Maine VA Loans
If you are a qualified veteran looking to build a new house in Maine or purchase a new family home, right now is a great time to do so with a VA Loan. Maine is a beautiful state that has typically had higher housing prices than in most other US states until recently. Housing prices in the state are much lower than they have been in the past, making it possible to buy that beautiful property you’ve always dreamed of. Plus, the VA has recently increased loan limits in most Maine counties which means you can afford an even bigger house than you ever thought imaginable.
Conventional vs. VA Loan
VA Loans have many benefits that make them simpler and more affordable than conventional loans. With a conventional loan you can expect to pay anywhere from 5 to 20% for a down payment on a new property. This can add up quickly, especially if you’re looking to relocate your family and need a big house. With a VA Loan you do not need to supply a down payment. It is even possible to get a big, beautiful house in the upper six-figures without having to pay any big expense up front. This is really great for first time homeowners who may not have the necessary savings for such a big down payment.
Besides not having to supply a down payment, you also won’t have to pay private monthly mortgage insurance. This is because the VA guarantees a percentage of the total loan amount, which is how much the lender receives if you default on your loan. A VA Loan is actually a private loan that is “VA-insured.” Because VA-insured veterans are such secure, desirable borrowers, most lenders are willing to offer you a low interest rate which can sometimes be below the current mortgage market rate. Other benefits include minimal closing fees, simple refinancing, flexible repayment plans and quick approval.
Getting the Loan
If you are a qualified veteran, you will first need to fill out an eligibility form which can be found on the VA’s website. Once they have reviewed and approved this application, you will be sent a Certificate of Eligibility (COE) in the mail. After that it is up to you whether you want to get pre-approved for a loan or start looking for houses.
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.