This Veteran’s Day, a growing number of both current military service members and those who previously served are celebrating the holiday in their honor in their own homes. Data reports show that the volume of outstanding loans backed by the Veterans Administration has steadily increased over the last several years.
VA loans offer exclusive advantages that a conventional home loan simply cannot match including not requiring any cash down and no monthly mortgage insurance. Interest rates are often more competitive than conventional loans and lenders will often offer discounted or waived origination fees and closing costs.
Moreover, the VA offers members of the armed forces the opportunity to refinance to lower rates often without an appraisal and credit check.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
