If you’re a veteran in the state of Maine, you likely qualify for a Maine VA loan. This specialized loan type allows you to fund your home purchase or mortgage refinance easily and affordably. VA loans are designed to provide unique benefits to veterans and are backed by the full faith of the US government through the Department of Veteran Affairs (VA).
The VA loan program is designed to help veterans purchase homes. Simple as that. If you’re a veteran and ready to purchase a home to live in as your primary residence, contact a lender in your part of Maine who can help you take out a VA loan.
The VA Department doesn’t administer the loans taken out by veterans. It doesn’t provide loans. Rather, the VA guarantees loans made by traditional lenders to veterans. With this assurance in place, lenders can offer lower rates to veterans, as well as better terms. This makes VA loans highly advantageous for veterans who qualify. There is literally no better way to fund a home. This is not just a sales pitch. It’s a financial fact.
The benefits of the VA loan program are well established across the mortgage industry. Some of the most common advantages of the VA program are outlined below.
You must meet the basic requirements as defined by the VA Department in order to qualify for a VA loan. The following requirements are standard.
If you meet these basic requirements, congratulations. Contact a VA loan specialist for more detailed information about additional application requirements that you may need to meet. You’ll also need to get a certificate of eligibility from the VA office.
Are you considering refinancing your home? The Maine VA Streamline (IRRRL) refinance allows veterans to refinance without any stress or hassle. Many of the steps involved are eliminated, and some fees are waived. The entire process is much faster than a conventional refinance.
A refinance of any kind can help you save money, but the VA Streamline program is by far the most financially effective option available to qualified veterans. If you’re able to secure a lower interest rate than that of your current mortgage, you may be able to knock hundreds of dollars or more off of your monthly payments.
Another option is the VA Cash-Out refinance, which allows borrowers to access a maximum of 100% of their equity as spendable cash. The funds may be used toward home improvements, tuition, and more. Non-VA loan holding veterans may also refinance into a VA loan from any other loan type via a Cash-Out refinance.
Mortgage rates vary in different parts of the nations and vary depending on which lender you decide to work with. It’s essential that you determine what the best mortgage rates are in your area and work with the lender who can offer you the best deal.
This take research, and research takes time. Let us help you with this.
Fill out the form above and we’ll connect you with up to four lenders in your area who can give you rates and information about the VA loan application process, as well as information about VA loan limits and closing fees. It’s as simple as that. A three minute form and all of your research is taken care of for you. You can get additional information from the Department of Veteran Affairs.
Maine is home to 2 military facilities, Brunswick Naval Air Station and Portsmouth Naval Shipyard. Many veterans have emerged from these bases financially independent due to VA loans that they were able to receive.