Cleveland VA Loans
In Cleveland, Ohio, military personnel and veterans can buy big houses for great deals when they are purchased with a VA Loan. The Ohio VA Loan Guaranty program is there to help veterans buy houses that are affordable yet still have all the features they want. With a VA Loan, you can buy a house in the Cleveland area with no down payment necessary. If you are planning on moving off base, relocating your family or just upgrading to a bigger home, you will definitely want to consider a VA Loan.
What is a VA Loan?
A VA Loan is a guaranty made by the VA for up to half the total amount of a loan. The money actually comes from a private lender of your choice, but because the VA guarantees it, you get much greater benefits than with a conventional loan. For starters, you can get a house up to a certain cost with no down payment. Just recently the loan limits in Cleveland have been raised, so you can get a huge dream house without any money upfront. You also don’t have to pay any Private Mortgage Insurance (PMI), making your monthly costs much lower. Many times you will also be able to negotiate a better interest rate with your lender than if it were a conventional loan.
How do you Qualify?
If you are currently in the military, you can qualify for a VA Loan after 181 days of regular, continuous service. Veterans who have served this time and been honorably discharged can also qualify. To determine your eligibility you will need to fill out a form on the VA’s website to be submitted for review. There are some special circumstances that allow wounded veterans and widows to also apply for a VA Loan, so make sure you do a little research to see if you can qualify.
The lower housing prices, increased loan limit and availability of VA Loans in Cleveland have made this a better time than ever to purchase a home. To get qualified, fill out our secure 1-minute application form today.
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