The Illinois VA loan provides a number property purchase benefits, which include flexibility in mortgage insurance and closing costs.
Affiliated with the Servicemen’s Readjustment Act, the VA loan program was created by the US government in 1944. The program serves to support veterans and other service members.
e-Finance Mortgage, LLC provides stellar VA loan services to applicable individuals throughout Illinois. We strive to serve veterans and active members of the military with the convenience of availing all advantages of this program. These include:
- 100% Financing (sale price not surpassed by appraised value)
- Private Mortgage Insurance (PMI) is eliminated
- Financing of loans via funding fees (Up to 3.3%)
- Pre-payment without penalties
- Limited closing costs in Illinois
- Loan amount up to $424,100 (differing in counties)
One of the primary requirements for VA loan is the Certificate of Eligibility (COE), which should be provided by every individual when applying for the loan.
If you do not own a COE, e-Finance Mortgage LLC can assist you with the process of obtaining one along with the loan application procedure.
We also offer credit score flexibility. Though borrowers in Illinois may often be required to have a minimum credit score of 620, we can provide versatility in credit score check in certain cases.
Applicants have to meet certain service/ duty requirements before applying for the Illinois VA loan:
- Veterans should meet minimum service requirements.
- Currently active military members can apply if they have been serving for 6 months.
- National Guard and reserve members must serve for 6 years before they qualify for the loan.
Other requirements for the Illinois VA loan include W-2 statements, proof of income, checking and savings account information, recent pay statements, and verified documents that ensure you are able to repay the loan.
e-Finance Mortgage provides refinancing programs. Veterans and service members in Illinois with existing VA loans can opt for cash-out refinance loan. It provides monetary support to those who need additional cash for expenses such as home improvements or debt consolidation.
We offer the Interest Rate Reduction Refinance Loan (IRRL), also called the streamline refinance loan. Applicants who want to benefit from lower market rates in Illinois to minimize monthly payments can opt for this loan.
We are proud to help veterans in Illinois with VA loan needs. If you have any queries about VA loan options in this state, feel free to seek help from our loan specialists. Get in touch with e-Finance Mortgage LLC today to apply for VA loan.