VA Loans Offer Low Interest Rates

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If you have friends or family who are military veterans, it’s a great time to buy a house – from a mortgage perspective.  We have already reviewed how veterans can obtain loans with a low, or even no, down payment.

To make things better, interest rates are near their historic lows and VA rates are some of the best around.  Let’s do a quick comparison of a VA loan vs. a conventional loan.

A hypothetical situation here – Phil Soldier is an Army veteran.  He has an average credit score of 690 and plans to make a 10% down payment.  He can apply for a VA loan and obtain an interest rate of about ½% to ¾% lower than his rate for a similar conventional loan.  In addition to his lower interest rate, Phil does not have to pay a monthly mortgage insurance premium.  On a loan of around $250,000, Phil could easily save $150 more on his monthly payments.

Military Salute

Making a low down payment and having lower monthly payments sounds great to me!  What do you think?

We will take a look at VA jumbo loans in the next blog post.

VA mortgages are a great product – they make buying a house more affordable than any other program out there.  If you are a veteran or if you know a veteran friend or family member who wants to buy a home in Georgia, call or email me at Dunwoody Mortgage Service.  We will discuss loan options and help you obtain all the great VA loan benefits you have earned with your service.  We love serving military veterans.  Delivering great loans with excellent service is a small way that we can say “thank you” to those who have served.

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