Utah VA Loans
Buying a new house in Utah in these difficult economic times can be quite expensive, with many families putting it off altogether. However, with a VA Loan the entire process is much more affordable and simple for qualified veterans. The VA has created the Home Loan Guaranty Program to help its veterans and current military members realize the dream of homeownership by extending really great benefits to them including a zero-down payment feature on the house.
How much can I qualify for?
The basic entitlement for veterans is $36,000 or up to 25% of the total loan amount. The size of the loan you can qualify for without having to supply a down payment depends on the county you want to live it. The VA sets loan limits from county to county, but right now they are very high in most Utah counties, making it possible to purchase houses in the upper six-figures without having to put any money down. Be sure to check out your county limits on the VA’s website.
What are the other benefits?
The zero-down feature of VA Loans is by far the biggest benefit extended to veterans, but it is not the only one. To make the loan even more affordable, the VA does not require you to purchase private monthly mortgage insurance, and they offer really great, low interest rates. You will also get to take advantage of flexible repayment options, minimal closing fees and streamlined refinancing.
Who is eligible?
In order to qualify for a VA Loan in Utah your must have served a minimum of 181 days of regular active-duty service, or have served this time and been honorably discharged from the military. To receive the benefits of the VA Loan Guaranty Program, you will need to fill out an eligibility form with the VA. This can be done upfront or once you have found your house and lender.
Where do I start?
To start taking advantage of the VA Loan Guaranty Program today, feel free to contact one of our VA specialists by filling out a 1 minute VA Loan form