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Replies (5)
- Robin Lynch, "robin398"
- Contributions:1935
Conventional mortgage rates aren't necessarily lower than VA rates. Once approved for a VA loan, the veteran or active duty service person is eligible for the best rates regardless of score or credit history. VA rates are comparable to conventional rates where the borrower has near perfect credit and 20% to put down, only with a VA loan the borrower can have less than perfect credit and no money down.
- data123
- Contributions:2
Thank you very much!
- California VA Loan
- Contributions:7
VA Mortgage offers no monthly PMI payments with a zero down payment up to $417,000. Another option is the CalVet Home Loan (California only) that offers no monthly PMI payments with a zero down payment up to $521,250 as of July 29, 2008
- Mark Madsen, "Mark Madsen"
- Contributions:8
We get this question a lot since we're near an Air Force base.
I realize that this conversation was started back in 2007, but I thought I'd leave a brief response to help any future buyers who happen to be searching Zillow for similar topics regarding the benefits of, or qualifying criteria for a VA loan.
There are several benefits a VA loan has over a conventional mortgage, but here are the top 4:
1. Reduced Down Payment
2. Lower Rates (without loan-level-price-adjustments)
3. No Mortgage Insurance Premium
4. Common Sense Underwriting Guidelines
I wrote a detailed article about it [link removed by moderator] if you have any further questions about the other things to consider when qualifying for a VA mortgage.
I realize that this conversation was started back in 2007, but I thought I'd leave a brief response to help any future buyers who happen to be searching Zillow for similar topics regarding the benefits of, or qualifying criteria for a VA loan.
There are several benefits a VA loan has over a conventional mortgage, but here are the top 4:
1. Reduced Down Payment
2. Lower Rates (without loan-level-price-adjustments)
3. No Mortgage Insurance Premium
4. Common Sense Underwriting Guidelines
I wrote a detailed article about it [link removed by moderator] if you have any further questions about the other things to consider when qualifying for a VA mortgage.
- Greg Von Herzen, GRI,MCNE, "vhproperties"
- Contributions:1427
Depends on if you need the extra cash (VA) or if you want to have a lower loan amount (conv). Its a very personal decision of course.
VA Mortgage vs. Conventional Mortgage
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