Oklahoma City VA Loans- What You Need to Know

Hey. If you’re thinking about buying a house with a VA loan, then this is definitely for you. I’m Ruthie the Realtor and this is Oklahoma City VA Loan- What You Need to Know

The first thing that you need to know about a VA Loan is that this is a loan that was really created to honor the sacrifice of veterans, military members, and the surviving, qualifying spouses of veterans. If you don’t fall under one of these categories, then a VA Loan is probably not your best option, because you won’t qualify.

Now, one of the ways in which this is more beneficial than an FHA or a Conventional Loan, is because the VA Loan does not require a down payment. They are often required to have more competitive rates than the other types of loans, as well as in some states, allowing realtors to really negotiate to make sure that there’s very little out-of-pocket expenses for the buyer. Those are all incredible benefits that you will not get with any other type of loan except for a VA Loan.

The next thing is that it’s a lot easier to qualify. In order to qualify for a VA Loan, you only have to have served for 90 days of active duty, or six years of National Guard or Reserves, however, if you’re been a Reservist for let’s say three years, but in those three years, every year you were active duty for a year and you served as active duty for just 30 days a year for three years, then that’s your 90 days of active duty and you qualify. You still have to meet the income requirements as well as the credit requirements, however, those again are not very strict. Some of them, here in Oklahoma I know of lenders that will take as low as a 600 credit score, which is really competitive.

Now, it’s so important that you utilize a lender and a realtor that are really, really experienced in working with VA clients and VA Loans. As a military relocation specialist, I have experienced a lot of really great transactions, but also some pretty nightmarish ones whenever lenders that aren’t qualified get involved. I had a young man who was a first time home buyer. He utilized a lender that wasn’t quite as experienced in VA Loans, and it turned out that he didn’t actually qualify for a VA Loan, due to the time that he had served, or the limited time that he had served. So, halfway through the transaction, he had to switch and it was unfortunate because he still had to pay more money. It changed everything. Luckily, he still got the home and it was great. We were able to negotiate for him, but it’s definitely very important that you utilize a lender and a realtor that are experts in VA Loans.

Now, if you have any questions, please feel free to give me a call. I’m here to serve you. If you have any lender questions, there will be a button at the bottom of the page for you to contact a very experienced lender and get any more information.

Apply for a VA Loan With a Reliable Oklahoma Lender HERE!! ›


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