Maryland VA Loans
If you are a qualified veteran interested in purchasing a new house in Maryland, right now is a great time to buy. Housing prices in Maryland have come down in the past few years, and with a VA Loan they are even more affordable than ever. Since 1944 the VA has been helping millions of veterans and their families realize the dream of homeownership by making the loan process as simple and affordable as possible.
This has been accomplished through the VA Home Loan Guaranty Program. This program makes it possible to purchase houses without supplying a down payment, without having to pay private mortgage insurance and by offering flexible repayment plans and refinancing options. Here are the steps you will need to take in order to obtain your Maryland VA Loan today and start taking advantage of all these benefits.
1. Fill out an eligibility form. This form can be found on the VA’s website and submitted either electronically or through the mail. The rules state that current members of the military must serve a minimum of 181 days of regular active-duty service in order to qualify. Veterans must also have served this length of time and been honorably discharged. Once the VA has reviewed your application you will be sent a Certificate of Eligibility (COE) in the mail.
2. Start house shopping. Once you have found the house you are interested in, you will need to discuss the price with the lender or agent and sign a buyer’s agreement form which will be pending the loan approval.
3. Find a lender. When it comes to the lender you use you have many options. As long as they participate in the VA Loan Guaranty Program, you can choose between a savings & loans, bank and a mortgage company. You will need to supply a credit check, income documents, COE and have the house appraised by a VA-approved inspector.
4. Wait for approval. Your lender will keep you updated on the status of the loan and inform you when it has been approved.
5. Attend the closing of the loan. You and any co-borrowers will need to attend the closing of the loan. Your loan officer or a lawyer will inform you of the details of the loan, who to make the payments to and how much they are. Then you will need to sign the mortgage and any notes.
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