Idaho VA Loans

Secure a VA Mortgage in Idaho

Veterans who live in Idaho and have served in the US Armed Services are eligible for an Idaho VA loan, a unique specialized mortgage option that allows qualified veterans to purchase or refinance a home in the state of Idaho.  All VA loans are backed by the Department of Veteran Affairs (VA) and provide numerous advantages to veterans over and above conventional loans.

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What is the VA Loan?

VA loans are unique among all other loans offered in the mortgage marketplace today.  They are unique because they are guaranteed by the VA department of the government.  This federal backing allows lenders to offer lower mortgage rates and better terms to veterans than to other borrowers.

VA Loan Benefits in Idaho

The benefits of this program are directly tied the personally needs of each applicant.  In other words, whether a given characteristic of a VA loan is considered valuable depends on the financial goals and plans of the borrower.  Still, it is unanimously known through the industry that VA loans are among the most favorable loans offered.  The following characteristics are common.

• VA loans don’t require a down payment.  This makes it easier for veterans who may not have stored up significant cash reserves to purchase homes.
• Private mortgage insurance is not necessary.  This is due to the fact that the VA guarantees each loan.
• There are multiple loan arrangements and term lengths to choose from.  This ensures that borrowers’ needs are always met.
• There are no early repayment penalties.  This allows veterans to pay off their mortgages early and save money.
• Credit and income requirements are minimal.  This allows veterans who don’t make enough money to qualify for conventional financing or who lack a high credit score to still finance their homes.

VA Loan Requirements and Eligibility

To qualify for a VA loan, you must meet the basic veteran eligibility requirements.  These criteria are outlined below.

• You must be a citizen of the United States of America.
• You must have served at least 90 continuous days of active service in a branch of the US Armed Services.
• You must not have been dishonorably discharged at any time during your military career.
• You should have a credit score of at least 620. 

If you meet these basic requirements, you can move on to the next step, which involves obtaining a certificate of eligibility from the VA office.  A VA loan specialist can help you understand any other application requirements you may face.

VA Refinance

Do you know how simple it is to save money with an Idaho VA Streamline (IRRRL) refinance?  If you secure a lower interest rate on your refinance loan, you can knock hundreds or even thousands of dollars off of your monthly payments.  You may even be able to pay your loan off faster, saving you thousands of dollars on interest over the life of the mortgage.

VA Cash-Out refinancing is another option which allows qualifying borrowers to withdraw a maximum of 100% of their home equity as cash for tuition, a new car, home improvement or other expenses. 

Contact a local lender in your area to discuss your VA refinance options.  

Idaho VA Mortgage Rates

You’ll only save money on your mortgage payments if you get a lower interest rate.  In order to secure this rate, you’ll need to know the current state of mortgage rates in the marketplace.  If you don’t research the lowest mortgage rates available, you may miss out on a deal.  This research, finding the best rates, is the most important part of taking out a VA loan.

Contact as many lenders in your area as you can and ask them for their rates.  They’ll quote you their best offers.  Compare what they say.  This will give you an idea of the kind of mortgage rates you can expect.

VA Lenders in Idaho

To get started, fill out the form at the top of the page.  We’ll connect you with up to four local lenders in Idaho, who will know the mortgage rates for the area as well as the current VA loan limits for the state.  If you need additional information, you can contact the Department of Veteran Affairs.

Idaho Military Information

Idaho boasts a strong military presence in spite of the fact that there is only one active military base within the state.  This is Mountain Home Air Force Base.  Mountain Home has seen many veterans come and go over the years, many of them eligible for VA loans.

VA Loan Lending Limits in Idaho

Lenders in: Idaho.