Oklahoma VA Loans
If you are a qualified veteran looking to relocate to Oklahoma, right now is a great time to take advantage of the low housing prices. Plus, when you use a VA Loan the entire process is even simpler and more affordable than ever. The VA has been helping veterans realize the dream of homeownership by extending great benefits through the VA Home Loan Guaranty Program. Here are just a few of these benefits you will be able to take advantage of if you apply for a loan today.
No Down Payment
When you apply for a conventional loan, you might be expected to pay up to 20% of the total cost of the house for a down payment. With a VA Loan, you can get that big, beautiful family home and not have to supply any money down. This is really great for young couples and families who don’t have the necessary capital saved up and would otherwise not be able to afford a new house.
No Monthly Insurance
A VA Loan is a guaranty on a private loan for up to 25% of the total amount. This is how much your lender receives if you default on the loan and go into foreclosure. It is basically the same as an insurance policy, which means you won’t have to pay private monthly mortgage insurance, greatly reducing your expenditures from month-to-month.
Flexible Repayment Plans
The VA has created five different types of repayment plans to help everyone make their payments, regardless of income level. Each of the plans can be tailored to individual needs. These plans include traditional ARM, hybrid ARM, growing equity mortgage, graduated payments mortgage and traditional fixed. You will want to explore each option with your lender to make sure you find a repayment plan that suits your needs.
Low Interest Rates
Veterans with a VA guaranty are very secure and desirable borrowers, which means you can often get a great, low interest rate. You may even be able to get a rate that is well below the current mortgage market rate.
If you are a qualified veteran interested in obtaining a VA Loan, take a minute to fill out a form