Alabama VA Loans

For veterans residing in Alabama now is a great time to buy or build a new home with the help of a VA Loan. For qualified veterans, you can reap the many benefits offered by the VA that make buying a new home easy and affordable. Plus, with lowered housing prices and increased loan limits for most counties in Alabama, you will be able to afford a much bigger, nicer house than you ever thought possible.

What is an Alabama VA Loan?

When you apply for a VA Loan in Alabama, what you get is a loan from a private lender that is insured by the VA. This makes you a much more desirable borrower to the lender, as they are protected against any potential loss.

What are the benefits?

With a VA Loan you can borrow up to your county’s loan limit with no down payment. In some counties in Alabama the loan limit is in the upper six figures, making it possible to still purchase a big family home without any money down. Additionally, you are not required to pay private monthly insurance on the loan. Finally, once you have the loan you have the ability to pay it off early without penalty, refinance with no out-of-pocket expenses and choose from a range of repayment plans.

How do I qualify?

In order to qualify for a VA Loan you must first submit an eligibility form with the VA. This form can be found on their website and submitted either electronically or through the mail. Once you have your Certificate of Eligibility, you can then start shopping around for a lender of your choice. You can borrow from any VA approved lender including savings & loans, mortgage companies and banks. It’s entirely up to you who to use.

Is it easy to be approved for the actual loan?

Yes. The VA makes it very secure for lenders to loan you money, so even if you have a poor credit score or a bad debt-to-income ratio, there is a good chance you will still be issued a loan.

How to Get Started Today

It’s never been easier to get started with a VA refinance. Simply fill out our secure 1-minute quote request form and start comparing rates today.

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