Idaho VA Loans
Qualified Idaho veterans looking to purchase new houses can now take advantage of the many benefits of using a VA Loan. Housing prices in Idaho are at an all time low while loan limits for every county are at an all time high. This means you can afford a much bigger house than ever before for you and your family. Here are just a few of the many benefits of using a VA Loan over a conventional loan.
No Down Payment
With an Idaho VA Loan, you are not required to provide a down payment on the house. This is really great for everyone, especially first time homeowners and young families who do not have the capital required for a hefty down payment. With conventional loans, you could expect to pay anywhere from 5 – 20% for the down payment on a new home.
No Monthly Insurance
When you go through the VA to obtain your loan, they are basically insuring it for a percentage of the total loan amount. This amount is what the insurance company will receive in the event of a foreclosure on the house. So when you get a VA Loan it is already insured for you, eliminating the need to purchase additional private monthly mortgage insurance.
Flexible Repayment Plans
The VA offers five different repayment plans which include: traditional fixed, traditional ARM, hybrid ARM, graduated payments mortgage and growing equity mortgage. Each one is designed to fit specific needs, making it easier for the individual to make payments month after month. For example, both the growing equity mortgage and graduated payments mortgage increase over time, but for different reasons. The growing equity mortgage increases but the increases are applied solely to the principal of the loan, making it easier to pay it off faster. The graduated payments mortgage starts out low and increases overtime to help first time homeowners afford the payments in the first couple of years.
With a VA Guaranteed Loan, you become a very desirable borrower to private lenders. Because of this, they are often willing to offer you a low interest rate. There are even some circumstances where you can get a rate that is well below the current mortgage market rate.
Find Out What You Qualify For
Want to find out how much you qualify for? It’s never been easier. Just fill out our secure 1-minute quote request form