Veterans in Pennsylvania can qualify for a Pennsylvania VA loan to fund either a home purchase or a refinance on an existing mortgage. These mortgages are incredibly beneficial and financially attractive for veterans who qualify. All VA loans are backed by the Department of Veteran Affairs (VA).
VA loans are unique, exclusive loans that are offered only to veterans, to the brave men and women who have served this nation. They are funded by the same lenders that fund all other loans, but the VA guarantees them, which removes some of the lending risk. This allows lenders to provide specialized mortgage terms and lower rates to veterans.
Some of the primary benefits of the VA loan program are listed below. Check out these advantageous.
Once you’re a veteran, you don’t have to do much to qualify for a VA loan. Eligibility is established primarily by your veteran status. If you’ve served in the US military for at least 90 consecutive days, you’re eligible. A dishonorable discharge will disqualify you, however.
If you don't have a minimum qualifying credit score of 620, consider working on improving it before you apply for a VA mortgage.
You can obtain a certificate of eligibility (COE) from the VA. This document proves your eligibility to the lenders you contact. When you meet with a VA loan specialist, this document will establish your qualifications for a VA loan.
You can refinance your existing mortgage through a Pennsylvania VA Streamline refinance. This refinance type, backed by the government through the VA, is one of the best refinance options available. It allows you to save both money and time during the refinance process, and the refinance itself will likely save you a lot of money if you can lock in a lower rate.
Also available is the VA Cash-Out refinance, which allows borrowers to access up to 100% of their home equity as cash which can be used for college dues, home improvements and more. Veterans who currently have another home loan can refinance into a VA mortgage using a Cash-Out refinance.
Mortgage rates vary depending on the area where you live and how the overall mortgage marketplace is currently faring. This makes research and careful planning essential. It’s important to compare mortgage rates offered by multiple lenders before you decide who to work with.
Not sure where to start comparing lenders? Get in touch with up to four lenders in your part of Pennsylvania by filling out the form at the top of the page. These four lenders can help you fund your VA loan and provide you information about mortgage rates and VA loan limits. For additional information, contact the Department of Veteran Affairs.
Pennsylvania is a state with a major military presence. Its significance in the US military network is well known, and many veterans and VA home loan applicants spend their military careers here. The state has three primary military facilities. These facilities are Carlisle Barracks, Letterkenny Depot, and Tobyhanna Army Depot.