West Virginia VA Loans
For qualified veterans looking to move to West Virginia, or relocate to a bigger house in the state, right now is a great time to apply for a VA Loan. The VA Home Loan Guaranty Program has made the process of purchasing new properties incredibly affordable and simple for all current military members and veterans.
What is a VA Loan?
A West Virginia VA Loan is actually a guaranty on a private loan. Basic entitlement for veterans is $36,000 or up to 25% of the total cost of the loan. This amount is how much the lender receives in the event of a default on the loan resulting in foreclosure. A VA Loan should more aptly be considered a “VA-insured loan.”
What are the benefits?
With a VA guaranteed loan, the biggest benefit is the zero-down feature. When you apply for a VA Loan in West Virginia, you won’t have to supply a down payment on the property. Additionally, because the loan is already insured for you, you won’t be required to pay private monthly mortgage insurance. The other great benefits include minimal closing fees, individual repayment plans, low interest rates, quick approval and easy refinancing.
How much can I borrow?
How much you can borrow without having to supply a down payment depends on the county you want to purchase your house in. Each county has a different loan limit, so it’s a good idea to check with the VA to find out what that amount is. In most counties the loan limit is in the upper six figures. If you find a house that is higher than the limit, you can still get a VA Loan but you may have to supply a down payment on the portion of the loan not guaranteed by the VA.
Where do I get started?
It’s a good idea to get pre-approved for a loan before you start house shopping so you know just how much you can borrow. With our secure, online form it only takes a minute to get pre-qualified for a loan. Once you have filled out the form, one of our VA specialists will be happy to contact you to help you get started on your VA Loan today!