Get a home loan for up to $453,100 with the VA Loan.
Did you know that if you are currently in the military or are a military veteran that you may be eligible to participate in the VA Loan program? VA Loans are one of the best benefits programs that are available to almost all veterans – and one of the best kept secrets!
What is a VA Loan?
The VA Loan Guaranty program was created over 65 years ago to honor the service and sacrifice of the nation’s military members. The VA home loan program was created to spur homeownership among a deserving demographic that has at times struggled to find financial stability — current military members and veterans of the US armed forces. Since the close of World War II, the U.S. Dept. of Veteran Affairs has helped more than 18 million veterans and their families become homeowners.
A VA Loan is a home loan that is guaranteed by the Department of Veterans Affairs and can be used to purchase or refinance a home. VA Loans come with a guarantee from the U.S. government. Basically, the VA agrees to repay about a fourth of a borrower’s mortgage if he or she winds up defaulting. That guarantee gives a greater degree of confidence to lenders, who in turn can typically offer qualified borrowers excellent mortgage rates and loan terms.
No Downpayment Required. In fact, VA loans are one of the few ways borrowers can still buy a home without putting down a single dollar. Veterans and active-duty military across the country cite the “no down payment” benefit as the program’s most powerful. VA loans also do not require borrowers to pay Private Mortgage Insurance (PMI), which is required by lenders when homeowners purchase a home with less than a 20% down payment. PMI can cost borrowers several hundred dollars per year, making the VA loan a more attractive option than some conventional mortgage loans.
How to Apply for a VA Mortgage Loan or Refinance a VA Loan
Applying for a VA Loan is very similar to applying for a conventional mortgage. There are a few differences, however. For example, you need to obtain a Certificate of Eligibility (COE) to prove you are eligible for a VA Loan. You will also need to have a VA Loan appraisal on the home.
That said, the benefits are many, including no required down-payment, and interest rates that are often lower than standard mortgage interest rates.
Refinancing a VA Loan is even easier – you generally don’t need to submit the COE again, or get another VA Loan Appraisal.
View VA Loan Interest Rates or Apply for a VA Loan
Use this form to contact VA Loan specialists who can help you obtain the information you need to apply for a VA Loan or to refinance your current VA Loan.
You can also visit one of our trusted partners for more information on VA Loans, such as USAA Federal Savings Bank. Read our USAA review for more information about what makes them a great military bank.
Use the chart to directly apply for a VA Loan purchase, or for a Streamline Refinance from one of our trusted partners.
Current VA Loan Rates
If you are shopping for VA Loan rates, you can use the chart below to give you a good idea of what kind of rates you may be eligible for.
Keep in mind that rates vary based on many factors, including your region, the price of your home, your credit score, and other factors. You will need to contact a lender and apply for a loan to get an accurate quote. See our VA Loan refinance calculator below this chart.
VA Loan Refinance - Potential Savings
You may be able to save hundreds of dollars per month by refinancing your VA loan, and tens of thousands of dollars over the course of your loan. To determine how much you can save, you can find a mortgage refinance calculator online and enter your current loan details (interest rate, term, and loan amount) and compare it to the terms of your new loan. The calculator will show you how much you can save over the course of refinancing your loan. Keep in mind the rates in the above chart aren't a guaranteed offer at that rate. A loan you will be offered will depend on your location, credit score, home value, amount of loan, size of down payment, and other factors. If the numbers work out in your favor, you may consider refinancing.
VA Loan Information
The following information may be helpful when applying for a VA Loan or Streamline Refinance. These resources include information about the VA loan program, eligibility requirements, how to apply, and how to get a VA Loan Certificate of Eligibility, which is a requirement before you can apply for a VA loan.
- VA Loans: Uses and Benefits. Do you know what a VA Loan is or how it can benefit you?
- VA Loan Eligibility and Financing. Are you eligible for VA Loan? Find out!
- How to Apply for a VA Loan. A step by step guide for how to apply for a VA Loan.
- How to Get a VA Certificate of Eligibility. You will need a VA Certificate of Eligibility before you can apply for a VA Loan. Use this guide to get your certificate of eligibility!
- Qualifying for a VA Loan. Being eligible for a loan and qualifying for a loan are two different things. You still need to be able to qualify for a loan based on your credit score, income, debt to income ratio, and other factors.
- Options for Refinancing a VA Loan. VA Loans aren't just for new home purchases. You may be able to use your VA Loan to refinance your current mortgage.
- VA Loan Streamline Refinance. Learn how the VA Interest Rate Reduction Refinancing Loan (IRRRL) can save you thousands on interest payments. This is the fastest and easiest way to refinance a VA loan.
Thank you for your service!