New Mexico VA Loans
For veterans looking to relocate to New Mexico, right now is a great time to buy a house with a VA Loan. Housing prices in New Mexico are lower than ever, and with a VA Loan you can purchase your dream house with no down payment. The VA has made it incredibly easy for qualified veterans to obtain these loans as well. Here are a few of the benefits you can take advantage of, and the necessary steps you will need to take to procure the loan.
Benefits
Besides not having to put a down payment on the house, you get a long list of other great benefits when you use a New Mexico VA Loan to purchase your new home. Because the VA guarantees your loan, you won’t be required to pay private monthly mortgage insurance, which makes monthly payments much more affordable. Plus, because you are such a desirable borrower, private lenders are often willing to negotiate a lower interest rate which can sometimes be below the current mortgage market rate. Other great benefits include flexible repayment options and easy refinancing.
Eligibility
The first thing you will need to do in order to procure a VA Loan is to establish your eligibility with the VA. In order to qualify you must have served 181 days of regular active-duty service. Veterans who served overseas during wartime qualify after 90 days, or 181 days during peacetime. In both cases, the veteran must have been honorably discharged. To establish your eligibility you will need to fill out the eligibility form on the VA’s website.
Obtaining the Loan
Once you have your Certificate of Eligibility you will be free to either get pre-approved for a loan or start house shopping immediately. You have many options about who you can use as a lender, and the loan process is similar to that of a conventional loan. You will need to supply income documents, credit scores and have the house appraised by a VA approved inspector. Make sure you spend time finding the best possible lender for your new house and start taking advantage of the VA benefits today!
Find Out What You Qualify For
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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