Arkansas VA Loans

Buying a new house in Arkansas can be a really exciting venture, but it can also be very stressful. Luckily for qualifying Arkansas veterans, the VA has made buying a new house much more affordable, easy and stress free. In 1944 Congress passed the GI Bill which extended numerous benefits to all veterans, including the VA Loan guaranty program. This program has helped millions of veterans buy homes for themselves and their families. The benefits that come with a VA Loan make this a much better option than conventional loans. Here are just a few of the benefits you will find with an Arkansas VA Loan:

No Down Payment

The first, most notable benefit of using a VA Loan to buy your house is there is absolutely no down payment necessary. The VA guarantees up to half the amount of the loan, making you a secure, desirable borrower for private lenders. Your basic entitlement is $36,000 on loans up to $144,000. However, the loan limits in Arkansas have recently increased which means you can now buy a big, flashy house in the upper six figures with no down payment.

No Monthly Insurance

VA Loans guaranty a percentage of the loan, which is how much they will pay the lender in the event of foreclosure. They are basically insuring you so that you can get a low interest rate and not be required to pay private monthly mortgage insurance.

Lower Rates

With a VA Loan you can often get very competitive interest rates that are equal to or lower than what conventional loans are going for. There are also some instances where you can negotiate a price that is below the current mortgage market rate.

Easy Refinancing

If you choose to refinance your house down the line, you can choose between an Interest Rate Reduction Refinancing Loan (IRRRL) and a cash-out refinance. The IRRRL is also called the VA Streamline Refinance because it is such an easy, affordable process. There is no additional paperwork involved, and you won’t incur any out-of-pocket expenses.

Get Qualified Today

Qualifying for a VA loan has never been easier than it is now. Just fill out our 1-minute quote request form

1-minute quote request form
and you can begin comparing rates and offers today!

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