Current VA Mortgage Rates have down as of late, making it easier for veterans to purchase a home with little to no money down. With the tightening of the credit markets, 100% financing is becoming increasingly scarce. There is good news for Veterans of the Armed Services and National Guard. Typically 100% financing is still available to a minimum of $417,000 for Veterans. For a customized quote for Current VA Mortgage Rates, please fill out this contact form for a free quote .
Current VA Mortgage Rates for 100% financing for qualified Veterans can be obtained at very low interest rates currently. Rates may vary and this is not a commitment to lend. It is important to note that Current VA Mortgage Rates can vary day-to-day and by client, so to get an exact quote, please fill out this contact form for a free no-obligation quote.
One of the great things about the VA loan program is that there are limitations on the "junk" fees allowed
by the way to be passed on to the borrower. One item of note is that the VA does not regulate Current VA Mortgage Rates or discount points on this program. It is important to compare the pricing on the loan, as well as charges by third party providers.
VA loans tend to have fewer "junk fees". Here is a basic list of allowable and non-allowable closing costs for VA Loans*:
VA Allowable Closing Costs
-Discount Points
-Title exam fee, including tax and assessment search
-Flood Cert.
-EXACT amount charged for appraisal and credit report
-Attorney or Settlement agent fee
-Title insurance policy
-Pest inspection (must be paid for by seller unless veteran agrees in writing to pay for it)
-interim interest
-First Year Hazard Insurance Premium(and flood insurance if applicable)
- Tax and insurance escrows
Non Allowable VA Closing Costs
-Tax service fee
-Application fee
-Document Preparation fee*
-Underwriting fee*
Once again, the VA loan program is a great way to provide financing for Veterans, with low Current VA Mortgage Rates. One other benefit is that there is no monthly mortgage insurance fee, but rather one time financed MIP. A 4% seller concession is allowed for VA loans, which can allow a buyer to get into a home with little to no out of pocket expense. I remember one closing where the Veteran received a check at closing for reimbursement of his initial deposit.
Here is a quick glance at typical VA Funding fees:
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Purchase & Construction Loans
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Type of Veteran
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DOWN PAYMENT
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Percentage for first time use
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% Subsequent Use
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Regular Military
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None
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2.15%
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3.30%
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5% up to 10%
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1.50%
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1.50%
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10% or more
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1.25%
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1.25%
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Reserves/National
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None
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2.40%
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3.30%
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Guard
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5% up to 10%
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1.75%
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1.75%
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10% or more
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1.50%
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1.50%
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Cash-Out Refinancing Loans
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Type of Veteran
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% First Time Use
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% Subsequent Use
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Regular Military
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2.20%
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3.30%
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Reserves/National
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2.40%
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3.30%
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Guard
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Interest Rate Reduction Refinancing Loans
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First Time or Subsequent
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0.50%
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0.50%
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Either type veteran
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;)
;)
This is great information and I want to further endorse VA loans. As long as you are working with an experienced VA lender, they are one of the best loans out there.
As a matter of fact, a recent VA loan I am doing was the first loan this year that closed on time. It actually closed in 30 days.
Don't fear the VA loan; check the lender. Make sure they are an experienced VA lender and GO WITH IT. You won't regret it.