Low or no home equity
A VA mortgage loan requires little or no home equity (or down payment) at closing.
Find mortgage rates by state.
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Compare a variety of mortgage types by selecting one or more of the following.
Conventional fixed-rate loans
Term
The term is the amount of time you have to pay back the loan.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Points
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.
30-year
20-year
15-year
10-year
Conventional fixed-rate loans
Term
The term is the amount of time you have to pay back the loan.
30-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
Term
The term is the amount of time you have to pay back the loan.
20-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
Term
The term is the amount of time you have to pay back the loan.
15-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
Term
The term is the amount of time you have to pay back the loan.
10-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
The rates and monthly payments shown are based on a loan amount of $464,000 and at least 25% equity. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see a conforming fixed-rate estimated monthly payment and APR example. Get more details.
Conforming adjustable-rate mortgage (ARM) loans
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Points
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.
10/6 mo
7/6 mo
Conforming adjustable-rate mortgage (ARM) loans
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
10/6 mo
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
7/6 mo
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
The rates and monthly payments shown are based on a loan amount of $464,000 and at least 25% equity. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see an ARM estimated monthly payment and APR example. Get more details.
Jumbo adjustable-rate mortgage (ARM) loans
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Points
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.
10/1 yr
7/1 yr
5/1 yr
Jumbo adjustable-rate mortgage (ARM) loans
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
10/1 yr
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
7/1 yr
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
5/1 yr
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
The rates and monthly payments shown are based on a loan amount of $940,000 and at least 25% equity. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see an ARM estimated monthly payment and APR example. Get more details.
Federal Housing Administration (FHA) loans
Term
The term is the amount of time you have to pay back the loan.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Points
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.
30-year
Federal Housing Administration (FHA) loans
Term
The term is the amount of time you have to pay back the loan.
30-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
The rates and monthly payments shown are based on a loan amount of $270,019 and at least 3.5% equity. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see an FHA estimated monthly payment and APR example. Get more details.
Veterans Affairs (VA) loans
Term
The term is the amount of time you have to pay back the loan.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Points
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.
30-year
Veterans Affairs (VA) loans
Term
The term is the amount of time you have to pay back the loan.
30-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
The rates and monthly payments shown are based on a loan amount of $270,072 and no equity. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see a VA estimated monthly payment and APR example. Get more details.
Jumbo loans
Term
The term is the amount of time you have to pay back the loan.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Points
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.
30-year
20-year
15-year
Jumbo loans
Term
The term is the amount of time you have to pay back the loan.
30-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
Term
The term is the amount of time you have to pay back the loan.
20-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
Term
The term is the amount of time you have to pay back the loan.
15-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The 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 or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
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.
The rates and monthly payments shown are based on a loan amount of $940,000 and at least 25% equity. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see a jumbo estimated monthly payment and APR example. Get more details.
Need help choosing the right refinance loan?
If you’re ready to refinance your mortgage but aren’t sure about your options, it may be time to find a mortgage loan officer. A mortgage loan officer can offer you guidance on choosing the right loan for your specific needs.
Requirements for VA refinance loans
The VA will provide a Certificate of Eligibility for military members and surviving spouses who meet the following requirements. Other restrictions may also apply. Your mortgage loan officer will work with you on obtaining the Certificate of Eligibility.
Military members
To be eligible for a VA loan, you must be an active-duty or former member of the armed forces with at least one of the following:
- 90 days of consecutive service during wartime
- 181 days of service during peacetime
- 6 years of service in the National Guard or reserves
Surviving spouses
Spouses of service members who died in the line of duty or as the result of a service-related disability may be eligible for a VA loan.
Mortgage refinance calculator
See if refinancing is right for you and how much you could save with our mortgage refinance calculator.
Learn more about VA loans and other financing options.
Check out all your refinancing options.
We offer refinance loans that can meet almost every circumstance.
Should you refinance?
Refinancing might be a money-saver, but consider these things first.
Understand how to refinance.
The refinancing process is pretty straightforward. Here are the steps.
Decide when to refinance.
Wondering when it’s the right time to refinance? Get tips on the best approach.
Get answers to common questions.
There are several options for refinancing a VA loan:
- VA streamline refinance, also known as a VA Interest Rate Reduction Refinance Loan (IRRRL): Refinance an existing VA loan to a lower interest rate or a fixed-rate mortgage.
- VA cash-out refinance: Borrow cash from the equity in your home for debt consolidation, home improvements and more.
- Conventional fixed-rate mortgage: This may make sense for rental property conversions, better terms or lower rates, depending on your situation.
There is no waiting period to refinance from a VA loan to a conventional loan. To refinance a VA loan to another VA loan, you must wait a minimum of 210 days from the day you make your first payment on your existing loan to the closing date of your new one, or from the date on which the sixth monthly payment has been made on the loan, whichever is later.
For existing U.S. Bank home mortgages that are refinanced and paid off within 120 days of the previous closing date, a fee of one point will be charged. 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.
A VA streamline refinance, also known as a VA Interest Rate Reduction Refinance Loan (IRRRL), allows those with an existing VA loan to refinance to a lower interest rate or a fixed-rate mortgage. Accessing the equity in your home for cash is not permitted with a VA streamline refinance loan.
Yes. If you’re considering refinancing a conventional loan to a VA loan, a VA cash-out refinance may be a good option. A VA cash-out refinance not only lets you refinance a non-VA loan into a VA loan, but it also allows you to take equity out of your home in the form of cash.
There is a six-month waiting period (known as “seasoning”) before you can refinance a conventional loan into a VA loan.
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Disclosures
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Equal Housing Lender