (at least 30 of those days must be served consecutively)

In addition to these service requirements, you must also meet lender guidelines related to credit score, debt-to-income ratio, and other financial factors.

VA vs conventional loan comparison

When compared to conventional and FHA loans, VA loans often come out on top. They offer 0% down payment, no PMI, competitive interest rates, and the lowest average origination costs. Despite these benefits, it's important to understand all your mortgage options to make the best financial decision.

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Types of VA Loans

The VA loan program offers several homes financing options, including:

  • VA purchase loan: This allows qualified veterans and service members to purchase new or existing homes with $0 down payment.
  • VA interest rate reduction refinance loan (IRRRL): Also known as VA Streamlines, these are simple, low-cost refinance loans that can lower your interest rate.
  • VA cash-out refinance: This enables homeowners to restructure their mortgage and extract cash from the equity of their home.
  • VA energy efficient mortgage: This permits veterans to secure extra funds to finance energy efficiency enhancements to a residence.

How do I Apply for a VA Loan?

The process of applying for a VA loan begins with obtaining a Certificate of Eligibility (COE), which confirms that 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 VA loan rates

Applying does not impact your credit score

VA loan certificate of eligibility process

To obtain a COE, applicants typically need to provide specific documentation, including proof of military service or discharge. This documentation may vary depending on the nature of service, length of service, and other factors. Applicants can usually request their COE through the VA, their lender, or online through the eBenefits portal. Understanding and obtaining the COE is a vital step in the VA loan process, ensuring that eligible individuals can access the benefits and advantages of VA home loans with ease.

Why use a VA Loan?

VA loans offer a powerful path to homeownership for veterans and service members. With benefits like 0% down payment, lower interest rates, and flexible credit guidelines, it's no wonder that millions of veterans have used this benefit to achieve their homeownership dreams.

If you're a veteran or active-duty military personnel, this type of financing could be the key to unlocking your homeownership potential. Explore your options, compare rates, and take the first step towards owning your dream home today.

Next steps

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  • Rates can change several times a day, so we make sure you have the latest. We updated them at . 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.
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