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New York, New York VA Loans

  • Buy a Home with 0% Down
  • Refinance to Lower Monthly Payments
  • Lower your monthly payment
  • Easy to Qualify
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Secure a VA Mortgage in New York, New York

Veterans who live in the city of New York can qualify for a New York VA loan to help fund a home purchase or mortgage refinance.  VA loans are unique in the mortgage marketplace.  They are offered only to veterans and are backed by the Department of Veteran Affairs (VA), which gives them a highly beneficial financial status and allows veterans to take advantage of low rates and favorable terms.

Jump to: Eligibility | Regional VA Loan Center

What is the VA Loan?

The VA loan program is overseen by the VA, but the loans provided to veterans do not come from the government.  Rather, private lenders offer loans that are secured and guaranteed by the VA to veterans who qualify.  This backing removes much of the risk of the loan, which allows lenders to lower their rates and their application requirements for veterans.  VA loans are among the most financially practical loans available to veterans.

VA Loan Benefits in New York

Some of the key benefits of the New York VA home loan are listed here.

  • No prepayment penalty.  This means you can pay your loan off faster and save money.
  • No down payment required.  This means you don’t have to save up tens of thousands of dollars before you purchase a home.
  • No high credit score or income necessary.  Veterans often don’t have the time to build up high credit or powerful careers while serving in the military.
  • No private mortgage insurance needed.  The backing of the VA secures the loan.
  • You might be able to avoid paying closing costs with a seller concession that packages these fees into the price of the loan.
  • Many loan repayment schedules to choose from.  This means there will always be a loan type available to meet your needs.

VA Loan Requirements and Eligibility

Most veterans are already eligible to receive VA funding, whether they know it or not.  You must be a veteran of the US Armed Services and an American citizen.  Beyond this, more specifically, you must have served at least 90 continuous days of active duty during wartime or 181 days of service during a time of peace.  The exact requirement may vary depending on when you served.

You should also have a minimum qualifying credit score of 620; if not, consider taking some time to build up your credit score before applying for a VA loan. 

If you meet the above requirements, contact your local VA office to obtain a Certificate of Eligibility.  This part is essential, because this is the document you’ll use to prove to your lender that you’re eligible.  Once this is done, get in touch with a VA loan specialist to start working on the next step in the process.

VA Refinance

Your VA eligibility allows you to refinance your current mortgage with a New York VA Streamline refinance.  This refinance program, which is also part of the VA’s goal of assisting veterans, allows those who qualify to simply replace their current home loan debt with a new VA loan.  The streamline process eliminates much of the paperwork and time involved in the process and even cuts out a few of the associated fees.

The VA also backs a Cash-Out refinance option, which allows borrowers to access up to 100% of their home equity as spendable cash. Current VA-eligible homeowners whose property is not backed by the VA can refinance into a VA mortgage via the Cash-Out refinance. 

New York Regional VA Loan Center

New York's Regional VA Loan Center is in Cleveland. There are eight VA regional loan centers that administer the VA’s Home Loan Guaranty Program; the Cleveland Regional Loan Center is one of them.  The VA Home Loan Guaranty Program helps Veterans obtain home loans from private lenders by making sure a portion of the loan is guaranteed against loss.  The eight regional loan centers are the direct resources and contacts for VA mortgage assistance programs and help with appraising, lending, and purchasing a VA home.  The eight regional loan centers also reach out to the Veteran communities and private-sector stakeholders assist those who are disabled as a result of service and to avoid foreclosure.

user suit Lenders in: New York, New York.

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