VA Loan Rates Equal More Home And More Savings For The ...

By Andria D. Rall

Many veterans wish to maximize their home-purchasing power and buy as much home as they can comfortably afford. In fact, it?s no secret that conventional loans are not veteran-friendly in this regard. Fortunately, VA loan rates easily tip the scales in the service member?s favor. Frequently, VA loan rates are half to one percentage point lower than conventional interest rates. If you?re not interested in doing the math, this could mean the ability to qualify for a $200,000 home loan versus of a $180,000 home loan!

This makes veteran interest rates very competitive in the present economy. While service members typically earn less than civilians do on average, veteran loan interest rates help level the home-purchasing arena. Now, is there a specific reason why VA interest rates are lower than conventional ones? The logic for this is simple: VA interest rates are backed by the Veteran?s Administration Department. Therefore, banks are more inclined to write VA mortgage loans because a part of these loans is risk-free.

Many veterans apply for financing for many of the following purposes.

Up to a specified loan amount, build a new home or buy an existing home. Depending on the county where the home is purchased, the loan limits will vary. With respect to VA loans, a residential dwelling may include a residential condominium, or a manufactured home with a lot or without a lot.

Improve, repair or complete alterations to a home. It is possible to complete many improvements in conjunction with a home purchase, including energy-efficient improvements and improvements to manufactured homes and lots, if applicable.

Refinance existing loans to lower the interest rate or to liquidate a portion of accumulated equity. Proceeds from the refinance transaction are payable as cash or they can be designated to purchase a lot for a manufactured home. It is important to note that the existing home financing need not be a VA-guaranteed loan. Contact a qualified lender for specific loan limits or cash-in-hand restrictions.

Make weatherization improvements or put in a solar heating or cooling system.

All of these options make the VA loan a win-win situation for all concerned. If you have plans to purchase your own home, take the time necessary to educate yourself on the process. Contact one of the numerous VA-approved lenders online or visit the Veteran?s Administration website for more information. And remember: At the end of the day, VA loan rates are lower than conventional rates and allow veterans borrow more and save more!

Utilizing your home loan benefits with the VA will provide you with unbelievable savings and opportunity through va interest rates and you may also check out va streamline.

Source: http://kdriley.co.uk/va-loan-rates-equal-more-home-and-more-savings-for-the-veteran-home-buyer/

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