Tennessee VA Loans
Right now is a great time to purchase new houses in Tennessee. Prices have dropped dramatically over the past few years, making it possible to afford even more house for your money. If you are a qualified veteran, homeownership is even more affordable when purchased with a VA Loan. Here are just a few of the many great benefits you will get to take advantage of as a current or former member of the military.
No Down Payment
The first, most notable benefit of VA Loans is that you are not required to provide a down payment on the house. Conventional loans can sometimes require as much as 20% of the total cost of the house to be paid in order to obtain a loan. This can get quite pricey, especially when you are looking for a big property for you and your family. Not having to supply a down payment on the house means you don’t have to worry about not having saved up enough capital for the house. Now you can use that money for furniture, repairs and daily bills.
No Monthly Insurance
The VA guarantees a portion of your loan which is basically the same as insuring it for you. Your basic entitlement is $36,000 or up to 25% of the total loan amount, which is how much your lender receives if you go into foreclosure. This means you won’t be required to pay for any additional private monthly mortgage insurance.
Once you have your VA Loan, refinancing is incredibly easy. The VA has created the Interest Rate Reduction Refinancing Loan (IRRRL) to make the process simple for veterans. The IRRRL has been nicknamed the VA Streamline Refinance Loan because you won’t incur any out-of-pocket expenses or have to supply any additional paperwork. If you need cash from your new loan, you can apply for a VA Cash-out refinance and use the money however you like – whether to pay for tuition, a new car, outstanding liens, etc.
Get Started Today!
Tennessee veterans and current military members should definitely consider using a VA Loan to purchase their next house. If you are interested in applying for a loan and taking advantage of all the great benefits that come with a VA Loan, take the first step and fill out our quick online form. It only takes a minute, is incredibly secure and will have you on your way to an affordable VA Loan today!