• Corey Leonard

    Corey Leonard

    Mortgage Broker/Owner
    NMLS# 180433

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    Illinois va home loan

    VA purchase mortgage offers:

    • No down payment as long as the sales price isn’t higher than the home’s appraised value (the value set for the home after an expert reviews the property)
    • Better terms and interest rates than other loans from private banks, mortgage companies, or credit unions (also called lenders)
    • The ability to borrow up to the conforming loan limit on a no-down-payment loan in most areas—and more in some high-cost counties. You can borrow more than this amount if you want to make a down payment.
      See current effective loan limits.
    • No need for private mortgage insurance (PMI) or mortgage insurance premiums (MIP)
      • PMI is a type of insurance that protects the lender if you end up not being able to pay your mortgage. It’s usually required on conventional loans if you make a down payment of less than 20% of the total mortgage amount.
      • MIP is what the Federal Housing Administration (FHA) requires you to pay to self-insure an FHA loan against future loss.
    • Fewer closing costs, which may be paid by the seller
    • No penalty fee if you pay the loan off early

    If you qualify for a VA-backed purchase loan, you can use the loan to:

    • Buy a single-family home, up to 4 units
    • Buy a condo in a VA-approved project
    • Buy a home and improve it

    You can also:

    • Get a VA-backed home loan to buy your first home
    • Use your VA loan benefit again if you sell or refinance a home you bought with a VA-backed home loan

    How can I buy a home with a VA-backed purchase loan?

    Give the VA experts at 1818 Financial a call today at (866)927-1818


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    Contact Corey Leonard

    Corey Leonard

    1236 W. Northwest Highway
    Palatine, Illinois 60067
    (866) 927-1818
    NMLS# 180433

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