Current VA Home Loan Rates Make This Loan Option More Attractive Than Ever: Outlines The Benefits

SAN DIEGO, June 29, 2013 /PRNewswire-iReach/ -- has a mission to help consumers and borrowers alike in obtaining the latest information on mortgage lending trends, the real-estate market and the U.S. financial landscape for the purpose of helping them obtain a home loan they love. The team at is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals. To fulfill this goal is continually updating their website with new articles and guides. With current VA home loan rates at near record lows, many people can benefit from Loan Love's recently released VA mortgage guide.

The VA loan article says: "If you've served in the military or you're currently on active duty and you're interested in buying a home, a V.A. mortgage could be a great option for you. In a VA loan, a portion of the loan is underwritten – or guaranteed – by the U.S. Department of Veterans Affairs, which means lenders who write mortgages under the VA program assume less risk than they would under a conventional mortgage. Home buyers who qualify for a VA loan can buy their primary home with no down payment as long as the cost of the home is less than the home's appraised value. And, although the actual entitlement is capped at $144,000, or roughly 25% of conforming loan limits, when the cost of the home exceeds the entitlement limit but still falls within the conforming limits (the current upper limit for a conforming loan is $625,000), VA borrowers may still be able to buy the home using the entitlement AND with no down payment."

As for the VA home loan requirements, Loan Love says: "If you didn't receive an honorable discharge, you're probably not eligible, but you can appeal. Medical and general discharges are usually approved, and even those dishonorably discharged may be able to have the terms of their discharge changed on appeal. You need to have a decent credit score to qualify (the specific requirements change considerably over time; your lender will know what type of credit score you need). And you'll need to submit a certificate of eligibility (COE); sometimes proving eligibility can be time-consuming, so plan to get your certificate early in your home search."

Despite a few stringent requirements, however, this is still one of the best loan options for those who are eligible. The low rates the housing industry is enjoying, plus the advantage of not needing to pay a down payment, no private mortgage insurance and the possibility of zero closing costs all combine to make VA loans some of the most beneficial loans out there and something that former or current service members should definitely look into if they are planning on purchasing a home.

Loan Love's parting advice for readers is this: "Although your circumstances can certainly vary, for most veterans and active-duty service members, the VA loan program is a great choice for a mortgage. Take a look at your finances, talk with your lender, and if you decide it's right for you, don't forget to apply early for your COE."

For the full article, click here.

Media Contact: Kevin Blue,, 949-292-8401,

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