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Discover the distinct advantages that may be available to you by learning more about VA loans vs conventional loans.
To begin, you may be eligible to secure a VA home loan with low, fixed rates as well as no (or regulated) closing costs and no monthly mortgage insurance. Down payments aren’t required except in cases where the mortgage amount exceeds the VA limit for your county. In such cases, the down payment is 25% of the amount above the county VA limit. In addition, if you have a low credit score, you are likely to qualify for better rates with VA loans than with conventional home loans.
If you want to speak with a personal representative who can guide you through the process of finding the loan that’s right for you, then get in touch with us today. You can give us a call at 888-775-1585 or click here to fill out our online contact form.
Keep reading to find out more about a VA loan vs a conventional loan and what you need to know!
If you are unable to pursue a VA home loan, your next best option is to see if you qualify for an FHA (Federal Housing Administration) loan. We can assist you with this type of home loan.
Conventional Home Loans
A conventional loan is a home loan that typically requires a down payment and includes out-of-pocket closing costs. Additionally, conventional loans have higher requirements against your debt-to-income ratio, such that you may need to have a higher income and hold less debt than you would with a VA home loan. If you are pursuing conventional home loans, 1st Mariner Mortgage can assist you.
Home Equity Loans and Lines of Credit
Two remaining options for conventional home loans are home equity loans and lines of credit. You can discover more about home equity loans and home equity lines of credit from one of the many 1st Mariner Bank consumer lending professionals, who can be found at any of our locations.
In addition, the 1st Mariner Bank website offers helpful information on their Home Equity Loans and Lines page.
The 1st Mariner Bank professionals will take the time to explain what a home equity loan and home equity line of credit is and how they can help you. They can explain the benefits and limitations of each, and will help you determine which one of them is your best option.
Now that you know all about a VA loan vs a conventional loan, are you ready to apply for a loan estimate? If so, Click here to apply now!
Approved VA home loan lenders like VAMortgage.com don’t need to see perfect credit. As a result, we can help veterans who might not otherwise be able to secure conventional financing. In fact, about 80% of VA loan borrowers could not have qualified for a conventional loan. It is statistics like this that demonstrate the advantage of a VA loan vs. a conventional loan.
So, seize this chance and enroll in our VA Home Loan Program. It’s one way our nation says “Thank You” to the millions of men and women in military service who have sacrificed for us and protected us over the years.
If you have any questions about conventional home loans or anything else you feel we can help you with, don’t hesitate to give us a call at 888-775-1585.
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