The maximum loan term for a VA loan is the 15-year fixed loan, which has a term of 15 years or 180 months.
VA 15-Year Fixed
Mortgage Loan
Save More with a 15-Year VA Mortgage
A 15-year VA fixed-rate mortgage offers lower interest rates, allows you to build equity faster, and can save you thousands in interest compared to the standard 30-year term. Veterans, active-duty service members, and surviving spouses can enjoy no down payment and no PMI, making this option an excellent choice for those looking to save more over the life of their loan.
For example, on a $300,000 loan at 3.25% interest, you could save over $135,000 in interest payments compared to a 30-year loan. With higher monthly payments but significant interest savings, this could be the right choice if you're aiming to pay off your home faster.
Key Benefits
No Down Payment
With a VA 15-year mortgage, you can purchase a home with no down payment, allowing you to avoid large upfront costs.
Lower Interest Rates
Enjoy lower interest rates than many other loan types, helping you save more over the life of the loan.
No Private Mortgage Insurance (PMI)
VA loans do not require PMI, helping you reduce your monthly expenses significantly.
Flexible Credit Requirements
VA loans offer more flexibility when it comes to credit requirements, making it easier for veterans and active-duty members to qualify.
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
VA 15-Year Fixed Loan FAQs
Everything you need to know about VA 15-Year Fixed Loans
What is the highest term for which a VA mortgage loan is offered?
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.
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
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.
Start your homeownership journey with a VA 15-Year Fixed Loan.
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