VA mortgages were designed to provide veterans with an affordable housing option with special terms and interest rates to eligible military veterans or service members currently on active duty, or in the guard and reserve.? VA home loan interest rates are tied directly to the current mortgage and bond market, meaning a veteran or service member will generally receive the same interest rate with a VA home loan as they would through traditional financing.
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VA Home Loan Calculator
Using a home loan calculator can be beneficial for finding out the overall principal, interest, and any (estimated) escrow payments for insurance and taxes.? A mortgage home loan calculator can help in determining the monthly payments and long term amortization of payments over the life of the loan. The main benefit of a Department of Veterans Affairs Home Loan is being able to finance 100% of the purchase price.
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Conventional vs. VA Home Loan Mortgage Rates
All VA home loans are underwritten in the same manner as an FHA or conventional loan and rates will generally be the same as they would in a traditional mortgage, the main difference being that a VA home loan is guaranteed by the Department of Veterans Affairs.? VA Home Loan Mortgage Rates vary depending on the lender?s underwriting criteria.
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VA Home Loan Maximum Percentage Rates
Because the only major difference between a VA home loan and a traditional loan is that it
is backed by the Department of Veterans Affairs, the maximum percentage rate on a VA loan will generally be no different than what the borrower could get through an FHA or conventional loan backed by Freddie Mac or Fannie Mae.
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VA Loan Modifications
VA Home Loan Modifications are processed in the traditional way in which a borrower would apply for any home loan modification.? The veteran or service member may decide to refinance the loan as a conventional or FHA loan through Fannie Mae or Freddie Mac depending on how much equity there is in the home. ?If there is no equity in the owner occupied home, the borrower may find that refinancing the loan with the Veteran?s Affairs VA Home Loan Guarantee may be the best bet.
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Source: http://blog.tdylodging.com/va-home-loan-interest-rates
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