Oklahoma VA Loans

Secure a VA Mortgage in Oklahoma

Oklahoma has a strong, proud military presence.  If you are a veteran of the US Armed Services in Oklahoma, you likely qualify for an Oklahoma VA loan.  Contact a local lender in your area to discuss your options.  VA loans have many advantages and are backed by the Department of Veteran Affairs (VA).

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What is the VA Loan?

The VA loan program was designed to help the men and women who have served this nation purchase homes and build wealth through long term homeownership.  The same lenders who provide other mortgage loans also provide funding for VA loans.  But with VA loans, the VA guarantees the full loan amount.  This enables lenders to provide lower rates and better terms to veterans, creating many major advantages.  It’s commonly known that purchasing a home is simpler and more financially viable for veterans than for anyone else.

VA Loan Benefits in Oklahoma

Some of the advantages that come with VA loans in OK are dependent on the financial situation and personal goals of the borrower.  In spite of this, though, there are many benefits that make VA loans an outstanding option for anyone who qualifies.  Some of the benefits are outlined here.

• No down payment required.  Very few mortgage programs allow this.
• No mortgage insurance (PMI) required.  You’ll never find another mortgage with a low down payment that doesn’t require PMI.  The VA loan is the only one.
• No early repayment penalties.  This allows you to pay your loan off as fast as you want without financial repercussions.
• Easy qualification requirements.  Poor credit and low income is often acceptable.
• Many different loan types to choose from.  You have multiple mortgage term options under the VA loan banner.

VA Loan Requirements and Eligibility

In order to qualify for all of these benefits, you’ll have to prove eligibility for a VA loan.  This is not difficult to do.  Most all veterans are qualified.

• You must be an American citizen, and you must be a veteran of some branch of the US military.
• Your term of service must have lasted for at least 90 consecutive days.
• You must not have been dishonorably discharged.
• You should have at least a 620 credit score. 

Part of proving your eligibility is obtaining a certificate of eligibility through the VA office.  A VA loan specialist can help you with this and help you identify any additional requirements that may need to be met in your particular case.

VA Refinance

You can use a VA loan to refinance your current mortgage if you’re a veteran. You can do this swiftly, easily, and efficiently through an Oklahoma VA Streamline refinance.  This refinance program is designed to help veterans take advantage of low mortgage rates.  If, for example, you have a current mortgage at a high interest rate and you want to refinance, a the VA Streamline programs allows you do take on a new mortgage at a lower rate without paying unnecessary fees or dealing with arduous amounts of paperwork.

Also backed through VA is the Cash-Out refinance, which allows eligible borrowers to withdraw as much as 100% of their home equity as cash. Funds can be used for medical bills, home improvements, tuition, and more. 

Oklahoma VA Mortgage Rates

Mortgage rates vary from place to place and from lender to lender.  It’s highly important that you conduct some research and find the lowest mortgage rates available in your area before you select a lender to work with.  Always compare your options.  You’ll likely find that most all lenders are willing to offer significantly lower rates on VA mortgages when compared against conventional mortgages.  You won’t know for sure until you take the time to contact several local lenders.

VA Lenders in Oklahoma

It’s good to do as much research as you can, but the best way to find out what the market is like and what your options are is to contact several lenders in your area.  You’ll also want to determine local VA loan limits.  Use the form above to get in touch with up to four qualified lenders who can help you fund your VA loan and contact the Department of Veteran Affairs for additional VA information.

Oklahoma Military Information

Oklahoma is home to 4 military facilities.  Altus Air Force Base, Tinker Air Force Base, Vance Air Force Base, and Fort Sill are all major bases in the US military system.  These bases are familiar territory to many VA borrowers in Oklahoma and are home to many veterans.

VA Loan Lending Limits in Oklahoma

Lenders in: Oklahoma.