How do VA loans work in Illinois? VA loans benefit men and women in uniform as this type offers a zero percent down payment. A veteran or an active member of the United States armed forces may be eligible for a VA loan in Illinois.
Why do VA loans have better deals than other kinds of loans?
VA loans are backed by the U.S. Dept. of Veterans Affairs, which is why they can offer to zero down payments and low-interest schemes. If you plan on owning a home and have a Certificate of Eligibility to prove that you are qualified, a VA loan in Illinois may be for you.
How do VA loans work in Illinois? Here are the borrowers who can qualify:
You are eligible for a VA loan if you have completed at least 90 days of active duty in wartime or at least 181 days of active duty in peacetime. Another qualification is if you have served in the Reserves or National Guard for at least six years. You can qualify if you are a surviving spouse of a veteran who died on duty or had a disability related to their service. So, applying for a VA loan is within reach if you belong to at least one of the abovementioned qualifications.
Here’s how to apply for a VA loan in Illinois
- Get a Certificate of Eligibility and get pre-qualified for a VA loan.
- VA loans do not require down payments, but you must pay a VA funding fee between 1.25%-3.6%.
- Having a debt-to-income ratio of 41% is always better
We can assist you once you are ready to complete your application and complete the paperwork. Even if you think that you don’t qualify at the moment, we’d be glad to help you start your journey in owning your home and answer any questions you may have if you still want to know more about how VA loans work in Illinois.