Home Loans and Support

FHA and VA Mortgage Rates for 7/29/2013

Good morning mortgage shoppers! This week is beginning with mortgage rates remaining stagnant from last week’s results. It’s important to keep in mind that rates may fluctuate from one institution to the next, and there’s no better place to start your search then here – America’s SAFEST  online mortgage community!

Housing Administration (FHA) Loans

An FHA loan is a home loan that is backed by the Federal Housing Administration, a government agency that provides insurance on mortgages originated by FHA-approved lenders. This includes insurance for single family and multifamily homes – protecting lenders against substantial losses if the borrower is unable to make payments and defaults on the loan. Keep in mind that starting last month, most FHA borrowers will be required to pay private mortgage insurance for the life of the loan.

Due to the protective insurance measures, lenders often carry FHA loans with very attractive rates and with less stringent requirements than that of a conventional loan. The FHA does not have a minimum credit score, however the lowest we’ve seen is approximately 580 for a well-qualified borrower. Each borrower’s creditworthiness is carefully reviewed to determine the willingness and capability to repay the debt.

FHA lenders will look at the borrower’s overall financial situation and may look beyond various factors such as a large 20 percent down payment. The FHA only requires 3.5 percent of the purchase price of the property.

FHA Rates

FHA 30-Year Fixed 4.250% – APR 5.433%
FHA 15-Year Fixed 3.500% – APR 4.205%
FHA 5-Year ARM 3.500% – APR 3.519%

Veterans Affairs (VA) Loans

Veterans Affairs loans, or VA loans, offers a variety of home loan guaranty programs for Servicemembers, Veterans, and eligible surviving spouses. Banks and mortgage lenders often offer VA loans with very competitive rates because the VA guarantees a portion of the loan. Generally, any prospective borrower must have suitable credit, sufficient income, plan to reside in the home as a primary residence, and a valid Certificate of Eligibility (COE) to qualify for a VA loan.

VA Rates

VA 30-Year Fixed 4.375% – APR 4.718%
VA 15-Year Fixed 3.875% – APR 4.467%


About Moe Bedard

My name is Maurice Bedard, but most people call me Moe. I am the founder of America's #1 Mortgage Forum, LoanSafe.org, and also a website design firm called We Create Web Designs. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications. I currently live in Carlsbad, California with my beautiful wife and children.

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