The maximum loan term for a VA loan is the 30-year fixed loan, which has a term of 30 years or 360 months.
VA 30-Year Fixed
Mortgage Loan
Zero Down Payment, Competitive Rates for Veterans
If you're in the military, actively serving, or a veteran, owning your first home is more achievable than you might think. The VA 30-year fixed loan offers flexible, borrower-friendly features, making homeownership easier with its extended terms. These loans, guaranteed by the United States Department of Veteran Affairs (VA), provide a stable, low-interest mortgage with a consistent monthly payment over a 30-year term.
Key Benefits
Zero Down Payment
One of the few loan types that come with no down payment requirement.
Lower Interest Rates
Competitive rates that are typically lower than FHA 30-year loans.
No Private Mortgage Insurance
No PMI required, as the VA covers most of the loan, saving you money every month.
Flexible Credit Requirements
VA loans have flexibility with credit history and don't require the highest credit scores.
VA 30-Year Fixed Loan Information
VA loans come with attractive interest rates due to the government backing. However, various factors can still influence the final mortgage interest rate. To better understand the eligibility criteria and program details, you can start by speaking to one of our seasoned experts.
VA 30-Year Fixed Loan Eligibility Conditions
- Honorably discharged veterans or active-duty service members with 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 defined by the VA, but lenders may have their own requirements
- The home must meet defined safety standards and building codes
- Certificate of Eligibility (COE) from the VA is required
Factors Determining VA 30-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 is typically between 1.25% and 3.3% of the total loan value. This upfront fee is typically financed into your mortgage loan.
Pros and Cons of VA 30-Year Fixed Loan
Understanding the advantages and disadvantages of a VA 30-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 30-Year Fixed Loan FAQs
Everything you need to know about VA 30-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 30-year fixed VA mortgage attract any prepayment penalty?
VA 30-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 30-Year Fixed Loan?
VA 30-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 30-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 30-Year Fixed Loan.
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