Mortgage rates for the VA loan program are generally lower than other home loan options. Your lender will also determine your interest rate. Your mortgage lender will verify your eligibility for the VA loan program, look at your personal finances, and tell you how much you’re able to borrow. That includes banks, credit unions, mortgage companies, and online lenders. Fortunately, almost all major lenders are VA-authorized. To get a VA loan, you must contact a private lender that’s approved to offer this program. This insurance provides extra security for VA mortgage lenders, allowing them to offer special loan benefits for veterans including low interest rates, no down payment, and no private mortgage insurance (PMI). The government, however, doesn’t issue funds - it only guarantees the loans. VA loans are backed by the Department of Veterans Affairs. The program can also help existing homeowners refinance into a lower interest rate or cash out home equity. This is an excellent military benefit because borrowers can buy with little money out of pocket and avoid additional fees like private mortgage insurance.

The VA loan is a zero-down mortgage program that helps service members, veterans, and their eligible spouses buy a home.

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