VA Loan RatesVA Loan Rates Are The Best Rate & Terms Anywhere VA home loan interest rates are one of the lowest available. But keep in mind real estate loan rates can change anytime without much warning.
Buying real estate with a VA loan may be easier than you think. Most of the time VA loan rates are the best the market has to offer, however real estate loans can and do change anytime the Federal Reserve increases or decreases the rate offered on the 10 year bond. For more information look at VA Home Loan Rates. Average 30 year VA loans rates for the last 3 years are as follows: • 2011 – 30 Year Fixed Rate – 3.75% to 5.00% • 2010 - 30 Year Fixed Rate - 5.00% to 5.50% • 2009 – 30 Year Fixed Rate - 6.30% to 6.50% If you want information about VA loans Click on the VA logo it will take you to the Veterans Administration web-page. When you are shopping for VA loan rates to buy real estate Do Not believe everything you see published. There is still a lot of Bait-and-Switch going on. For example the above graphic was part of a real estate loan advertisement by a VA Approved lender when rates were higher than today's rates. The ad was true, but what the ad did not say was the 4.25% rate was for a 15 year loan. Another scheme often used by lenders is quote a low ball rate and charge points to make up the difference. Points are a form of prepaid loan interest. This increases the yield to the lender. A point is 1% of the loan amount VA loan amounts vary depending on the cost of housing in the area. The maximum real estate loan amount as of December of 2010 $1,094,625 for high costs areas and $417,000 for all other areas. The maximum VA real estate loan amount is either 100% of the appraised value or the selling price, whichever is lower.
Benefits of VA Real Estate Loans • No down payment 100% financing. • Veterans with less than perfect credit can qualify. • Seller may pay all or part of your closing costs. • No private mortgage insurance required (PMI.) • Funding fee can be rolled into the loan. VA uses two methods of income qualification. The purposes is to determine if the veteran has adequate income to cover day-to-day living expenses after making the monthly mortgage payment. For additional information check the following pages: All of the information on this real estate site is to help people understand how VA loans work. The VA loan rates found on this may have changes, but they should be very close.
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