America's VA Loan

Menu
Twitter Facebook-f Linkedin-in
Menu

CALL US: (833) 408-1439

Call For A Free Consultation! 1 (833) 408-1439

VA Loan Rates

VA Loan Rates

Because the federal government backs VA home loans, lenders have the luxury of charging competitively low interest rates. Eligible veterans and service members find that rates are generally lower with a VA home loan than a conventional mortgage. The Department of Veterans Affairs (VA) doesn’t set interest rates. Your lender determines the rate on your VA loan based on your unique financial situation.
Get A Quote

What Determines My Rate?

A variety of factors influence VA loan rates, including:

Credit score

Loan Type (purchase, IRRRL, cash-out, jumbo, etc.)

Loan duration (15- or 30-year)

Current market conditions

Because of the risk involved in issuing a loan, a good credit score almost always means a lower rate. However, even if your credit report isn’t in perfect shape, you may still have an easier time qualifying for a low rate due to the VA Guaranty. If credit is a concern, Veterans United offers a no obligation credit consulting service to help get you on the road to preapproval.

See if You Meet the Qualifications

Answer a few questions below to speak with a specialist about what your military service has earned you.

Common Questions about VA Loan Rates

Getting a mortgage can be complicated. Veterans United works to simplify the process through education and helping you understand your options. We’ve compiled some of the most common mortgage rate questions below so that you can make more informed decisions.
Private lenders, such as mortgage companies and banks, set interest rates on VA loans. The Department of Veterans Affairs (VA) does not set the rate but backs a portion of each loan against default.
On average, VA loan rates are typically lower than both FHA and conventional mortgage rates. VA loan rates are generally lower due to the VA backing a portion of each loan.

A variety of factors go into determining VA loan interest rates. Many of these factors stem from market forces beyond the lender’s control – including inflation, job growth, and the secondary mortgage market.

Beyond market conditions, VA loan rates are determined by your:

  • Mortgage credit scores
  • Previous loan repayment history
  • Loan duration (15 or 30-year)
  • Loan type (purchase, IRRRL, cash-out, jumbo, etc.)
VA loan rates can change frequently – sometimes multiple times a day.
Rates are unique to each borrower’s financial situation. Speak to a Veterans United home loan specialist at 714-878-5031 to start your rate quote.

Borrowers have the option to buy down their interest rate by purchasing discount points. When you purchase discount points, you are essentially paying interest upfront to receive a lower rate over the life the loan.

Points are generally more advantageous to borrowers who plan to own the home for a longer period of time. Your loan officer can help you determine the break-even point of purchasing discount points, or if points even make sense for your specific situation.

A rate lock guarantees a set interest rate for a specific amount of time – typically ranging from 30 to 60 days. Rate locks are an essential part of the mortgage process, as mortgage rates often fluctuate daily.

Questions about whether you qualify?

Our Home Loan Specialists are available 24/7 to answer any questions you have about the VA loan program.
Send Us Message

(833) 408-1439

Call to Our Experts