VA Mortgage Benefits Explained | Loans and Credit 4 all

by Albany Matthews Jr

Trying to find the perfect VA Mortgage and asking lenders for their current rate is far more complicated than getting a phone. VA loans are guaranteed via the Veterans Administration and insure the lender from loss. Remember that VA mortgage rates typically are not issued by the VA, but by lenders.

For the individuals who qualify for a VA Mortgage the following are the three core advantages offering money saving opportunities.

1. Big Financial Savings

VA loans are special due to their no down payment, no PMI and low interest rate offers. The no down payment option can ease the burden of saving for home when most conventional loans require people to place 10 to 20% down payment. VA loans are truly no money down loans. You are equipped with the option to put down money to lower your monthly payment, however you will not be required to do so. Low interest rate that are between 0.5 to 1 percent less than other conventional loans. Another possibility is no need for private mortgage insurance, saving you more than $100 monthly.

2. Flexible Loan Type

VA loans offer two kinds of loan. The Adjustable Rate Mortgage (ARM) and the Fixed Rate Mortgage kind. Adjustable rate mortgage are tailored for the low to moderate income families while in fixed rate loan interest rates stay exactly the same for the term of your loan could be 15 or 30 years.

3. Easy Credit Approval

With VA loans there is no set credit score requirement. The approval specialize on the debt to income ratio instead of your previous credit standing.

VA Mortgage is actually applicable to owner occupied type of residences. Try not to use your VA House Loan for vacation type properties. Search to see if the grass is greener with other lenders. Always compare costs and getting the best deal is definitely wise. Knowledge is your best weapon when deciding what VA mortgage is appropriate for your current situation.

About the Author:

VA-loan.org a non government agency focusing on VA home loan and VA financing for active military personnel and veterans like you. Apply now for your mortgage loan and obtain a cost-free quote from us today.

Tags: Finance, financing a house, va financing, VA home loan, VA Home Loans, VA homeloan, va house loan, va house loans, va loan, va loans, va mortgage, va rate, va rates

This entry was posted on Friday, March 9th, 2012 at 4:06 pm and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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