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Compare current VA loan rates

On Wednesday, July 24, 2024, the national average 30-year VA loan APR is 7.19%. The average 30-year VA refinance APR is 7.75%, according to Bankrate's ... latest survey of the nation's largest mortgage lenders.

Current VA loan interest rates

VA loan rates are slightly lower than rates for other mortgage types. The 30-year VA loan rate averaged 6.87 percent as of March 27, 2024, compared to a conventional loan rate average of 6.96 percent, according to Bankrate data​​. In general, rates have been bouncing around in a tight range going into the spring homebuying season. Housing economists say rates will drop once the Federal Reserve begins cutting interest rates. According to Veterans United’s 2024 Veteran Homebuyer Report, half of veterans polled expect mortgage rates to stay the same or decrease within the next year.

VA loan eligibility requirements

To be eligible for a VA loan:

  • You’re currently on active military duty or a veteran who was honorably discharged and met the minimum service requirements;
  • You served at least 90 consecutive active days during wartime or at least 181 consecutive days of active service during peacetime; or
  • You served for more than six years in the National Guard or Selective Reserve.

In addition, if your spouse died in the line of duty, you might qualify for a VA loan.If you meet these requirements, you’ll next need to obtain your certificate of eligibility (COE). You can request this online, by mail or through your VA mortgage lender.

Benefits of VA loans for service members

VA loans help eligible members of the armed forces more easily buy, build or renovate homes. Benefits include:

  • No down payment
  • No mortgage insurance
  • Low credit score requirements
  • Mortgage rates that are lower than other loan types

How to get the best VA loan rate

  1. Check your credit score. While VA lenders aren’t as strict as other types of lenders, a score above 620 gives you the most options.
  2. Shop around. While all VA loans are backed by the VA, individual lenders offer mortgages. Rates can vary by half a point or more from one lender to the next.
  3. Check out lender reviews. Some VA lenders have stellar reputations for customer service — but others not so much. You can learn more about individual lenders on Bankrate's review hub.

VA loans vs. conventional loans

Both a VA loan and a conventional loan provide home financing. VA loans don’t require a down payment; conventional loans require at least 3 percent down. With a conventional loan, however, you can buy a primary residence (the home you’ll live in), an investment property or a vacation home. The same doesn’t apply to VA loans, which can only be used to finance primary residences.

Here’s an example of the costs associated with a VA loan versus a 30-year fixed loan. Keep in mind interest rates are dependent on the market and the borrower's creditworthiness.

30-year fixed VA loan 30-year fixed conventional loan
Home price $400,000 $400,000
Loan amount $400,000 (0% down payment) $400,000 (3% down payment)
Interest rate 6.87% 6.96%
Monthly payment (Principal and interest) $2,626 $2,571
Monthly mortgage insurance $0 $485
Total monthly payment $2,626 $3,056
Total interest $545,360 $537,560
Total mortgage insurance $0 $67,711
Total cost $945,360 $993,271
Note: Interest rates as of March 27, 2024. Conventional loan assumes 1.5 percent annually in private mortgage insurance premiums. Calculation does not include VA funding fee, homeowners insurance, property taxes or HOA fees.

If you qualify for both a conventional and VA loan, which should you choose?

Phil Crescenzo Jr.

Vice President, Southeast Division, Nation One Mortgage Corporation

The variables of each loan are everything in this equation. The benefits of a VA mortgage loan are significant in many ways, especially allowing 100-percent financing without PMI, whereas a conventional mortgage would require a 20 percent down payment to eliminate PMI. In the scenario where a veteran does want to put 20 percent down, the funding fees associated with VA loans can be costly. If a veteran has a service-connected disability, the funding fee is waived and the veteran is exempt. In those cases, credit score would play a major factor in this decision. Overall, VA loans will be much more flexible on credit scores and have fewer costs associated with credit when compared to a conventional loan.

Writer, Home lending

When comparing a VA loan with a conventional loan, start by looking at how much you’ll pay in fees. Crunch the numbers between paying the VA funding fee versus PMI, as well as looking at the interest rate. Also, know that VA loans typically take longer to close than conventional loans, which can ding your offer in a competitive environment.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163


Rating: 3.6 stars out of 5
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Recent Customer Reviews

Rating: 4.98 stars out of 5



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NMLS: 2289

State License: 4965


Rating: 4.5 stars out of 5
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Bankrate Score

Recent Customer Reviews

Rating: 4.94 stars out of 5



VA loan FAQ

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Laurie Dupnock, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Dupnock

Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate

Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.

Read more from Greg McBride