Nassau and Suffolk VA Loans
If you are a qualified veteran looking to relocate to Nassau or Suffolk in Long Island, right now is a great time to get pre-approved for a VA Loan. The VA has made the entire loan process easy and inexpensive for all its veterans, even in these difficult economic times. Take a look at a few of the many benefits extended to you as a member of the US Military.
When you apply for a conventional loan in Long Island, you can expect to pay around 20% for a down payment on the new property. This can be very expensive, and stops a lot of people from becoming first time homeowners. The VA recognizes this, which is why they do not require its veterans to supply a down payment on their new house.
Even with the zero-down feature, you still won’t be required to pay private monthly mortgage insurance. This will help reduce your monthly bills which can then be used for other expenses like tuition, utilities and groceries.
As a veteran with a VA Guaranty, you are a very secure and desirable borrower to all private lenders. This means you will be able to take advantage of low interest rates. You may even be able to negotiate with your lender for a rate that is below the current market rate.
Individual Repayment Plans
Not everyone has the same level of income or spending and saving habits, which is why the VA offers five different types of repayment plans. Each can be individually tailored to your needs so that you have an easy time making your payments month after month.
Once you have your Nassau or Suffolk VA Loan, refinancing is incredibly easy when done with an Interest Rate Reduction Refinancing Loan (IRRRL). Also called the VA Streamline Refinance, the IRRRL can be obtained without any additional fees or paperwork. To borrow money against the house, you can apply for a VA Cash-out Refinance and use the money for any purpose, whether you need to buy a new car, pay for tuition or pay off any outstanding liens.
Get Pre-approved Today!
If you are interested in becoming a proud new homeowner in Nassau or Suffolk and want to save money, take a minute to fill out or secure online form. It only takes a minute and you’ll be pre-approved right away!