Best Va Home Loan Rates Today – “Verified by experts” means that our Financial Control Board has fully assessed the article for accuracy and clarity. The Audit Committee consists of a panel of financial experts whose purpose is to ensure that our content is always objective and balanced.
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Best Va Home Loan Rates Today
Edited by Suzanne De Vita Edited by Suzanne De VitaArrow Right Mortgage Editor Suzanne De Vita is the Mortgage Editor for , focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Connect with Suzanne De Vita on LinkedIn Linkedin Contact Suzanne De Vita by Email Suzanne De Vita
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Reviewer: Robert R. Johnson Reviewer: Robert R. JohnsonArrow Adjunct Professor of Finance, Creighton University Robert R. Johnson, Ph.D., CFA, CAIA, is a professor of finance at Creighton University and president and CEO of Economic Index Associates, LLC O our audit committee Robert R. Johnson
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If you are an eligible active duty military member, veteran or surviving spouse, you have the option of using a VA home loan to purchase a new home or refinance an existing mortgage. VA loans have great advantages – no need to make a down payment, for example – but there are also disadvantages. When starting the mortgage process, it’s important to familiarize yourself with all the details of what it means to have a loan with VA collateral.
What Is A Va Loan?
VA loans are supported by the U.S. Department of Veterans Affairs (VA), but the money does not come from the government. Instead, banks, mortgage companies, credit unions, and other types of mortgage lenders provide them, and the VA guarantees them in the event of default.
VA loans are only available to veterans, active duty military personnel and their surviving spouses. Many qualified borrowers also use VA loans. In the first quarter of 2022, the VA guaranteed over 256,000 home loans totaling more than $83 billion.
Every time you make an important financial decision, it’s important to weigh the pros and cons, and a VA loan is no exception.
The VA loan is not the only financing choice. Consider the following options, especially if you don’t qualify for a VA loan:
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For many borrowers, VA loans are a stumbling block. However, even if you qualify, there are times when a VA loan may not be the best option.
For example, if you are a qualified borrower who currently owns a home but wants to sell and buy another primary home to make a large down payment – 20 percent or more – of a sale you can make for your next home purchase, a VA Loan may not make sense for your your next property,” says Rob Killinger, senior loan officer at the Massachusetts Mortgage Network. “If you are going to take a VA loan in this scenario, you may be required to pay a VA financing fee, whereas a conventional loan program would not require such a fee.”
On the other hand, the VA loan offers special benefits that other financing does not provide. For example, a qualifying borrower can buy a two- to four-unit property with a zero VA loan that he plans to live in instead of a single-family home, says Killinger. In comparison, a conventional loan requires at least a 15 percent discount on a multi-unit property.
However, the financing fee can be expensive. If you plan to stay home for less than two years, it may not be worth paying that fee to get a VA loan.
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If you’re still unsure whether a VA loan makes sense for you, consult closely with your loan officer who can outline all of the different mortgage options you qualify for and help you make your decision.
David McMillin is a co-author and covers topics such as credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers understand how to save more and stress less.
Edited by Suzanne De Vita Edited by Suzanne De VitaArrow Right Mortgage Editor Suzanne De Vita is the Mortgage Editor for , focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Connect with Suzanne De Vita on LinkedIn Linkedin Contact Suzanne De Vita by Email Email Suzanne De Vita Mortgage Editor
Reviewer: Robert R. Johnson Reviewer: Robert R. JohnsonArrow Adjunct Professor of Finance, Creighton University Robert R. Johnson, Ph.D., CFA, CAIA, is a professor of finance at Creighton University and president and CEO of Economic Index Associates, LLC O our audit committee Robert R. Johnson Professor of Finance, Creighton University We are an independent, ad-supported comparison service. Our goal is to help you make smarter financial decisions by providing interactive financial tools and calculators, publishing original and unbiased content, enabling free research and comparison of information – so you can make financial decisions with complete confidence.
Oregon Department Of Veterans’ Affairs
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