Long Island VA Loans
If you are a veteran looking to buy a new house in Nassau County, NY you will definitely want to consider obtaining a VA Loan Guaranty. While house prices in Long Island are quite expensive and out of reach for many Americans, it is still possible for veterans to buy houses in the area. With a VA Loan you won’t have to compromise on location or size since a VA Loan is much more affordable and easy to obtain than a conventional loan.
Why Get a Long Island VA Loan?
If you are a qualified veteran or active duty personnel you have many benefits extended to you through the VA. The VA Loan Guaranty program is one of the best benefits you can take advantage of. The VA makes it possible to obtain a loan with no down payment and no monthly insurance by guaranteeing up to half the total amount of the loan. Many times the private lender will also give you a lower interest rate than you would have normally obtained.
Who Qualifies?
If you are interested in buying a house in Nassau County or surrounding Long Island counties, you will first need to ensure you qualify. Active military personnel qualify after 181 days of regular service. For ex-military, you qualify after 90 days of wartime or 181 days of peacetime as long as you were honorably discharged. Before applying for the actual loan, you will have to fill out an eligibility form through the VA. You will also need to supply credit scores and proof of income just like you would with a traditional loan. Even if you couldn’t qualify for a conventional loan there is a very good chance you will be approved through the VA.
Just because Long Island, NY is a very ideal and therefore pricey place to live, it should not deter you from buying your dream home. Apply for eligibility and then start shopping; once you’ve found your house the VA has made it incredibly easy to obtain a loan.
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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