Current Florida <span class='t-red'>VA</span><span class='t-red'>Mortgage</span><span class='t-red'>Rates</span>

us army veteran
us army veteran

By Shahram Sondi


If you’re a U.S. veteran, a 30-year fixed-rate VA mortgage is the best home loan around. The credit approval is a walk in the park, plus you’ll have the option to pay a 0% down payment and get lender credit from rate or seller credit to cover all or most of the closing costs. So whether you’ve just started looking or are ready to get pre-approved, I’ll guide you. And if you work with me, I’ll get you some of the lowest VA loan rates in Florida and save you thousands of dollars more than any other lender.

Get a free, no obligation rate quote today—no personal information required.

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VA 30-year Fixed Mortgage: The Lowdown

A VA 30-year fixed-rate mortgage is a type of home loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). This mortgage program is designed to help eligible veterans, active-duty service members, and some surviving spouses purchase or refinance a home. Here are some key features of the VA 30-year fixed-rate mortgage:

  1. VA Guarantee: VA loans are guaranteed by the VA, which means that the government ensures a portion of the loan against default. This guarantee encourages lenders to offer favorable loan terms to eligible borrowers.
  2. Fixed Interest Rate: The loan interest rate on a 30-year fixed VA mortgage remains constant throughout the entire 30-year term. This provides borrowers with predictable monthly mortgage payments.
  3. No Down Payment: One of the significant advantages of VA loans is that eligible borrowers can often finance the full purchase price of a home without making a down payment. This can be especially beneficial for veterans who may not have significant savings for a down payment.
  4. No Private Mortgage Insurance (PMI): VA loans typically do not require private mortgage insurance, even with a zero down payment. This can result in lower monthly payments compared to some conventional loans that require PMI for borrowers with less than a 20% down payment.
  5. Flexible Credit Requirements: No need to stress about your credit report. While the VA doesn’t set a minimum credit score requirement, lenders may have their own credit approval standards. VA loans generally have more flexible credit requirements compared to some conventional loans.
  6. Streamlined Refinancing: VA loans offer a streamlined refinancing option called the Interest Rate Reduction Refinance Loan (IRRRL), also known as the VA Streamline Refinance. This allows eligible borrowers to refinance their existing VA loan to a lower interest rate with minimal paperwork and without a new appraisal.
  7. Assumption of Loan: In certain cases, a VA loan may be assumable, meaning that another eligible veteran can take over the loan with the approval of the VA and the lender.

Current rates for VA loans

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How do I qualify for a 30-year VA loan?

  1. Military Service: To be eligible for a VA loan, individuals must meet specific service requirements, which may include a minimum length of active service, service in the Reserves or National Guard, or other criteria. Some surviving spouses of veterans may also be eligible.
  2. Certificate of Eligibility (COE): Borrowers must obtain a VA home loan Certificate of Eligibility (COE) from the VA to prove their eligibility for the loan. The COE can be obtained online through the VA’s eBenefits portal or through a VA-approved lender.
  3. Credit and Income Requirements: While the VA does not set strict credit score requirements, lenders will run a credit approval, evaluating the borrower’s creditworthiness and income to ensure they can afford the loan.
  4. Property Requirements: The property being financed must meet the VA’s minimum property requirements to ensure it is safe, sound, and sanitary. An appraisal is typically required to assess the property’s value and condition.
  5. Primary Residence: The home financed with a VA loan must be the borrower’s primary residence. It means that the borrower plans to live in the home as their main and permanent residence.
  6. Funding Fee: Borrowers are generally required to pay a funding fee to the VA, which helps offset the cost of the VA loan program. The amount of the funding fee depends on factors such as military service, down payment (if any), and whether the borrower has previously used their VA loan entitlement.

Can I get an adjustable rate on a VA loan?

Actually, yes you can. While the most common VA loan is the fixed-rate 30-year mortgage, the VA also offers adjustable-rate mortgage options for eligible borrowers.

These VA Adjustable Rate Mortgages (ARMs) typically come in terms of 3/1, 5/1, 7/1, or 10/1. The first number represents the number of years the interest rate remains fixed, and the second number indicates how often the rate will adjust after the initial fixed period. For example:

  • A 3/1 Adjustable-Rate Mortgage has a fixed interest rate for the first three years, after which it may adjust annually.
  • A 5/1 Adjustable-Rate Mortgage has a fixed interest rate for the first five years, followed by annual adjustments.
  • A 7/1 Adjustable-Rate Mortgage has a fixed rate for seven years before potential annual adjustments.
  • A 10/1 Adjustable-Rate Mortgage has a fixed rate for the first ten years before potential annual adjustments.

Adjustable-rate mortgages can be attractive to some borrowers because they often come with lower initial interest rates compared to fixed-rate mortgages. However, it’s important to understand that after the initial fixed period, the interest rate can fluctuate based on market conditions, potentially leading to higher or lower monthly payments.

Want the best possible deal on your loan? Because I’m a one-man shop, I can give you a better loan rate than any other mortgage lender in Florida. I’ll even give you up to $15k towards closing costs.

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