Between FHA and VA mortgages, are VA always cheaper?

Va is very favorable but it all depends on what your goals are. Feel free to contact as i have been helping familes achieve their goals for over 14yrs. I work for a Federally Chartered Bank (FDIC) and would be proud to help you out, even if you just have more questions. Call when you have some time 816-309-0054 Jamie McKeehan.

I would recommend a VA loan. There is a VA funding fee, based on the downpayment amount, but with a VA loan you can request a Seller Credit of up to 4% of the sales price which should be able to cover all closing costs AND the VA funding fee ...even if you opt for 100% financing! Best of luck!!

ED, VA is the least expensive Due to the passing of H.R. 2646, Veteran's Health Facilities Act Capital Improvement Act of 2011, the VA has slashed it's funding fees. VA Funding Fees are points charged by VA and can be financed into the loan. With no money down a funding fee of 1.4% would apply with a 5% down payment that is reduced to .75% and .50% with 10% down there is no monthly MI with VA Loans. Compared to FHA you will finance 1% and pay 1.1% monthly as well as a 3.5% down payment.Contact me and I will numercially compared both provide pre-approval and fund your loan great service great rates providing lending service for 25 years.Contact me at ballen@accessnational.com or phone me at 888-354-3299. Thank you for your service and Happy Holidays.First time Use Active Reserves 100% 1.4 1.65 5% 0.75 1.0 10% . 50 .75

VA loan interest rates and/or loan costs are typically a bit higher than FHA's, but no down payment or mortgage insurance is required. Not paying mortgage insurance with a VA loan will save you about $300/mo. compared to an FHA loan. The VA funding fee was supposed to drop to 1.40% from 2.15% of the loan amount starting 11-18-11, which it did, but on 11-22-11 it was increased back to 2.15%. FHA charges 1% up front to VA's 2.15%, so you will pay 1.15% more for a $325K VA loan, or $4,875 ($6,988 in total), but it will be included in the loan amount. Check out http://www.benefits.va.gov/HOMELOANS/circulars/26_11_19.pdf for clarification on the VA funding fee. Considering you have $75K, you might want to consider putting 5% or 10% down to lower the VA funding fee.

Hi Edward, my rate on the VA loan would be 3.75% with 0 points, and my rate on the FHA would be 3.75% with 0 points. Both rates come with a lender credit and there will be 0 closing costs. VA will have no pmi, FHA will have a monthly MIP of approx. $264/month depending on your final loan amount. I work at a Federal Credit Union and we have the very best government backed financing terms on the market today. Let me know if I can help. thanks.

If you are a Veteran, hands down, the VA Home Loan is the way to go if you plan on anything less than a 20% down payment. The two primary reasons a VA loan wins is 1) Zero down payment option. 2) No mortgage insurance, which saves a lot of money over other less than 20% down loans. Need a VA loan expert in MN or WI? Visit www.MortgagesUnlimited.biz

It is almost always more expensive for an individual to use FHA financing vs VA financing. VA allows for as little as $0 down and there is no monthly Mortgage Insurance. FHA requires a minimum down payment of 3.5% of the purchase price, and there is a monthly mortgage insurance premium included in each of your payments. Interest rates are usually very comparable, if not identical for both loan programs. In both cases, Owner Occupancy is required. My advice is to find and use a local Mortgage Banker/Broker rather than using one of the big banks. Mortgage Bankers/Brokers are Trained, Tested and Licensed to insure borrowers are working with competent Loan Originators. Bank employees are not required to undergo such training. Make sure you check out the background of your selected Loan Originator at www.NmlsConsumerAccess.org.

VA is good if you don't want to put money down.. you can finance 100%, however the rate is slightly higher than FHA, but there is no mortgage insurance.. With FHA, you put 3.5% down, pay a lower rate but you do have to pay mortgage insurance. My guess based on past clients in your situation, is that using your VA benefits will get you a lower monthly payment. contact a local mortgage broker, not a bank and apply with them... they can type up both scenarios and show you the differences side by side so you can make an educated decision. WilliamAcres.com

Take advantage of the VA benefits that you've earned as it will result in the lowest total cost mortgage strategy over the life of the loan even with a slightly higher funding fee and marginally higher interest rate. Happy Holidays!