Veterans who live in the state of Delaware of who wish to relocate to the state sometime soon should look into available Delaware VA loan options. VA loans are backed by the Department of Veteran Affairs (VA) and highly advantageous for veterans who qualify.
Jump to: Eligibility | Loan Limits
VA loans are offered to veterans who have served in the US Armed Services as a way of giving back to the men and women who have given their service to this nation. These loans are designed to move veterans into positions of homeownership as swiftly and simply as possible, without requiring high fees or other financial burdens.
The VA does not administer or originate the loans, however. All VA loans are funded through conventional lenders. But with the backing of the VA, much of the risk of these loans is eliminated. This gives lenders the ability to offer lower rates and better loan terms to the veterans they serve.
VA loans are highly advantageous and provide many added benefits when compared against conventional loans. The nature of these benefits will differ depending on your unique needs and financial goals, but many of the standard VA loan characteristics are listed below.
VA loan eligibility is exclusive to veterans who meet the stated requirements. Don’t worry about not qualifying, though. Many veterans meet the requirements easily and have no trouble securing funding through a VA loan.
You must be an American citizen, a veteran, and have served 90 continuous days of active service. You must not have been dishonorably discharged at any time.
The miimum qualifying credit score for many VA lenders is 620, but this may vary.
Obtain a certificate of eligibility from the VA office to prove that you meet these qualifications, and you’re ready to move forward. Contact a VA loan specialist to help you determine what steps to take next.
You can refinance your current home mortgage through the VA as well. Contact a lender in your area to determine your options regarding a Delaware VA Streamline refinance, or VA IRRRL. This type of refinance, which is backed by the VA, allows veterans to avoid excess paperwork and additional fees when refinancing their VA loan.
Many veterans are unaware of this option. A refinance can save you a lot of money if you’re able to get a low mortgage rate on your new loan. You may be able to reduce your monthly payment amount by hundreds or even thousands of dollars, all at minimal cost to you. This is the great benefit of the VA Streamline program.
VA also guarantees the Cash-Out refinance, which enables borrowers to withdraw 100% of their home equity as spendable cash. It is also a way for non-VA loan holders to refinance into a VA mortgage.
Find the best mortgage rates available to you before you select a lender and close your loan. This is the most essential aspect of your mortgage. The interest rate you get is literally the cost of borrowing the money you need. The lower the rate, the lower your cost. Shop around. Find the lowest rates in your area and compare different lenders before you decide.
Fill out the form above to get in touch with up to four lenders from your area of Delaware. These professionals are experts in the field and will provide you with information on mortgage rates, VA loan limits, and application requirements. You can also contact the Department of Veteran Affairs for additional information.
Delaware is a significant state in the US military system, though it is home to only one active military installation. This is Dover Air Force Base, which is located about midway through the state, in the capital city of Dover. The base is where most Delaware VA home loan applications originate.
County | Loan Limit |
---|---|
KENT | $417,000 |
NEW CASTLE | $417,000 |
SUSSEX | $417,000 |
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