In the United States, mortgage loans are quite attractive: their interest rates are low, and they also allow you to get your home with very low initial payments. To this is added the versatility and support that federal programs provide. Although it has not been an easy task, below, we present the best VA lenders in the United States.
Freddie Mac’s Home Possible
If you are looking to buy your first home, or your income is not very high, Freddie Mac makes it easy for you to acquire a mortgage loan. One of its main attractions is that the initial payment can be so low, that it is only 3%. In addition, their terms can be up to 30 years. On the other hand, although it is a great help for those who choose their first home, this loan maintains their conditions to acquire a home that is not their first. Regarding its interest rate from 2017 to July 2019, the highest rate has been 4.9%, and the lowest 3.4%.
If you belong to, or have been part of, the United States armed forces, this is an excellent option. Unlike the other products in this ranking, this loan is very specialized: It is aimed only at the military and is only for the purchase of a home. This gives special facilities like a 0% down payment. Besides this, it has fixed interest rates ranging from 4.625% to 4.125%; offers loans for periods of up to 15 years, and allows you to apply for a down payment exemption if you have a credit score of at least 620 points.
New America Funding
This mortgage is characterized mainly by being a loan backed by the FHA. This means that you can get the maximum financing amount with a credit score from 580. In addition, your initial payment can be as low as 3%; although, you should consider an additional 1.75% for the insurance payment. And if your credit history is limited, or not that good, don’t worry: if you are approved, your initial payment will only be 10%. In addition to this, you can choose from a variety of options: 30 to 15 years old; fixed or variable rates. Finally, their APRs stand out, which usually go from 2.75% to 4.5%.
Rocket Mortgage offers federally backed loans for veterans or people who have serviced in the U.S. army. These loans have low interest rates and to qualify, you must have been on active military duty for at least 181 days and completed up to ninety days active duty during a war. You also qualify, if you have finished in excess of six years as a National Reserve or National Guard. Rocket Mortgage does not ask for a minimum credit score for these loans. Some lenders do.