Veteran's Loans in Maine

VA Loans in Maine


Homebuyers who finance their purchase with a Maine VA loan are sure to save thousands of dollars in the short and long run. As a positive consequence of the VA Home Loan program’s numerous financial benefits, service members and veterans save bundles of money. Buying a starter home usually means the house is ready for some upgrades, and these extra savings are perfect for those renovation projects.

Saving money through a Maine VA loan stems from several of the program’s benefits. From the beginning, borrowers save tons of money when they pay nothing down. Qualified borrowers get a VA loan and pay zero percent down to fully finance a home worth up to $417,000. Conventional loans have down payments as high as 20 percent, which is enough to wipe out some homebuyers’ savings. Without this initial high cost, VA loan borrowers save immensely.

Another immediate savings comes from lower closing and concession costs that might be covered slightly by the seller. During the life of the loan, VA loan borrowers save every month because of lower interest rates and no private mortgage insurance. In time, homebuyers can accrue enough savings to make all the improvements on their list.

As if those financial benefits are not enough, Maine VA loans come with:

-No prepayment penalty

-Resources to borrowers approaching default

-Refinancing options to lower interest rates

Much to the surprise of millions of military homebuyers, qualifying for a VA loan is easier than getting a conventional one. VA-certified lenders are more lenient about financial and credit history. Credit scores of 620 and higher are preferable, and it is possible to qualify even with a foreclosure or bankruptcy in your past. Debt-to-income ratios can be as high as 41 percent before they are too high for a VA loan.

Attaining a VA loan in Maine starts by completing the Certificate of Eligibility (COE). COEs are simple forms that ensure prospective borrowers meet the eligibility requirements for a VA loan. Those who may be eligible are still serving, received a non-dishonorable discharge, and falls into one of the following categories:

-Served on active duty for 90 days during wartime or 181 days during peacetime.

-Served in the Reserves or National Guard for at least six years.

-Survived a spouse who died in the line of duty or due to a service-connected disability.

To learn more about VA loans in Maine and the savings related to such loans, speak with a VA-approved lender today!

More info: mpolsky@vamortgagecenter.com