Chicago VA Loans
Are you a veteran looking to purchase a new house in Chicago? If so, you might not be aware of a great program that makes the entire loan process simple and affordable for all military members and veterans who are interested in relocating to Chicago. The VA Home Loan Guaranty Program has been around for years, but only about 10% of all eligible veterans take advantage of the program and all its benefits.
What is a VA Loan?
A VA Loan is a guaranty on a portion of a private loan. The basic entitlement for a guaranty is $36,000 or up to 25% of the total loan amount. This guaranty is how much the VA will give your lender if you should ever default on the loan and go into foreclosure. It’s basically a very secure, VA-insured loan. With a VA Loan you get to take advantage of huge benefits that you wouldn’t find with a conventional loan.
Benefits of a VA Loan
With a Chicago VA Loan, you can borrow money for the house without having to supply a down payment on the property. Conventional loans require anywhere from 5 – 20% for a down payment, which in Chicago can add up very quickly. Besides the zero-down feature, you also won’t have to pay private mortgage insurance (PMI) like you would with a zero-down conventional loan. The other great benefits of using a VA Loan include flexible repayment plans, competitive interest rates, simple refinancing and fast approval.
How to Qualify
If you are a qualified veteran, you or your lender will need to submit an eligibility form with the VA. This can be found on their website and sent either electronically or through the mail. Once you have been approved, the VA will send you a Certificate of Eligibility (COE) and you’ll be free to get started on the loan process. Be sure to check out the VA’s rules about who is considered a qualified veteran.
Get Pre-approved Today!
Getting pre-approved for a Chicago VA Loan is incredibly easy. Simply fill out our 1 minute VA loan form