What are interest rates for VA loans? Santee, CA

By
Mortgage and Lending with Fairway Independent Mortgage, DBO/CRMLA #41DBO-78367, NMLS #2289 NMLS #274079

What are interest rates for VA loans? Santee, CAWhat are interest rates for VA loans? Santee, CA This is a common question asked of loan officers the nation over.

The answer is....well....I need more information. In the old days we used to say "I need more information" because we were trying to sell our services before the person got our rate and hung up the phone.

Today we are actually unable to accurately make a quote based on theWhat are interest rates for VA loans? question, What are interest rates for VA loans?, without first determining a few qualifying factors. Here are some basics you can expect to answer when asking What are interest rates for VA loans? :

1) Do you know your credit score? Interest rates for VA loans are impacted by your credit score. A person with a 620 credit score is not going to have the same interest rate for a VA loan as a person with a 720 credit score.

2) Do you know how money you would like to borrow? The loan amount will have a direct impact on the interest rate for a VA loan. Basically, if What are interest rates for VA loans?the loan amount is higher than the maximum high balance for your county (for example, San Diego County, CA has a high balance loan limit of $537,500) then you can count on your interest rate for a VA loan to be higher.

3) Do you need to work with a NICHE lender because your credit or qualifications are not conforming? The VA tell us that it is up to our determining factors to decide if you qualify for a VA loan or not. This gives a lender much leeway to make decisions about how risky they want to get when approving VA loans within certain guidelines. If you need to approach a lender that makes loans to people with recent bankruptcies that are within VA guidelines but outside the normal threshold for most banks then you can count on paying a higher interest rate for a VA loan.

VA loans are very liberal when compared to the main stream supply of funds to borrow for buying a home. Interest rates for VA loans are also extremely low because the loans are guaranteed by the full faith and credit of the US Government.

The bank that lends the money is protected and insured by our tax dollars.

What are interest rates for VA loans? Santee, CA

What are interest rates for VA loans?What are interest rates for VA loans?

Posted by

Chris McBrearty View more properties 

 

Chris McBrearty, CMPS

NMLS #274079

cmcbrearty@peoplesmortgage.com

858-735-3512

People's Mortgage Company

7200 Parkway Drive, Suite 106

La Mesa, CA 91942

 

Comments (2)

Myers Jackson
Auctioneer, Texas Flip N Move - Grapevine, TX
America's Auctioneer

Chris, I may be looking at a VA loan for myself, thanks for the information, do you have any insight for Florida loans?

Jun 01, 2011 12:16 PM
Chris "The Loan Ranger" McBrearty, NMLS 274079
Fairway Independent Mortgage, DBO/CRMLA #41DBO-78367, NMLS #2289 - Rancho Bernardo, CA
FHA, VA, USDA, Loan Officer and Educator

Myers-

Most importantly, THANK YOU for your service to our amazing country.

Florida is not any different that any other state as far closing a transaction using a VA loan. Make sure you are working with a reputable Loan Officer (see www.cmpsinstitute.org ) and a well established company that has loads of VA experience.

Check your bona fides before shopping to insure you can buy the amount of home you want. You'll want to make sure you are within your VA lending limit for your area. SOme lenders will lend 100% up to a $1 Million purchase price but these lenders are far and few between and will most likely charge a higher interest rate.

VA is the best of the best as far as ease of use, lowest rates and expense of closing. A qualified veteran can litterally buy a home with ZERO out of pocket expense.

Again, Sir, thank you for your service. Your country loves and appreciates you.

Jun 01, 2011 01:27 PM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?