Maryland VA Loans

Maryland in home to a number of veterans, and if you’re one of them, you should consider a Maryland VA loan to help fund your home purchase or refinance.  All veterans are eligible to apply for these loans if they have served honorably and for a sufficient length of time, and all VA loans are backed by the Department of Veteran Affairs (VA).

What is the VA Loan?

VA loans are specialized home mortgages offered to veterans as a way of giving back to the men and women who have served this nation.  These loans are guaranteed by the VA, which enables the lenders who fund the loans to provide better loan terms and more favorable mortgage rates to veterans who apply.  Lenders do this because the VA takes on some of the risk of the loans.  This makes VA loans very helpful and beneficial for veterans, and this form of financing is considered one of the best available in the nation.

VA Loan Benefits in Maryland

Some of the most significant benefits and advantages of the VA loan program are listed here.

• You can select from a number of different loan term lengths and payment arrangements.
• You don’t have to prove substantial income or credit levels.
• No down payment is required in most cases.
• You don’t need to pay for private mortgage insurance, which can cost a lot of money.
• There are no penalties applied if you want to pay the loan off early.

VA Loan Requirements and Eligibility

You must meet the qualification requirements in order to be deemed eligible for a VA loan.  These loans are highly exclusive and are available only to veterans and to some spouses of veterans.  The basic qualifications requirements are listed below.

• You must be a citizen of the US.
• You must have served within a branch of the US Armed Services.
• You must have served honorably.  A dishonorable discharge at any time during your military career will disqualify you from your VA loan eligibility.
• You must have spent at least 90 continuous days on active duty.

VA Refinance

Already own a home with a mortgage?  If you’re a veteran, you can refinance your existing loan with a Maryland VA streamline refinance.  This refinance program is designed to be fast, simple, and affordable.  Some closing fees are waived on the new loan, and much of the extra paperwork typically required for a refinance is eliminated.

A refinance can save you a lot of money, if you do it right.  A lower mortgage rate will decrease your monthly payments and possibly allow you to pay your mortgage off faster.  There are several ways to save money with a VA streamline refinance.

Maryland VA Mortgage Rates

If you don’t check the mortgage rate you’re getting before you close the loan, you may inadvertently shoot yourself in the foot by taking on a more expensive loan than you needed to.  Always compare mortgage rates between multiple lenders before you decide which lender to work with.  If you need help getting in contact with multiple lenders in your area, we can help you.

VA Lenders in Maryland

Simply fill out the form above to get connected with up to four lenders in your part of Maryland.  Ask them about the mortgage rates they offer, VA loan limits, and other information you’ll need to know before you apply for a VA loan.  For more information, contact the Department of Veteran Affairs.

Maryland Military Information

There are 7 active military installations in Maryland.  Some of the larger and better known installations include Andrews Air Force Base, Aberdeen Proving Ground, Fort Meade, and Naval Station Annapolis.  These military bases are home to many veterans who love their nation and the state of Maryland and who qualify for VA loans.  If you’re one of them, fill out the form above to get started.

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Lenders in: Maryland.