VA Loan Rates Today
Mortgage Interest Rates are at their lowest levels in years and 2009 in particular has been very good to those looking for low interest rates whether they're purchasing a home or refinancing their current mortgage into a lower interest rate.
But with the credit crunch, not everyone has been able to get the lowest rates available due to lender's putting credit requirements and or hits to interest rates because of lower credit scores. Sure, with a 740 or higher credit score, you are going to get the lowest rate available in most cases.
However, there are some folks who have good but not great credit; yet going the conventional route with a good but not great credit score means a good but not great interest rate - if you can even get that.
But then there's the VA Loan, and if you are an active duty military member or Veteran who has been honorably discharged, seeking out a VA Loan is a great opportunity to get a great loan with a great VA Loan rate even with a good but not great credit score.
- Relaxed Credit Requirements - Just because you do not have stellar credit does not mean you cannot get a nice, low interest rate. Sure, going conventional may not get you a great rate, but the VA Loan is a great option because it is guaranteed by the VA, lenders know this, and that is why the interest rates with a VA Loan are comparable and often times better than what you will find with a conventional loan.
- Previous Bankruptcy? Provided you are 2 years removed from a Ch. 7 discharge or 1 year from a Ch. 13 discharge, you can still qualify for a VA Loan and get a great interest rate.
- VA Streamline. If you already have a VA Home Loan and want to take advantage of lower interest rates, the Streamline is the option for you. Very little paperwork, no appraisal necessary and a lower interest rate to boot. Not a bad deal.
- Buy down Points. There's more buying down of interest rates now than there has been in years, but what's the point of buying down with a conventional rate when you can buy down and get a lower rate buying down with a VA Loan?
Interest rates are a crucial part of the home-buying process, and much like the rest of the VA Loan, the low interest rates that go along with the VA Loan are just one of the loan's many advantages.
