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).
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.
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.
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 eligible.
Once you obtain a certificate of eligibility from the VA, talk to a VA loan specialist to finish your application. Note that other qualifications, like having a 620 minimum credit score, will also come into play. Speaking with a specialist will help you uncover any additional requirements.
If you’re a veteran, you can refinance your current mortgage through the VA through an Ohio VA Streamline, or IRRRL, refinance. The streamline aspect cuts out some of the fees tied to the refinance and makes the process faster.
Also available is the VA Cash-Out refinance, which enables borrowers to access a maximum of 100% of their home equity for spending. Military or veteran homeowners whose home loans are not currently backed by the VA may refinance into a VA mortgage via the Cash-Out option.
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.
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 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.