Montana VA Loans

Montana is a beautiful state, one that many people are deciding to make their permanent home. While this has made housing prices go up overtime, it is still possible to find great deals on big properties in Montana. If you are a qualified veteran, it is even more affordable to buy a house in Montana when done with a VA Loan. Here are some of the great benefits you will be able to take advantage of and what you need to do to qualify.

Benefits

When you apply for a VA Loan in Montana you won’t have to supply a down payment on the house. With a conventional loan, the price for a down payment can be anywhere from 5 – 20% which adds up, especially if you are looking to buy a big family home. You also won’t be required to pay private monthly insurance because the VA essentially insures the loan for you. Other great benefits of using a VA Loan to purchase your house include low interest rates, simple refinancing, minimal closing fees and quick approval.

How to Qualify

If you are a current member of the military you will need to have served a minimum of 181 days of regular active-duty service in order to qualify for a VA Loan in Montana. Ex-military personnel must also have served 181 days and been honorably discharged from the military. If you think you qualify, you will need to submit and eligibility form with the VA. Once they have approved your application you will be sent a Certificate of Eligibility (COE) in the mail which you will need to present to your lender.

Refinancing

If you already have a VA Loan, refinancing is incredibly easy. For veterans who want to take advantage of the lowered interest rates, you can apply for an Interest Rate Reduction Refinancing Loan (IRRRL). The IRRRL is also called the VA Streamline Refinance because it requires no extra paperwork or out-of-pocket expenses. However, you will not be able to take any cash out from the new loan. If you need cash, for whatever reason, you will want to apply for a VA cash-out refinance loan.

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