New York City VA Loans
Buying a house in New York City can be a very expensive endeavor, except for qualified veterans looking to relocate to the area. With a VA Loan you can now purchase a house in New York City without having so supply a down payment first. Plus, the VA has recently increased the loan limits in NYC making it possible to get big, fancy family houses in the upper six-figures without a down payment. This is great news for first time homeowners and young military families who don’t have the capital saved up for a down payment. Here are some of the additional benefits that come with a New York City VA Home Loan.
No Monthly Insurance
In addition to not having to provide a down payment on the house, you also won’t be required to pay private monthly mortgage insurance. This helps greatly reduce your monthly payments, making the entire loan much more affordable.
Low Interest Rates
When you have VA Guaranty, you become a very desirable and secure potential borrower. This means your lender of choice will often be willing to give you a very good interest rate on the loan. There are some instances where you may even be able to negotiate a rate that is below the current mortgage market rate.
Flexible Repayment Plans
The VA has created five different repayment plans that have been designed to suit specific income levels and needs. These plans include: traditional ARM, hybrid ARM, traditional fixed, growing equity mortgage and graduated payments mortgage. The graduated payments mortgage is a great plan for first time homeowners who need extra money in the beginning for things like repairs, furniture and other expenses.
Easy Refinancing
If you decide to refinance your VA Loan further down the road, you have two options: cash-out refinance or an Interest Rate Reduction Refinancing Loan (IRRRL). The IRRRL has been nicknamed the VA Streamline Refinance because it requires no additional paperwork or out-of-pocket expenses.
When purchasing your new house in New York City, you will definitely want to consider using a VA Loan to do so. Besides being much more affordable than a conventional loan, you will also get the full support of the VA if you ever have questions or run into problems with your payments in the future.
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