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How to Get the Lowest VA Mortgage Rates

VA Loans for Vets NMLS#184169<br>5050 North 40th Street, Ste 260<br>Phoenix, AZ 85018<br>602-908-5849<br><br>Jimmy Vercellino is one of the nationu2019s top VA Home Loan mortgage originators. A Marine veteran, he and his team work hard to help veterans take advantage of their VA loan benefit and become homeowners. From start to finish, they guide their clients through the process and make it as smooth and stress-free as possible. Visit the site at https://www.valoansforvets.com

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How to Get the Lowest VA Mortgage Rates

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  1. If you are thinking about applying for a home loan and are looking for a great, low down payment program, a VA loan may be right for you.

  2. VA, or Veterans Assistance, loans are designed for active and former military professionals as well as reservists.

  3. There are some eligibility requirements that you must meet before applying for your loan.

  4. You can speak with your loan representative in greater detail about these requirements.

  5. One of the primary factors applicants want to know is what their interest rate may be under this program.

  6. The interest rate is a driving force in determining the monthly mortgage payment. It also affects how quickly you can reduce your debt and build equity.

  7. VA loans typically have very competitive interest rates in comparison to conventional loans.

  8. But there are some factors that may influence the actual rate for which you qualify.

  9. YOUR CREDIT SCORES

  10. One of the primary factors lenders look for, when determining the interest rate you qualify for under the VA loan program, is your credit score.

  11. Typically, you need a minimum score of 620 to qualify for a VA loan. This lower credit score, however, will qualify you only for a higher interest rate.

  12. The VA loan program’s pricing is graduated. This means that you can get a better interest rate with a higher credit score.

  13. To obtain the best rate available under the VA loan program, you typically need a score of 680 or higher.

  14. YOUR DEBT-TO-INCOME RATIO

  15. Your debt-to-income ratio is calculated by dividing your monthly debts by your monthly gross income.

  16. Your debts may include your new mortgage payment, your credit card payments, your loan payments and other debts.

  17. Housing costs related to utilities, childcare, food and other similar items are NOT NOT included in this ratio.

  18. Typically, you need a 45% ratio or lower to qualify. The VA loan program does make some exceptions to this requirement.

  19. However, you may find that your interest rate increases if an exception is made.

  20. Your loan rep can tell you what your debt-to-income ratio is and if this factor is affecting your interest rate.

  21. YOUR DISCOUNT POINTS

  22. Another factor that can impact your interest rate with a VA loan is the discount points. A discount point is equal to 1% of the loan amount.

  23. You may pay a discount point at closing to buy a lower interest rate. Or you may receive a discount back as a credit in exchange for a higher interest rate.

  24. Remember that your interest rate will affect your monthly payments. Your debt-to-income ratio with your monthly payment must still qualify if you use discount points to adjust the rate.

  25. There are limits regarding the maximum discount points available on VA loans.

  26. Your loan representative can provide you with more information about the actual interest rate that you qualify for under the VA loan program…

  27. …as well as strategies that you may employ to raise or lower the interest rate and monthly loan payment as desired.

  28. You can spend more time learning about VA loans today. Reach out to your loan representative to begin the application process.

  29. Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.

  30. Be a proud homeowner today. For more details call 480-351-5904 or visit the site www.valoansforvets.com

  31. VA Loans for Vets VA Loans for Vets 7600 E. Doubletree Ranch Road #200 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: jimmyv@fcbmtg.com

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