Oklahoma City VA Loans
Veterans looking to relocate to Oklahoma City should consider taking advantage of the vast benefits of using a VA Loan to purchase their new house. With a VA Loan you can purchase or build a big, beautiful new home without having to supply a down payment on the house. With a conventional loan you might end up paying upwards of 20% of the loan for a down payment, making a conventional loan incredibly expensive. Here are some of the other great benefits you can get with an Oklahoma VA Loan and what you need to do to obtain one.
No Monthly Insurance
A VA Loan is basically a guaranty for a certain amount of your loan, typically 25% of the total loan amount. This amount is how much the VA will pay your lender in the even of a default on the loan. Because the VA is essentially insuring the loan for you, you won’t be required to pay private monthly mortgage insurance.
Low Interest Rate
Even though you are not required to provide a down payment on the house, you will still be able to get a great interest rate. You can even negotiate a rate that is lower than the current mortgage market rate in some cases. Even if your rate is a little high today, you have the option to refinance in the future to a lower rate.
Easy Refinancing
Once you have your VA Loan, refinancing is incredibly simple. You can choose between either a VA Cash-out refinance or an Interest Rate Reduction Refinancing Loan (IRRRL). The IRRRL is also called a VA Streamline Refinance because no additional paperwork or out-of-pocket expenses are required on your part.
Qualifying
In order to qualify for a VA Loan in Oklahoma City, you must first fill out an eligibility form with the VA. This can be found on their website and submitted either electronically or through the mail. Once they have reviewed and approved your status, you will be issued with a Certificate of Eligibility (COE) which you will then need to present to your lender. After you have your COE you are free to either get pre-approved or start shopping for your dream house right away.
Get Qualified Today
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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