West Virginia VA Loans
For qualified veterans in West Virginia, right now is a great time to buy a new house. Whether you are looking to move off base or relocate your family to a big house, you will be able to find really great deals across the state. Plus, when you use a VA Loan to purchase your house you can minimize a lot of the costs often associated with a conventional loan.
Affordability
With a VA Loan you can get the house of your dreams without supplying a down payment. With a conventional loan you might end up paying 20% of the total cost of the house which is more than most people can afford. Having a VA Guaranteed Loan makes you a very desirable borrower to private lenders which means you can often negotiate an interest rate that is much lower than the current mortgage market interest rate. Finally, the guaranty also means you won’t be required to pay private monthly mortgage insurance.
Additional Benefits
Besides the loan being much cheaper and more affordable to obtain, when you get a VA Loan you get many additional benefits. One of these is the flexibility of repayment options which includes traditional fixed, traditional ARM, hybrid ARM, graduated payments mortgage and growing equity mortgage. The VA has also made it very simple to refinance down the road with the Interest Rate Reduction Refinancing Loan (IRRRL). The IRRRL has been nicknamed the VA Streamline Refinance because it requires no additional paperwork or out-of-pocket expenses.
Steps to Obtain the Loan
In order to qualify for a VA Loan in West Virginia you must first submit an eligibility form with the VA. This form can be submitted through the website which they will review and then approve. Once you have been approved you will be sent a Certificate of Eligibility in the mail which you will need to present to your lender of choice. The rest of the loan process is similar to that of a conventional loan – you will need to provide credit scores and financial documents, have the house appraised, pay closing fees and sign all notes.
Get started right now by filling out this fast and easy form:
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