VA Loans
|VA Loans in Chicago: A Comprehensive Guide for Veterans
United Home Loans is dedicated to serving veterans and active duty service members in our community. While VA Loans are the same across the country, our local Chicago mortgage bankers are here to help you tailor the right mortgage, backed by valuable market insights.
What Is a VA Loan?
A VA loan is a mortgage option backed by the U.S. Department of Veterans Affairs, designed to help eligible veterans, active-duty service members, and certain surviving spouses purchase, build, or refinance a home.
Who Is Eligible?
- Veterans
- Active-duty service members
- National Guard and Reserve members
- Eligible surviving spouses
- A Certificate of Eligibility (COE) is required to verify entitlement
Key Benefits of VA Loans
- No Down Payment: Qualified borrowers can purchase a home without a down payment
- No Private Mortgage Insurance (PMI): Reduces monthly payments
- Competitive Interest Rates: Often lower than conventional loans
- Reusable Benefit: Can be used multiple times, provided previous VA loans are paid off
How to Apply for a VA Loan
- Obtain a Certificate of Eligibility (COE): Through the VA’s eBenefits portal or a VA-approved lender
- Find a VA-Approved Lender: Experienced lenders, like United Home Loans, can streamline the process
- Get Pre-Approved: Helps determine budget and strengthens purchase offers
- Choose a VA-Savvy Real Estate Agent: Important for navigating VA-specific issues
- Complete the Loan Process: Submit documentation, undergo appraisal and underwriting, and close on your home
What to Do If Real Estate Agents or Sellers Are Reluctant About VA Loans
- Understand the Stigma: Misconceptions about VA loans being harder to close or having stricter appraisals still persist
- Educate Your Agent: Provide facts—VA loans can be just as fast and flexible as other loan types
- Work With VA-Savvy Professionals: Choose agents and lenders who understand VA loans well
- Strengthen Your Offer: Consider a higher earnest money deposit, flexible closing dates, or full underwriting pre-approval
- Get the Seller’s Agent on Board: Let your agent explain the VA loan’s benefits directly to the listing agent
Final Thoughts
VA loans offer a powerful pathway to homeownership for veterans and their families. In Chicago, eligible borrowers have a huge step up in this highly competitive market. By understanding the benefits, preparing thoroughly, and working with the right professionals, buyers can overcome common misconceptions and secure the home they deserve. United Home Loans is a VA-approved lender and one of our mortgage bankers would be happy to guide you through the process!
