New Jersey VA Loans: Get the Dream Home You Deserve
What are VA Loans?
Are you looking for New Jersey VA loans at competitive rates and no hidden fees? Look no further than Cornerstone Capital Financial Services, LLC. We aim to make the mortgage process for homebuyers in New Jersey as stress-free as possible.
A VA loan is a mortgage option for veterans, service members, and their surviving partners. These loans make it easier for people who have served or are still serving in the military to obtain the finances to buy a house.
What Are the Different Types of VA Loans?
Unlike other New Jersey loans, VA loans don’t require mortgage insurance or a down payment. These loans are also very flexible, and you can use one to buy more than one property, renovate your current home, or cash out all of the equity in the house.
VA Purchase Loan
This option is a standard purchase loan that allows military members, veterans, and their spouses to purchase a home without a down payment.
VA Cash-Out Refinance Loan
The cash-out option allows veterans to access up to 100% of the property’s equity. Whether you want to replenish your savings for a future purchase, do some renovations, or pay off your credit card debt, these loans give you a higher borrowing power than the typical USDA loans.
VA Renovation Loan
If you want to buy a new house that needs renovations or update your current home, this is the perfect loan type for you.
How To Qualify for VA Home Loan
Before applying for VA home loans in New Jersey, you need to make sure you have the necessary documents. Having these documents ready will make the application process quick and easy:
- DD Form 214 (issues by the United States Department of Defense)
- Statement of service letter
- NGB Form 22 or a retirement points summary from the commanding officer
- Certificate of eligibility (you can obtain the certificate online through the VA)
- Pension proof
- Proof of military service related to disability
- Paystubs or W-2s
- Tax returns (if you are self-employed)
- Proof of how much longer your duty will continue
How To Apply for New Jersey VA Loans
You can apply for New Jersey VA loans if you have the necessary documents and meet the following criteria:
- Served at least 181 days during peacetime
- Served 90 days during wartime
- Served at least six years with the National Guard or Reserves
- You are a partner of a veteran who lost their life while serving the country
Once you verify you are eligible to apply for a VA loan, you must provide documents showing your income, credit, assets, and the purchasing property’s details. Once completed, follow these steps:
- Step 1: Get pre-approved for a VA loan
- Step 2: Find a house (it is essential to meet the VA’s minimum property’s requirements)
- Step 3: Make a purchase order
- Step 4: Undergo a VA appraisal
- Step 5: Sign the documents
With all the benefits VA loans provide, there isn’t a reason for a service member or veteran to apply for any other loan type. VA loan rates are low, and no down payment is necessary to apply.
Cornerstone Capital is certified by the Veterans Administration to originate New Jersey VA loans with several lenders. Contact us today at 201-514-5942 to discuss your options.