Mississippi VA Loans
For qualified veterans in Mississippi, right now is a great time to apply for a VA Loan to buy your next house. Housing prices are very low in Mississippi, while at the same time the VA Loan limits are very high, making the dream of homeownership a reality for everyone. This means you can afford that lovely, spacious property that you and your family so desire.
What is a VA Loan?
A VA Loan is a guaranty on a private loan. The VA does not issue the money itself; instead, they guaranty a percentage of the total loan amount up to 25%. Think of it more as a “VA-insured loan” than an actual loan. What this means for you is you become a very secure and desirable borrower to private lenders who are then willing to pass on many benefits to you.
What are the benefits?
When you go through the VA to purchase your new house in Mississippi, you won’t be required to supply a down payment on the house. With a conventional loan you might be expected to pay anywhere from 5 – 20% for a down payment which can get expensive very quickly. You also won’t be required to pay private monthly mortgage insurance because your loan is already guaranteed. Other great benefits include flexible repayment plans, minimal closing fees, easy refinancing and quick approval.
In order to qualify for a VA Loan in Mississippi, you must have served a minimum of 181 days of regular active-duty service in the military. The same timeframe applies to veterans who were honorably discharged from the military. If you fit these guidelines, you will need to fill out an eligibility form with the VA. Once they have approved your application you will be sent a Certificate of Eligibility (COE) in the mail.
After you receive your COE you are free to either start house hunting right away or find a lender. You might consider getting pre-approved for a loan so you know just how much house you will be able to afford. Once you have found your house and lender, the loan process is similar to that of a conventional loan; you will need to supply financial documents, have the house appraised and pay all the closing fees.
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