Current VA Mortgage Rates

Review current VA mortgage rates for December 13, 2018. The table below enables you to shop VA mortgage rates and fees for leading lenders in your state. As presented in the table, VA rates and loan payments are lower than for conventional mortgages but the closing fees are higher because you are usually required to pay a one-time VA funding fee at closing, although this cost may be added to your loan. You are not required to pay ongoing mortgage insurance so the monthly payment for a VA loan remains relatively low compared to conventional loans and other programs.
The lender table enables you to compare APRs, interest rates, monthly payments and closing costs for both VA and conventional loans. The APR for a VA loan is higher because it incorporates the upfront funding fee that you may be required to pay. VA loan rates vary depending on many factors including loan-to-value (LTV) ratio, mortgage type, loan term and if you choose to pay discount points.
You can adjust the inputs in the refine your search menu to compare updated VA mortgage rates and lenders based on your individual criteria. While the VA Program is backed by the government, mortgages are provided by approved lenders such as banks and credit unions. We recommend that you contact at least five lenders below to find the loan with the lowest VA mortgage rate and costs.

Current Mortgage Rates

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Rate
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

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.

Low Interest Rate.

VA mortgage rates are typically .250% - .500% lower than the current interest rate on a conventional loan or other no or low down payment mortgage programs. This is because military personnel are considered credit-worthy borrowers and because the government guarantees 25% of the loan amount, which protects the lender against default. VA interest rates tend to be lower even for borrowers with average or lower credit scores, especially when as compared to conventional loan rates. Lower VA mortgage rates are one of the main benefits of the 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 the VA Energy Efficient Mortgages (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 1.25% - 2.15% of the loan amount and varies based on your type of military service, loan amount, down payment (if any) and if you are using the VA home loan 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.

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

Save Money.

Comparing VA mortgage rates can save you thousands. Use our rate tables to find the lender offering the lowest rates and fees

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Top Lenders.

Review VA mortgage rates from leading lenders. Our lenders offer highly competitive terms to win your mortgage business

More FREEandCLEAR Mortgage Resources

VA Home Loan Program: https://www.benefits.va.gov/homeloans/

Loan Program:
Monthly Payment:
APR:
Rate:
Points : Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Total Lender Fees:
Loan type:
Property Value:
Loan to Value:
Credit Rating:
Date Submitted:

P & I Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance Mortgage Insurance: The monthly cost for a policy that protects the lender in case you're unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%. (Estimated)
Property Tax Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ... (Estimated)
Homeowner Insurance Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ... (Estimated)
Homeowner Association Fee Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs. (If Any)
Total Monthly Housing Payments

Points Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee Credit Report Fee: Fee charged to obtain an applicant's credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower's creditworthiness.
Tax Service Fee Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property's value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower. (If Any)
FHA Upfront Premium FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception. (If any)
VA funding Fee (If any)
Flood Fee
Other Fees Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees) The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower's attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.
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Why Select an VA Mortgage

No Down Payment.

Low Interest Rate.

No Ongoing Mortgage Insurance.

For Home Purchases and Refinancings.

VA Funding Fee Can Be Financed.

The VA Program Can Be Used Multiple Times.

Why Borrowers Compare VA Mortgage Rates on FREEandCLEAR

More FREEandCLEAR Mortgage Resources

VA Mortgage Qualification Calculator

VA Mortgage Overview

Low / No Down Mortgage Program Comparison

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