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VA mortgage- A guide to choose this loan

Most of the property buyers look for mortgage to have the fund easily. VA mortgage or Veterans Affairs loan is one of the financing options to the service members, military veterans and the spouses, buying a house

You will get lots of advantages from this VA mortgage loan in Illinois.  Since there is no issue of down payment, you will easily be able to have the fund. The income and credit requirements for this loan are also not much strict. You may have this VA loans at a better interest rate. In the present market, the interest rate for this loan is the lowest one. Look for a mortgage company to have this loan. PMI is also not essential for this loan.

Are you eligible to apply for the VA mortgage?

Most of the veterans, National Guard and military professionals are the qualified candidate to make application for the loan.

Your spouse may have become physically disabled or died due to the service-related reasons. In that case, you will be able to have the loan. Active-duty personnel in the military sector have to wait for 6 months to get qualified for the loan.

In the following situations also, you’re eligible to have the mortgage.

  • You have actively served for ninety days during the period of war
  • You have worked for National Guard actively for six years.

Underwriting for VA mortgage-

Lower credit score is not an issue to avail VA mortgage. However, you may find the variation to this rule in some of the mortgage firms. In most cases, the creditors give you the fastest approval, when your credit score is at least 620.

You must have good amount of income for repaying your mortgage. The presence of any debt is a negative signal to the lenders. However, the rules for VA mortgage loan are not much strict.

The veterans may use the benefits from home-loan after one or two years of foreclosure or bankruptcy. VA loan limit is variable for every county. It is better to speak to the Illinois lenders to know about this limit rightly. These lenders will give you all the details on VA mortgage loan.

VA mortgage- Purpose of having the loan-

By availing VA mortgage, you can buy a property. However, you may also use it for cash-out refinancing and adapted housing grants. One of the major things to be remembered is that VA mortgage is not intended for purchasing a second house or investment property.

IRRL helps VA mortgage borrowers in reducing interest percentage. Thus, it is one of the best ways for refinancing the present VA mortgage into a different one.

For VA mortgage, you have to shift to your house within two months of your purchase. You should use this house as the major residence. The creditors will assess the status of your house occupancy. In case of the member on active duty, his spouse or child has to fulfill this requirement.

Get VA loan from the best firm-

To have VA mortgage loanArticle Submission, you may visit the website of Nicholas Lambrinatos’ mortgage company in Chicago. Nicholas Lambrinatos is the founder and CEO of his company. You will get the best service from his firm. This company helps their clients to use the paperless loan application method. You will easily be able to have this loan.


Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


VA mortgage loan is beneficial to lots of veterans. Find out the eligibility criteria of this loan. Nicholas Lambrinatos has a mortgage company to offer this type of loan to the borrowers.



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