2007-01-25 05:01:52 · 8 answers · asked by Anonymous in Politics & Government ➔ Military
In most cases the VA Loan is good for first time and younger veteran home buyers. It is fairly easy to qualify for. The rate is usually competitive, however a veteran with a good income and great credit record can most always do better.
It is that simple. I used the VA loan years ago on my 1st home, then when we moved to our retirement area I used it as so we could close quickly, then I refinanced at a much better rate.
Certain "disabled veterans" also get lower fees.
Vist the VA site listed.
Good Luck
2007-01-25 05:21:40 · answer #1 · answered by cruisingyeti 5 · 0⤊ 0⤋
A VA 'loan' is not a loan from the VA. You go for a place to get a loan from. The VA promises that if you default on the loan, the lender will be paid. If you didn't know it, your loan can be bought and sold many times.
If you DO default on the loan and the VA pays it off, then the VA will come after YOU.
2007-01-25 08:48:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No a VA loan is tricky. If you use USAA as your bank you should ask them for free financial advice. My fiance are both vets and if we used the VA loan we would of had to pay over 6 grand in PMI.
We did a 80/20 loan with USAA and have a fixed 6% interest rate.
2007-01-25 05:54:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Generally, you will get the VA loan for about 1% lower than what you would qualify for without the VA. If, with a regular mortgage, you would qualify for 6.2%(just pulling a number), with the VA, you would get it for about 5.2%. It may not seem like much, but when you are dealing with possible $100K over a 30 year period, it is good chunk of change.
2007-01-25 06:12:26 · answer #4 · answered by ? 5 · 0⤊ 0⤋
No! A VA Home loan isn't a loan, but a co-signer for you when you go through your bank to get approved for you loan. Your credit decides your interest rate
2007-01-25 05:49:35 · answer #5 · answered by smoothlova1 3 · 0⤊ 0⤋
The VA loan is pretty much the lowest rate you can get out there, so if you are eligible, use it. It was the lowest for my husband and i.
2007-01-25 06:00:02 · answer #6 · answered by Heather0925 2 · 0⤊ 0⤋
much lower? nope, not really. it does have some advantages over a conventional one, but sometimers, it isn't worth the difference.
2007-01-25 06:37:11 · answer #7 · answered by Mrsjvb 7 · 0⤊ 0⤋
From what I have heard, I would say yeah....Plus, there is no harm in getting one.
2007-01-25 05:08:57 · answer #8 · answered by Tedo 3 · 1⤊ 0⤋