Check out current rates for a 30-year VA loan.

These rates and APRs are current as of $date and may change at any time. They assume you have a FICO® Score of 740+ and no down payment, that the loan is for a single-family home as your primary residence and that you will purchase up to one mortgage point.

Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500. Connect with a mortgage loan officer to learn more about mortgage points.

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A 30-year VA mortgage is a home loan with a 30-year term that can have a down payment as little as 0% depending on the applicant’s qualifications. It is available to eligible service members, veterans and eligible surviving spouses.

The VA mortgage approval process works differently than that of a conventional loan. Here’s the general process:

  • You must meet the VA’s criteria for eligibility.
  • You must meet the credit criteria of a VA-qualified lender, such as U.S. Bank.
  • Your property must meet the eligibility requirements of a VA-approved appraiser.

Our experienced mortgage loan officers are committed to helping you through the process—every step of the way.

Here are the benefits a VA loan can offer you:

  • No down payment: VA loans are zero-down-payment mortgages. However, some borrowers are required to pay an upfront one-time payment called a VA funding fee. The maximum fee is 3.6% of the loan amount, which you can pay at closing or add into your loan amount and monthly payment.
  • No private mortgage insurance (PMI): Typically, lenders require PMI on a conventional loan if the down payment is less than 20%. PMI is never required on a VA loan.
  • Extra funds for energy-efficient improvements: If you plan to make energy-efficient improvements to your new home, you may be able to borrow up to $5,000 above the cost of your home. These extra funds can be rolled into your loan amount.

Here are the VA loan requirements which were last updated by the VA on July 21, 2017. These requirements are summarized below. For more detailed information, contact one of our experienced mortgage loan officers.

Service member eligibility requirements

This list of requirements assumes you were honorably discharged. Also, the requirements are less stringent if you were disabled in the line of duty. The VA determines eligibility of military members by issuing a Certificate of Eligibility that proves the borrower meets all requirements. Your mortgage loan officer will work with you on obtaining your Certificate of Eligibility.

  • 90 days of active duty during wartime
  • 181 days of continuous active duty during peacetime
  • Six years of service in the National Guard or Reserves
  • Two years of active duty if service began after September 7, 1980 for enlisted service members or October 16, 1981 for officers
  • VA loans are available for surviving spouses and dependents of service members who died in the line of duty or as a result of a service-related disability. Surviving spouses lose this eligibility if they remarry.

Property requirements

The VA has a set of criteria a property must meet to qualify for a VA loan. These requirements are summarized below.

  • VA loans may only be used for your primary residence.
  • The VA requires the seller to make any needed repairs before closing on the loan.
  • The property must be safe, structurally sound and sanitary.

Most qualified VA lenders look for credit scores to be 620 or higher. Talk with a U.S. Bank mortgage loan officer to learn more about qualifying for a VA loan.

VA loans are a good option for eligible service members. However, there may be other loan options (FHA, conventional) that are a better choice for what you need. Our mortgage loan officers are dedicated to helping you to determine which loan option is best for you.

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Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.

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  1. VA loans: The annual percentage rate (APR) calculation assumes a $270,072 fixed-term loan ($264,000 base amount plus $6,072 VA funding fee) with no down payment and borrower-paid finance charges of 0.862% of the base loan amount, plus origination fees if applicable.

  2. Annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after the closing date for adjustable-rate mortgage (ARM) loans.

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The rates shown above are the current rates for the purchase of a single-family primary residence based on a 45-day lock period. These rates are not guaranteed and are subject to change. This is not a credit decision or a commitment to lend. Your final rate will depend on various factors including loan product, loan size, credit profile, property value, geographic location, occupancy and other factors.

To lock a rate, you must submit an application to U.S. Bank and receive confirmation from a mortgage loan officer that your rate is locked. An application can be made by calling 888-291-2334, by starting it online or by meeting with a mortgage loan officer.

Minnesota properties: To guarantee a rate, you must receive written confirmation as required by Minnesota Statute 47.206. This statement of current loan terms and conditions is not an offer to enter into an interest rate or discount point agreement. Any such offer may be made only pursuant to subdivisions 3 and 4 of Minnesota Statutes Section 47.206. 

Calculators are provided by Leadfusion. This calculator is being provided for educational purposes only. The results are estimates that are based on information you provided and may not reflect U.S. Bank product terms. The information cannot be used by U.S. Bank to determine a customer's eligibility for a specific product or service. All financial calculators are provided by the third-party Leadfusion and are not associated, controlled by or under the control of U.S. Bank, its affiliates or subsidiaries. U.S. BANK is not responsible for the content, results, or the accuracy of information.