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VA Fixed Rate Loan
Loan Term:
30 / 25 / 20 / 15 / 10 years
Max Loan Amount:
$203,000
Minimum Down:
zero down payment required
Available for:
Owner-occupied primary residence, second home, 1-4 unit properties
Loan Features:
Fixed interest rate and monthly payments
Your monthly principal and interest payment will never change for the life of the loan. Get the peace of mind that you are protected from any future increases in interest rates.
Zero down payment and flexible qualification
VA loans feature no down payment and flexible qualifying guidelines which make it easier to obtain your next home. With FHA loans, there is no minimum credit score to qualify when you have acceptable credit. Best of all, 100% of your closing cost can be a gift.
Various rate lock options
We offer a variety of rate lock options to help you achieve the rate you desire. Your personal loan officer can help you choose your most effective rate lock option after you apply for your mortgage.
Consider choosing this loan if:
You prefer predictable monthly payments and you are concerned that interest rates are going to rise in the future.
You are a veteran or qualified service person
You are lacking funds for both down payment and closing costs. With VA, even your out of pocket expenses can be a gift. So if funds are problem, think about a VA loan.
To Proceed:
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Apply for this loan
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Speak with an experienced
professional about this loan.
Other
VA home loans:
VA Fixed Rate Loan
(click on the loan to learn more about it)
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Learn more (key terms and concepts)
VA Home Loans
VA Home Loans The U.S. Department of Veterans Affairs guarantees mortgage loans for veterans and service persons. The guaranty allows veterans to obtain home loans with favorable loan terms, usually without a down payment. The purpose of the VA home loan program is to help veterans finance homes with favorable loan terms and favorable interest rates. For VA housing loan purposes, the term veteran includes certain members of the Selected Reserve, active duty service personnel and certain categories of spouses.
VA Maximum Loan Amount
Loan Amounts for VA loans can vary in size, but can not go over $203,000. With full entitlement, a veteran may be able to obtain a VA loan up to $203,000, depending on the veteran's income level and the appraised value of the property.
VA Benefits
VA mortgages offer advantages that make home ownership easy:
Zero down payment and flexible guidelines making qualifying easier.
No monthly mortgage insurance premium.
Rate Reduction Refinance (no requalifying or appraisal required).
Term Options
The Loan Term
is the number of years it will take to pay the loan back in full. Most commonly, mortgage terms range from 10 to 30 years. For our purposes, we will compare a 15 and a 30 year loan:
30 year loan
15 year loan
Extends principal payments
over 30 yrs.
(lowest payment available)
pay more total interest
when you pay over 30 years
Extends principal payments
over 15 yrs.
(higher monthly payment)
Pay less total interest
by paying over 15 years
Build equity faster
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All rights reserved. Revised: October 16, 2000.
