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VA Mortage Rates
VA mortage rates loan are made by a lender, such as a mortgage company, savings and loan or bank
to eligible veterans for the purchase of a home which must be for their own personal occupancy.
VA mortage rates loan are often made without any down payment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. The guaranty means the lender is protected against loss if you or a later owner fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a
down payment allowing you to obtain favorable financing terms.
Your basic entitlement for VA mortage rates loan is $36,000 (or up to $60,000 for certain loans over $144,000). Lenders will generally lend up to 4 times your available entitlement without requiring a
down payment, provided your income and credit qualify and the property appraises for the asking price.
There is no maximum VA loan but lenders will generally limit VA loans to $240,000. This is because lenders sell VA loans in the secondary market, which currently places a $240,000 limit on the loans.
Select a home and discuss the purchase with the seller or selling agent. Sign a purchase contract conditioned on approval of your
VA mortage rates.
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