Current VA Mortgage Rates:

We explain current VA mortgage rates here.  Our rates offer no points and no origination fees?   Current VA mortgage rates are much lower than a traditional conforming conventional loan.  Current VA mortgage rates have been relatively low all year long.

What’s the biggest advantage of a VA loan or a Conventional loan?

VA loans do not require the borrower to put any money down on the home nor do they require any monthly mortgage insurance.  Conventional loans require a minimum of 3% down providing you have a middle fico score of 680 or higher. Then, one has to qualify for mortgage insurance which isn’t always easy to do.

VA Fico Score Requirements:

In general most VA lenders require a middle fico score of 660 or higher.  HOWEVER, we have VA lender that will lend as low as 600 so don’t worry if your credit is not so good.  You just need to make sure you do not have any late payments at all within the last 12 months.

Looking For Ways To Increase Your Fico Score?

First all, trying paying off your credit cards.  If you can’t pay off your credit cards, then pay your balance down below 50%.  If you only have one credit card opened then open up another card to spend your balance around.  If you have any collection items, liens, or judgments, pay them off.

Paying Off A HELOC:

Are you looking to pay off your heloc when refinancing your VA loan?  We now have a lender that considers this loan type a regular rate and term loan rather than a cash out loan. I know what you are thinking.  I’m not getting any cash back.  However, any time you are paying off a HELOC with a refinance transaction, the lender calls this a cash out loan even though no cash is being given.

For more information call our office directly at 602-358-8717.