North Dakota VA Loans
Qualified veterans looking to relocate to North Dakota will want to consider using a VA Loan to purchase their new house. Since 1944 the VA has been helping veterans afford houses across the US through the VA Home Loan Guaranty Program. They have made homeownership a reality for millions of families by making the entire loan process easy and affordable.
This has been accomplished by letting veterans borrow money for home loans without having to provide a down payment on the house first. The other great benefits include low interest rates, easy refinancing, flexible repayment plans, no monthly mortgage insurance and minimal closing fees. Here are the steps you need to take in order to procure your North Dakota VA Loan today.
Establish your eligibility
In order to qualify for a VA Loan, both current members of the military and veterans must have served a minimum of 181 days of regular active-duty service. You will also need to fill out an eligibility form with the VA who will then send you a Certificate of Eligibility (COE) in the mail.
Shop for houses
Once you have found the house you want to purchase, discuss the price with the seller or agent and sign a buyer’s agreement.
Apply for a loan
The lender you choose to use is entirely up to you, as long as they participate in the VA Loan Guaranty Program. During this time you will need to submit financial documents, credit checks and your COE.
Wait for approval
After you have applied for a loan, your lender will have the house appraised by a VA approved inspector. During this time your loan officer will inform you of the status of the loan.
Attend the closing
Once your loan has been approved, you and all co-borrowers will need to attend the closing of the loan. The lender or loan attorney will inform you about the details of the loan regarding how much your payments are and where to make them out to. You will need to pay all the closing fees and sign the mortgage and all notes.
Move into your house
You are now free to enjoy your new house and the many great benefits associated with a North Dakota VA Loan.
The entire loan process really is simple and affordable. To get started on this path, take a minute to fill out our secure online form to get pre-approved for a loan today!