VA Home Loan Benefits and Mortgage Rates
A Veterans Administration (VA) Loan is government-insured and often available to qualifying Veterans with little to no down payment.*
VA loans are home loans backed by the U.S. Department of Veteran Affairs. You must meet certain criteria, including being a U.S. Veteran or active member of the U.S. Military, and obtain a Certificate of Eligibility to apply for a VA loan. There are many benefits to receiving a VA loan like little to no down payment, a fixed interest rate, and flexible terms.
VA Loan Requirements
- Must be a U.S. military Veteran or currently serving in the military or military reserves/national guard.
- Eligible spouse and/or dependent (for active duty members).**
If you meet the VA loan requirements criteria, then you must apply for a Certificate of Eligibility (COE) through the Department of Veteran Affairs. Speak with a Fifth Third Mortgage Specialist for more information and next steps.
VA Loan Benefits:
- Little to no down payment
- Limited closing costs
- No private mortgage insurance required
- Fixed interest rate
- Flexible loan terms
- Purchase and refinance options
- State-by-state property tax reductions may be available***
| VA Loans | Traditional Mortgage Loans | |
|---|---|---|
| Down Payment | 0% | Up to 20% |
| Private Mortgage Insurance | Not required | Required |
| Interest Rates | Competitive rates | Varying rates |
| Closing Costs | Limited to zero | Yes |
| Qualification | Easy (Backed by the U.S. Government) | Difficult (standard qualification) |
Mortgage Loan Calculators
Need help determining what home you can afford and the estimated monthly payments? We can help! Use these easy-to-use calculators to view your total financial picture.
Calculate your monthly mortgage payment for a given purchase price, down payment, interest rate, and loan term
Find out how much you can borrow for the home of your dreams
Find out whether it’s better to make a small or large down payment
