Hartford VA Loans
While housing prices in Hartford, New Britain and Middletown have always been higher than in other parts of the country, right now they are lower than ever. If you are a qualified veteran, you will be able to afford an even bigger house when purchased with a Connecticut VA Loan. With a VA Loan you are not required to provide a down payment on the house, whereas a conventional loan can sometimes require up to 20%. Here are a few other great benefits of using a VA Loan to purchase your new house.
Low Interest Rates
With a VA Loan you will be able to get a really great interest rate on your house. With a VA guaranty, you are a very secure and desirable borrower, so lenders are often willing to drop the interest rate for you. There are even some cases where you might be able to negotiate with your lender for a rate that is lower than the mortgage market rate.
No Insurance
A VA Loan is the same as a VA insured loan, which means you are not required to pay private monthly mortgage insurance. This helps greatly reduce your monthly payments, giving you money left over for important bills and utilities.
Flexible Repayment Plans
The VA offers five different repayment plans, each designed to suit specific needs and income levels. These plans include: traditional ARM, hybrid ARM, traditional fixed, graduated payments mortgage and growing equity mortgage. The graduated payments mortgage is ideal for first time homeowners who need more cash in the beginning and will be able to afford higher payments in the years to come. The growing equity mortgage also increases overtime, but the increases are applied solely to the capital of the loan, making it possible to pay off the loan quicker.
With all the benefits you get with a VA Loan, it is a great time to purchase a new house in Hartford, New Britain or Middletown. Housing prices are incredibly low while the VA loan limits are higher than ever. This means you and your family will be able to afford the house of your dreams.
How to Get Started Today
It’s never been easier to get started with a VA refinance. Simply fill out our secure 1-minute quote request form and start comparing rates today.
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