VA Loans in Indianapolis
Did you know that if you have served in our nation’s military, there is a chance that you could qualify for an Indianapolis VA home loan with zero down payment and competitive interest rates? The Department of Veterans Affairs (VA) has been insuring these loans since 1944. To date, more than 22 million veterans, service members and surviving spouses have used VA loans to move into homes or refinance.
Why Apply for a VA Loan in Indianapolis?
Grandview Lending can help you apply for a VA loan. Because these loans are insured by the VA, they pose less risk to lenders. That means you get to reap the following benefits:
- No money down. That’s right—your down payment on a VA loan could be nonexistent.
- Low interest rates. Whether you go with a fixed or adjustable rate loan, you will probably be paying less on an Indianapolis VA loan than you would be on a conventional loan.
- Private mortgage insurance (PMI) is not required with a VA loan. This can amount to significant savings over time.
- Credit score requirements are not strict. Even with a lower score, you may be eligible for a VA loan.
- There is no penalty for pre-payment on your mortgage. If you pay your loan off early, you will not have to pay a fee for doing so.
- Closing costs are limited, usually coming out to 1-3%. It is also possible that you will have no closing costs to pay.
- If you are disabled, the funding fee can be waived.
- Friendlier, more flexible loan terms. You are likely to have more leeway with the terms of your loan since it is government-insured.
Note that we also work with the Sapphire Program through the National Homebuyers Fund (NHF). Through this program, eligible homebuyers may receive a grant of 4.5% of the cost of a home loan. This can be used to help pay the closing costs of a VA loan.
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What Can You Use a VA Loan in Indianapolis for?
There are several ways you can use a VA loan:
- Buy, construct or renovate a home.
- Cash out up to the full value of a home.
- Refinance through an Interest Rate Reduction Refinance Loan (IRRRL). As the name implies, this is a loan which allows you to reduce the interest rate you are paying on your existing mortgage. Your mortgage must be a VA loan to qualify. You also have the option of using an IRRRL to convert an adjustable loan to a fixed-rate loan.
Are You Eligible for an Indianapolis, IN VA Loan?
You might qualify for a VA loan if you fall into any of the following categories:
- You are an active duty member of any core military branch, or you are in the Reserve or National Guard.
- You are a veteran.
- You are a surviving spouse of a veteran.
There is a minimum service term requirement to be eligible for a VA loan. The exact term varies based on when you served, but it is usually 90 days.
Grandview Lending Can Help You Apply for a VA Loan
Ready to apply for a VA loan in Indianapolis and enjoy zero down payment, no PMI, and other great benefits? Give Grandview Lending a call at 317.255.0062. We can help you determine your eligibility and assist you in applying for a VA loan. If you do not qualify, we will work with you to find another mortgage program that will fit your needs.