New York VA Loans
Housing prices in New York can be much higher than in other states, especially in locations that are close to New York City. However, the VA has made it possible for veterans to purchase houses without paying exorbitant amounts to obtain a loan. By guaranteeing private loans, the VA is able to offer veterans home loans without requiring them to put a down payment on the house. This makes it much more affordable to buy a house, as a conventional loan can sometimes require up to 20% for the down payment.
How do I get a VA Loan?
Before you apply for your New York VA Loan, you will need to fill out an eligibility form which can be found on the VA’s website. Once the VA has reviewed and approved your application, you will be issued with a Certificate of Eligibility (COE). Your COE will need to be presented to your lender along with credit scores and all necessary financial documents.
Is it a gift?
No. The VA guarantees the loan, which is basically the same as insuring it. The loan itself is issued by a private lender such as a savings & loans, mortgage company or bank that participates in the VA Loan Guaranty Program. The money you borrow will need to be paid back to your lender.
Is there a loan limit?
Yes and no. The VA sets limits for each county, which is the amount you can borrow without having to put a down payment on the house. You can still borrow more than the county limit, but you may need to put a down payment on the excess amount of the loan.
What are the benefits?
Besides not having to put a down payment on the house, you also won’t have to pay private mortgage insurance. In addition to these two great benefits, you will also have flexible repayment options, easy financing and minimal closing costs. The VA is there to help its veterans in every way possible. This means you can always turn to them if you have questions, concerns or are having trouble making a payment.
New York Metros
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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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