Wisconsin VA Loans

Secure a VA Mortgage in Wisconsin

Veterans who live in the state of Wisconsin can qualify for a Wisconsin VA loan to fund their home purchase or refinance.  VA loans are backed by the Department of Veteran Affairs (VA) and offer many benefits to veterans that traditional, conventional loans don’t provide.

Jump to: Eligibility | Loan Limits

What is the VA Loan?

The VA loan program was created by the government as a way to reward or give back to the men and women who have served this nation by helping them transition into homeownership with a stable foundation and an affordable mortgage.  The VA office does not fund the loans itself, though.  All VA loans are provided by conventional mortgage lenders.  But the backing that the VA offers gives lenders the ability to lower mortgage rates and offer better terms to veterans, making VA loans highly attractive.

VA Loan Benefits in Wisconsin

To explore the full range of benefits offered by a VA loan, contact a lender who has specialized in this loan type before.  You can get started by filling out the form above.  Some of the basic advantages of a VA loan are listed below.

• VA loans can be taken out with no down payment attached.
• You don’t need to have high cash reserves on hand to purchase a home.
• You don’t need to pay for private mortgage insurance each month.  The VA backing is sufficient.
• You can roll the closing costs of the loan into the loan itself through a seller concession.
• Credit and income requirements are fair and easy to meet.
• There are no prepayment penalties attached.
• You can select the loan term length that best meets your needs.

VA Loan Requirements and Eligibility

VA loans are available only to veterans, and while most veterans are able to purchase homes through the VA program, some are not.  Speak with a VA loan specialist to determine the exact eligibility requirements you’ll need to meet in order to qualify.  A certificate of eligibility from the VA office is required.  The basic qualification guidelines, however, are outlined below.

• You must be an American citizen and a veteran of a branch of the US Armed Services.
• You must have served for at least 90 consecutive days of active duty.
• You must have been discharged under conditions other than dishonorable.
• You should have a minimum credit score of 620. 

VA Refinance

You can use a Wisconsin VA Streamline (IRRRL) refinance to replace your current mortgage with a refinance loan at a better rate.  Many veterans are unaware that they can save significant money by pursuing the IRRRL refinance option.  If interest rates have fallen lower than they were when you first took out your home loan, you can likely save significant money on your monthly payments and in reduced interest over the term length of your loan. 

The VA Cash-Out refinance is an option which enables eligible borrowers to refinance into a VA mortgage, as well as take out as much as 100% of their current home equity as cash. The funds may be spent on medical expenses, college tuition, home improvements, and more. 

Wisconsin VA Mortgage Rates

As with any mortgage types, you must perform some research in order to determine the best possible mortgage rates available to you when taking out a VA loan.  Mortgage rates are volatile.  They differ depending on where you live, the lender you choose to work with, and the state of the mortgage market.  Check with several local lenders, more than just one, to get a feel for where rates currently rest.  Don’t simply select the first lender you contact.  Do some research.  This is the only way to uncover the lowest mortgage rates.

VA Lenders in Wisconsin

The form above will put you in touch with up to four different lenders in your part of Wisconsin who are experts in the mortgage profession.  This is where the rubber meets the road.  It’s time to actually connect with professional and find out what the VA loan can do for you.  Don’t forget to check up on VA loan limits in your area before you start searching for a home.  If you need additional information, contact the Department of Veteran Affairs.

Wisconsin Military Information

Currently, Wisconsin maintains one active military facility.  This facility is Fort McCoy, which is located east of Sparta.  This military base is home to many veterans in the state of Wisconsin.  If you’re one of them, consider a VA loan to help you purchase your home.

VA Loan Lending Limits in Wisconsin

Lenders in: Wisconsin.