Q.Are VA home loan interest rates lower than the national average?

A. Lenders typically charge what they would for a non-VA loan given to customers with good credit, and that's usually the best rate the bank or mortgage company offers.

With non-VA loans, borrowers pay a higher interest rate for every 20 points their credit score drops below 720. But with a VA loan, borrowers get the same low rate, whether their credit score is 605 or 790.

That's one of the things that make VA loans such an incredible deal for any veterans or active-duty military families who need a mortgage. Applicants don't have to worry about being refused because they don't have money for a down payment or they have a bad credit score, either.

Here's where to find more information on how you can qualify for, and benefit from, VA loans.