topic Re: VA Loan 2.250 % - Is This a Good Rate? in Mortgage Loans

VA Loan 2.250 % - Is This a Good Rate?

jhb — Thu, 28 Jan 2021 07:35:56 GMT

Howdy! We are closing on a new construction home at the end of March. Will be using my VA backed loan eligibilty. Everything went through undwerwriting without any issues, not one hiccup. Even with a $60K car loan opened last month. My question is about the rate they have us at, and is it worth shopping around. Home is $503K, no money down, $5K credit for closing cost since we are using the builders lender. Rate is at 2.25%, 30 years. Middle low FICO score is from my wife, at 676. Worth shopping around? Thanks in advance.

Re: VA Loan 2.250 % - Is This a Good Rate?

tcbofade — Thu, 28 Jan 2021 09:29:47 GMT

I think that 2.25 is an awesome rate, and I don't think that you're going to beat it.

Doesn't hurt to look around if you want to, but I wouldn't bother if it were me.

Good luck!

Re: VA Loan 2.250 % - Is This a Good Rate?

jhb — Thu, 28 Jan 2021 09:35:45 GMT

Thanks for your input. I actually don't even want to go through the hassle, or hard inquiry again, but wanted to see if we could save money anywhere else. I think you're right. Time to just focus on the bigger things (expenses) that come with a new home.

Re: VA Loan 2.250 % - Is This a Good Rate?

Anonymous — Thu, 28 Jan 2021 11:40:40 GMT

Hey 👋🏾

im on a Vet home buying on Facebook. Your rate is really good. Others with your score are being offered 2.75%

Re: VA Loan 2.250 % - Is This a Good Rate?

Anonymous — Thu, 28 Jan 2021 16:49:36 GMT

@jhb Congrats!!!

Is the Builder a national builder or local to your area? If you can share either here or private message me their name as I am looking into either new construction or existing home to purchase now. My first home so I am trying to learn what I can.

Thanks!!!

Re: VA Loan 2.250 % - Is This a Good Rate?

DebtStinks — Thu, 28 Jan 2021 18:15:28 GMT

Not only is it a GREAT rate, but VA loans cap what lenders can charge on "fees" so I don't even need to ask what your lender fees are because they'll be fair even at the cap set.

Congrats! Best of luck in your new home!

Re: VA Loan 2.250 % - Is This a Good Rate?

jhb — Thu, 28 Jan 2021 23:10:08 GMT

@Anonymous wrote:
@jhb Congrats!!!

Is the Builder a national builder or local to your area? If you can share either here or private message me their name as I am looking into either new construction or existing home to purchase now. My first home so I am trying to learn what I can.

Thanks!!!

Hello, and that you! The builder is Maracay/Tripointe Homes. I've used them before in California. I'm now buying in Arizona. I would check their website, but a quick glance shows they are in other States besides the Southwest U.S.

Re: VA Loan 2.250 % - Is This a Good Rate?

sxa001 — Fri, 29 Jan 2021 00:34:37 GMT

That is an incredible rate with no money down, I hope all works out with the new place!

Re: VA Loan 2.250 % - Is This a Good Rate?

Anonymous — Fri, 29 Jan 2021 16:33:40 GMT

Thanks jhb, they are not in Florida.

Re: VA Loan 2.250 % - Is This a Good Rate?

MauiMan85297 — Fri, 29 Jan 2021 18:18:13 GMT

2.25% is a good rate but rate isn't everything, are you being charged points for that rate and is the lender charging any origination/processing fees? (VA allows 1% of loan amount). Currently we have 2.25% but that comes with a credit/rebate not points. There's also 1.75% out there as well. I'm in AZ and also buying new construction and having my company do the loan (I can't do my own loan).

Re: VA Loan 2.250 % - Is This a Good Rate?

jhb — Sat, 27 Feb 2021 06:42:47 GMT

@MauiMan85297 wrote:
2.25% is a good rate but rate isn't everything, are you being charged points for that rate and is the lender charging any origination/processing fees? (VA allows 1% of loan amount). Currently we have 2.25% but that comes with a credit/rebate not points. There's also 1.75% out there as well. I'm in AZ and also buying new construction and having my company do the loan (I can't do my own loan).

No points at all. We close on March 22nd. Toal cost at closing...$0. Lender credit of $5k, and our $3k earnest money, covered it all.

Re: VA Loan 2.250 % - Is This a Good Rate?

Anonymous — Tue, 02 Mar 2021 03:30:16 GMT

I am closing on a home at the end of March as well. My middle score was 666 and I locked in at 2.5% with the builders preferred lender so I say yours is a great rate. Congrats.

@jhb wrote:
Howdy! We are closing on a new construction home at the end of March. Will be using my VA backed loan eligibilty. Everything went through undwerwriting without any issues, not one hiccup. Even with a $60K car loan opened last month. My question is about the rate they have us at, and is it worth shopping around. Home is $503K, no money down, $5K credit for closing cost since we are using the builders lender. Rate is at 2.25%, 30 years. Middle low FICO score is from my wife, at 676. Worth shopping around? Thanks in advance.