do mortgage companies give a break to veterans? I am retired, have fair credit, but want to mimimze my monthly payments on a 30 yr fixed loan.
Can I get a better rate if I use a VA loan to purchase a home?
VA loans dont get you lower interest rates. What a VA loan does for you is it tells the lending company that your loan will be guaranteed (if you default on the loan). Also, you dont need to make a downpayment, pay points, or pay mortgage insurance. Some sellers dont like to sell to someone with a VA loan though. The seller has to pay any points, and (obviously) they dont like that!
I used my VA loan many years ago so I dont know what if any has changed since.
Good luck!
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