The VA loan program is an initiative that was started by the United States Department of Veterans Affairs. The program provides veterans, active duty service members, and their families with access to home loans with favorable terms and conditions. In this article, we will discuss the VA loan program in New Hampshire.

VA Loan Eligibility in New Hampshire To be eligible for a VA loan in New Hampshire, you must meet the following requirements:

1. You must be a veteran, active duty service member, or a surviving spouse of a veteran.

2. You must have a satisfactory credit score.

3. You must have a valid Certificate of Eligibility (COE) issued by the Department of Veterans Affairs.

4. You must meet the income and employment requirements.

5. The property you are purchasing must be for personal occupancy and must meet the VA’s minimum property requirements.

Advantages of VA Loans in New Hampshire VA loans come with several advantages, including:

1. No down payment required – One of the most significant benefits of a VA loan is that you can purchase a home without making a down payment. This is a considerable advantage, especially for first-time homebuyers who may not have the cash for a down payment.

2. No private mortgage insurance (PMI) – Since the VA guarantees a portion of the loan, lenders don’t require private mortgage insurance. This can save borrowers hundreds of dollars each month.

3. Favorable interest rates – VA loans often come with lower interest rates than other types of loans, making them more affordable.

4. Flexible credit requirements – The VA doesn’t set a minimum credit score requirement, which makes it easier for veterans with lower credit scores to obtain a loan.

5. Streamlined refinancing – VA loans also offer streamlined refinancing options, allowing veterans to refinance their homes quickly and easily.

VA Loan Limits in New Hampshire The VA sets limits on the amount of money it will guarantee on a VA loan. In New Hampshire, the limit for a zero-down payment loan is $679,650. If you need to borrow more than that, you may still be able to obtain a VA loan, but you will need to make a down payment.

Conclusion VA loans provide a great opportunity for veterans and active-duty service members to become homeowners. In New Hampshire, the VA loan program offers several benefits, including no down payment, no PMI, favorable interest rates, flexible credit requirements, and streamlined refinancing. If you’re a veteran or active-duty service member looking to purchase a home in New Hampshire, a VA loan may be the right option for you.