VA home loans are partially backed by the U.S. Department of Veterans Affairs and are available only to people who have served in the military and their surviving spouses. … A 30-year fixed-rate VA loan is a great choice for those looking for a low monthly payment that won’t change.
Subsequently, are 40-year mortgages available?
Can you get a 40-year mortgage? Yes, it’s possible to get a 40-year mortgage. While the most common and widely-used mortgages are 15- and 30-year mortgages, home loans are available in various payment terms. For example, a borrower looking to pay off their home quickly may consider a 10-year loan.
Hereof, can you get a 30-year VA loan?
You can get a VA loan for 30 years, and you can get a VA mortgage for 15 years, but you can’t get VA financing for 40 years. … With a 15-year mortgage the monthly cost for the same loan amount with the same interest rate would be $1,072.32.
Does the VA offer a 40-year mortgage?
No, you cannot currently get a VA loan with a 40-year mortgage term. According to guidance from the Department of Veterans Affairs, the maximum VA home loan term is 30 years and 32 days; however, the term may never be for more than the remaining economic life of the property as determined by the appraisal.
For VA-eligible borrowers who qualify, reduced term VA-guaranteed mortgagemay be something to consider. With a 15- or 20-year VA-guaranteed loan, military members may pay off their loans in as much as half the time it might take with a 30-year loan.
Whether or not you qualify for 2.25%, rates are ridiculously low. The truth is, the lowest advertised rates almost always go to top–tier borrowers; those with excellent credit scores and 20% down payments. So a 2.25% mortgage rate will be out of reach for many.
On Zillow, Low VA Rates has a solid 4.89-star rating out of 5 from over 700 customer reviews, with many indicating that the interest rate received was lower than expected. On Trustpilot, they have a similar 4.9-star rating from almost 1,900 reviews, with 88% of reviewers categorizing them as “excellent.”
The mortgage rates trend continued to decline until rates dropped to 3.31% in November 2012 — the lowest level in the history of mortgage rates.
Because the federal government backs VA home loans, lenders have the luxury of charging competitively low interest rates. Eligible veterans and service members find that rates are generally lower with a VA home loan than a conventional mortgage.
Why are VA interest rates so ridiculously low? Strong government backing means lenders can offer rock–bottom interest rates with very little risk. And, they don’t require a down payment or private mortgage insurance.