How Do VA Loan Rates Differ

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• HOW DO VA LOAN RATES DIFFER

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• For veterans, the dream of home ownership may
  not be that far away.

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• Getting established into your own home can be a
  great way to move back into civilian life, and
  there are excellent resources out there that help
  you do just that.

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• In particular, the U.S. provides a loan program
  that dates back to 1944.

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• The "VA Loan," as it's typically called, provides
  a unique process by which veterans can get home
  funding from a qualified lender.

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• These loans tend to come with lower rates and
  more palatable terms, and they're designed to
  reflect the government's commitment to people
  who have served.

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• REDUCED INTEREST RATES FOR VA LOANS

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• VA loan rates are subject to change, just as
  typical mortgage rates will, but they typically
  offer a discount over standard mortgage rates.

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• How much of a discount one gets will depend upon
  the person's lender and his or her own personal
  credit score.

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• The typical discount is about 15. While a
  standard 30-year loan would come it at 3.35, a
  standard VA30-year mortgage would come in at
  3.20.

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• While this critical difference might not seem
  like much, it can add up to thousands of
  dollars in savings over the course of 30 years.

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• NO REQUIREMENT FOR MORTGAGE INSURANCE

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• Any person who has ever purchased a home can tell
  you that much of the cost comesnot just from the
  interest rate itself but from all the associated
  fees and requirements that come with it.

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• If you purchase a home without the assistance of
  the VA, you will be required to have private
  mortgage insurance.

• This can drive the cost of your loan even higher.

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• If you do have the assistance of a VA loan, there
  is no requirement that you get this sort of
  insurance.

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• The government insures the loan on your behalf,
  allowing you to avoid these extra expenses.

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• Though this does not bring down your interest
  rate,it brings down the effective monthly cost
  of your home.

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• LOWERED DOWN PAYMENT REQUIREMENTS

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• Generally, the mortgage interest rate you get
  will depend heavily on how much money you can put
  down on the home.

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• If you put down 25, for instance, you'll get a
  lower rate than if you're are able only put down
  5.

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• In some cases, the lender will not issue a loan
  unless you're able to put close to 10 down on
  the home.

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• Fortunately for people with
• VA loan assistance, the
• down payment requirements
• are greatly reduced.

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• You may be able to get a home without making a
  down payment.

At the very least, you will have greatly reduced
requirements.
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• Most importantly, your interest rate will not
  increase because of your lower down payment. This
  can make it much easier to get into home
  ownership.

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• VA loans allow people returning from the military
  to purchase a home with the full credit and
  confidenceof the federal government.

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• You'll be working with qualified lenders and some
  of the government's guarantees allow you to pay
  less on your rate and avoid the added costs that
  sometimes pump up the price of buying a home.

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• It's an advantage for sure, and it allows the
  average person to save money both up-front and
  over the life of a 30-year mortgage.

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• Mortgage Originator Jimmy Vercellino,
  specializing in VA loans, helps veterans use
  their VA loan benefit to their greatest
  advantage.  

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• For more details call 480-351-5904. Visit the
  site at http//sandiego.valoansforvets.com/

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VA LOANS FOR VETS 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com
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