Ohio VA Loans

Ohio veterans can qualify for home financing through the Ohio VA loan program.  This loan allows veterans who qualify to receive funds to purchase a home or refinance a current mortgage.  All VA loans are backed by the Department of Veteran Affairs (VA).

What is the VA Loan?

The VA program is a nationwide program that allows veterans to purchase homes at lower rates and with better terms than other borrowers.  The VA doesn’t provide the funding.  All VA loans are filled through traditional lenders.  The VA takes on some of the risk of the loans, and this reduction in risk allows lenders to give better loans to veterans.

VA Loan Benefits in Ohio

There are many benefits attached to VA loans.  Most of these benefits occur in the form of things you don’t have to do, which makes the loan process faster, simpler, and more affordable.  The best of these benefits are listed below.

• You don’t have to make a down payment.  You can if you want to obtain equity in the home, but it isn’t required.
• You don’t need a high credit score.
• You don’t need to prove high income.  Your debt to income ratio can be narrower than with other loans.
• You don’t need to store up high cash reserves in the bank.
• You don’t have to purchase private mortgage insurance.
• You won’t be penalized for paying your loan off early.
• You aren’t stuck with just one loan term length.  You can select from several options.

VA Loan Requirements and Eligibility

The eligibility requirements for a VA loan are straightforward, but you must be a veteran in order to meet them.  If you’ve served 90 continuous days of active duty with a branch of the US Armed Services without dishonorable discharge, you’re qualified.  Simple as that.

Once you obtain a certificate of eligibility from the VA, talk to a VA loan specialist to finish your application.

VA Refinance

If you’re a veteran, you can refinance your current mortgage through the VA through an Ohio VA streamline refinance.  The streamline aspect cuts out some of the fees tied to the refinance and makes the process faster.

A refinance can save you a lot of money by getting you a lower mortgage rate.  This lowers your monthly payment amount and potentially allows you to pay your mortgage off much sooner.

Ohio VA Mortgage Rates

In Ohio, VA loans often come with lower mortgage rates than conventional loans.  But don’t let any lender fool you.  Make sure you’re getting one of the lowest mortgage rates available to you before you sign the dotted line.  All lenders offer slightly different rates and terms.  Do some research and find the lender who can offer the rates that will provide you the best financial returns.

VA Lenders in Ohio

Contact up to four local lenders though the form above.  These lenders, who have experience brokering VA loans in your part of Ohio, can inform you of mortgage rates and VA loan limits that you’ll need to be aware of.  If you need more information, you can contact the Department of Veteran Affairs.

Ohio Military Information

Ohio has only one major military facility, the Wright-Patterson facility in Dayton. This military base is home to many veterans who are qualified to pursue Ohio VA loans.

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Lenders in: Ohio.