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Competitive Home Lending
Home
Mortgage Rates
Home Loans
  • Loan Programs
  • Bridge Loans
  • Construction Loan
  • Conventional Loans
  • FHA
  • HELOC
  • Refinance
  • Reverse Mortgage
  • VA Loan
Mortgage Calculators
  • Closing Costs Calculator
  • Down Payment Calculator
  • Investment Property Calc
  • Lender Credit Calculator
  • More Buying Power Calc
  • Mortgage Recast
  • Temporary Rate Buydown
  • Title Insurance Cost Calc
APPLY NOW
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    • Loan Programs
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  • Mortgage Calculators
    • Closing Costs Calculator
    • Down Payment Calculator
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    • More Buying Power Calc
    • Mortgage Recast
    • Temporary Rate Buydown
    • Title Insurance Cost Calc
  • APPLY NOW
  • Home
  • Mortgage Rates
  • Home Loans
    • Loan Programs
    • Bridge Loans
    • Construction Loan
    • Conventional Loans
    • FHA
    • HELOC
    • Refinance
    • Reverse Mortgage
    • VA Loan
  • Mortgage Calculators
    • Closing Costs Calculator
    • Down Payment Calculator
    • Investment Property Calc
    • Lender Credit Calculator
    • More Buying Power Calc
    • Mortgage Recast
    • Temporary Rate Buydown
    • Title Insurance Cost Calc
  • APPLY NOW

Apply for a VA Loan Today!

Competitive Home Lending has access to wholesale VA loan rates through the best VA mortgage lenders.  Get your VA Home Loan through a local mortgage broker at a wholesale VA rate.    

Apply Now

Current Mortgage Rates VA Loan

 VA loan rates are lower than conventional loans. Your specific rate will depend on several factors, including your credit score, loan amount, and the current market conditions. VA Rates can fluctuate daily.


Contact us today to learn more about VA loan rates and to get pre-approved.

Current VA Loan Rates

Understanding VA Mortgage Rates

The Veterans Affairs (VA) loan program offers unique benefits to eligible veterans, active-duty military personnel, and surviving spouses. One of the most significant advantages is the potential for lower interest rates on VA mortgages.


What are VA Mortgage Rates?

VA mortgage rates are the interest rates charged on loans backed by the Department of Veterans Affairs. These rates can fluctuate daily, just like conventional mortgage rates. However, VA loans often come with more favorable terms, including lower down payment requirements and the potential for lower interest rates.


Factors Affecting VA Mortgage Rates

Several factors influence VA mortgage rates:

  1. Economic Conditions: Economic indicators like inflation, unemployment, and Federal Reserve policies can impact interest rates.
  2. Lender's Profit Margin: Lenders factor in their profit margin when setting interest rates.   Ask us about Competitive Home Lending's wholesale VA loan rates! 
  3. Borrower's Credit Score: A higher credit score can lead to lower interest rates.


How to Get the Best VA Mortgage Rates

To secure the best possible VA mortgage rate, consider these strategies:

  1. Improve Your Credit Score: A higher credit score can significantly impact your interest rate.
  2. Shop Around: Don't settle for the first offer. Compare rates from multiple lenders to find the best deal. Request a Free VA Loan Summary
  3. Consider a VA Refinance: If you already have a VA loan, refinancing can help you lower your interest rate or shorten your loan term.
  4. Choose Competitive Home Lending, a VA-Approved Wholesale Mortgage Company: VA-approved mortgage companies have experience working with VA loans and can provide the best VA loan rates.

What is a VA Loan?

The U.S. Department of Veterans Affairs (VA) strives to make homeownership affordable for active servicemembers, Veterans, and eligible surviving spouses with the VA home loan guaranty. According to VA home loan data, about 3% of VA home loans were issued in Colorado, and less than 12% of Texas Veterans took advantage of the VA loan benefits for home purchases. To increase the number of funded VA loans for homes, approved VA lenders must provide Veterans with information about VA loan requirements and benefits. 


How Does a VA Home Loan Work?

One of the advantages of the Servicemen’s Readjustment Act is the VA Home Loan Guaranty that assists eligible VA loan applicants with well-earned benefits. Although the VA does not directly lend money for VA home loans, it allows mortgage lenders the ability to offer favorable VA loan terms; and the loan process is simple. The VA loan process starts with a mortgage loan application. In addition to the VA loan application, you will need to provide proof of military service. It is helpful to have your DD-214 form available. Our in-house VA loan processor can assist with VA loan documents.  


With a complete mortgage loan application and proof of VA eligibility, you can begin to discuss the VA loan options with your mortgage lender. VA loans have lenient qualification requirements because a portion of the loan is guaranteed by the VA’s funding fee. Funding fees are much more affordable than other options. The exact amount depends on the type of loan, the borrowers service type, and down payment. The fee may be waived entirely based on VA disability, or for qualifying surviving spouses. Talk to our loan officer about discounted or waived VA funding fee eligibility.  


What Are VA Loan Benefits?


  • No Down Payment: With sufficient entitlement and the minimum VA loan qualifications, a VA loan will cover 100% of the purchase price of your home. 
  • No Mortgage Insurance (MI). Most home loans require mortgage insurance, but VA loans do not. You can save significantly by avoiding monthly MI payments.
  • Lower VA Rates: When you apply for a VA loan, the VA guarantees your mortgage, thus, reducing the risk to VA mortgage lenders. VA loan interest rates are generally much lower than Conventional loans. Wholesale VA rates from Competitive Home Lending will save you even more money. Talk to Us about closing costs incentives. 
  • Lenient Credit Requirements: There are no minimum credit score requirements to get a VA loan. However, higher scores make you more likely to receive a better VA rate. It is important to note that VA lenders could add credit score overlays requiring certain credit scores. Mortgage brokers such as Competitive Home Lending can direct VA homebuyers with less-than-perfect credit to the appropriate VA lenders. 
  • Flexible Income Ratios: While most lenders require a DTI of 50% or lower, VA loans are more flexible.
  • No Maximum Loan Amount: Although the VA does not have a maximum VA loan amount, some VA lenders will cap VA loan amounts. 
  • Affordable Funding Fee: To keep VA loans MI free, the VA charges a small funding fee for every loan. This helps fund the program so future servicemembers can enjoy its benefits.
  • Interest Rate Reduction Refinance Loan (IRRRL): If you already have a VA loan, you can qualify for an IRRRL. This is a streamlined refinance of your current VA home loan that gives you a lower mortgage rate and monthly payment.


VA Loan Eligibility

There are a few things that determine your VA eligibility:


  • Length of Service/Service Commitment
  • Duty Status (active duty/retiree-discharged)
  • Character of Service


You will also need a Certificate of Eligibility (COE), which can be easily accessed online in minutes. Obtaining your COE is easy and it doesn't require dozens of pieces of identification. In fact, depending on your type of service you may only need one of the following:


  • Form DD-214
  • Report of Separation
  • Record of Service
  • Statement of Service
  • Proof of Honorable Discharge


Luckily, your VA loan eligibility benefit never expires. You can still qualify for VA home loans after your service has ended, provided you meet the eligibility requirements.


Learn More About VA Loans

If you are a qualified VA home loan applicant, talk to our local mortgage broker about the benefits of a VA home loan. Competitive Home Lending works with the nation’s best VA lenders to offer Veterans wholesale mortgage rates, making homeownership even more affordable. It’s our way of thanking you for your service. If you have questions about VA mortgage loans, VA loan qualification, VA loan eligibility, VA loan benefits, or the VA loan process, Contact Us. If you are ready to start your VA loan, Apply Online for exclusive wholesale pricing. 

500 Credit Score for VA Loan at 100% Financing

While the VA does not have a minimum credit score requirement, most lenders do. Our VA loan underwriters allow a minimum score of 500 for 100% financing of the purchase price.   

VA Loan Rates

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