New Mexico VA Loans
Veterans interested in relocating to New Mexico should consider purchasing their new house with a VA Home Loan. The VA created the Home Loan Guaranty Program in 1944 as a way to help veterans and their families become first time homeowners. Since then, the VA has made the dream of homeownership a reality for millions of veterans.
What is a VA Loan?
A VA Loan is a guaranty on a private loan, not the actual loan. The guaranty is a percentage of the loan up to 25% of the total cost. This is the amount your lender will receive in the event of a foreclosure on the house. The VA essentially insures your loan for you, making you a much more secure borrower. Because of this, lenders are willing to pass on benefits to you that you would not receive with a conventional loan.
What are the benefits?
With a New Mexico VA Loan you are not required to provide a down payment on the house up to a certain amount. Conventional loans typically charge anywhere from 5 – 20% for a down payment. With the zero-down feature, first time homeowners and young couples without capital saved up will still be able to afford their dream house. Other great benefits include no monthly insurance, minimal closing fees, low interest rates, flexible repayment options, simple refinancing and quick approval.
How do I obtain the loan?
In order to obtain a VA Loan in New Mexico, you must have served a minimum of 181 days of regular active-duty service. Veterans must have also served this amount of time and been honorably discharged from the military. If you meet the requisites, you will need to fill out an eligibility form with the VA who will then issue you a Certificate of Eligibility (COE). Once you have your COE you are free to start house hunting right away or get pre-approved for a loan.
Where can I get pre-approved?
You can get pre-approved for a VA Home Loan today by filling out our 1-minute VA loan form