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Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
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Know the rates, know your options. Start building your homeownership plan today.
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Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
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Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
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See how much equity you can tap into. Estimate your new mortgage payment and compare loan options.
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About
VA 15-Year Fixed Mortgage Loan
A 15-year fixed-rate VA loan helps veterans and active military build equity quickly with as little as 0% down
No Down Payment
Lower Interest Rates
No Private Mortgage Insurance (PMI)
Flexible Credit Requirements
VA 15-Year Fixed Loan Information
VA loans offer competitive interest rates due to government backing. However, several factors can affect the final mortgage interest rate. To understand the eligibility criteria and program details, you can start by speaking to one of our seasoned experts.
VA 15-Year Fixed Loan Eligibility Conditions
- Honorably discharged veterans or active-duty service members meeting specific service requirements
- National Guard or Selected Reserve members with over six years of service
- Eligible surviving spouses of service members
- No minimum credit score set by the VA, though lenders may have their own requirements
- The home must comply with defined safety standards and building codes
- A Certificate of Eligibility (COE) from the VA is necessary
Factors Determining VA 15-Year Loan Rate
- Credit Score
- Quoted Interest Rate
- Annual Percentage Rate (APR)
- Loan-Specific Details
- Property Location
VA Funding Fee
The VA funding fee is paid by the borrower and generally ranges between 1.25% and 3.3% of the total loan amount. This upfront fee is often financed into your mortgage loan.
Pros and Cons of VA 15-Year Fixed Loan
Understanding the advantages and disadvantages of a VA 15-Year Fixed Loan can help you make an informed decision.
Additional Pros
- No cap on maximum loan amount
- Multiple VA loans allowed
- Support for struggling borrowers
Cons to Consider
- No initial home equity due to zero down payment
- VA funding fee requirement
- Property restrictions (primary residences only)
- Limited to 1-4 family owner-occupied properties
Frequently Asked Questions
Who is eligible for a VA 15-Year Fixed Loan?
VA 15-Year Fixed Loans are available to:
- US veterans
- Active duty service members
- Members of the National Guard or Selected Reserve with over six years of service
- Eligible surviving spouses of service members
What is the highest term for which a VA mortgage loan is offered?
The maximum loan term for a VA loan is the 15-year fixed loan, which has a term of 15 years or 180 months.
What is the maximum amount of the VA home loan?
A VA loan amount has no maximum loan limit. However, in 2024, the standard loan limit in most US counties is $766,550. In high-cost counties, the loan limit for a single-family home is $1,149,825.
Does the 15-year fixed VA mortgage attract any prepayment penalty?
VA 15-year fixed loans do not have any prepayment penalties. You can pay your loan off at any time without incurring additional fees.
How do VA loan rates compare to conventional loans?
VA loan rates are typically lower than conventional loan rates due to the government backing. However, the exact rate will depend on various factors, including your credit score, loan term, and current market conditions. At Total Mortgage, we update VA 15-year loan rates twice daily to help you make an informed decision.
To get the most accurate and up-to-date rate information, speak with one of our mortgage experts.
We'll help you find the perfect loan for you.
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