Montana VA Loans

Secure a VA Mortgage in Montana

Veterans in the state of Montana can qualify for a home purchase or refinance mortgage backed by the Department of Veteran Affairs (VA).  This type of loan is called a Montana VA loan, and it provides many benefits beyond those offered by other loans.

Jump to: Eligibility | Loan Limits

What is the VA Loan?

If you’re unsure about what constitutes a VA loan, you’re not alone.  The program can be difficult to understand because the VA itself doesn’t offer any loans.  It isn’t a lending institution or bank.  Rather, the VA simply guarantees all loans made to veterans by traditional lenders.  This ensures that the lenders are able to provide low rates and competitive terms to the veterans they serve.

VA Loan Benefits in Montana

Listed below are some of the primary advantages that VA loans have over other loans.

• You can purchase your home without a down payment.
• You don’t have to pay for PMI under any circumstances.
• You don’t have to prove substantial cash reserves, credit score, or income.
• Select the mortgage payment plan that best meets your needs.
• You can roll the costs of the closing into the price of the loan itself.

VA Loan Requirements and Eligibility

These are the requirements for establishing eligibility to receive a VA loan.

• Only American citizens can qualify.
• Only veterans who have served in a branch of the US Armed Services can qualify.
• Only those veterans who have served continuously for a period of longer than 90 days can qualify.
• Only those veterans who haven’t been dishonorably discharged can qualify.
• You should have a 620 credit score. 

Once you know that you meet these requirements, get a certificate of eligibility from the VA office to prove it and contact a VA loan specialist.

VA Refinance

You can apply your VA eligibility to refinance your home as well through a Montana VA Streamline (IRRRL) refinance.  This type of refinance can save you hundreds or thousands of dollars on your monthly payments and over the life of your mortgage.  Many veterans are unaware of this opportunity that’s available to them.  If you can, try to refinance into a lower rate mortgage using the IRRRL.

Another option is the VA Cash-Out refinance, which enables qualified borrowers to access a maximum of 100% of their home equity for medical, home, or other expenses. If military borrowers do not currently have a VA loan, the Cash-Out option is a way to refinance into one. 

Montana VA Mortgage Rates

Mortgage rates are a major part of any loan.  When you’re taking out a VA loan in Montana, the mortgage rate you get is critical to your financial success.  Take the time to do some research and compare mortgage rates offered by different lenders.  Select the loan deal that’s best.

VA Lenders in Montana

You can do some of this research by filling out the form at the top of this page.  This form will put you in touch with up to four lenders in your part of Montana who can help you finance your VA loan.  Don’t forget to make sure your home price falls within the VA loan limits for your area.  If you need additional information on this, contact the Department of Veteran Affairs.

Montana Military Information

Montana has one active military base.  This facility is called Malmstrom Air Force Base and, it is the only major government installation in the state of Montana.  If you’re a veteran around this area, feel free to apply for a VA loan to fund your home purchase or refinance.

VA Loan Lending Limits in Montana

Lenders in: Montana.