A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. Most homeowners get into adjustable-rate mortgages for the lower initial payment, and then usually refinance the loan when the fixed period ends.
We'll help you clearly see the differences between loan programs, allowing you to choose the right one for you - whether this is your first refinance or 7th. Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit.
We'll help you clearly see the differences between loan programs, allowing you to choose the right one for you - whether this is your first refinance or 7th. Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit.
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About Us
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Veterans National Mortgage, an Independent Mortgage Broker, is Your Online Resource for Personalized Mortgage Solutions, Fast Customized Quotes, Great Rates, & Service With Integrity. We are a different kind of Mortgage company. Large enough to provide all of the technology, efficiency, automated systems and consistency.
Purchase
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This means that no more than 28% of your total monthly income (from all sources, before taxes) can go toward housing, and no more than 36% of your monthly income can go toward your total monthly debt (including your mortgage payment). The benefit of and Independent Mortgage Broker (that's us), is that we shop many lenders that have flexibility in these ratios.
15Year Fixed Rate Mortgages
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As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
203K Loans
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The main benefit of these loans is that they give you the ability to buy a home in need of repairs that you might not otherwise have been able to afford to buy. Plus, the down payment requirements are minimal, and often you get decent interest rates. An FHA 203K loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it.
30 Year Fixed Rate Mortgages
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As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
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