VA zero down home loans typically have rates 1/2% lower than conventional loans. Maybe that doesn't much to you, but if you live in a $500,000 house, and plan to live in your house for five years, you would save almost $8,000 on your home loan.
A conventional loan at $500,000 with a 3% rate gives you a payment of $2,108.02 per month, while a VA loan at 2.5% gives you a payment of $1,975.60. The difference is $132.42 per month; $1,589.04. over the course of a year; or $7,945.20 over five years. That's a significant savings.
There is an urban legend that says you can use your VA loan only once, so save it for your retirement home. That is false. You can use your VA loan over, and over again. You can even have two different houses with your VA loan, depending upon the real estate market where you live.
Rates will vary according to your credit score, and your assets. VA loan rates vary from day to day, just like the stock market. CLICK HERE NOW to find our what your rate would be today on a VA loan.
Subscribe to CommentsComment