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VA Loan

Because veterans need a nice homecoming.

Apply Now Get Preapproved

Or call 1-800-561-9433

VA Loan Purchase Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 6.250% 6.472% -0.250 $2,462.87 360
15-Year Fixed 6.500% 6.871% 0.000 $3,484.43 180

VA Mortgage Rates effective as of June 12, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 100% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on purchase price and base loan amount of $400,000, FICO® score of 780 or greater, and 0% or more down payment; VA funding fee is excluded, and they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

VA Loan Refinance Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 6.250% 6.474% -0.250 $2,216.58 360
15-Year Fixed 6.750% 7.127% -0.250 $3,185.67 180

VA Mortgage Rates effective as of June 12, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 90% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on property value of $400,000, FICO® score of 780 or greater, and 10% or more equity, and base loan amount of $360,000; VA funding fee is excluded, and they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

VA Loan

A thank you that comes with no down payment.

KEY FEATURES

  • Fixed-rate mortgage backed by the US Department of Veterans Affairs (VA)
  • No down payment
  • No Private Mortgage Insurance (PMI) required
  • Can be used for home purchase or mortgage refinance
  • Apply in 15-20 minutes!

Calculate Your Savings

MAY BE A GOOD CHOICE IF

  • You are an American veteran, current military, reservist, or surviving spouse
  • You want to take advantage of a mortgage with no down payment

Compare to Other Mortgages 

So, what exactly is a VA Loan?

Wife and veteran husband hugging in new home

A VA Loan is made available to qualified veterans, active service members and surviving spouses to use for purchasing a home. You do not have to have a down payment or Private Mortgage Insurance (PMI) with a VA loan. The VA Loan is guaranteed by the U.S. Department of Veterans Affairs (VA).

The VA does not originate loans but sets the rules for who may qualify, issues minimum guidelines and requirements under which mortgages may be offered, and financially guarantees loans that qualify under the program.

A VA Loan is available only as a fixed rate loan, meaning your interest rate will not vary for the life of the loan.

Apply Now

How does a VA Loan compare to other Elements mortgage options?

The VA Loan is specifically for military personnel and surviving spouses and is a fixed-rate loan. See other differences in the chart.

  VA Loan Fixed-Rate Mortgage Adjustable Rate Mortgage FHA Loan
Key Benefits

No down payment

No mortgage insurance

Predictable payments

No interest-rate surprises

Lowest short-term rates

Initial lower monthly payments

Low down payment

Government-backed

A Good Option If You

Are an American veteran, current military, reservist, or surviving spouse

Want your rate and payments to stay same for life of loan

Plan to stay in your home for several years

Are comfortable with rate and payments fixed at first, then adjusting later

Don't plan to stay in the home long

Do not have a substantial down payment saved

Have less than perfect credit or limited credit history

Available Loan Terms

Purchase & Refinance:

15 and 30 years

Purchase & Refinance:

5, 7, 10, 15, 20, and 30 years

Purchase & Refinance:

5/5 ARM 30 year and 7/6 ARM 30 year. Please call for information about other ARM products and terms.

Purchase & Refinance:

15 and 30 years

Interest Rate As Low As

Purchase: 6.250% for 30-Year Fixed

Refinance: 6.250% for 30-Year Fixed

Purchase: 6.500% for 15-Year Fixed

Refinance: 6.875% for 15-Year Fixed

Purchase: 7.750% for 3/6 ARM 30-Year

Refinance: 8.250% for 3/6 ARM 30-Year

Purchase: 6.125% for 30-Year Fixed

Refinance: 6.125% for 30-Year Fixed

APR As Low As

Purchase: 6.472% for 30-Year Fixed1

Refinance: 6.474% for 30-Year Fixed2

Purchase: 6.566% for 15-Year Fixed3

Refinance: 6.941% for 15-Year Fixed3

Purchase: 8.244% for 3/6 ARM 30-Year4 

Refinance: 8.384% for 3/6 ARM 30-Year4 

Purchase: 6.882% for 30-Year Fixed5

Refinance: 6.882% for 30-Year Fixed6

No Points
No Mortgage Insurance (PMI)
Down Payment $0 As low as 5% of purchase price As low as 10% of purchase price As low as 3.5% of purchase price
Loan Limits
Special Feature Guaranteed by the U.S. Department of Veterans Affairs (VA) Backed by the Federal Housing Administration (FHA)

Is the down payment really $0?

Veteran mom and baby hugging

Yes!

You do not need to have a down payment when you purchase a home with a VA Loan. Instead, the loan will be for the full purchase price.

Apply Now

What exactly is Private Mortgage Insurance (PMI)?

Father and son playing video games

Private Mortgage Insurance (PMI) is insurance lenders require most homeowners to take out when they make a down payment of less than 20% of the home's purchase price. This insurance cost is typically tacked onto your monthly mortgage payment and is required until 20% of the principal amount is reached.

With an Elements VA Loan, no PMI is required. You can save up to $25,000 in PMI costs over the course of your loan!

Calculate Your Savings

What fees and closing costs should I expect?

The specific amount of your closing costs will vary. A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. Your Elements Mortgage Loan Originator will review all costs with you based on your specific loan amount, purchase price, and home value.

Third Party Fees

Third party fees are ones that we collect and pass on to the person who actually performed the service. These can include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees. 

Taxes and Other Unavoidable Costs

These fees include state/local taxes and recording fees and will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume you won't have to pay it. It is possible that a lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs.

Lender Fees

Lender fees such as points, document-preparation fees, and loan-processing fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before making a decision. Elements charges a standard $995 origination fee on all mortgages.

For more information, call us at 1-800-561-9433.

Is refinancing available with a VA loan?

Yes! When you refinance your home, you actually pay off your existing mortgage and replace it with a new one. You might do this to get a lower interest rate or to shorten the term of your mortgage. Perhaps your current financial situation would make it good for you to switch from a conventional mortgage to VA loan. You can learn more about refinancing your mortgage with Elements.

Should I get preapproved?

Parents and child working over a laptop

Call us at 1-800-561-9433 to see if you can be preapproved for a loan so that you know what price range you can afford, to evaluate the monthly costs of a loan, and to see how much of a loan you can afford. The preapproval will also give you some leverage when negotiating with the sellers.

What happens during the mortgage application process?

Getting Started

You can apply online in 15-20 minutes! Submit your application anytime. Or call us at 1-800-561-9433 to apply by phone. When you apply, have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home.

Gathering Documentation

We’ll contact you within one business day after you submit your application to review documentation that we'll need from you. We’ll also answer any questions you may have. 

Application Review & Approval 

Once you have supplied your documents, your loan will be reviewed by an underwriter. After the underwriter review, your Elements Mortgage Loan Originator and Loan Processor will work together to obtain any further documentation that is needed to close your loan, including the appraisal and title work. 

Closing

Once your loan has been approved, your closing will be scheduled at a location convenient for you. That's it — your VA Loan is complete! Application to closing takes an average of 30 days. 

Get Started

Why should I go to Elements for my mortgage?

Like a Bank, Only Better!

Personal Mortgage Guidance

Buying a home can be a bit overwhelming. But don’t worry. We’ll be with you every step of the way to guide you through the mortgage process, from preapproval all the way to closing. You’ll have your personal mortgage expert’s cell phone number, so you can get all your questions answered very quickly. 

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates, and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves on being a trusted source for financial education. We come to your workplace to answer questions and can provide you with a dedicated Mortgage Loan Originator7 to guide you through the entire mortgage process.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally8. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

Get Started

How do I apply?

Screenshot of Elements online application

3 Easy Steps to Apply

  1. Apply online - Do this online whenever you have 15-20 minutes to spare. Or call 1-800-561-9433 to get started.
  2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions.
  3. Schedule your closing - We'll stay in touch with you throughout the mortgage process. Then, if you're approved, we'll schedule your closing at a location convenient for you

Apply Now Get Preapproved

How is my mortgage payment calculated?

Your monthly mortgage payment is made up of four components: principal, interest, property taxes, and homeowner’s insurance (referred to as "PITI"). 

Principal and Interest

Principal and interest are based on the loan amount, interest rate, and term (amortization) of your loan. 

Property Taxes

Property taxes are assessed annually. The amount of your taxes is divided by 12 months in order to determine how much will be collected from you as part of your monthly payment.

Insurance

Homeowner’s Insurance is also paid annually. The amount of your annual premium is divided by 12 months as well. 

Private Mortgage Insurance (PMI) can also be a component of your monthly mortgage payment. This is insurance that the lender obtains to protect them against any loss if you stop making payments on your loan. PMI is typically required on Conventional loans if you do not put at least 20% down on a purchase or have 20% or more equity in your property on a refinance.

How Much Can I Save with No PMI?

PMI Savings Calculator

Results

Total savings over the life of your loan compared to a competitor mortgage with the same rate of 3.667% APY.

Potential Savings Over the Life of Your Loan

PMI Cost Per Month Total Cost of PMI
3.667% APR $0 $0
3.667% APR $119 $11,126

Calculator is designed with certain limits and is for illustrative purposes only. Potential savings are estimates based on Elements VA Loan rates as of 6/12/2024. Actual rates for competitor mortgages will vary but are depicted the same as Elements here to illustrate potential savings for PMI only.

  1. 1 VA Mortgage Rates effective as of June 12, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 100% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on purchase price and base loan amount of $400,000, FICO® score of 780 or greater, and 0% or more down payment; VA funding fee is excluded, and they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.
  2. 2 VA Mortgage Rates effective as of June 12, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 90% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on property value of $400,000, FICO® score of 780 or greater, and 10% or more equity, and base loan amount of $360,000; VA funding fee is excluded, and they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.
  3. 3 Fixed Rates effective as of June 12, 2024.Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those listed.
  4. 4 Adjustable Rates effective as of June 12, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about ARM products with terms other than those listed.
  5. 5 FHA Mortgage Rates effective as of June 12, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 96.5% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio, and other factors, and may be higher than those displayed here. Rates, closing costs, and points may vary by property location, loan type, and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $400,000, FICO® score of 780 or greater, and 3.5% or more down payment, and loan amount of $386,000; FHA mortgage insurance premium is excluded, and they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.
  6. 6 FHA Mortgage Rates effective as of June 12, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 96.5% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a property value of $400,000, FICO® score of 780 or greater, and 3.5% or more equity, and loan amount of $386,000; FHA mortgage insurance premium is excluded, and they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.
  7. 7 Nationwide Mortgage Licensing System Registrants: Elements Financial FCU 410639, Shawn Adams 1969445, Charles Akinbola 1811812, Barbara L Allen 609733, Rick Anderson 169934, Nick Bates 2030112, Lindsey Badanek 724103, Cynthia Bell 427359, Nyla Bivens 1128100, Jamie Bonner 435395, Laura Bordenkecher 1590841, April Bratton 1169913, Miesha Brooks 1916521, Dawn Michelle Bruce 899516, Julie Bowering 443400, John Bugbee 581674, Melissa Bullock 2122657, Tracee Buckrop 609727, Karla Chevrie 404630, Eliza Claborn 1826115, Christine Clark 609734, Shane Clark 2253719, Brooklynn Coop 2416469, Kaylee Cooper-Sweeting 2552218, Mary Ann Deckard 1259646, Ashlie M Dew 539208, Curtis Neal Dodd 200259, Ron E Ellis Jr 1207645, Barbara Fey 489638, Kara Michelle Fischer 1469113, Tami Renee Forsythe 609730, Lenore Gallagher 975065, Sherry Gaw 988244, Emilee Goode 1776621, Jody Gray 2320767, Robert Goodwin 975067, Quentin Girten 1919653, Courtney Guth 1623852, Abigail Hall 1469114, Mariah Hestand 1809685, Dial Holliday 1436039, Jennifer Hooker 1807696, Theresa Iaria 1128103, Chris Jones 1484986, Kasey Jones 1942020, Christopher Kerr 143199, Andee Kettlebar 443776, Jill Kidwell 609731, Brooklynn King 2311546, Michele King 1759144, Sara Keedy 1512646, Sean Kiely 425511, Brittnie Kreuzman 2433042, Tara Nicole Lambert 883082, Teresa Ledford 444283, Cindy Leisure 1080329, Rebecca Littell 996455, Tyler Lonergan 2066084, Blake Luker 2007589, Kristy Mars 609725, Beverly Marshall 444941, Elizabeth McGovern 2313054, Alexander J Menestrina 1190426, Beth Moberg 473454, Justin D Montour 1198316, Brooke Moss 1824059, Terri Mossbrucker 1385461, Kristina Mowery 916118, Amber D Murphy 1082684, Mallory Neill 1750269, Constance Nelson 975071, Micha Noble 1950136, Grace Nolan 1840818, Regina Norman 1080327, Stacy Oswald 1380912, Clayton F Patterson 424532, Shaneka A Pedersen 426201, Meghan Pedigo 1601304, Shari Peek 1623439, Steve Perius 610700, Janene Petree 1529353, Kyle Thomas Plumlee 1930758, Noah Pumphrey 2313162, Kim Purkhiser 1313210, Tania Query 608383, Rebecca Rice 1007612, Miranda Grace Renee Rizzo 1198315, Janai S Roberts 252636, Tim Sallee 1192774, Susan Roberts 975068, Darlene Rogers 2266067, Carol Biale-Schroeder 1863399, Ryan Sebree 1866273, Ron Senci 1068152, Jessica Siegman-Bradford 1454706, Brad Smith 906855, Amy Lynn Stokes 1387213, Paulette Stull 1487007, Ann Sukup 2511201, Brent Tedford 1892880, Bradley Thompson 609732, Rhonda Weaver 2213627, Samantha White 1849420
  8. 8 Based on asset size as of 12/31/2022.