VA Loan Rates Today| VA Refinance: What Are VA Loan Rates Today|How Much Can I Save?
Many people dream of buying a house and with the low VA Rates today make it a great time to consider taking action. If you are planning purchasing or refinancing, you might consider getting a VA House loan. But the big questions are, why choose a VA loan over a conventional loan? Who are eligible? And last, what are the unique advantages that go with the loan?
Why Choose A Veterans Loan
Today’s low VA Rates offer special loan rates to eligible military veterans and active duty service members. A veterans administration loan permits veterans and active duty personnel to qualify and be eligible to purchase or refinance their home with no down payment, closing costs, and private mortgage insurance. VA mortgages are more forgiving than some conventional loans.
VA Eligibility: Who Are Qualified?
The following are eligible for a VA loan.
1. Former members of the military on active duty during the World War II or later and who have not been dishonorably discharged.
2. Veteran soldiers who have 90 days of service during the World War II, Vietnam War or Korean Conflict.
3. Current members of the military who served in the armed forces of a government allied with US in World War II who have not been dishonorably discharged.
4. National Guard members
5. Public Health service members
6. Midshipmen at the United States Naval Academy.
7. Midshipmen at the United States Naval Academy.
8. Merchant Seamen with World War II service.
9. National Oceanic and Atmospheric Administration officers.
Veteran Loans Unique Characteristics
Listed below are the top 5 benefits of a VA Purchase or a VA Streamline Refinance.
1. No Down Payment or Zero Financing. VA loans offer a no-down-payment loan option that allows veterans to purchase a home with no upfront cost. Such option shows the lowest home foreclosure rate in the market today. However, if the borrower makes at least 5% down payment the VA will lower its fee.
2. No Closing Costs. No buyer paid closing cost but the seller agrees to pay closing cost thus including the closing cost to your home’s value.
3. No Private Mortgage Insurance. The purpose of a PMI is to compensate lender losses in cases wherein the borrower is unable to repay the loan. With VA loans, the borrower is aware of the money saved with the no PMI benefit of veteran’s mortgages.
4. Competitive and Low VA Rates. Affordable monthly payments and reduced interest rates are regularly lower than most conventional loans.
5. Affordable and Low Mortgage Payments. Historic Low VA Rates offer the easiest and most affordable monthly payments available to qualified veterans.
Unfortunately, Veteran Loans are available only to veterans, active duty service men, reservist, National Guard members, and etc. It is very important that you know this before going out and searching for the best VA Rates in the market. VA Loans are designed to support you, the borrower with special benefits and peace of mind.