VA Loan Interest Rates & Benefits

va loan interest ratesVA Loan Interest Rates are Lower than any other


As a veteran of the United States, you are liable to receive many benefits for different reasons, through different programs. If you are looking to buy a home for you and your family, you will be surprised at the benefits available in terms of loans, interest rate quotes and even down payments on the house. There are a few ways to help you out, but one of the most surefire ways of doing so is to look into how a VA home loan and its benefits can actually help you get lower interest rate quotes compared to other traditional financing.


Your VA home loan gets you lower mortgage rate quotes that are lower than the national average, and that’s great, as a veteran you deserve it, but why is that so? It has recently been seen that VA loans actually help get the mortgage quotes faster and easier than other routes of getting the same thing, and being that they are significantly lower than the national average, it can be a great time to buy a house.


It has been widely publicized that the VA loan interest rates are lower than many other home loan companies such as Freddie Mac and Fannie Mae. With the VA loan, many people are paying less money on their monthly payment than others with similar loans with other types of financing. VA loan interest rates are even better than some other federally backed loans, like the FHA loan. It is becoming easier to buy a house and pay for it as a veteran. However, if you are not a veteran, the FHA loan is still one of the best options for you to choose. These loans actually account for one in four loans that are being taken out per year.


The VA home loan program has been going strong for over seventy years. This program has been helping military families get the houses that they want and need for many years. But there are other benefits besides lower quotes that the loan can actually provide for your family. They can provide many great avenues for the entire process of buying a house that you would never get from other loans for home owners. While they can be used in conjunction with other loans, the benefits from this loan alone will far outweigh the others.


One great aspect of the VA loan that you could use is the 100% financing option. You never have to put money down on the house, and you never have to worry about the requirement of mortgage insurance, as many others need to. While you do not have to always put money down, as per the loan basis, if you chose to put down 20% that can sometimes be required with other loans, using the VA loan will still be the best choice for you to get exactly what you want.


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The VA Interest Rate Reduction Refinance Loan


Another great benefit to using the VA home loan is having access down the road to the Interest Rate Reduction Refinance Loan (IRRRL). This allows VA loan homeowners to refinance regardless of your credit scores. You can have a terrible credit score and still be able to refinance your house just as someone else would who had an impeccable credit score. The VA loan interest rates will not change based on how well the buyer is able to keep their credit history. It also does not require re-verification of income and you can even skip the home appraisal. As long as you can show good payment history and proof that the IRRRL will reduce your monthly mortgage payment then you should be good. This is a huge benefit compared to other federal and conventional loans.


Because the VA backs every home loan they give out to veterans, there is less risk assumed by the financial institutions that are helping those home buyers. This reason alone is one of the reasons the interest rates are so low. Because there is less risk involved in all aspects, the home buyer can then benefit from this by having to pay less back in the future, and all the while, having little to no upfront cost for their home. Using a VA home loan is sometimes the best way for military families to be able to get into a safe and affordable house.



If you are looking to purchase a home and you are a veteran of the military, or a spouse of a military member, it would be prudent to look into the VA home loan for help. It is by far, one of the best home loans available for people who qualify to apply for a VA loan certificate. You can receive many benefits both up front, when buying it, and down the road when you need to make or adjust your mortgage payments. Using the benefits from this loan to lower your interest rates is an amazing commodity that can help you get the home you both want and love for your family.


Not sure if you are eligible for a VA loan? Please visit the official VA Loan Eligibility website.


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Mike Plambeck

Michael Plambeck, the founder and owner of Home Loans For All, bridges the gap between our content team and our industry team by being an expert in both areas. Michael is a home loan expert who has worked closely with loan officers and realtors for over four years, and who is engaged in constant continuing education to make sure that he’s up-to-date on all real estate laws and regulations.

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