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Article Directory :: Finance & Investment Articles
Many veterans seek to maximize their home-purchasing power and buy as much home as they can comfortably afford. Unfortunately, conventional loans do not provide veterans with this kind of flexibility. This dilemma is easily corrected with VA loan rates. Traditionally, VA loan rates are half to one percentage point lower than conventional mortgage rates. Mathematically, this translates into the difference between purchasing a home for $180,000 or $200,000; you do the math!
Interest rates for veteranloans are very competitive in the current economic climate. While service members typically earn less than private sector employees do on average, veteran loan interest rates help level the home-purchasing playing field. So, why are VA interest rates much lower than conventional mortgage rates? The reason for this is simple: VA interest rates are guaranteed by the Veteran's Administration Department. Therefore, banks are more willing to lend (take risks) to veterans because they have a guaranteed means to collect a portion of the loan debt.
Qualified veterans can apply for loans to do many of the following things:
Build a new home or purchase a pre-existing home with a loan amount up to a specified limit. Loan limits vary depending on the county where the home is to be purchased. For the purpose of VA loans, the term home includes residential condominiums and manufactured homes with or without a lot.
Make repairs, alter or improve an existing home. Certain home improvements are allowable in conjunction with the home purchase, including energy-efficient improvements and improvements to manufactured home lots.
Refinance an existing home loan to either reduce the interest rate or liquidate a portion of the home's equity. The monetary value of liquidated equity can be taken in cash or, in the case of a manufactured home, used to purchase a lot. It is important to note that the existing home financing need not be a VA-guaranteed loan. Contact a qualified lender for specific loan limits or cash-in-hand restrictions.
Make weatherization improvements or install a solar heating or cooling system.
All of these things make the VA loan a win-win situation for all concerned. If you plan to purchase a home in the near future, take the time to educate yourself on your options. Consult with a VA loan professional or visit the Veteran's Administration website to learn how you can become a veteran homeowner. And remember: With VA loan rates, you can borrow more, save more and enjoy the home of your dreams!
Extremely easy and saves you thousands of dollars during the life of your loan. So check out va loan rates and va loans.
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