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Will The VA Assist Me In Getting The Best Mortgage Interest Rate?

By Kevin Landis

A VA loan provides a low mortgage interest rate housing assistance to veterans and their families and it allows for the purchase of a federally guaranteed home with no down payment.

The veterans’ Association tries to take care of its veterans and by offering this program it opens the doors to those families that may not otherwise be able to afford to purchase a home.

Eligibility

In order to qualify for this low mortgage interest rate loan an individual must be in active duty for at least 90 days in wartime or 180 days during peacetime, or honorably discharged. There is a two year wait for men and women that enlisted after 1980. There is also a six year wait for the National Guard before they can participate in the program.

Loan Guarantee

The VA loan is guaranteed for up to 25% of the initial loan which is a maximum of about $105,000. The purpose of the guarantee is that in the case that the homeowner can’t make the payments the government will cover up to 25% of that loan. The loans are made by private lenders and the lenders have to be approved by the VA Lender Appraisal Procession Program. The VA loan will assist a veteran with getting the best mortgage interest rate, because the program has no down payment and it offers one of the lowest rates among many of the loan programs available.

Conclusion

A VA loan will offer the lowest mortgage interest rate available for a home buyer on the market today, but you must meet the requirements to be eligible and the proper paperwork must be completed to participate. More information is available from the VA association and from the human resources department for whichever division of the military forces the individual is apart of. If a military person is eligible for this loan it is best to start the paperwork as soon as they are aware of the proper process.

Related posts:

1. What Can A New VA Loan Conversion Refinance Do For Me?
2. If I Am A Veteran, Is A VA Mortgage Rate A Good Deal?
3. How Do I Compare Mortgage Rates
4. Should I Wait For A Lower Mortgage Interest Rate?
5. What Is the VA Mortgage Rate?