VA Loans Interest Rates and Terms
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Financing, Interest Rates, and Terms
If you are a veterans, your VA loan can come from most lenders and have a fixed interest rate, which you negotiate. If the lender charges discount points on the loan, you may negotiate with the seller as to who will pay points. Points paid by the veteran may not be included in the loan, but a maximum of two points may be included in Interest Rate Reduction Refinancing Loans. The loan may be for as long as 30 years and 32 days.
The VA does not require that a down payment be made, except when you borrow:
- to obtain a loan to purchase a manufactured home or lot
- to obtain a loan with graduated payment features
- to prevent the amount of a loan from exceeding the VA's determination of the property's reasonable value
If the sale price exceeds the reasonable value, you must certify that the difference is being paid in cash without supplementary borrowing. A cash down payment of 5 percent of the purchase price is required for manufactured home or lot loans.
As always, if you have any questions or you need more information on any of the loan programs shown in this site, please feel free to call me in my office at 1-347-559-5626 or you can email me at question@the123Mortgage.com.