Indianapolis VA Loans
If you are a qualified veteran looking to relocate to Indianapolis, you will definitely want to consider purchasing your new house with a VA Loan. The housing prices have dropped in recent years in Indianapolis while VA loan limits have increased. This means you will be able to afford a bigger house for you and your family than you ever thought possible.
What is a VA Loan?
A VA Loan is a guaranty on a private loan. The VA does not issue the money; instead, you obtain the loan from a private lender which the VA then insures for you, making you an incredibly secure borrower. This means you get to take advantage of huge benefits such as not having to supply a down payment on the property or pay private monthly mortgage insurance.
How much can I qualify for?
How big of a loan you can qualify for depends on your credit score, financial situation and the VA Loan limit in your county. Basic entitlement for veterans is $36,000 on loans up to $144,000 or up to 25% of the loan after this amount. If you do find a house that is above your county limit, it might still be possible to qualify for a loan but your lender may require that you provide a down payment on the portion of the loan not guaranteed by the VA.
How do I qualify?
In order to qualify for a VA Loan, both veterans and current members of the military must have served a minimum of 181 days of regular active-duty service. You or your lender will need to establish your eligibility by submitting a form with the VA. Once they have gone over your form and approved your application, you will be sent a Certificate of Eligibility (COE) in the mail and will be free to start the loan process.
Once you have your COE you can start house hunting right away or get pre-approved for a loan. Getting pre-approved is a great first step since this way you will know just how much house you will be able to afford. Let us help you get started today by filling out our fast, secure online 1-minute quote form. Getting pre-approved has never been easier!