VA Home Loan current rates? How they work?

We are headed to ID and are looking at a VA loan for the house. Yes, we are Vet's. Does anyone know what the current 30 year fixed rate is? How does the loan program work? Info is hard to find on the net- hard to believe.

The 30 year rates are just the market rates in the area you are moving into. The VA loan is really just a loan guarantee and there are down sides like the MIP insurance which is similar to PMI which means you pay the lending extra to insure them against you defaulting on your loans, the only difference between PMI and MIP is that you cannot take MIP off your loan without refinancing and PMI can be taken off by just calling the bank when you meet the terms of the insurance, which usually is 80% loan to value.

My advice to you would be to try to qualify for a traditional 30 year fixed loan and a VA loan and compare the two. You may qualify for a regular loan and not need the VA and you would probably get a better deal.

It is really up to you, but as a rule of thumb I try to stay away from government programs if at all possible, but if your credit is really bad it may be your only option. Source(s): personal knowledge - inside industry

I can provide you with that.
but depends which country u from.
Canadian Mortgages are compounded semi annually or twice per year. THEY MUST ALWAYS BE CONVERTED.
Not in the US where mortgage interest is compounded monthly.
Qouted mortgage rates by banks & other financial institutions are slightly higher than the "actual rate" being charged
Because "quoted rates" do not take the compounding nor payment frequency into account.
As a result, mortgage interest rates quoted by financial institution MUST BE "converted or adjusted"
If you need further information on how your 30 yr fixed rate being calculated...Pls email me and let me know the full amount of mortgage being borrowed and I will calculate for you and of course will let you know all the details on how to get your monthly payment.
me..Mortgage advisor
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