Today's VA Loans Rates
VA loans are exclusive mortgages backed by the Department of Veterans Affairs for eligible veterans, active-duty service members, and surviving spouses. With zero down payment required and no private mortgage insurance, VA loans offer some of the best terms available in the mortgage market.
* Estimated monthly payment based on a $400,000 loan amount. Assumes Rates assume 780+ credit, 75% LTV, primary residence, single-family home.. Your actual rate and payment may differ. Subject to credit approval.
What Is a VA Loan?
A VA loan is a mortgage benefit earned through military service and guaranteed by the U.S. Department of Veterans Affairs. Created as part of the Servicemen's Readjustment Act of 1944 (the GI Bill), VA loans were designed to help returning service members transition to civilian life by making homeownership affordable. Today, the VA loan program remains one of the most powerful home financing tools available — offering zero down payment, no private mortgage insurance (PMI), and interest rates that consistently beat conventional alternatives.
Who Qualifies?
VA loan eligibility is based on your military service record. You may qualify if you've served 90 consecutive days during wartime, 181 days during peacetime, or 6 years in the National Guard or Reserves. Active-duty service members are eligible after 90 days of service. Surviving spouses of service members who died in the line of duty or from a service-connected disability may also qualify. You'll need a Certificate of Eligibility (COE) from the VA, which CMS Mortgage can help you obtain — often in minutes.
Pros and Cons
Advantages
- ✓Zero down payment required — 100% financing available
- ✓No private mortgage insurance (PMI) ever
- ✓Interest rates typically 0.25–0.50% lower than conventional loans
- ✓No loan limits for borrowers with full entitlement
- ✓Limited closing costs capped by the VA
- ✓No prepayment penalties
- ✓VA benefit can be used multiple times
Considerations
- ✗VA funding fee required (2.15% first use, 3.3% subsequent — can be financed)
- ✗Property must be a primary residence
- ✗Must meet VA minimum property requirements
- ✗Only available to eligible veterans, active military, and surviving spouses
How to Apply
Start by confirming your VA eligibility and obtaining your Certificate of Eligibility (COE). CMS Mortgage can pull your COE electronically in most cases. From there, you'll complete a loan application with your financial documents — W-2s, tax returns, pay stubs, and bank statements. Our VA-specialist loan officers understand the unique aspects of military income (BAH, BAS, combat pay) and will guide you through qualifying. We handle the entire process from pre-approval through closing, typically in 30 days or less.
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