Posted on: August 13, 2014
There are many benefits to a VA home loan. If you are a veteran or active duty military personnel, you should know that the VA home loan is the best mortgage on the market today. It’s worth looking into this benefit even if you never thought you could buy a home. Here’s why:
To see if you are eligible for all the advantages of a VA home, click here for a free no obligation rate quote.
Let’s look at a comparison of the four major loan types for a $250,000 purchase price.
Head to Head – VA Compared to other Loan Types
|APR*||3.721% APR||4.798% APR||5.192% APR||4.246% APR|
|Principle and Interest||$1146||$1102||$1168||$1163|
|Monthly Mortgage Insurance or Fee||$0||$269||$210||$84|
|Estimated Taxes and Insurance||$268||$268||$268||$268|
|Total Monthly Payment||$1414||$1639||$1646||$1515|
Comparison of Qualification Requirements
|Down Payment Percentage||0%||3.5%||5%||0%|
|Approx. Cash Needed**||$0||$8750||$12,500||$0|
|Typical Minimum Credit Score Needed***||620-640||620-640||680||620-640|
|Streamline Refinance Available?||Yes||Yes||No||Yes|
The VA home loan program is a great opportunity for active duty personnel and veterans. Take advantage of your entitlement. For your free, no obligation quote, click here for a free, no obligation VA home loan rate quote.
Source for VA loan information: VA Handbook