VA Purchase Rates Today
VA purchase rates move with the broader mortgage market every business day, so the rate table above shows current offers from multiple VA-approved lenders rather than a single advertised number. VA rates typically run a little lower than comparable conventional rates, because the U.S. Department of Veterans Affairs guarantees part of the loan and that lowers the lender's risk. What you'll actually pay depends on your credit profile, loan amount, and which lender you choose — which is exactly why comparing several VA lenders on the same day matters.
Can you buy a home with $0 down on a VA loan?
Yes — and it's the VA loan's headline advantage. Eligible veterans, active-duty service members, and qualifying surviving spouses with full entitlement can finance up to 100% of the purchase price with no down payment. There is also no private mortgage insurance (PMI) at any loan-to-value, ever. On a conventional loan, putting less than 20% down means paying PMI every month until you build equity; on an FHA loan you pay both an upfront and an annual mortgage-insurance premium. A VA borrower skips all of that, which usually makes the monthly payment lower than a comparable low-down-payment loan even when the interest rate is similar.
You don't have to put $0 down, though. A down payment lowers your loan amount and shrinks your VA funding fee (more on that below), so some buyers who have savings still choose to put a little down.
How a VA home loan works
A VA purchase loan is made by a private lender — a bank, credit union, or mortgage company — and partially guaranteed by the VA. That guarantee is what lets lenders offer $0 down, no PMI, and competitive rates. The path to closing looks like this:
- Confirm eligibility and get your Certificate of Eligibility (COE). The COE proves to the lender that you qualify based on your service. Most lenders can pull it for you electronically in minutes, or you can request it yourself through VA.gov.
- Get preapproved and compare lenders. Because each lender prices VA loans independently, rate spreads of 0.5% or more between lenders for the same borrower are common. Compare VA-approved lenders on the same loan amount and credit profile.
- Find a home and go under contract. VA loans are for a primary residence you intend to occupy — not a vacation home or a pure investment property.
- VA appraisal and underwriting. The VA orders an appraisal that also checks the home against its Minimum Property Requirements (MPRs) for safety and livability.
- Close and move in. You'll generally need to occupy the home within about 60 days.
The VA funding fee on a purchase
The one cost unique to VA loans is a one-time funding fee that helps keep the program running (it replaces mortgage insurance). It's a percentage of the loan amount, it can be rolled into the loan instead of paid in cash, and it gets smaller as your down payment gets larger:
| Down payment | First-time VA use | Subsequent use | |--------------|:-----------------:|:--------------:| | Less than 5% (incl. $0 down) | 2.15% | 3.30% | | 5% to less than 10% | 1.50% | 1.50% | | 10% or more | 1.25% | 1.25% |
Funding-fee schedule effective April 7, 2023 — confirm current rates with your lender.
You are exempt from the funding fee if you receive VA compensation for a service-connected disability, if you're a Purple Heart recipient serving in an active-duty capacity, or if you're an eligible surviving spouse. That exemption can save thousands on a purchase.
How much can you borrow?
If you have your full VA entitlement, there is no VA-imposed cap on your loan size — you can borrow as much as a lender will approve based on your income, credit, and the appraised value. A loan limit only comes into play if you have reduced entitlement (for example, you already have an active VA loan), in which case the standard conforming loan limit for your county sets how much the VA will guarantee without a down payment. High-cost counties carry higher limits. Your lender can tell you which situation applies to you.
Why a VA loan can be worth more in a high-rate market
VA loans are assumable: a future qualified buyer can take over your loan — and its interest rate — when you sell. If you buy today and rates stay elevated, an assumable below-market VA loan can become a genuine selling point down the road, something conventional borrowers can't offer.
Is today a good day to lock a VA purchase rate?
A rate lock needs a signed purchase contract and a completed application with your chosen lender. Most VA lenders offer 30–60 day locks at no cost. Trying to time the exact bottom usually backfires — rates can move against you as easily as toward you. The more useful lever is comparison: lock once you have a competitive offer in hand from a lender you've compared against at least two others. The difference between the best and worst VA quote on the same loan can easily exceed $100 a month.
Use the rate table above to compare today's VA purchase rates side by side, then get preapproved with a few lenders to turn those advertised rates into real, personalized quotes.
How to compare Today's VA Purchase Rates mortgage rates
If you only take one piece of advice when you’re getting a mortgage, let it be this: compare rates from at least three different lenders. Doing so can save you thousands of dollars over the life of your loan.
To make it easier for you to put the work in here, follow these steps:
Step 1: Understand your borrower profile
First, you want to get a handle on how mortgage lenders are going to see you. If you look like you’re going to be able to repay your home loan fairly easily, they’ll offer you more favorable conditions. If you look high-risk, you’re going to pay more for your mortgage. Specifically, you’ll be charged a higher interest rate.
So, what makes a borrower low- or high-risk? To decide what kind of loan to offer to you (if any), lenders look at a lot of factors. The biggest ones here include:
- Your monthly income — you don’t want an overly large chunk to have to go toward paying your monthly mortgage bill, which lenders measure with your debt-to-income (DTI) ratio
- Your credit score, which essentially tells them how good you’ve been with managing money in the past
- Your loan-to-value (LTV) ratio (higher is riskier) — the price of the house and your down payment size both come into play here
If you’re not in good shape in any of these areas, putting in some work before you buy (e.g., working on your credit score, lowering your DTI ratio) can help you get a lower interest rate.
Step 2: Use rate tables to see what’s on offer today
There are lots of resources online that show you rate offers from leading lenders. Use a mortgage rate table to get a feel for what kind of interest rates are available from financial institutions that provide home loans in your area.
Ideally, that rate table lets you input personal information, like your credit score and the price of the house you want to buy. This way, the rates you get shown should align with what you’re actually eligible to get. A lot of lenders advertise low starting rates, but only the “best” borrowers will be approved for them once they apply.
Step 3: Get preapproved with three lenders
Once you’ve picked out a few lenders that look good to you, go through their preapproval process. That will mean filling out some paperwork, but it’s the best way to figure out what you can really qualify for in terms of loan size and interest rate.
Have financial documents — like your bank statement and pay stubs — handy to make it easier to complete your preapproval applications.
Step 4: Compare preapprovals
When you get preapproved, the lender should give you documentation about your potential mortgage. Ideally, this gives you a feel for the total amount you’re borrowing, the repayment term, the interest rate, fees, and closing costs.
Line up your quotes from each lender and go through them, paying special attention to the annual percentage rate (APR). This tells you how much you’ll pay each year for the loan including not just interest, but also fees. By looking at APRs, you get a clear idea of what you’ll truly pay if you choose that specific mortgage. This helps you identify the best option for yourself and your financial goals.
If you’re ready to start comparing Today's VA Purchase Rates rates, use our rate table to get started. We have fields up top where you can input key details like your credit score range and zip code so we can best tailor the mortgage rate offers to you.