Kansas VA Loans
For qualified veterans looking to relocate to Kansas now has never been a better time to buy. Housing prices are at an all time low, and when you purchase your new house with a VA Loan you can take advantage of the many benefits you wouldn’t find with a conventional loan. For example, it is possible to buy big, beautiful, six-figure homes without having to supply a down payment on the property.
What is a VA Loan?
A VA Loan is basically an insurance policy on the loan you receive from a private lender. Basic entitlement for a VA Loan is up to 25% of the total loan amount. This money is how much the VA will pay the lender in the event of a foreclosure on the property. Basically the VA is making you a desirable, secure borrower to lenders so it’s easier to get an affordable loan.
Is it a gift?
No. Although there are many benefits of a VA Loan that make it incredibly affordable, it is still borrowed money that needs to be repaid overtime. That being said, you have five different options when it comes to the type of repayment plan you use. These include traditional fixed, traditional ARM, hybrid ARM, growing equity mortgage and graduated payments mortgage. Each is designed to suit specific needs and income levels, making it easier for you to make payments month after month.
Is there a limit on how much I can borrow?
Yes and no. The VA sets limits on how much they will guaranty and this limit changes from county to county. Right now county loan limits are in the six-figures, and are even over a million dollars in some state counties. If you do find a house that is above your county limit it is still possible to get a VA guaranteed loan, but you may have to put a down payment on the portion of the loan not insured by the VA.
How do I qualify?
If you are a qualified veteran, you will need to fill out and submit an eligibility form with the VA. This form can be found on their website and sent in either electronically or through the mail. Once they have reviewed and approved your loan, they will issue you a Certificate of Eligibility (COE) which you will then need to present to your private lender.
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