VA Mortgage Rates

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The VA Mortgage Rate Advantage

There have been some significant changes to the home loan program offered by the Veteran’s Administration recently that have made the VA home loan program superior when compared to a conventional loan. There are some areas you can now borrow up to $729,000 with no down payment whatsoever.

How are VA Mortgage Rates Affected By The VA?

The single most convincing factor that gives VA mortgage rates a huge advantage over other loans is the interest rate. You will typically see banks offer a quarter to half percent lower rate on VA loans versus other loans.

The interest rate is a tool for protection against risk of loan default. However the VA home loans are back by the VA so the bank is exposed to less risk in the unfortunate case of a VA home loan going into default. If there is less risk for the bank you will the rates go down.

How Are You Affected By A Lower Rate?

If you rate is reduced by .25%-.5% your monthly payment will allow you to purchase a much bigger house for the same payment that you would typically get on a conventional loan. Everyone is aware of the importance of mortgage rates but some don’t realize how great the savings can be not only on the monthly payment but over the term of the entire loan.

Another factor to consider is the monthly savings you will get by not having to pay PMI (private mortgage insurance). Again these savings equate to higher purchasing power and the ability to acquire a larger home or a home of equal size but for much less a month. Based on your county’s VA loan limit you can typically put 0% down. However now matter how much or little you put down on the home the VA loan will never have a monthly PMI payment.

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