Illinois VA Loans
For qualified veterans, purchasing or building a new house in Illinois has never been easier. With a VA Loan you can get a beautiful home for you and your family with no down payment required. The lower housing prices, benefits of a VA Loan and the increased loan limits for Illinois have made this a great time for veterans to purchase their dream homes.
What are the Benefits?
When you get a VA guaranteed loan you get to take advantage of numerous benefits. The first, most important benefit is you won’t have to put a down payment down on the house. The loan limits have recently increased in most counties in Illinois, so it’s possible to get a huge, fancy family house and still not have to supply a down payment. The next benefit is lower monthly payments. Your monthly payments will be lower because you can get a very competitive interest rate, and you won’t be required to pay private monthly insurance. Other benefits include flexible repayment options, easy refinancing and no pre-payment penalties.
Steps to Qualify
The first thing you will need to do in order to obtain your VA Loan is to submit an eligibility form with the VA. Once the VA has reviewed your status, they will issue a Certificate of Eligibility (COE). Then it’s up to you whether you want to find a lender first or start house hunting immediately. A lot of times it is a good idea to get pre-approved for a loan first so you know what your budget will be when shopping for your house.
A VA Loan is a great option for any veterans or current military personnel looking to relocate to Illinois. While most lenders have tightened their restrictions on conventional loans, VA Loans are still affordable and easy to obtain. If you have any questions or concerns, remember to contact the VA since they are there to help you out in any way they can.
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