VA Loan Rates
VA Loan Rates can be a deciding factor when financing a home. A low interest rate helps keep your monthly payment low for the life of your loan. Veterans can rest assured that VA loan rates are competitive with national mortgage interest rates. The rate on your VA Loan will be determined by current market conditions, factors specific to your situation and your long- and short-term goals.
When evaluating VA Loan Rates, it's important to take into account the big financial picture. Be aware of what you're paying to get the rate you receive on your loan. VA guidelines allow for interest rate reduction points so borrowers can get the lowest rate possible. But, you shouldn’t get penalized with a higher rate as long as you have a qualifying credit score.
Lowest VA Interest Rates
VA borrowers often want to know how they can get the Lowest VA Interest Rates possible with their credit and income qualifications. In addition to interest rate reduction points, borrowers can use what known as IRRRL or Streamline program to secure a lower rate. Let’s say you financed a house using your VA home loan benefits when interest rates were higher. Existing VA loans have added flexibility to help veterans take advantage of today’s low rates. Streamline refinancing is the Federal Government’s way of allowing borrowers with current VA loans and FHA loans to quickly and affordably refinance into a lower rate with minimal paperwork.
VA Streamlines for Today’s Low Rates
One of the benefits of VA Streamlines is to allow Veterans and Active Duty Military personnel who have current VA Loans to refinance to today’s low rates with fewer credit and income re-qualifying as required by the VA, and often without an appraisal. Keep in mind that lenders may have their own qualifying requirements for Streamlines that can vary from VA guidelines. Streamlines can be obtained for little or no cost upfront. The VA funding fee for Streamlines is just .5% and can be included in the loan. Many VA borrowers find this program a simple and cost-effective way to reduce their mortgage rates when markets fall. Ask us how a VA Streamline can help you get today’s low rates.
VA Mortgage Interest Rates and Credit Score
According to VA guidelines, your credit score does not affect VA mortgage interest rates like it might with conventional loan programs. VA loan rates aren’t driven by credit score because the government-backed veterans mortgage program doesn't even have a minimum credit score in its qualifying guidelines. This does not provide for a tiered rate structure based on credit score alone. Often approved lenders will offer one low interest rate for most VA borrowers with qualifying credit. Lock in your low VA mortgage interest rate today.
How Low Can VA Home Loan Rates Go?
Because VA home loan rates rise and fall with the national market, interest can be as low as any competitive rate available.
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