Wilmette, IL VA Purchase Advantage
Advantages of a Wilmette, IL VA Home Loan
The VA does not require a minimum credit score, although lenders usually have some requirements to minimize their risk. But because this is a benefits program, Wilmette mortgage guidelines are often more flexible than they would be for conventional loans.
You can even apply for a Wilmette, Illinois VA loan just two years after a bankruptcy has been discharged. A full explanation of the bankruptcy will be required. Job stability is a must in this situation. It is also possible to apply for a VA loan in Wilmette, IL just two years after a foreclosure.
Since Wilmette VA loans are backed by the government, lenders can often offer lower rates than they would be able to for a traditional loan. Eligible service members in Wilmette will generally pay a better interest rate with a Wilmette VA loan than they would have with a conventional mortgage. This means that you can get a better home for the same monthly payment than you would have been able to without the Wilmette VA loan program.
Rates for VA loans in Wilmette are not set by the Department of Veterans Affairs, despite popular belief. Wilmette, IL VA-approved lenders and brokers set their own rates, often on a daily basis. Wilmette VA loan rates change with the financial market just as rates for conventional mortgages do.
The world where you could buy a house without a down payment has largely disappeared—unless you’re lucky enough to be eligible for a VA loan. You can actually get a loan without a down payment at all, making it significantly easier for you to get into your new home more quickly.
If you take out a conventional loan and pay less than 20% down, you have to have private mortgage insurance (PMI) on the loan, adding significant cost to the total price of the Wilmette home. But even if you finance the entire cost of the home, you do not need PMI with a VA loan, saving you a lot of money.
The VA limits what closing costs the buyer can pay, which is another way you can save a lot of money over a traditional loan. The borrower of a VA loan in Wilmette is allowed to pay for things like an appraisal, credit report, title insurance, and origination fee, among a few other costs.
There are some necessary fees that the veteran is not allowed to pay for, like escrow, processing, and underwriting (among others). One option is for the seller to pay such fees. In some cases, a real estate agent who represents the buyer can contribute to the closing fees in the form of a credit. Lenders can also offer a credit to the buyer by adjusting the borrower’s interest rate. Another option is that the lender can charge the borrower a one–percent origination fee (which is an allowable charge).
There are a few more benefits to getting a Wilmette VA loan. First, there is no pre-payment penalty for paying your mortgage off early or for making extra payments. Additionally, if you have trouble making your monthly payments, the VA has counselors that can help guide you and figure out what to do. These counselors can sometimes negotiate with the lender to keep you in your home.
You can usually get a good loan even with a low credit score and a short credit history.
One of the key factors in securing a good deal on a home purchase is having a high credit score. In fact, you often need a good credit score to get a mortgage at all. But it’s different with VA loans in Wilmette, IL—you can usually get a good loan even with a low credit score and a short credit history. The lack of an established credit history does not mean that you cannot get approved for a loan. A satisfactory payment history for utilities or rent can show that you are responsible with monthly payments.
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I received two quotes from popular VA lenders. My wife wanted work with a local company so we reached out to Smart Mortgage Centers based on their reviews. When we received our quote we almost couldnt believe the difference. After getting it in writing we went with Smart Mortgage and the rest is history. Online application was simple and the communication with Jon and his team was flawless. Thank you Again!
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These guys are the best. We now live in our dream home thanks to Brian and the guys at Smart Mortgage Centers. Im paying less now than I was to rent! We couldnt possibly be happier with the service. Brian worked tirelessly on our case until the job got done.
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We had Brian T and he was excellent from start to finish. Even with having to change the closing 3 times because of the sellers he kept us informed of everything that was going on so I wouldn’t have any surprises. I would recommend them to anyone. We had an excellent time especially since we live in Jacksonville and he in another part of Florida.
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The best experience I have ever had!!! We were clear to close in less than 20 days. Brian gave us a better rate than everyone else we had talked too and made the process feel effortless! Brain T. thank you for all your help and we are telling everyone we know to come talk you at Smart Mortgage Centers!
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Wilmette is a village in New Trier Township, Cook County, Illinois, United States. Bordering Lake Michigan, it is located 14 miles (23 km) north of Chicago’s downtown district (4 mi or 6 km from Chicago’s northern border) and had a population at the 2010 census of 27,087. In 2007, Wilmette was ranked as the seventh best place to raise children in the U.S., according to Business Week.
In 2015, Wilmette was ranked the best place to live in the state of Illinois based on a variety of factors including its low unemployment rate, median income, low housing vacancy rate, high education expenditures per student, low crime, and short commute times. Wilmette is home to 2 of Illinois’ 17 elementary schools (Romona Elementary, St. Joseph School) to be awarded the 2017 National Blue Ribbon award.
Wilmette is located on the western shore of Lake Michigan and is a near northern suburb of Chicago, immediately North of Evanston at 42°4′38″N 87°43′25″W / 42.07722°N 87.72361°W / 42.07722; -87.72361 (42.077178, -87.723736). The North Shore Channel drainage canal empties into Lake Michigan at Wilmette Harbor.