Nebraska VA Loans
With housing prices at an all time low, right now is a great time for anyone looking to relocate to Nebraska to buy a house. For qualified veterans, the entire loan process is even more affordable and simpler when done with a Nebraska VA Loan. Since 1944 the VA has been helping millions of veterans and their families realize the dream of homeownership through the VA Home Loan Guaranty Program.
VA Loan vs. Conventional Loan
When you apply for a conventional loan, you are generally required to provide a down payment on the house. The can cost anywhere from 5 – 20% of the total cost of the house which can add up very fast. With a VA Loan, you won’t have to provide any down payment on the house up to a certain loan amount. Right now the loan limits in Nebraska are very high, making it possible to purchase family homes in the upper six-figures without any money down. Another great benefit of using a VA Loan is you are not required to pay private monthly mortgage insurance because the VA guarantees a portion of the loan for you.
There are a lot of great benefits of using a VA Loan in addition to the no down payment and no monthly insurance features. For starters, because you are such a secure and desirable borrower, your private lender will be willing to give you a low interest rate, one that is often below the current mortgage market rate. When you close on your loan, you also won’t be required to pay huge costs because the VA has put a cap on how much you will be required to supply for closing fees. Other great benefits include flexible repayment options, easy refinancing and quick approval.
Obtaining the Loan
In order to obtain a VA Loan in Nebraska you must first establish your eligibility with the VA. The form can be found on their website and submitted electronically or through the mail. Once they have approved your application you will be sent a Certificate of Eligibility (COE) to your home. The next step you take is up to you – you can either start looking for houses right away or shop around for a private lender.
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.