Kentucky VA Loans
Buying a new house in Kentucky has never been more affordable, especially when done with a VA Loan. If you are a qualified Kentucky veteran, you can now get a big, beautiful house with a VA Loan and take advantage of huge savings. The VA Home Loan Guaranty Program began in 1944, and since then it has helped millions of veterans and their families realize the dream of homeownership. This is still going on today, and right now with the low housing prices in Kentucky, it’s a great time to buy that house you’ve always wanted. Here are some of the benefits you will receive when you purchase your new house with a VA Loan.
No Down Payment
With a VA Loan, you will not be required to provide a down payment on the new property. This is one of the best benefits of using a VA Loan, and is especially helpful for young couples or single veterans who do not have the capital saved up for a big down payment. With a conventional loan, you might have to pay anywhere from 5% to 20% for a down payment.
Flexible Repayment Plans
The VA offers five different types of repayment plans: traditional fixed, traditional ARM, hybrid ARM, graduated payments mortgage and growing equity mortgage. Each one is designed to suit specific needs to make the payments as affordable and easy as possible. For example, the graduated payments mortgage starts out with low monthly payments and then gradually increases overtime as you are able to afford bigger payments.
No Monthly Insurance
With a VA Loan, they are basically insuring your loan for a percentage of the total amount. This amount is how much your lender will receive if you should default on your loan. It is essentially an insurance plan, so you are not required to pay any additional private monthly mortgage insurance.
Low Interest Rates
As a qualified veteran with a VA guaranteed loan, you are a very desirable and secure borrower. Because of this, private lenders are often willing to give you a great interest rate. There may even be some instances where you can negotiate with your lender for a rate that is 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 and you can get a rate quote today.