The Latest Figures on Current VA Loan Rates The interest rates for the mortgage that the Veterans Affairs Department guarantees have these figures, as of June, 2013. VA 30 Year Fixed Rate: 3.5% percent (3.875% APR) VA 15 year Fixed Rate: 2.75% (3.25% APR) There are further essential details concerning the current mortgage rates. Pre-qualification for the VA home loan can happen within a short duration because it simply involves completing the right form which then goes to a VA certified lending authority that will be ready to consider the application. VA Loan Rates Against widespread concession, veterans’ mortgage rates do not emanate from the VA Department. Instead all certified lenders only use the department as the guarantor and go on to put down rates of their own, each day. The rates are subject to alterations depending on the market conditions just like in the case of traditional loan programs. Benefits of Competitive VA Interests The rate usually cross-checks the risky nature of a home purchase loan. A mortgage devoid of money down, like VA, has more risks of breach and would thereby generate a great rate. Nevertheless, the VA department acts as guarantor of the credit scheme and thus decreases the risk implication, forcing the lending institutions to put the rates way below those of traditional programs and with $0 money down! Decreased Rate & Decreased 30-day Installments A decrease in the interest margin on the VA mortgage also brings down the installment each thirty days, whether the money is going to a purchase or a refinance program. If one is purchasing a residence, a marginal rate implies that there will be greater loan-to-value cash available for borrowing than in normal cases. In other words, it is easy to use this scheme to buy a costly home using a similar 30-day installment amount. The implication of the marginal-rate VA interest program is that it offers a great amount to borrow. The guarantor amounts from the VA department are as high as $729,000 and $1,000,000 in some prime counties, making this the right time to get in touch with a certified lending party and establish the possibility of qualification. Mortgage rates could change daily. Actual payments will vary based on your individual situation and current rates. Some products may not be available in all states. Some jumbo products may not be available to first time home buyers. Lending services may not be available in all areas. Some restrictions may apply. Based on the purchase/refinance of a primary residence with no cash out at closing. We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 40%; and credit score is over 720, or in the case of certain Jumbo products we assume a credit score over 740; and an escrow account for the payment of taxes and insurance. Closing Costs can also be rolled into the loan as well or paid by the seller. The lock period for your rate is 30 days. The loan to value (LTV) ratio is 100%. Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. VA Loans Center offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (888) 202-4479 to talk to one of our mortgage experts.