VA mortgages are geared to help veterans finance property and are guaranteed by the Department of Veterans Affairs. Active duty personnel and veterans with qualifying experience may be eligible for these little to no money down mortgage programs. As of 2009, VA loans have no mortgage insurance and some loans are assumable making selling associated properties down the road appealing to prospective home buyers. VA loans are typically not more complicated than conventional loans but they do require a certain level of expertise. Be sure to ask your loan advisor about their experience with VA mortgage financing.
Some Benefits of VA Loans:
- VA loan rates are typically close to that of conventional fixed rate mortgage products.
- As of 2009, you could obtain a VA mortgage with no money down.
- Gift funds may be used under most circumstances to help cover closing costs.
- VA mortgages may be assumable.
- Security of 15 year and 30 year fixed rate programs.
VA Loan Rates – Where to Start
Bankrate.com, the company that conducts the rate survey that appears on PriceAMortgage.com does not poll for VA pricing at this time. You can contact the various companies in the rate table directly to inquire out their VA financing solutions.