VA Home Loans
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VA Home Loan Benefits
Those who qualify for a VA loan may be able to significantly reduce the total amount they will be required to pay over the life of their mortgage. Eligible servicemembers and veterans can take advantage of some of the many VA Home Loan benefits, such as:
- No down payment on home purchase loans
- Lower closing cost limits
- Lower interest rates
- Relaxed credit requirements
- Less strict debt-to-income (DTI) requirements
- No monthly mortgage insurance premiums help keep your monthly payments low
Today's VA Home Loan Rates
See at a glance how VA IRRRL rates stack up today. Compare different mortgage loan types and learn more about how VA IRRRL can make your monthly mortgage payments more stable and affordable.
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Discount points apply, view assumptions for details. Rates valid on:
Wed, Jul 12 2017, 09:49 AM PT and are subject to change without notice.
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Discount points apply, view assumptions for details. Rates valid on:
Wed, Jul 12 2017, 09:49 AM PT and are subject to change without notice.
Rates display is temporarily unavailable.
For a rate quote, please call a Pennymac Loan Officer at (866) 549-3583.
VA Loan Mortgage Types
VA loan options come in many different forms. Take a look at the following mortgage types to compare and choose the VA loan that’s best for you.
If you are on active duty or retired from the military and in the market for a new home, you should call Pennymac to learn how you could save money with a VA Home Loan.
Rates & More Info- No down payment, unlike conventional or FHA loans*
- No private mortgage insurance (PMI) or upfront mortgage insurance premium (UFMIP) to keep your monthly payments low
- Lower interest rates
- VA funding fee may be financed into the loan
*As long as the sales price does not exceed the appraised home value.
(Interest Rate Reduction Refinance Loan)
Already have a VA loan? Consider refinancing into a VA Interest Rate Reduction Refinance Loan (IRRRL), also called the Streamline Refinance Loan. The VA IRRRL lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate on your VA loan, you should be able to decrease your monthly mortgage payments. You may also be able to refinance an adjustable-rate mortgage (ARM) into a fixed-rate mortgage.
Rates & More Info- Lower interest rates compared to conventional loans
- Designed to be easy to apply and quickly close
- Flexible loan terms — there’s no need to extend your current payment schedule
- Minimal paperwork and income documentation required
- Closing costs can be rolled into the cost of the loan — no out-of-pocket expenses
If you need extra money quickly, your VA loan may be the answer. The VA's Cash-Out Refinance Loan is for homeowners who want to use their home equity to take care of concerns like paying off debt, funding school or making home improvements. As home values continue to rise across the country and interest rates remain relatively low, now may be a great time to consider a VA Cash-Out Refinance.
Rates & More Info- Pay off higher interest rate debt, such as credit cards.
- The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan.
- Pennymac will lend up to 100% of the value of your home*
*Loan limits are established by the VA and can vary by county.
*By refinancing your existing loan, your total finance charges may be higher over the life of the loan.
Pennymac supports our nation’s heroes by offering VA loans. In the second quarter of 2024, we financed $4.13 billion VA loans.* We’re honored to extend our veteran support beyond the VA loan program and support the recruitment of active, reserve, veteran and retired military employees.
(Of these, over 22,000 were added in 2024) Pennymac services $125 billion in VA loans on behalf of service members, veterans, and their families.*
Servicer in the U.S.
With $125 billion covering approximately 459,000 VA loans on behalf of service members, veterans, and their families, we are the #3 VA Loan Servicer nationwide.**
As of June 30, 2024, Pennymac services approximately 459,000 VA Loans on behalf of service members, veterans and their families.
*As of 6/30/2024
**According to Inside FHA/VA Lending Top VA Servicer by dollar amount for the second quarter 2024.
VA Loan FAQ
Am I Eligible for a VA Home Loan?
If you’re interested in a VA loan but don’t know if you qualify, we can help. Active or former service members with the following terms of service today may be eligible* for a VA Home Loan:
- 181 days of service during peacetime (active duty)
- 90 days of service during wartime (active duty)
- Six years of service in the Reserves or National Guard
- Some surviving spouses (spouse passed away due to service-related complications)
*You will also need to meet all VA and lender credit, income and employment requirements.
How Does Pennymac Support Our Veterans?
Pennymac understands that our people are essential to continuing our growth and leadership in the mortgage finance industry.
That’s why we have worked with veterans groups such as DAV/RecruitMilitary to help us actively recruit America’s highest quality talent. Taking support beyond simply providing VA loans, our work with these groups allows veterans to continue developing their skills and expand their experience in a customer-centric environment that emphasizes high ethical standards, open communication and excellence.
Why Should I Choose Pennymac for a VA Loan?
Pennymac proudly supports and is pleased to offer VA loan products designed to help our servicemembers and veterans achieve homeownership. We currently service over 368,901 servicemembers and veterans who have utilized the federal government’s VA Home Loan program to buy or refinance a home.
As one of the largest direct lenders and servicers in the country, PennyMac Loan Services, LLC specializes in VA home loans. We are committed to offering our servicemembers and veterans great rates on VA loans of all types, so they can find the right properties to fit their needs.
What are VA loan limits?
VA loan limits represent the largest total VA loan amount that the Department of Veterans Affairs is allowed to guarantee to eligible borrowers without requiring them to make a down payment. These limits match the limits set on conventional conforming loans by the Federal Housing Finance Agency. VA loan limits do not limit the amount that may be borrowed on a VA loan. Instead, they cap how much a borrower can finance without paying any money down. That said, The Blue Water Navy Vietnam Veterans Act of 2019 lifted VA loan limits for veterans and service members with full entitlement to VA loans.
What is a VA loan guaranty?
A VA loan guaranty is a situation in which the Department of Veteran Affairs works with a private lender to guarantee or back a VA loan. In the event that the borrower defaults on the VA loan, the VA will pay off the debt to the lender. This form of insurance reduces lender risk and allows banks, credit unions and mortgage companies to offer eligible veterans better terms.
What is the VA loan funding fee?
A VA loan funding fee is a fee paid to the Department of Veterans Affairs to help support the VA loan program. This is a one-time fee that helps cover costs from VA loan borrowers who end up defaulting.
