VA Home Loan Benefits and Mortgage Rates

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

Additional Resources