Pennsylvania VA Loans

Any members of the military or veterans looking to relocate to Pennsylvania should consider purchasing their new house with a VA Loan. No matter what type of house you are looking for, whether it is a first time single family home or an upgrade for your large family, the VA can help you buy your new house without spending more money than is necessary. Since 1944 the VA Home Loan Guaranty Program has been helping veterans across the country by making home loans easy and affordable to obtain.

What are the Benefits?

The first, major benefit of using a VA Loan for your new house in Pennsylvania is no down payment is required on your half. With conventional loans you are often required to pay anywhere between 5 – 20% for a down payment on a house, which can add up very quickly. Another huge benefit is you won’t be required to pay private monthly mortgage insurance. The other benefits of a Pennsylvania VA Loan include minimal closing costs, flexible repayment plans, low interest rates and easy refinancing.

How Do I Qualify?

If you are a member of the military, you can qualify for a VA Loan after serving 181 days of active-duty service. Veterans who served 181 days and were honorably discharged are also eligible. There are many exceptions to these rules, so if you don’t fall into one of these two categories there is a good chance you may still be able to qualify. In order to obtain a VA Loan you will need to fill out an eligibility form with the VA. Once you have been approved they will issue you a Certificate of Eligibility (COE) to present to your lender.

What’s Next?

Once you have your COE you can do one of two things: get pre-approved for a home loan or start house hunting right away. It might be a good idea to start with a pre-approved loan first so you know exactly how much house you will be able to afford. Once you have settle on a house and a lender, be sure to go over all your repayment options so you get a plan that suits your needs and income level.

Pennsylvania Metros

Philadelphia VA Home Loans
Pittsburgh VA Loans

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