What are the interest rates on a VA loans?

VA Loan Interest Rates

Here are the interest rates for VA loans as of Feb 2022:

Best VA loan rates

There is something positive and something negative about each VA lender that offers the best VA loan rates. There are some lenders that offer low-interest rates and multiple ways to contact customer service while others offer two mortgage terms to choose from. In general, we suggest that you check out Veterans United. VA loans are closed more often by this lender than any other lender, and it offers competitive rates.  

VA loan rates FAQs

Does credit score affect VA loan interest rate?

Even though the VA doesn’t specify a minimum credit score for VA loans, many lenders won’t accept scores below 620. When applying for a VA home loan, the most important factor is how you’ve handled your rent or mortgage payments in the past.

Lenders that are VA-approved will look at your payment history overall, with a little extra wiggle room for past credit problems. Nevertheless, as with any mortgage loan, the better your credit score, the lower your interest rate offers will be.

What is a good VA loan rate?

At the present time, a good 15-year fixed loan rate might be in the high-2% or low-3% range, while a good rate on a 30-year fixed loan might be in the 3–3.5% range or higher. At this point, you’d have to be very lucky to find a 30–year fixed rate below 3% (and a very strong borrower).

As we explain below, these numbers vary greatly from one borrower to the next.

While top-tier borrowers could see rates in the high-2% range, borrowers with lower credit scores could see rates in the high-3% to 4% range.

Are VA loans fixed rate?

Veterans are also eligible for VA loans that look like conventional loans, but they may be fixed-rate or adjustable-rate mortgages (ARMs). You must familiarize yourself with the types of loans available before talking with a VA-approved lender about financing your home with a VA loan. To learn more on how to get a VA loan in Georgia click here for the latest info.

Do VA loans have lower interest rates? 

On average, VA loans have the lowest rates of any major loan program. Exactly how low are these rates? As of today, 30–year fixed VA loan interest rates start at 3.25% (3.431% APR), according to our lender network. For a conventional loan, that would be 3.625% (3.634% APR).

Are VA home loans interest-free?

There is, however, a charge for the VA guarantee. The borrower pays an upfront funding fee, which they typically choose to add to the loan amount.

What is the average VA home loan interest rate?

APRs for 30-year VA loans are expected to be 3.590% on Friday, February 11, 2022. In a recent survey of the nation’s largest mortgage lenders, Bankrate posts that the average 30-year VA refinance APR is 3.600%.

For more information on Georgia VA loan eligibility contact our team of mortgage experts at Mortgage Rates Today call today at 877-879-7775