*Please note that effective April 3, 2020, we are no longer able to accept loans from applicants with a credit score below 640.  Please visit our friends at My Credit Guy for help improving your credit score.

Buying a home can be an overwhelming experience. 

There’s so much to do!

One thing you can check off your list is worrying about current VA mortgage rates.

The Wendy Thompson Lending Team has your back!

Some lenders lure you in with the promise of better VA loan rates and pull the rug out from under you at the last minute.

You won’t find any tricks here.

We’re only interested in getting you the best VA mortgage rate you can get.

CURRENT VA MORTGAGE RATES

If you’re looking for a home, the interest rate plays a big role in how much home you can afford.

Interest rates can jump from one day to the next. 

Here are samples of current VA interest rates you might find:


sample VA loan Rates

*Please note that effective April 3, 2020, we are no longer able to accept loans from applicants with a credit score below 640.  Please visit our friends at My Credit Guy for help improving your credit score.

LOAN TYPE

INTEREST (APR)

LOAN TERM

VA loan

3.463 %

30-years

VA Jumbo Loan

4.215 %

30-years

Interest Rate Reduction Refinance Loan (IRRRL)

4.139 %

30-years

Cash-Out Refinance Loan

3.837 %

30-years

*Updated 5/6/20 - Rates are based on a $250,000 loan with a 20% down payment.  Rates change often and differ based on your state, down payment, and loan amount.  Click here for correct rates based on your situation.  

Keep in mind that rates constantly change so it is best to use our rate checker below for an accurate rate.

WHO SETS CURRENT VA INTEREST RATES?

VA loans are backed by the Department of Veterans Affairs to give eligible veterans and service members an affordable path to home ownership.

What makes them so great?

First of all, according to the Consumer Financial Protection Bureau, nearly 90% of VA loans are made without a downpayment. 

But one of the best features is that VA loans can get you a lower rate than if you went with a conventional mortgage.

But do you know what?

Even though the VA backs VA loans, they have nothing to do with setting the rates!

Individual lenders set their own rates.

That’s why it's so important to get hooked up with the right lender right from the start.

Cutting half a percentage point off your interest rate can add up to thousands of dollars in savings for your 30-year mortgage.

Military Can Achieve The Dream of Home Ownership with VA Loan

FACTORS THAT DETERMINE VA LOAN RATES

Now that you know lenders set their own rates, you’re probably wondering how they come up with the numbers.

They don’t just pull VA mortgage rates out of thin air.

There’s a lot that goes into determining what your current VA mortgage rate might be, such as: 

  • Current market conditions
  • Your credit score
  • The type of VA loan
  • Your repayment term

Here’s more on how that works.

CURRENT MARKET CONDITIONS

When the money is flowing, and the economy is good, interest rates are usually lower.

Market conditions rarely have huge changes from day to day, but lenders are always watching.

At the very least, you’ll probably see rates fluctuate by half a percentage point. But it could be more.

That’s why we keep an eye on interest rates to get you the best deal.

VA MORTGAGE RATES BY CREDIT SCORE

Your credit score is one of the most important factors that lenders consider.

To get the best VA loan rate, we like to see homebuyers have a score of 640 or more. 

Higher scores can mean lower interest rates.

Some lenders have limits on how low your credit score can be to qualify for a VA loan.

But that’s not all.

While your credit score can determine your interest rate, you could get a lower rate by going with a different lender!

That’s where we come in.

We’re focused on getting you a solid rate on a VA loan, so you make your dreams of homeownership a reality.

VA LOAN TYPES

The type of loan you get is another factor in your interest rate.

For instance, if you’re refinancing your home, your rate could be different than if you were buying a house.

When you’re house shopping, keep one thing in mind:

No matter the type of VA loan, you can get better terms than if you went with a conventional loan.

REPAYMENT TERM

Your repayment term is how long you’ll make payments to pay off your loan in full.

VA loans generally come with three choices:

  • 15-year mortgage
  • 20-year mortgage
  • 30-year mortgage

Interest rates tend to be lower with 15-year mortgages.

Terms of 30 years are more popular among home buyers because they come with a lower monthly payment vs. a 15-year loan.

HOW A 30-YEAR FIXED MORTGAGE WORKS

A 30-year mortgage is a home loan that you pay off completely in 30 years. 

But that’s not all.

With a 30-year fixed mortgage, you also have a fixed interest rate that doesn’t change with market conditions.

Since your interest never changes, your payment will stay the same.

And you know what that means?

A stable monthly payment means you can create a better budget!

VA Home Loan Quote

READY TO SEE YOUR PERSONALIZED RATE?

Current VA mortgage rates are a huge part of qualifying for a VA loan. Lower rates can save you tons of money over the 30-years you’re paying your mortgage.

But your success depends on your lender.

The wrong lender could cost you more than extra money – you could lose your dream home altogether!

Contact the Wendy Thompson Lending Team.

We’ll get you the best VA loan interest rate because we’re 100% committed to your satisfaction.