VA Purchase

VA Purchase

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.

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Licensing

Illinois Residential Mortgage Licensee #MB.6760824 Company NMLS #695728 We are regulated by the State of Illinois, Illinois Department of Financial and Professional Regulation, Division of Mortgage Banking Regulations 100 West Randolph, 9th Floor Chicago, Illnois 60601 Telephone 312-793-3000 Facsimile 312-793-7097 www.idfpr.com

Licensing

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Contact Us

Home Mortgage Specialists, Inc.
6808 N Knoxville Avenue
Peoria, IL 61614

Number:
(309) 222-8286

Hours:
MON-FRI 7AM - 4PM