Alaska VA Loans
Alaska is a stunning state that has become a major destination for tourists and people looking to live in beautiful surroundings. With the recent drop in housing prices, it’s more affordable than ever to buy big, beautiful homes in Alaska. For veterans looking to relocate to Alaska, buying a new home with a VA Loan is a great way to go. While private lenders have put more restrictions on the loan process, the VA continues to make it easy and affordable for all its veterans.
If you are a current member of the military, you are eligible for a loan after 181 days of regular active-duty service. The same applies to ex-military, as long as you were discharged under honorable circumstances. For veterans who served overseas during wartime in Korea, Vietnam or WWII, eligibility is established if you served 90 days. There are many exceptions to these rules, so be sure to check with the VA to see if you qualify.
The benefits of using the VA to buy a house in Alaska are numerous. The first, biggest benefit is the ability to obtain a loan with no money down. Most traditional loans require the borrower to pay a 5% to 20% down payment on the house in order to receive the loan. With the VA you can get a loan that is in the upper six figures and still not be required to provide a down payment. Another great benefit is you won’t be required to pay private mortgage insurance.
Types of Repayment Plans
With an Alaska VA Loan you have many options to choose from with regards to repayment plans. The plans include: traditional fixed, traditional ARM, hybrid ARM, growing equity mortgage and graduated payments mortgage. Each is designed to suit individual needs, so be sure to consult your lender to find out which is right for you.
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