What is a VA Loan and What are the Benefits?
When you’re looking at various loans, you may come across VA loans in Denver that look appealing. A VA loan is a Government-supported home loan that military veterans can receive when they’re looking to purchase a new home.
There are many benefits to receiving a VA loan in Denver, and we welcome you to contact us to find out more about them. We’ve also listed a few of the benefits of VA loans below as well.
- No down payment if you’re a veteran – one of the very few loans left with a zero-deposit approach
- You can cash out up to 90 percent of the value of your home
- You don’t have to have perfect credit
- The Government backs them
- No PMI or monthly mortgage insurance premiums
- Fewer buying costs
- Lower interest rates than most other loan types
- No penalties for prepayment. As a result, you can pay off your home loan faster without being penalized
- You have access to two refinancing options
- You have a second-tier entitlement. This means even if you’ve used all your loan benefits, you may be able to get another VA loan
- The mortgage is assumable – meaning someone else can take over the repayments
- Advocacy for foreclosure – if you’re in financial distress, an advocate will help provide an alternative solution
Am I Eligible for a VA Loan in Denver?
In life, if something sounds too good to be true, it probably is. However, VA loans in Denver are an exception to the rule. This form of loan is put in place to give veterans a helping hand to reintegrate themselves back into society in the best way possible. What’s more, the criteria tend to work in the buyer’s favor.
Read the criteria below to find out if you’re eligible. Doesn’t make sense? Give us a call.
- You must be an eligible veteran with entitlements
- You must want the loan for a suitable purpose,g. your family home
- You must occupy the home within a reasonable time after securing the loan
- You must not be a credit risk
- You must be able to meet the mortgage payments and cover all associated costs while still having enough left over to care for your family
- There is typically no credit requirement, but 620 and above is a preference for some lenders
- Meet the lender’s demands for a debt-to-income ratio
- Meet property appraisal requirements
Even if you’re unsure about whether you meet these criteria, or you don’t entirely, there’s every reason to get in touch today. We may be able to provide a solution that will see you being eligible for a VA loan in Denver.