Are you a current or retired member of the military, or an eligible surviving spouse? If your service record meets the basic requirements for a VA loan, you can buy a home in Chicago or anywhere in Illinois with a VA mortgage.
What is a VA Mortgage?
A VA mortgage is a home loan that is backed by the US Department of Veterans Affairs. By backing these loans, the VA makes it possible for those who have served our country to buy a home affordably without a perfect credit score.
What are the Benefits of a VA Loan in Chicago?
With a VA loan, you can take advantage of these great benefits:
- You do not need to make a down payment to purchase a home. That might mean that you are able to buy a home immediately instead of waiting.
- The relaxed credit qualification requirements for a VA mortgage mean that you do not need to have perfect credit to apply successfully.
- There is no need to pay for PMI or MIP when you take out this type of mortgage. You can contrast this with the mortgage insurance requirement for FHA mortgages with down payments under 20%.
- The interest rates for VA loans are competitive.
- Closing costs for VA mortgages are capped at 3% or covered by the seller.
- For eligible disabled veterans, the funding fee can be waived.
- When refinancing using a VA mortgage, only if discount points are charged do you require an appraisal.
Do You Qualify for a VA Mortgage in Illinois?
If you are excited to take advantage of the benefits of a VA home loan, your next step is to figure out if you qualify. Following are the basic eligibility requirements:
- You are in one of the following categories: veteran, active-duty service member, or eligible surviving spouse.
- You are shopping for a home to serve as your primary residence.
- You meet the minimum service requirements.
- You can provide a Certificate of Eligibility (COE).
- You meet basic requirements for qualifying for a loan. We will assess your credit score, income, and DTI ratio.
You are probably wondering what the minimum service requirement is. Usually, it is 90 days of active duty wartime service or 181 days of continuous active duty peacetime service. But the exact amount of service required depends on your duty era.
On your own, you may have a difficult time figuring out whether you meet the minimum service requirement. You also might not be sure how to obtain your COE. But we can take care of both of these things for you during your VA loan consultation.
Whether you are shopping for a home in Chicago or anywhere else in Illinois, we can help you apply for a VA mortgage quickly and easily. We also can help you purchase a home with a VA loan if you are in Indiana, Florida, Michigan or Wisconsin. To get started now, please call us today at (708) 237-4050 to schedule your consult.