Providence, Warwick and Pawtucket VA Loans
Right now is a great time for qualified veterans to apply for VA Loans in Providence, Warwick and Pawtucket. Housing prices have dropped in these areas in recent years, while the VA has raised its loan limits. Plus, when you apply for a VA Loan today you can borrow money without having to put a down payment on the property.
What are the other benefits?
Besides not having to put a down payment on the house, you also will not be required to pay costly private mortgage insurance. To bring down your monthly payments even more, you can negotiate with your lender for an interest rate that is below the current rate in the US. The other benefits include low closing fees, individual repayment plans, easy approval and streamlined refinancing.
Is the loan a gift?
No. While the VA extends many benefits to you that make the loan process more affordable, you are still obligated to pay the money back to the private lender. Just as with any conventional loan, if you default on your payments the house may go into foreclosure. That being said, the VA is often willing to step in and help its veterans if they have trouble making payments.
Is there a limit on how much I can borrow?
Yes and no. While it is possible to obtain loans that are above your county’s loan limit, your lender may require you to provide a down payment on the unsecured part of the loan. Be sure to check out the VA’s list of county loan limits on their website to see how much you can borrow without having to supply a down payment.
Can I have more than one VA Loan?
You are not allowed to have more than one VA Loan out at one time. However, as long as you pay off the loan in full through the sale of the house, you will have your basic entitlement restored and available for the purchase of a new home.
Can I get pre-approved for a VA Loan?
Yes, and we can help! All you need to do is fill out our free, secure online form and we’ll have you approved in minutes!