New York City VA Loans
While it is difficult to purchase new houses in New York City right now during these financially unsecure times, it is still possible to afford new houses in the city when bought with a VA Loan. Since 1944 the VA Home Loan Guaranty Program has been helping millions of veterans and their families buy the house of their dreams. This has been made possible by offering veterans loans that require absolutely no down payment. Today, the VA has made it even more simple and affordable than ever to buy or build new homes in New York City.
Conventional Loans vs. VA Loans
While it is possible to get conventional loans with little or no down payment required, they usually compensate for it by requiring you to pay mortgage insurance. This is to make up for the risk in the event of a foreclosure on your part. With a VA Loan, the VA guarantees a portion of the loan to be paid if a default occurs. This means you are not required to purchase any additional private monthly mortgage insurance. The other benefits that VA Loans have over conventional loans include low interest rates, individual repayment plans, minimal closing fees, streamlined refinancing and quick approval.
To be eligible for a VA Loan in New York City, you need to serve a minimum of 181 days of regular active-duty service. Ex-military members who were honorably discharged must have also served this length of time. There are quite a few exceptions to the rule, so be sure to check out the VA’s website if you think you might be able to qualify.
If you fit the guidelines for qualifying, you or your lender will need to submit an eligibility form with the VA. Once they have reviewed and approved your application they will issue you a Certificate of Eligibility (COE) through the mail.
Get Started Today!
If you want to start taking advantage of all the great benefits a VA Loan has to offer, take a minute to fill out our form and get pre-approved. It only takes minute and you’ll be on your way to becoming a proud new homeowner!