VA Home Loan Benefits and Mortgage Rates
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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. Learn more about VA loans and contact a Fifth Third Mortgage Loan Specialist for current VA loan mortgage rates.
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
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