VA Home Loans: Home Buying and VA Loan Rates for Active Duty Military and Veterans in 2015
Posted on: June 23, 2015
VA home loans remove many barriers to homeownership and allow eligible servicemembers and veterans to buy a home more easily. VA mortgage rates are lower than those of most other loan types. The VA loan is simply the best way to buy a home. Why? Because with a VA mortgage:
- No down payment is required
- No mortgage insurance is required.
- You get a great interest rate.
- More lenient credit guidelines are available to you.
The VA home loan is an amazing benefit available only to current and former US armed forces service members who meet eligibility requirements. In 2015, the VA home loan will continue to be one of the most popular VA benefits.
Because VA home loans are backed by the federal government, VA-approved lenders can lend with greater flexibility. Your status as an eligible service member or Veteran lets you take advantage of this home buying benefit that is not available to just anyone
You’ve earned it, so complete this short one-minute form or call us at 1-866-437-7385 to check today’s VA home loan rates for your home purchase.
VA Home Loans Require No Down Payment, No Mortgage Insurance
VA home loans require zero down payment which significantly reduces out-of-pocket expenses. Qualified buyers can purchase a
home costing up to $417,000 – or even higher with a VA jumbo loan – without a down payment.
Also, VA loans do not require mortgage insurance. Most other loan types require you to pay a significant amount each month to a private mortgage insurance company if you make a down payment of less than 20% of the purchase price. A VA loan eliminates that cost, freeing up that money for other expenses.
Current VA Home Loan Rates
VA mortgage rates are some of the lowest we’ve seen in years. It’s a great time to buy a home and take advantage of these low VA rates.
A low rate on your mortgage means you qualify for more house. Today’s lower home prices combined with low rates means you might qualify for the home you’ve always dreamed of.
VA Eligibility Service Requirements
There are several ways you may be eligible. General guidelines are that you have the following service history:
- 90 days in wartime while in active duty
- 181 days in peacetime while in active duty
- 2 years or the full time called if enlisted after 9/7/1980
- You were separated from service due to a service-connected disability
- You are an unmarried surviving spouse of a service member who was KIA/POW/MIA.