A VA Loan is Designed to offer long-term financing to veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans. Home Mortgage Specialists, Inc. is a VA approved lender located in Peoria and serving surrounding areas including Dunlap, Morton, Washington IL, Metamora, and all of Illinois.
What is a VA Loan?
A VA Loan is provided by the Veterans Administration and has no down payment.
Benefits of VA Loans
There are many benefits to VA Loans beyond just no down payment.
- Option for no down payment
- No monthly mortgage insurance premium
- Low to no reserve requirements
- Credit scores as low as 580
- VA Jumbo with loan amounts as high as $1.5 million are available.
- Variety of fixed and adjustable rate loan options available.
- Seller or lender may contribute to veteran’s closing costs.
VA Loan Eligibility
VA Loans are available to active duty military, veterans, reservists and military spouses.
VA Loan Limits
Different counties have different limits on how much you can borrow for an VA Loan.
Get Pre-Approved for a VA Loan
If you are a veteran in Peoria, Dunlap, Morton, Washington IL, and Metamora, or anywhere in Illinois, contact Home Mortgage Specialists, Inc. at (309) 222-8286 for more information, or simply fill out the form on this page.