VA Mortgage Rates

Current VA Mortgage Rates

Review current VA mortgage rates for July 15, 2024. The table below enables you to compare APRs, VA rates, monthly payments and closing costs for leading lenders in your state. VA loan rates vary depending on many factors including loan-to-value (LTV) ratio, mortgage type, loan term and lender. Adjust the inputs in the refine your search menu to compare updated VA mortgage rates and lenders based on your individual criteria including loan amount and purpose. We recommend that you contact at least five lenders below to find the best VA loan terms. 

Veterans: Get Qualified for $0 Down
Current VA Mortgage Rates in Ashburn, Virginia
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's VA Mortgage Rates

July 15, 2024

Today's VA mortgage rates are % for a 30 year fixed rate loan and % for a 15 year fixed loan

Mortgage Program
Today's VA
Mortgage Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

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VA Mortgage Rate Tips

The VA Home Loan Program enables eligible military personnel and veterans to buy a home with no down payment. The program offers several other advantages that make owning a home more affordable. Below we offer some of our best advice to help you find the VA loan that is right for you.

Save Money With Lower VA Rates. VA mortgage rates are typically .250% - .500% lower than the current conventional loan rates, which is one of the main benefits of the VA Program.  This is because military personnel are considered credit-worthy borrowers and because the government guarantees 25% of the loan amount, which protects lenders against default. VA rates also tend to be lower for borrowers with below average credit. Lower mortgage rates reduce your monthly payment which enables you to afford a higher loan amount.

Pay Discount Points to Lower Your Rate Even More. You can choose to pay discount points to reduce your mortgage rate even more. A discount point is an upfront fee equal to 1% of your loan amount that typically results in a 0.250% reduction in your interest rate. Discount points are optional so it is completely your choice to pay them. If you have excess funds, want to decrease your rate and monthly payment and plan to live in your home for at least five years then discount points may be the right call.

Shop Multiple VA Lenders. The Department of Veterans Affairs determines the qualification requirements and eligibility guidelines for the program but you apply for VA loans with approved lenders such as banks, credit unions and mortgage brokers. This enables you shop multiple VA lenders and compare loan proposals to find lowest mortgage rate and fees. Shopping for your mortgage is the best way to save money on your loan.

Why VA Closing Fees Are High.  The closing fees in the lender table above are high because the VA Program requires most borrowers to pay a one-time VA funding fee at closing. The funding fee can costs thousands of dollars and explains why VA closing costs are so much higher than the fees for conventional mortgages. The good news is that the VA funding fee can be added to your loan amount so you do not need to pay for it out of pocket.

No Minimum Credit Score. Do you know that the VA Program has no minimum required credit score and that lenders are advised to review a borrowers entire credit profile and loan application? While some lenders apply their own credit score requirement, the VA Program is well-suited for applicants with limited or challenging credit histories.

Why Select an VA Mortgage


No Down Payment.

The VA home loan program enables eligible borrowers to buy a home with no down payment which means they can get a mortgage for 100% of the property purchase price. Most mortgage programs require borrowers to make a down payment of 3% - 20%. Active and retired military personnel, including individuals in the reserves and national guard are eligible for the VA home loan program.


No Ongoing Mortgage Insurance.

Unlike the FHA program and most other low or no down payment mortgage programs, the VA program does not require borrowers to pay an ongoing mortgage insurance premium. Not requiring ongoing mortgage insurance reduces your total monthly housing expense and makes owning a home more affordable.


For Home Purchases and Refinancings.

Borrowers can use the VA home loan program to buy a home or to refinance their existing mortgage. The VA offers a special refinance program, also known as a VA Streamline or IRRRL Refinance, that requires less paperwork than a regular refinance, making the process more efficient for borrowers. The VA also offers the VA Energy Efficient Mortgage (EEM) Program that enables borrowers to include up to $6,000 in energy efficiency home improvements in their VA loan amount.


VA Funding Fee Can Be Financed.

The VA loan program requires most borrowers to pay a one-time, upfront VA funding fee. The funding fee ranges from 1.40% - 3.60% of the loan amount and varies based on your mortgage amount, loan program, down payment (if any) and if you are using the VA program for the first time.  For applicants who are required to pay it, the VA funding fee can be financed, or added to your mortgage amount, so you may not need to pay the fee out of pocket.  Depending on your circumstances, the fee can cost thousands of dollars so being able to add it to your loan significantly reduces the funds required to close your mortgage, making the VA program accessible to more borrowers.


No Loan Limits

Starting January 1, 2020, VA loan limits do not apply to applicants with their full entitlement.  This means that you can use a VA loan to buy a home with no down payment, regardless of the purchase price and mortgage required, as long as you meet program qualification requirements.  This also means that jumbo mortgages are eligible for the VA program.


The VA Program Can Be Used Multiple Times

One of the best features of the VA Mortgage Program is that eligible borrowers can use the program an unlimited number times. In most cases applicants are required to restore their VA entitlement by paying off their existing loan before they can qualify for a new VA loan. Additionally, the funding fee increases with subsequent uses of the VA Program but that cost is offset by lower VA mortgage rates. Repeat VA borrowers should check with a lender or the Department of Veterans Affairs to determine if they are eligible for another VA loan.

Why Borrowers Compare VA Mortgage Rates on FREEandCLEAR

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"VA Home Loans." VA. U.S. Department of Veterans Affairs, 2020. Web.