Oklahoma City VA Loans
If you are a qualified veteran thinking about buying or building a new house in Oklahoma City, right now is a great time to apply for a VA Loan. Housing prices are lower than ever, and the VA has recently increased the county loan limits in the area. This means you can afford an even bigger house in Oklahoma City than you ever thought imaginable. Here are just a few of the many great benefits of using an Oklahoma City VA Loan to purchase your new house.
No Down Payment
When you apply for a VA Loan in Oklahoma City, you won’t be required to provide a down payment on the house. This makes buying new homes affordable for everyone, especially young couples who may not have the necessary funds saved for a typical down payment of 20% of the loan.
No Monthly Insurance
There are some conventional loans that charge 0 – 3% for a down payment, but these loans are quite rare. Plus, they usually make up for the risk by making the borrower pay private mortgage insurance (PMI). Because the VA guarantees a portion of your loan for you, you won’t have to purchase PMI and will be able to keep your monthly bills down.
Once you have your Oklahoma City VA Loan, it’s incredibly simple to refinance if you want to obtain a lower interest rate in the future. The VA has created the Interest Rate Reduction Refinancing Loan (IRRRL) which has been nicknamed the VA Streamline Refinance because it requires no out-of-pocket expenses or additional paperwork. You also have the option to borrow money against the house’s equity with a VA Cash-out Refinance.
Low Interest Rates
Because you are such a secure and desirable borrower, lenders are often willing to give you a really competitive interest rate. You may even be able to get one that is below the United State’s current mortgage market rate.
It has never been easier to get pre-approved for a VA Loan in Oklahoma City. Simply fill out our free, secure online form and you’ll be pre-approved in minutes!