Columbus VA Loans
If you are a qualified veteran in Ohio looking to relocate to Columbus, you will want to consider using a VA Loan to purchase or build your next house. The VA Home Loan Guaranty Program was implemented in 1944 as a way to help veterans afford houses. Since that time, millions of veterans and their families have taken advantage of all the great benefits the program has to offer and made homeownership a reality.
What is a VA Loan?
When you go through the VA to obtain your loan, the VA will guaranty a percentage of the loan you receive from a private lender. This percentage is the amount the VA pays the lender in the event of a foreclosure on the property. Basically, a VA Loan should be considered a “VA-insured loan.” What this means for you is that you become a very secure borrower who lenders are willing to pass benefits onto. The first major benefits of having a VA guaranteed loan is you will not have to provide a down payment on the property.
Another great benefit of a VA Loan besides the zero-down feature is you won’t be required to pay for costly private mortgage insurance because the loan is already guaranteed for you. You will also get to negotiate with your lender for an interest rate that is below the current mortgage market rate in some instances, making your monthly payments that much lower. The other great VA benefits include minimal closing fees, flexible repayment plans, quick approval and streamlined refinancing.
In order to qualify for a VA Loan you must first fill out an eligibility form with the VA. The rules require both veterans and current members of the military to serve a minimum of 181 days of regular active-duty service. Once the VA has reviewed and approved your application, you will be sent a Certificate of Eligibility (COE) in the mail and will be free to start house shopping or start the loan process.
Get Pre-approved Today!
You can start the loan process today be getting pre-qualified for a loan with us. Take a minute to fill out our form. It is secure, fast, free and has no obligations. We’re here to help you take advantage of the huge VA benefits!