The Servicemen’s Readjustment Act was passed and signed into law by the United States Congress in 1944 as a way of delivering updated and extra benefits to the men and women who served honorably in our country’s military. Let’s look at how VA loans are helping veterans buy property in Chicago today to understand what this implies for qualifying individuals and their families.
Qualifying Factors
Some individuals believe that VA loans are available to everyone who has served in the military in the United States. On the contrary, there are some requirements that must be satisfied in order to benefit from this fantastic service.
There are a few differing time requirements depending on who is applying for the loan.
If you are active duty and have served 90 days in a row, are a veteran who meets length-of-service standards, or have completed 90 days of active-duty service or six creditable years in the Selected Reserve or National Guard, you may be eligible. As you can see, this does not place any restrictions on which branches of the military are eligible.
Finally, depending on the circumstances, surviving spouses of veterans who died while serving or from a service-related ailment may be eligible for a VA loan.
Contacting the Department of Veterans Affairs is the best approach to find out for sure if you qualify for funds. Make sure the VA knows who you are and that you want to get a VA loan.
The VA can then check your records to see if you qualify. If you meet the requirements, the VA will issue you a certificate of eligibility. This certificate is an important component of the loan application process, so keep it safe.
The Core Benefits
It’s critical to recognize that not all VA loans are created equal, and that there are several flavours of VA loans. However, as long as it is your only home, you can expect up to 100% financing of any home, with no restrictions on the type of property with We buy houses.
Next, interest rates will vary by lender, but you may expect VA loan interest rates to be lower than conventional or FHA loan interest rates. When it comes to the down payment on the home, you can get away with making no down payment at all. The cherry on top of the 0 percent down payment is that if you put down less than 20% of the home’s closing price, no Private Mortgage Insurance, or PMI, will be applied to your monthly payments.
All of these perks add up to one spectacular loan package.
How to Apply
As we mentioned before, everything starts with talking to the VA to get that all-important VA certificate of eligibility.
In order to move forward, the VA may have recommendations for trustworthy mortgage lenders to contact. Because not all mortgage lenders provide the same types of VA loans, you’ll want to speak with a few different lenders to get a clear image of what they have to offer.
Be sure to ask any questions you may have at these meetings and then choose the lender with which you are most comfortable and will provide you with the loan you are seeking.
A word of caution: Be wary of any lenders who contact you or offer loans that appear to be too good to be true. There has been an increase in the number of predatory and shady lenders looking for unwitting victims.
Guidance Buying with VA Loans in Chicago
If you’re one of the many veterans looking to buy homes with VA loans in Chicago, contact our experienced team today at Sell My House Fast!