A Look At Present VA Mortgage Rates

If you are from a military background, applying for a loan can be easier that it seems to be. Considering the economic status of Virginia, the present mortgage rates are much lower in comparison to other states. Talk about VA, FHA, USDA, Jumbo, or the traditional mortgage schemes, the interest rates are lower for borrowers with military backgrounds in comparison to normal U.S. citizens.  

Primary advantages of VA mortgage loans

Army veterans or family members or military officials can enjoy VA mortgage approval for hassle-free home ownership mortgage scenarios. Speaking about VA mortgage rates, it routinely beats the MARKET ones by over a quarter of the percentage point. On the other hand, VA mortgage loans are easy on approval part in comparison to other loan variants available from other financial institutes. Also, those who apply for VA loans would enjoy access to IRRRL (Interest Rate Reduction Refinance Loan), the simplest and fastest way to refinance the home loan. 

Enjoy No-Mortgage Insurance benefits

VA loans comes with No-Mortgage Insurance benefits. Such an option allows the borrowers a better option to avail mortgage loans with down payments of 10-20% of the total purchase price to lower the interest rates. Because of the non-presence of insurance rates, the borrowing costs are minimal with VA loans.  

Army veterans usually get easy access to VA mortgage loan schemes through VA Loan Guarantee Program. With the help of VA loan, the borrower can either refinance or purchase assets. VA loans are guaranteed against loss by the Department of Veterans Affairs. There are certain additional benefits with VA mortgage loans. With VA loans, you can enjoy 100% financing option. Also, there is simply no mandatory down payment for the borrower. Moreover, the borrower will never have to worry about any mortgage insurance because of its non-existence with VA loan schemes.  Even with 20% down payment, VA loans are the best option since it reduces the overall repayment interest rates.  

VA Mortgage Rates

Presently, VA loan rates in Virginia is approximately 0.41% below the conventional rates. As per the financial statement of January 2017, VA mortgage rates seem to be the lowest in comparison to conventional mortgage loan schemes. The scenario has continued for 33 months at a stretch. Also, VA mortgage rates have been able to beat the conventional mortgage rates by 0.25% or more with gaps seeming to be wider by 150 basis points for borrowers with negative or not-so-perfect credit scores.

It is also important to note that the conventional mortgage rates are lagging by only 0.19% when compared to FHA mortgage rates. On the other hand, those who apply for VA loans also have the privilege to save much on the mortgage insurance rates. After all, VA mortgage loans never require any kind of insurance charges, be it with 20% of down payment or nothing. 

With VA loans, it becomes easier for you to plan your house purchase. Be it a primary residence, firm house, or for some other kind of property purchasing option, VA loan schemes help in making your dream come true.