What is the advantage of a VA Loan? | Finance Talking Hub

Posted by admin on June 29, 2011

I have $100,000 to put down on a $230,000 house so, I won't need the Private Mortgage Insurance. My credit history is good. why should i consider a VA loan? do they have extremely low interest rates?

I wouldn't bother. VA loans have a slightly higher interest rate than conventional loans. The major advantage to a VA loan is the no down payment requirement and that's why the rate is usually slightly higher.

Save it for later, your entitlement never expires.

first off, let me thank you for your service to our country. as bostonianinmo had stated, the VA rates are usually a touch higher than conventional mortgages but only by an 1/8 to 1/4. BUT the VA will also charge you the VA Funding Fee even though you are putting a huge down payment. the VA FF for 10% or more of a down payment is 1.25% of your mortgage amount (unless if you are 10% or more Service Connected disabled), so that would be $1,625.00 for your mortgage of 130k.

I have never used my VA loan because I have always found better deals. With that much down and if you have good credit I would check with USAA. if you can use a VA loan you should be able to work with them. I have used them many times for home loans and car loans. they always come out with the best deal. if you find one better they will probably try to beat it.

not true about them being higher..we are using our second va right now and the interest rate is an entire percent lower?its in the 5 area?check around with mortgage companies what everyone offers is different..why would you tie up 100,000 in a house..thats money thats tied in a house and you may not see it for a long long long time..any financial adviser would tell you thats not smart..check colonial mortgage and wells fargo companies to see what the interest rates are and what they can do for you

def not true about usaa..they cant even beat geico insurance rates right now for us and we have been with them for nine years they want double what geico does?its best to shop around and not go with what you think is offering you the best deal because you have been with them for a long time..they arent loyal to you?they want money?

Source: http://www.financetalkinghub.com/what-is-the-advantage-of-a-va-loan.html

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