Oklahoma VA Loans Help Veterans
Oklahoma VA loans are an incredible aid to assist veterans in purchasing their homes. These loans are available for those who have courageously served our country by serving in the military. There are number of different benefits to Oklahoma VA loans that allow veterans to purchase their home much easier. In this article will examine the various details, benefits, and features of these VA loans. At 1st Capital Mortgage, we are proud to serve our veterans as they buy their homes. If you have any questions about these loans they give us a call at 918-274-1519 today.
The VA loan program was first formed with the Servicemen’s Readjustment Act all the way back in 1944. The Oklahoma VA loans were designed to help Oklahoma veterans purchase and afford homes when other alternative financing options may have not been available for them. Is important to note that VA loans are mortgages that have been partially guaranteed by the government organization, the US Department of Veterans Affairs. The importance of this guarantee is absolutely crucial. This allows Oklahoma veterans to obtain great loan terms and benefits compared to other mortgages. This is a small way of thanking them for their amazing service protecting our country.
In order to apply for an Oklahoma VA loan, you must first be eligible and meet the requirements set by the government for these loans. In most cases, any person who has served in the military, is a veteran, or is the spouse of military personnel who have deceased will be eligible to apply for this loan. Furthermore, not only is this loan eligible for veterans, but for active duty military members as well. One must serve in the military for at least six months before being eligible to apply for a VA loan. Those who serve in the National Guard are also eligible as well. The requirement for those who serve the National Guard or the reserves must wait six years before they are eligible for the VA loans. If someone in the National Guard or the Army reserves is called into active duty, they become eligible after 181 days.
In order to apply for Oklahoma VA loans, you must follow very specific steps. The first step you must follow when applying for these loans is to acquire a certificate of eligibility. The certificate of eligibility is crucial and fundamental before applying for an Oklahoma VA loan. If you do not have this certificate of eligibility, 1st Capital Mortgage can help you obtain it. We help you obtain it in order to begin the preapproval process. Please give our team a call if you’re having difficulty obtaining a certificate of eligibility.
Veterans are able to find many advantages when receiving a VA loan compared to other more popular loans that are out there. The first of these benefits is that Oklahoma VA loans do not actually require down payment. You do not have to worry about making a huge down payment or having to save for years and years in order to move into your dream home because the VA loans require no down payment as long as the appraised value is equal to the sale price. There’s also no prior mortgage insurance involved in VA loans. This is one of the many benefits that we are proud to offer veterans for serving our nation.
Other benefits include no prepayment penalties. Whenever you purchase the Oklahoma VA loan, you won’t have to worry about any prepayment penalties. Furthermore, you won’t have to worry about closing costs either. Whenever you receive a VA loan, closing costs are limited by the VA regulation and must always be paid by the person selling the home. There also VA funding fees that are able to be financed with the loan up to at least 3.3% of the loan amount. The loan amount can go up to $417,000 and may even be higher in certain counties. Call us today to learn more about the wonderful benefits of these VA loans.
There are loan limits for the family size whenever using a Oklahoma VA loans. The limit for a single family in the state of Oklahoma is $470,000. If you are a two family, your loan limit will be $533,850. For those that are three family, the limit will be $645,300. Lastly, for four families the limit is $801,950. If you like to learn more information about these loan limits, please give our team a call today to learn more.
It is also important to note that VA loans do not actually require a minimum credit score. Most lenders look for a credit score of at least 620 or higher, but there may be some flexibility. If one has a lower score, it is likely that a higher interest rate will be charged. Those with lower scores are more risky which means that the loan will require a higher interest rate. You must also provide copies of your W-2 statements and pay stubs in order to verify your income. Documentation of assets such as investments, checking accounts, and saving accounts are also required as well. Give him a call today to learn more about the various requirements for Oklahoma VA loans.
There are three different types of VA loans that we offer. The first of these is the standard purchase loans, which offers veterans competitive terms, down payment options, and rates whenever purchasing a brand-new home. We also offer cash out refinance loans veterans can use their home equity to acquire a loan to cover expenses such as home improvements or other debts. Lastly, we offer the interest rate reduction refinance loan. Existing VA loans can be refinance at a lower rate through this loan if these lower rates are available.
Our team would love to help you select the perfect VA loan for you. Regardless of your requirements, we love to help you buy your new home. If it is a matter of your first-time homebuyer, or a current VA loan holder needing to receive a cash refinance, we would love to help you here at First Capital Mortgage. If you like to learn more information then contact us today and begin the qualification process. You can reach us by dialing 918-274-1519.