VA Loans

This no-down-payment loan option was created especially for qualified veterans, service members and their spouses.

Who VA Loans Are Best For

VA loans are a more affordable option for qualified veterans, service members and their spouses. Read more about other benefits below.

How VA Loans Work

VA loans are backed, or guaranteed, by the Department of Veterans Affairs. There are different loan types with fixed or adjustable interest rates, and a range of loan terms.

What You’ll Need To Qualify For A VA Loan

  • A Certificate of Eligibility.
    • The VA will issue you a Certificate of Eligibility if you meet their guidelines for type and length of service.
    • If you don’t have one already, we can apply for your Certificate of Eligibility for you.
  • A minimum FICO® Score of 620.
  • A debt-to-income ratio (DTI) of no more than 60%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
  • Money to cover the funding fee charged by the VA. This may be rolled into your loan. You may not have to pay this fee if one of these criteria applies to you:
    • You have a service-connected disability.
    • You receive VA disability or have in the past.
    • You’re a surviving spouse who qualifies.

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VA Mortgage Rates

Product Rate APR
VA 30 Year Fixed 3.5% 3.944%
VA 25 Year Fixed 3.5% 4.014%
VA 15 Year Fixed 3.49% 4.291%
30-year Fixed-Rate VA Loan: Rate is fixed. The payment on a $204,395, 30-year fixed-rate loan at 3.50% and 76.55% loan-to-value (LTV) is $917.83 with 2.00 Points due at closing. The Annual Percentage Rate (APR) is 3.944%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military.25-year Fixed-Rate VA Loan: Rate is fixed. The payment on a $204,395, 25-year fixed-rate loan at 3.50% and 76.55% loan-to-value (LTV) is $1,023.25 with 2.00 Points due at closing. The Annual Percentage Rate (APR) is 4.014%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military.15-year Fixed-Rate VA Loan: Rate is fixed. The payment on a $204,395, 15-year fixed-rate loan at 3.49% and 76.55% loan-to-value (LTV) is $1,460.19 with 2.00 Points due at closing. The Annual Percentage Rate (APR) is 4.291%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military.

VA Loan Benefits

  • You may not need a down payment.
  • You can qualify with a lower credit score and more debt compared to conventional loans.
  • You won’t need to pay mortgage insurance.
  • You can use your VA loan benefit more than once – if you sell your home or pay off your mortgage, you can get another VA loan.

Refinancing with a VA loan has some great benefits, too:

  • If you currently have a VA loan, you can refinance up to 100% of your home’s value to get cash out.
  • If you currently have a VA loan and don’t need cash out, you may be able to refinance up to 120% of your home’s value.

VA Property Requirements

  • You or a spouse must move into the home within 60 days. There are exceptions to this, including deployment.
  • It must be your primary residence, not a vacation home or income property.

Why Choose Quicken Loans

Quicken Loans has been providing our clients with award-winning service since 1985. We service 99% of our loans, which means you’ll get the same care and attention throughout the entire life of your loan.

Highest In Customer Satisfaction In The U.S. - J.D. Power

Nine origination trophies and six servicing trophies from J.D. Power
Quicken Loans received the highest score in the J.D. Power 2010 – 2018 (tied in 2017) Primary Mortgage Origination and 2014 – 2019 Primary Mortgage Servicer Studies of customers' satisfaction with their mortgage sales experience and mortgage servicer company, respectively. Visit JDPower.com/Awards.