In honor of Veteran's Day, we wanted to talk a little about VA loans and how our advisors at WyHy can help you get into the home of  your dreams

VA home loans are one of many tools that WyHy offers to ensure our members find the best home loan for their unique financial situation. VA loans are government-backed loans that allow WyHy to offer special benefits for qualifying borrowers!

Most notable benefits of a VA loan:

• $0 down payment which means less cost upfront
• Typically lower interest rates when compared to conventional loans
• Private Mortgage Insurance (PMI) is not required which allows members to qualify for a higher loan amount
• More lenient credit and debt-to-income requirements when compared to conventional loans
• Wider range of verifiable income sources including housing allowance, disability pay, and retirement income.
• Limitations on what you can be required to pay out of pocket in closing costs and fees which keep more money in your pocket

Buying your home with a VA loan is a straightforward process that our home loan experts are ready to talk with you about today!

The steps to purchase a home using a VA loan are:

1. Determine your eligibility: Veterans, active military members, and surviving spouses are all eligible for the VA home loan program. Time requirements for service are: 181 days of active service during peacetime, 90 consecutive days of active service during wartime, or 6+ years of service with the National Guard or Reserves, or 90 days under Title 32 with at least 30 of those days being consecutive. Not sure if you qualify? Talk with our team to determine what loan program is best for you.
2. Secure Certificate of Eligibility (COE): The COE is the required documentation for all VA loans as it is proof of your military service and current status. A COE can be easily obtained through eBenefits and our team is here to assist with gathering documentation as well.
3. Apply for approval: Schedule an appointment to talk with WyHys Home Loan team to get the application submitted. Preapproval letters are typically issued within only a few hours of a complete application!
4. Shop for a house and make an offer: VA loans have minimum property requirements that must be met in order for the property to be eligible for the VA loan program. WyHy has a network of experienced realtors that we can connect you with should that be your preference. WyHy’s home loan team will work with you and your realtor to ensure a smooth process!
5. Finalize the home loan purchase: We will continue to work with you and your realtor to order the appraisal, complete any necessary inspections, and lock in your interest rate and fee structure all while maintaining consistent communication with you throughout the process!
6. Close on your new home and move in: Once the appraisal and inspection(s) are complete WyHy’s team will set up closing on your home. After you are moved in and the loan is established, we will retain servicing on your loan so you never have to worry about where you make your monthly payment.

VA Refinance Options

Refinancing your loan with a VA loan is a similar process to purchasing and allows up to 100% of your equity to be used! Talk with our in-house home loan team to discuss if a refinance will help you achieve your goals!

Talk with our Mortgage Team today! 

We're With You!