Getting Your Va Home Loan Tulsa Ok
Aside from the honor in serving our country, another benefit to joining the Armed Forces is the ability to obtain a VA mortgage loan with great terms
. Getting your VA home loan Tulsa OK is possible with no money down, if you know how the process works.
VA loans are not strictly for retired Veterans only. In fact, if you currently serving in the Army, Navy, Marines, Air Force, even the National Guard or Reserves, you may qualify for a VA loan. In addition, Disabled Veterans may be entitled to additional benefits on a VA loan. If this is your first time purchasing a home, it is important that you seek the help of an experienced agent who has specific knowledge of the VA loan process.
How Are VA Loans Different?
One of the prime advantages of a VA loan is no money down. If the buyer can get the seller to agree to pay the closing costs, the buyer can purchase a home with 0 down. With the recent Veterans Benefit Act, it is now possible to qualify for up to $417,000 with no down payment. Of course, this is also based on other factors such as your income, your credit history, and your ability to repay the loan.
A few other advantages of a VA loan include no prepayment penalty against the loan and no need for private mortgage insurance. VA loans eliminate many of the costly fees incurred with conventional home loans, but a few fees remain, such as appraisal fees, recording fees, and compliance costs. You have the option to pay these fees out of pocket, or you may be able to incorporate them into your loan.
As you might imagine, VA loans typically offer lower rates than traditional mortgages and as long as you can prove that you are a U.S. Veteran, you could be on your way to owning your new home.
Being a VA doesnt automatically qualify you for a VA loan. Your credit history is still important. The lender will check your credit history just like with any other loan, but even with bad credit you may still qualify with a down payment. This will all depend on what the lender discovers upon reviewing your credit history. If your credit isnt perfect, you may still qualify for no money down on a VA loan. Typically, it is easier to qualify for a VA loan than a traditional loan.
Finding A Lender
It is important that you deal with real estate agents and lenders who have experience working with VA home loans. This is important to ensure that you get all of the benefits you are entitled to under your VA loan.
Getting your VA loan Tulsa OK is as easy as picking the right team. This is your real estate agent, your lender, and your attorney. Trying to do this alone is not advised if you have never done it before. Your team will be able to help you every step of the way from finding your perfect home to closing the deal.
The dream of home ownership is within your reach with VA loans.
by: Pam Bertrand
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