Mortgage Rate Update for 2/24/25 – Find the Best Loan for You

Understanding Your Mortgage Options: VA, FHA, and Conventional Loans

When purchasing a home, selecting the right loan program is crucial to ensuring your financial stability and long-term success as a homeowner. Here are the rates for today, Monday 2/24/25. Below, we break down three common loan types—VA, FHA, and Conventional—so you can make an informed decision about which one best fits your needs.

VA Loan: A Great Option for Veterans

For eligible veterans and active-duty military personnel, the 30-Year VA Fixed Loan offers excellent benefits:

1. Purchase Price: $700,000
2. Loan Amount: $715,050 (102.15% TLTV)
3. Interest Rate / APR: 6.125% / 6.807%
4. Monthly Payment (P & I + MI): $4,651.18
5. Lender Fees: $2,485.00
6. Other Closing Costs: $30,353.02
7. Estimated Cash to Close: $17,788.02

Why choose a VA Loan?

1. No down payment required.
2. No private mortgage insurance (PMI).
3. Competitive interest rates.
4. Flexible credit and income requirements.
5. 
   

FHA Loan: Ideal for First-Time Homebuyers

The 30-Year FHA Fixed Loan is perfect for borrowers who need a lower down payment and more flexible credit requirements:

1. Purchase Price: $700,000
2. Loan Amount: $684,523 (97.79% TLTV)
3. Interest Rate / APR: 5.625% / 6.528%
4. Monthly Payment (P & I + MI): $4,247.00
5. Lender Fees: $12,400.00
6. Other Closing Costs: $23,213.01
7. Estimated Cash to Close: $51,089.88
8. 
   

Why choose an FHA Loan?

1. Low 3.5% down payment.
2. More lenient credit score requirements.
3. Government-backed security for lenders.
4. Great for first-time homebuyers or those with lower credit scores.
5. 
   

Conventional Loan: Best for Buyers with Strong Credit

The 30-Year Conventional Fixed Loan is a great choice for borrowers with higher credit scores and a strong financial profile:

1. Purchase Price: $700,000
2. Loan Amount: $560,000 (80.00% TLTV)
3. Interest Rate / APR: 6.999% / 7.033%
4. Monthly Payment (P & I): $3,725.32
5. Lender Fees: $2,485.00
6. Other Closing Costs: $14,727.36
7. Estimated Cash to Close: $157,212.36
8. 
   

Why choose a Conventional Loan?

1. No mortgage insurance required with 20% down.
2. More flexible terms and repayment options.
3. Lower overall borrowing costs over time.
4. Suitable for buyers with strong credit and stable income.

Which Loan is Right for You?

Each loan program has its own advantages. VA loans are excellent for veterans seeking a no-down-payment option. FHA loans offer flexibility for first-time buyers, while Conventional loans are perfect for borrowers with strong credit looking for the best long-term value.

If you’re unsure which loan type suits your needs, reach out for a personalized consultation.

Apply today and take the first step toward homeownership!

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For more details, contact me:

David Jones

Mortgage Loan Originator

NMLS 2427358

Broker NMLS 241835

📞 (951) 326-6904

📧 jonesreloans@gmail.com

Let’s find the perfect home financing solution for you!

Disclaimer: This is just an example based on a scenario in Temecula, CA, with a 740 credit score. This is for informational purposes only and is not a promise, offer, or guarantee.