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I am looking for guidance on va vs conventional mortgage comparison.

If you have been a veteran is the VA the best approach regardless or if I have the 3% down, I should look into conventional rates? by sambo_johnny505 from Dallas, Texas. Jul 7th 2015 Reply


Leonard Ujkic (leonard.ujkic)
#128 ranked lender in Texas - 7 contributions

This question needs a true examination of your financials and credit score. The question seems to be simple about APR and true cost of acquisition. Yet is loaded here is why: VA loans are secured by the government and therefore carry interest rates than conventional. This is due to bank expose to risk in lieu of default. BUT VA charges at the very least 2.15% upfront (added to loan amount). Also please keep in mind VA loan approval standards are lax in comparison to Conventional loans. My advice is to call myself or a trusted mortgage professional to review each option. Leonard UjkicBranch Manager - Irving TXDirect Phone: 214-432-9047Cell: 214-557-4505Fax: 855-338-5625Individual NMLS: 320736Branch NMLS: 1219148Email: lenny@nlc-loans.com

Jul 7th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

If your a veteran and you are using VA financing for the first time, then there is no better loan product than a VA loan.. VA has lower interest rates and no monthly mortgage insurance.. VA does charge a funding fee (which can be financed) which will vary depending on which branch of the military you are in and whether or not you have used VA for financing in the past.. but regardless, with the lower rate and no MI, VA is very hard to beat.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 7th 2015
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John Schweer (johnschweer)
#10 ranked lender in Missouri - 158 contributions

First off thank you for your service, as a fellow veteran and having specialized in VA lending for the last 10 years. Hands down the VA is the better way to go. Even if you factor in the cost for the VA funding fee, if you compare apples to apples year 1, 5, 10 the VA is the better program. You earned this benefit with your service to country. Don't let someone who isn't specialized in VA tell you other wise. (and yes i serve non vets too, but VA is your best bet) Feel free to reach out to discuss, no obligation just a couple of vets talking V/r John 816-412-3568

Jul 16th 2015
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