Portland VA Loans
Buying a new house in Portland, Oregon has never been easier or more affordable than when done with a VA Loan. The VA Home Loan Guaranty Program was implemented in 1944 as a way to help military members and veterans afford houses across the US. Since then, the VA has helped millions of veterans and their families realize the dream of homeownership.
What are the benefits?
With a Portland VA Loan you can qualify for a loan without having to supply a down payment on the house. Some additional benefits include: no private mortgage insurance needed, low interest rates, easy refinancing, minimal closing fees, quick approval and flexible repayment plans.
Is the loan a gift?
No. The money you receive will be from private lender and like all loans will need to be paid back overtime. What the VA does is make the entire loan process much more affordable for its veterans.
What is my entitlement?
Your basic entitlement is $36,000 on loans up to $144,000 or up to 25% of the total loan amount. This is how much your lender will receive in the event of a default on the loan resulting in a foreclosure.
What can I use the loan for?
Your Portland VA Loan can be used to buy or build a new house to be used as the veteran’s primary residence. If you choose to refinance the house with a VA Cash-out refinance, the money you receive can be used for anything you like, whether it’s for repairs, tuition, a new car or outstanding liens.
Can I have more than one VA Loan?
You are not allowed to have more than one VA Loan out at a time. However, once the loan is paid off in full from selling the property, your basic entitlement will be restored and you will be free to obtain another VA Loan.
Is there a limit on how much I can borrow?
Yes and no. The VA sets limits on how much it will guarantee, and this limit is different depending on what county you reside in. If you do find a house that is more than the limit, you might still be able to obtain a loan but you could be required to provide a down payment on the unsecured portion of the loan.
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