The VA loan program has turned out to be a highly successful military home loan guaranty program offered by the government of the United States. Today it is a highly popular mortgage loan offered by qualified lenders in the city, and approved by the federal government. Today, it has been the cause why more than 20 million veterans in the country are able to lead a stable and secure life within their own houses, with their families. But, changes of regulations and fear of a market collapse, keep people skeptical about the loans and whether they would facilitate their requirements.
Why is it advantageous to have a VA loan?
This loan program is indeed powerful and highly flexible. Thus, it is perfect for people who are looking for home ownership and are struggling to accumulate the required finance. The best part is that one does not need having a private mortgage insurance for getting a loan amount sanctioned. Competitive rates and terms are allowed by lenders of VA loans and one can get to save a lot of money while closing. However, it essential to know about the mortgage rates for VA loans before house hunting is started.
What are the current home loan rates?
What are the current home loan rates?
The interest rate currently is pretty low and that is exactly why this is the right time to invest in home ownership. Let us take a look at the VA home loan rates today.
|
5-Year ARM
|
3.125%
|
(3.62% APR)
|
|
30-Year Fixed
|
3.75%
|
(4.011% APR)
|
|
15-Year Fixed
|
2.875%
|
(3.345% APR)
|
|
VA 30-Year Fixed
|
3.25%
|
(3.505% APR)
|
|
VA 5/1 ARM
|
2.875%
|
(2.967% APR)
|
There are several factors that determine the rate of VA home loan. Though the interest rates would be as mentioned, it would also depend on certain other factors. These factors include credit score, loan duration, debt-to-income ratio and current situations in the market. The best VA loan rates can be achieved once you have conducted your share of market research. Every lender would want to know all about your debt-to-income ratio and credit score before a loan is guaranteed. But, the rules aren’t very stringent and therefore a decently good credit score will get you really low interest rates.
EmoticonEmoticon