How Much Lower Do You Think The VA Rates Will Get?

by Jackson Wallerson on February 22, 2012

If you are a veteran or in the military currently serving the US then one of the most attractive benefits you can take advantage of the all time low VA Rates with a Veterans Loan. Before getting this type of loan, ask yourself the following questions. Why choose a VA loan over a conventional loan? Who are qualified for VA loans and what are the benefits that go with it?

Why Choose A Veterans Loan

With VA Rates at all time low and flexible lending options make the VA Loan the best loan option in the market today. Most people find the Veteran Home Loan program to be beneficial since it protects the veterans from the riskier and aggressive terms of conventional loans. VA loans are made with no down payment required, no closing costs involved and no private mortgage insurance needed. VA Rates are also considerably low and are more lenient compared to conventional loans which are more restrictive by nature.

VA Loan Eligibility: Who Qualifies For These Loans?

A VA loan is open to the following service men.

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. Reservist and National Guard members with at least 6 years and was honorably discharged.

5. Public Health service members

6. Cadets at the United State Military, Coast Guard Academy and Air Force.

7. Reservist and National Guard Members with at least 6 years and was honorably discharge.

8. Merchant Seamen with World War II service.

9. National Oceanic and Atmospheric Administration officers.

Unique VA Loan Benefits and Why It Is Right For You

Below are the top 5 unique characteristics of financing a house when you compare the VA Home Purchase Rates with a Veteran Loan.

1. No Down Payment. You can finance up to 100% of your home’s value. This is perfect for veterans who have no cash on hand for down payment. The VA will lower the fee if the borrower makes a down payment of at least 5 percent.This no-down-payment loan option continue to exhibit the lowest rate of foreclosure in the market today.

2. No Closing Costs. A closing cost consists of fees for surveying, title insurance, examination and etc. However, when you choose a VA loan the closing cost is added to your home value. Therefore, there is no cash on hand for the closing cost.

3. No PMI Insurance. VA loan does not require you to buy a PMI, saving you an enormous amount of money – this is one of the biggest advantages of getting a VA loan.

4. VA Loan Limit. In most US counties, the loan limit for each applicant is $417,000. However, certain high cost countries like Hawaii and Alaska have loan limits up to $625,000 per applicant.

5. Affordable and Low Mortgage Payments. Historic Low VA Rates offer the easiest and most affordable monthly payments available to qualified veterans.

As good as it gets, a Veteran Home Loan is not for everyone. It is very important that you know this before you go out and start searching for low VA Rates. These loans are limited only to eligible veterans, active duty service men, reservist, National Guard members and etc. So, if you are a veteran or an active duty service member, find the right lender and get a VA Loan that is perfect for you and your family for your financial peace of mind.

Now easier than ever you can find the best VA homeloan? Find out in 2 minutes flat by going to VA-Loan.org and shopping for the best VA Loan Today.

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