Massachusetts VA Loans
The housing prices in Massachusetts have recently come down, making it more affordable than ever for people to become first time homeowners. The loan process is even more affordable for qualified veterans who decide to purchase their new property with a Massachusetts VA Loan. The VA Home Loan Guaranty Program was implemented in 1944 and since then it has made homeownership a reality for millions of veterans and their families. Here are just a few of the benefits that make VA Loans a much better alternative to conventional loans.
No Down Payment
When a new house is purchased with a conventional loan, the down payment can sometimes be as high as 20% of the total cost of the house. This can get very expensive, especially for larger family homes in Massachusetts. When you use a VA Loan you won’t be required to provide a down payment as long as the house is below your county’s loan limit. Right now the loan limits for most Massachusetts counties are in the upper six-figures which means you can afford that beautiful property for your family and still not be completely in debt by the end of the loan process.
No Monthly Insurance
A VA Loan is essentially the same thing as a “VA-insured loan.” The VA guarantees a certain portion of your loan which is how much your lender receives in the event of a foreclosure. Because of this, you won’t be required to pay private monthly mortgage insurance. This really helps reduce your overall monthly bills, allowing you to spend the extra money on things like groceries and utilities.
Once you have your VA Loan, refinancing is incredibly easy. The VA has created the Interest Rate Reduction Refinancing Loan (IRRRL) which is also called the VA Streamline Refinance because it requires no additional paperwork or out-of-pocket expenses. However, with an IRRRL you will not be able to take any cash out from the new loan. If you need to borrow cash against the equity of your house you can do so with a VA Cash-out Refinance. The money you receive from the refinanced loan can be used for anything you like, whether it’s to pay off a student loan, buy a new car or refurbish the house.
Find Out What You Qualify For
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