Memphis VA Loans
Right now housing prices are at an all time low in Memphis, Tennessee, making this a great time to buy your dream house. Plus, if you are a qualified veteran you can purchase your new house with a VA Loan and take advantage of the many benefits that make it simpler and more affordable than conventional loans.
VA Loan vs. Conventional Loan
With a VA Loan you can purchase a big family home in Memphis without having to supply a down payment on the house. With a conventional loan you might be charged anywhere from 5 – 20% for a down payment, making the home-buying process much more expensive. Additionally, you can often negotiate with your lender for a very competitive interest rate and may even get one that is below the current mortgage market rate. Other great benefits associated with a Memphis VA Loan include minimal closing costs, flexible repayment plans, easy refinancing and quick approval.
How to Qualify
Current members of the military must have served a minimum of 181 days of regular active-duty service in order to qualify for a VA Loan. Veterans must have also served this length of time and been honorably discharged from the military. If you think you qualify, you will need to fill out an eligibility form with the VA. Once they have gone over your status, you will be issued with a Certificate of Eligibility.
Finding a Lender
The VA guarantees your loan; they don’t actually issue the money so it is up to you who you choose to use for your lender. You can choose between a bank, mortgage company or savings & loans as long as the lender participates in the VA Loan Guaranty Program. You might also consider getting pre-approved for a loan before you start house shopping so you know just how much house you will be able to afford.
Right now is a great time to buy a new house in Memphis with a VA Loan. Housing prices are lower than they have been in years, and the VA has recently increased loan limits in the area making it possible to afford that big, beautiful dream house for you and your family.
Find Out What You Qualify For
Want to find out how much you qualify for? It’s never been easier. Just fill out our secure 1-minute quote request form and you can get a rate quote today.
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