If you are a veteran or are currently an active service person, then the likelihood is good you will qualify for a VA loan.The maximum loan amount today is $417,000 or $625,000 in high cost regions.When applying for a loan, you need to take into consideration VA loan rates.Remember, conventional mortgage rates may not necessarily be lower than VA loan rates.
Once you have been approved for a loan you will be eligible for the best VA loan rates available not matter what your credit score is or credit history.If you want to compare conventional rates with VA rates it would work something like this.The rates would be close to equal if you had perfect credit and had a 20% down payment.
The advantage of VA loans is that you don’t have to have perfect credit or a down payment.But remember, VA loan rates will reflect this.No matter is you are a veteran or current in the service, it is always a good idea to keep your credit in check and on the good side.Poor credit may hamper other things in the future so keep this in mind.
