Military families are well aware of how tiring it can be to move often. With military installations scattered across the country, these families get to see a number of great cities; however, finding a place to call home delivers a good feeling and living in the Midwest provides a central location, so military families are never too far from friends and family. Madison, WI serves as a great place for service members and veterans to call home and can be a very affordable option, especially when they use a VA loan to finance their home.
The VA loan program, created in 1944, is unmatched in the benefits it provides to service members and veterans. Unlike any conventional loan, VA loans in Wisconsin allow qualified homebuyers to finance 100 percent of a home purchase without paying anything down. Any conventional home financing option comes with a down payment, some as high as 20 percent, which cuts into the purchaser’s savings. VA loans also offer a high loan limit in Wisconsin, which means homebuyers can fully finance their home up to $417,000 without putting a penny down.
Conventional loans’ monthly payments can be costly, in large part because of private mortgage insurance (PMI). This monthly charge does not exist in the VA Home Loan program, thereby reducing military homebuyers’ payments each month. In addition to lowering the payment, VA loans offer negotiable interest rates. VA-certified lenders are happy to reduce interest rates on Wisconsin VA loans because the VA backs up to 25 percent of each loan. Other benefits to Wisconsin VA loans include:
- No prepayment penalty
- Lower closing and concession costs
- Capped interest rates for active duty members
- VA Streamline, a way to refinance and lower interest rates
- More lenient qualifying standards than conventional loans
Eligibility depends on discharge and service history. Veterans with a dishonorable discharge are ineligible for a Wisconsin VA loan. Honorable or injury-related discharges are permissible. Military homebuyers who may qualify for a VA loan fit one of the descriptions below:
- While on active duty, military members who served for 90 days during wartime or 181 days during peacetime.
- Reservists and National Guard members who served for at least half a dozen years.
- Active duty personnel who meet the service requirements above.
- Spouses of service members who died in the line of duty or because of a service-connected injury.
Completing a Certificate of Eligibility (COE) is the first step in obtaining a Wisconsin VA loan. COEs are available through the VA or from a VA-certified lender. The latter is available to answer any questions about VA loans in Wisconsin.
Guest post by Matt Polsky with the www.vamortgagecenter.com and the www.vabenefitblog.com.
There are many lenders in the area that can help with your VA loan. Please check with your preferred lender to see if they can help or email Matt Polsky for more information at mpolsky@vamortgagecenter.com.
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