Chicago VA Loans
While housing prices in Chicago have dropped recently, they are still much higher than in other parts of the country. This makes it difficult for the average family to afford nice houses in the area because the down payment is out of their reach. For qualified veterans, it is still possible to purchase the house of your dreams when done with a VA Loan. The VA Loan Guaranty Program has made it possible to purchase houses in Chicago without having to supply a down payment. This is a great benefit, and has helped many veterans move into their dream houses over the years.
Benefits
There are many benefits that are associated with a VA Loan in addition to the no down payment feature. For example, with a VA Loan you are not required to pay private monthly mortgage insurance. You will also get a very competitive interest rate, and can sometimes negotiate one that is below the current market rate. Other benefits include minimal closing costs, flexible repayment options, easy refinancing and quick approval.
Eligibility
In order to qualify for a Chicago VA Loan, you must first establish your eligibility with the VA. This can be done by filling out the eligibility form on the VA’s website which you can then submit either electronically or through the mail. Rules for eligibility state that current military personnel must have served 181 days of regular active duty service. Veterans must also have served this length of time and been discharged under honorable circumstances in order to be eligible.
Obtaining the Loan
Once you have established your eligibility and been issued with a Certificate of Eligibility (COE), you can then either start looking for houses right away or get pre-approved for a loan. You have many options when it comes to choosing a lender, as long as they participate in the VA Loan Guaranty Program. The steps to obtaining the loan itself are very similar to that of a conventional loan. You will need to supply income statements, credit checks, have the house appraised, pay closing fees and sign the mortgage and all notes. After that, you and your family are free to enjoy you lovely new Chicago home.
Get Qualified Today
Qualifying for a VA loan has never been easier than it is now. Just fill out our 1-minute quote request form and you can begin comparing rates and offers today!
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