Memphis VA Loans
Right now is a great time for qualified veterans to purchase new homes in Memphis with a VA Loan. Housing prices in Memphis have come down in recent years while loan limits have increased, making it more affordable than ever to buy big family houses. Take a look at some of the great benefits the VA has to offer and what you can do to qualify today.
What is a VA Loan?
A VA Loan is actually a guaranty on a private loan. The loan is issued by a private lender such as a savings & loans company, bank or mortgage company, and the loan is then insured by the VA. Basic entitlement is $36,000 on loans up to $144,000 or up to 25% of loans over this amount. This is how much the VA will pay your private lender if you ever default on the loan and the property goes into foreclosure. Basically, the VA is making you a very secure, and in return desirable, borrower to private lenders.
What are the benefits?
The first major benefit of a Memphis VA Loan is that you are not required to provide a down payment on the house. Typical conventional loans generally charge around 20% for a down payment which can add up quickly. Now, even if you don’t have money saved away, you will still be able to become a first time homeowner. Plus, your monthly payments won’t be very high because you won’t have to pay private mortgage insurance. The other great benefits of a VA Loan include low closing costs, flexible repayment options, low interest rates and quick approval.
How to Qualify
Veterans and current military personnel who have served a minimum of 181 days of regular active-duty service can qualify for a VA Loan. To establish your eligibility you or your lender will need to submit an eligibility form with the VA. Approval takes no more than two weeks, and afterwards you will be free to start the loan process.
Get started today!
It’s incredibly easy to get started today. All you need to do is take a minute to fill out our secure online form. It’s totally free with no obligations and will have you well on your way to becoming a proud new homeowner!