30-Year Mortgage Rates at 4.19% and No Money Down for VA Purchase Loans
According to Freddie Mac’s weekly mortgage rate survey, 30-year mortgage rates are currently as low as 4.19%, making VA purchase home loans even more appealing with no money down for today’s veterans and active-duty military members.
Though many borrowers may not be able to qualify since it is specifically offered only to active-duty military members and U.S. veterans, VA mortgages offers a great deal of benefits for these type of borrowers.
No Down Payment Exception
What can be more appealing to mortgage loan borrowers than the option of not having to put any money down on a mortgage. With this benefit available, more veterans are able to afford a nice home without having to come up with a down payment amount.
This no down payment opportunity allows for veterans to save and live more comfortably.
Purpose Behind VA Mortgages
The VA mortgage program has been helping servicemembers, veterans, and eligible surviving spouses become homeowners since 1944 as a solution for the extreme aftermath linked to wars. Due to the economical and sociological problems that have affected the millions of men and women who fought so hard for our great nation, this helped target those who were not able to establish a favorable credit to obtain a mortgage.
Advantages of VA Home Loans
The VA home loan has several favorable terms, such as:
- No down payment required as the price of the home does not exceed the appraised value.
- No PMI (private mortgage insurance) required.
- Limits your closing cost amount.
- Closing costs may be paid by the seller.
- No penalty fees can be charged if you are able to pay the loan off early.
- If you are having problems with making your mortgage payment, the VA may have solutions to back you up.
- You do not have to be a first-time homebuyer.
- VA loans are assumable as long as the person who is assuming the loan qualifies.
- You may be able to reuse the benefit.
Eligibility Requirements of a VA Mortgage:
Mortgages are expensive as it is, so with this unique program more military borrowers are able to afford a decent place to call home.
