Iowa VA Loans
In Iowa it is easier than ever to buy a big beautiful family home for a great deal. For qualified veterans, the home buying process is even simpler. The VA Loan Guaranty Program has made it possible for veterans in Iowa to buy big houses with no down payment. This is hugely beneficial to first-time homeowners as the down payment on a conventional loan can sometimes be as much as 20%.
Other Benefits
Besides the no down payment feature, with a VA Loan you won’t be required to pay private monthly mortgage insurance. In addition to this, you can often negotiate an interest rate that is below the current mortgage market rate, making your monthly payments very affordable. Other benefits of going through the VA include minimal closing costs, flexible repayment options and streamlined refinance.
Certificate of Eligibility (COE)
In order to qualify for a VA Loan in Iowa you must first submit an eligibility form to the VA. This can be found on their website and submitted either electronically or through the mail. Once they have reviewed your status you will be issued a Certificate of Eligibility (COE) which you can then present to your lender when applying for a loan.
How the VA Loan Works
A common misconception is that the VA issues the money itself. In reality, a private lender will issue the money which the VA will then guarantee. The guaranty can be on as much as half the total cost of the loan and is the money the VA will pay the lender in the event of a foreclosure on your part. Basically, you get a “VA insured loan.”
If you are considering buying or building a new home in Iowa, the best way to save money is to apply for a VA Loan. The many benefits that come with such a loan make the home buying process incredibly simple and affordable. Plus, the VA is always there to help you with any questions or problems you might run into.
Get Started Right Now
Want to find out how much you qualify for? It’s never been easier. Just fill out our secure 1-minute quote request form and you can get a rate quote today.
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