A key advantage of the VA loan is that eligible homebuyers can make a home purchase without a down payment requirement. But surprisingly, only 3 out of 10 veterans know that they can get a VA loan to purchase a home without a down payment. Let’s explore what this surprising statistic means for veterans and how you can use the VA loan to your advantage. Check your VA home buying eligibility. Start here (Dec 14th, 2023) Most veterans don’t know about the VA loan’s down payment requirement According to a recent survey by Veterans United, only three in ten veterans reported knowing they can use th ..read more

The Federal Open Market Committee’s next meeting is scheduled for September 19, 2023. A policy update, which will include any rate adjustments, is expected to be announced on September 20. As the next meeting date approaches, all eyes are on the decision-makers at the Federal Reserve. Let’s explore what experts expect in the coming meeting and what that could mean for home buyers. Check your VA home buying eligibility. Start here (Sep 18th, 2023) What the experts expect The CME FedWatch Tool, a tool investors use to predict Fed policy changes, indicates that there is over a 90% chance that the ..read more

For your next home mortgage, a VA ARM loan can be a great option for eligible borrowers. This loan option could allow you to benefit from a lower interest rate for a number of years. But before you apply, it’s a good idea to know all the pros and cons of this loan, so you can make the best choice for your financial situation. Check your VA home buying eligibility. Start here (Sep 3rd, 2023) What is a VA adjustable-rate mortgage? The VA Adjustable-rate mortgage is backed by the U.S. Department of Veterans Affairs. This mortgage features an adjustable interest rate that can increase, or even dec ..read more

According to a weekly survey of 100+ lenders by Freddie Mac, the average mortgage interest rates decreased week over week — 30-year fixed rates went down (6.69% to 6.67%) as did 15-year fixed rates (6.10% to 6.03%).         VA rates are no different. In fact, when compared to other loan types — conventional and FHA, for example — VA home loans offer consistently lower rates than for the average consumer. Shop and compare your personalized rates with multiple lenders (Jun 30th, 2023) VA Mortgage Rates 2023   VA Conventional FHA May 2023 6.22% 6.43% 6.49% April 20 ..read more

A break from the norm The Federal Reserve is getting ready for its fourth meeting of the year, and if you’ve been reading the headlines, it’s shaping up to be a much different one than its precedents. At all three of the central bank’s previous 2023 meetings — and at every meeting since March 2022, in fact — the Fed has voted to increase its benchmark interest rate by anywhere from 25 to 75 basis points in an attempt to tame inflation. It appears those days may be numbered, though. According to predictions, though, there’s a good chance the June 13-14 meeting will mark the end of those rate hi ..read more

MilitaryVALoan.com may be compensated by some of the mortgage lenders we review. However, this does not affect our review process or the ratings lenders receive. All reviews are created independently by our editorial team. We review products and services from partner lenders as well as lenders we do not work with. VA loans offer tremendous benefits for eligible borrowers, including: No down payment Competitive interest rates No private mortgage insurance (PMI) Flexible credit and DTI requirements No loan limits But not all VA lenders are created equal. To help you find the right lender, we’v ..read more

Another meeting, another rate hike It’s that time again. We’re a week out from the next Federal Open Market Committee meeting and, more than likely, yet another hike in the federal funds rate. The Fed has raised rates at its last nine meetings in an attempt to thwart inflation. Though its attempts have largely worked (inflation has eased considerably since the rate increase campaign began last March), many of the FOMC’s members project there’s at least one more rate hike in the cards for this year. As one recent Federal Reserve president told reporters, “One more move should be enough for us ..read more

Experts predict a rate hike — but less than last year The Federal Open Market Committee’s first meeting of 2023 is near, and if early predictions are right, the group will vote to raise its benchmark rate by 25 basis points. That’s a smaller bump than December’s — and most of 2022’s, for that matter — but an increase nonetheless. As Philadelphia Federal Reserve Bank President Patrick Harker said at the New Jersey Bankers Annual Leadership Forum, “I expect that we will raise rates a few more times this year, though, to my mind, the days of us raising them 75 basis points at a time have surely p ..read more

What’s better, renting or buying? If you look at pure numbers, it appears that over the past 5 or 6 years, renters have seen their costs go up while homeowners’ costs went down. What caused this? Let’s take a look. Home values fell precipitously since 2007. Those who bought real estate during the period just prior to that time saw their home values plummet. A wave of foreclosed homes hit the market and homeowners suddenly became renters by the millions. Soon after 2007, as more and more renters hit the market, rents began to increase. Today, the housing market is stabilizing. As more homes are ..read more

Since the introduction of the Home Affordable Refinance Program, or HARP in 2009, Congress has tried to address the negative equity many home owners have. HARP and later HARP 2.0 has special provisions allowing a borrower who is “upside down” with their property to refinance their current interest rate to the lower ones now available. To date, more than 3 million have taken advantage of this program. Yet while the HARP program helped even more borrowers couldn’t take advantage of the HARP program because their loans were owned by Fannie Mae or Freddie Mac, a key requirement. But there is anoth ..read more