VA loans are a great option for eligible homebuyers as there are no down-payment or PMI requirements, which will save you money.

Another way to save money on your VA loan is to comparison shop for lenders. Different lenders offer different VA loan rates. Here you can see current interest rate information from multiple lenders.

What is a VA loan and what are VA rates today?

VA home loans are mortgages that are partially backed by the U.S. Department of Veterans Affairs, or VA. They are a viable option for eligible homebuyers as they often don’t require a down payment or PMI, private mortgage insurance.

This feature is unique as most low down-payment loans (less than 20 percent down) require PMI, which can add hundreds to your mortgage bill each month.

“The VA loan program is one of the best available for eligible homebuyers. VA loans offer lower interest rates than conventional products which means VA buyers can save money in interest over the life of the loan. VA loans also do not require down payments which can be an especially attractive benefit for first-time homebuyers,” says Kevin Parker, vice president of field mortgage at Navy Federal Credit Union. “Additionally, VA buyers do not have to pay private mortgage insurance (PMI), which is sometimes required when paying little down on a conventional product and can add a significant cost to monthly mortgage payments.”

VA loans have specific appraisal and home inspection requirements, which allows buyers to feel more confident in the property they are purchasing, Parker points out.

The table above brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive VA loan rates. This interest rate table is updated daily to give you the most current rates when choosing an VA mortgage home loan.

Today’s VA Loan Rates

Product Interest Rate APR
30-Year VA Rate 3.37% 3.43%
30-Year VA Refinance Rate 3.34% 3.40%

Rates as of 12/07/2019 at 6:30 AM

Who qualifies for a VA loan?

These loans are made by private lenders and are available to active duty service members, veterans, current and former National Guard and reserve members, and surviving spouses. Interested buyers will need to obtain a certificate of eligibility from the U.S. Department of Veterans Affairs.

  • Veterans
  • Active duty servicemember
  • Current or former National Guard or Reserve member (who has and has never been activated for Federal Service)
  • Discharged member of the National Guard (who has and has never been activated for Federal active service)
  • Surviving Spouse

Eligible homebuyers can apply for a COE in several ways, by mail, online and through your lender.

VA Loan vs. 30-Year Fixed Mortgage

VA Loan 30-Year Fixed Loan Conventional 30-Year Fixed Loan
House price $300,000 $300,000
Down payment $9,000 (3%) $9,000 (3%)
Loan amount $291,000 $291,000
Interest rate 3.27% 3.83%
Principal + interest $1,269 $1,360
PMI (mortgage insurance) $0 $121 (.50%)
Total monthly payment $1,269 $1,481
*Based on October 2019 rates

How do I find the best VA loan rates?

Different lenders offer different rates, so it’s important to comparison shop if you want to get the best deal. You can check Bankrate’s rate table which offers current information on various lenders. You can also visit lenders’ websites to see their VA interest rates today.