VA Home Loans Rates

From the US military? Are you currently serving in the military, and you would like to purchase your very first all? You might have a small family, or perhaps a little baby on the way, and you want to provide a home for your spouse and child to keep them comfortable and safe. More than likely, you are on a limited amount of money, a budget that may not be able to afford you the luxury of owning a home. Fortunately, if you are a veteran, you can apply for what are called VA loans in order to secure a home in a very low interest rate. Let’s take a look at VA home loans, and also what typical VA home loans rates are going to be.

Overview Of VA Loans

Those that are American citizens, ones that have served in the US military, are eligible to qualify for what is called a veterans affair loan. VA loans are essentially mortgages, guaranteed by the United States of America, and all of the loans are issued by the most qualified lenders. The goal is to provide long-term financing to US veterans that are eligible, something that is also provided to surviving spouses that have not yet remarried. The goal of VA direct home loan program is to make sure that eligible veterans, who cannot obtain private financing, or that do not have a down payment for the home that they want to buy, can do so using VA loans.

How Much Can You Qualify For?

The amount of money that you were able to qualify for can actually be above 100% of the value of the home itself. Once you have paid for an appraiser to assess the value of the home, the amount of the loan itself can be determined. A benefit of using the VA for your loan is that you do not have to put a down payment in order to get lower interest rates. There are funding these that you will have to pay in order to obtain the loan such as transfer taxes, title insurance, and paying for the title search itself, but other than these minimal fees that must be paid out, the interest rate will save you tens of thousands of dollars over the life of the loan.

VA Home Loans Rates

The rates that you can expect will differ depending upon whether or not you put a down payment on the home itself. As mentioned before, you can obtain the loan without paying a down payment, but if you do, you can actually pay a very low interest rate. First-time users with no down payment can look forward to about 3% which is phenomenal, and with a down payment of 10% or more, this drops even lower. There are no mortgage companies in the real world, outside of the VA, that can provide you with this type of interest rate. If you are a US veteran, and you would like to take advantage of the rates available through VA loans, talk to someone today about a property that you would like to purchase and start getting your funding as soon as possible.