Cincinnati VA Loans
Housing prices in Cincinnati, Ohio are at an all time low, making this an ideal time to purchase a new home. With a VA Loan, you can get a lot of house in Cincinnati for an incredible deal.
The VA Loan Guaranty program is extended to all qualifying veterans and requires no down payment, no monthly insurance and lower interest rates. If you are an Ohio veteran or are looking to relocate, there has never been a better time to purchase a house.
Who Qualifies?
If you are currently serving in the military, you are eligible for a VA Loan after serving 181 days of regular active-duty service. For ex-military, the same timeline applies but you must also have been honorably discharged. The timeframe drops to 90 days for veterans who served overseas during wartime.
There are also some cases where the widow of a veteran may qualify for a VA Loan. A form must be submitted to the VA through their website to determine whether or not you qualify.
Types of Repayment Plans
One of the great benefits of getting an Ohio VA Loan is the flexibility of repayment plans. There are currently five plans you can choose from which include: traditional fixed, traditional ARM, hybrid ARM, growing equity mortgage and graduated payment mortgage.
The graduated payment mortgage is a great plan for people who are expecting a raise or promotion as the payments start out very low and increase over time, capping off after six years. The growing equity mortgage also increases, but the increase is only applied to the principal of the loan, making it possible to pay the loan off faster. It’s a good idea to go over all your options with your lender to decide on the perfect repayment plan for you.
With the low housing prices in Cincinnati combined with the increased loan limits, you will be able to afford a much bigger, nicer house than you ever thought possible. The process is very simple and so affordable that you will have plenty of money left over for other purchases.
If you are considering getting buying a home in Cincinnati or refinancing into a VA loan, there is no better time that now. Use our 1-minute quote request to get in touch with a VA lender near you.
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