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Current Va Home Loan Rates
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Reviewed by Robert R. Johnson Reviewed by Robert R. Johnson Arrow Right Professor of Finance, Creighton University Robert R. Johnson, Ph.D., CFA, CAIA, is Professor of Finance at Creighton University and President and CEO of Economic Index Associates, LLC . About Our Review Board Robert R. Johnson
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If you are an active member of the military, a veteran or an eligible surviving spouse, you have the option of using a VA home loan to purchase a new property or refinance an existing mortgage. VA loans have great advantages, for example no down payment is required, but there are also disadvantages. As you begin the mortgage process, it’s important to educate yourself in all the ins and outs of what it’s like to have a VA-backed loan.
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VA loans are guaranteed by the Department of Veterans Affairs (VA), but the money doesn’t come from the government. Instead, banks, mortgage companies, credit unions, and other types of mortgage lenders offer them, and the VA guarantees them in case of default.
VA loans are available only to veterans, active military personnel and their surviving spouses. Many eligible borrowers also take advantage of VA loans. In the first quarter of 2022, the VA guaranteed more than 256,000 home loans totaling more than $83 billion.
Whenever you make a major financial decision, it’s important to weigh the pros and cons, and a VA loan is no exception.
A VA loan isn’t your only financing choice. Consider the following options, especially if you’re not eligible for a VA loan:
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For many borrowers, VA loans are a slam dunk. However, even if you qualify, there are times when a VA loan may not be the best choice.
“For example, if you are a qualified borrower who currently owns a home but wants to sell and purchase another principal home to get a large down payment, 20% or more, of the sale to go toward your next home purchase, a VA loan it might not make sense for your next property,” says Rob Killinger, senior loan officer at Mortgage Network in Massachusetts. “If you were to use a VA loan in this scenario, you might have to pay a VA financing fee, whereas a conventional loan program would not require such a fee.”
On the other hand, a VA loan offers special benefits that other loans don’t offer. “For example, a qualified borrower might purchase a two- to four-unit zero-down VA loan property that he intends to live in instead of a single-family home,” says Killinger. “By comparison, a conventional loan takes as little as 15% down on a multi-unit property.”
However, the funding fee can be expensive. If you plan to stay in your home for less than two years, it may not be worth paying this fee to get a VA loan.
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If you’re still not sure whether a VA loan makes sense for you, consult your loan officer carefully, who can walk you through all of the different mortgage options you’re eligible for and help you make a decision.
David McMillin is a feature writer covering 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.
By Suzanne De Vita By Suzanne De VitaArrow Right Mortgage Editor Suzanne De Vita is the mortgage editor for , focusing on mortgage and real estate topics for home buyers, homeowners, investors and renters. Connect with Suzanne De Vita on LinkedIn Linkedin Connect with Suzanne De Vita via Email Email Suzanne De Vita Mortgage Editor
Reviewed by Robert R. Johnson Reviewed by Robert R. Johnson Arrow Right Professor of Finance, Creighton University Robert R. Johnson, Ph.D., CFA, CAIA, is Professor of Finance at Creighton University and President and CEO of Economic Index Associates, LLC . About Our Review Board Robert R. Johnson Professor of Finance, Creighton University VA Funding Commission 2022: A comprehensive explanation with diagrams and waivers. The VA loan fee is a government fee required by many VA borrowers. However, some veterans are exempt, and repayment depends on VA loan usage and other factors. Here, we explore VA funding fee ins and outs, current charts, who’s exempt, and a handful of unique scenarios.
What Is A Va Funding Fee?
VA loans offer eligible veterans and military spouses unique benefits to help them gain home ownership. From $0 down and no PMI to consistently below-average interest rates, a VA loan is often one of the best choices in today’s market.
To keep this program going for future generations of veteran homebuyers, the Department of Veterans Affairs requires most borrowers to pay a VA financing fee.
The VA Funding Fee is a one-time fee paid to the Department of Veterans Affairs. While most veterans pay 2.3%, that fee ranges from 0.5% to 3.6%, depending on the type of loan, whether you have used a VA loan before or have a down payment greater than the 5%.
Although the VA requires most borrowers to pay a VA loan fee, not all loans do. There are some exemptions, including for borrowers
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