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 13th, 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 19th, 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 2nd, 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

Active-duty military personnel receive various types pay above their regular pay during their military career such as allowances and special and incentive (S&I) pay. Your extra pay depends on what you do and where you serve. It also depends on if you are single or married, or if you live on or off post. Check your VA home buying eligibility. Start here (Jun 28th, 2023) Military income to boost your borrowing power This additional pay could boost your borrowing power when you get ready to purchase a home and qualify for a mortgage. Some of the different types of incentive pay are: BAH (Bas ..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

Can you use a VA loan to buy a condo or townhome unit instead of a single-family home? Simply put, the answer is yes. When the condo is located within a VA-approved condo development, you can use a VA loan just like you would to buy a single-family home. See if your condo is VA-eligible (May 9th, 2023) VA condo approval requirements The Department of Veterans Affairs helps veterans and active-duty service members buy their own homes. These homes can be condos but only within complexes that have earned the VA’s approval. The VA cares about the condo complex you choose because condo complexes ha ..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

In general, Veterans and active-duty servicemembers want to refinance for the following reasons: To get a lower monthly payment To get cash back The VA has two refinance options available, one for each of those circumstances. All you have to do is choose the one that best meets your needs. Check your VA refinance eligibility here now (Apr 29th, 2023) VA streamline refinance The VA streamline refinance, also known as an interest rate reduction refinance loan (IRRRL), has one of the easiest refinancing processes of any type of home loan. You won’t have to supply your income information, househ ..read more