Veterans who served on active duty and were discharged under conditions other than
dishonorable, during World War II and later periods are eligible for VA loan benefits.
Use our mortgage calculator to see how much you can save on a new VA loan (please do not include any
dollar signs or commas).
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Debt #7
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DISCLAIMER: The prequalification figures
above are based upon conventional program guidelines. Other loan programs
are available. Calculations by this tool are believed to be accurate, yet
are not guaranteed. Further review is necessary to obtain an exact qualification.
If you have less than 20% equity in your home, a monthly mortgage insurance
payment may be required.
FREQUENTLY ASKED QUESTION # 8 [ -more VA Loan questions- ] - - - - - - Q: VA Home Loan Entitlement
A: Some first-time homebuyers are misinformed as to the workings of a VA Loan. The Veterans Administration does not normally act as a lending agent. Instead, the VA is in the business of guaranteeing the loans of veteran. In most cases, the VA offers a guaranty to those who meet the requirements, the first of which include a good credit rating. If you are considering any kind of home loan, it's best to consult a credit counselor and a financial planner to find out what credit rating you already have and what you can do to improve your credit rating before applying for the guaranty. It's important to know that a VA home loan guaranty is available only if the veteran has the income to handle house payments. A VA loan guaranty is not an automatic benefit. Your financial planner or credit counselor can go a long way towards helping you prepare your personal finances before filling out that home buyer's paperwork.
VA Loan Rates
for 7/04/2009
30 year fixed
-----------------
0.000 points
5.500%
5.610% APR
15 year fixed
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0.000 points
5.500%
5.686% APR
Serving the military community with personal loans from $500 to $10k.