VA Home Loans in Elk Grove Village Illinois

For eligible veterans and active duty military personnel a Elk Grove Village VA mortgage loan can be a wonderful benefit to take advantage of. The Department of Veterans Affairs guarantees these loans, which can finance as much as 100% of the value of the property, ensuring low rates and easier qualification guidelines when compared to conventional loans.

Elk Grove Village VA Benefits

In addition to the excellent VA mortgage rates, and no money down option there are a number of advantages to obtaining a Elk Grove Village VA home loan, such as:

  • Buy a Elk Grove Village Home with No Down Payment
  • Refinance up to 120% of your Home’s Value
  • Use your VA Benefits even if you used them in the past
  • Ask us how we can pay for your pest inspection
  • No mortgage insurance premiums

VA Mortgage Loans

Get Pre-Approved for a Elk Grove Village VA Home Loan

Elk Grove Village VA One Time Construction to Close

Building a Elk Grove Village home might be complicated, but financing it doesn’t have to be. This is where our One-Time Close Construction to Permanent Loan comes in. Financing the land and construction in two phases seems a little cumbersome to us. Rather than one closing prior to breaking ground, and then a second closing prior to move in day, this program has just one closing. In one settlement the financing for the construction, lot purchase (if not already owned), and permanent loan are all arranged.

Benefits of a Elk Grove Village One Time Close Construction to Permanent Loan.

‌One appraisal, one set of closing costs, one underwriting and approval process…Eliminating the redundancy of a second closing reduces all of these costs, potentially saving the borrowers time and money when it counts.

Because the interest rate is locked in prior to the single closing and before the start of building, it eliminates the concern that rates could rise during construction. Any increase in rates could make the home less affordable or even jeopardize loan approval if ratios are tight.

Once the loan is finalized, the payments don’t start until the home is complete. This is a huge selling point for many buyers who need to pay for another place to live until they can move into the new property.

Once the closing is complete and the loan is in place, borrowers don’t have to worry about re-qualifying. With many traditional construction to permanent loans, the buyers will have to re-qualify at the end of the construction phase. Now the buyers can enjoy preparing for life in the new home without concern that purchasing new furniture or other items could impact their loan approval.

Because OTC Construction programs are backed by either the FHA or the VA the pricing is extremely competitive, making building a new home a more affordable option.

VA Construction Loan

Elk Grove Village VA Mortgage Hotline 888-882-1058

VA Home Renovation

VA Renovation Hotline 888-882-1058

Elk Grove Village VA Renovation Loan

The VA Renovation Loan brings together some of the most innovative and attractive features of several popular mortgage programs. It provides no money down financing that covers not only the current value of the property, but the cost of remodeling and repairs as well. This program is intended for minor updates and work done on the home at a cost under $50,000, with no minimum renovation cost requirement. Because the Veteran Administration requires that a property meet minimum property standards in order to qualify for Elk Grove Village VA financing, it is not uncommon for deals to fall through during the inspection phase. The seller may not want to pay for all the repairs needed to ensure the home meets the VA’s high standards. With a Elk Grove Village VA Renovation Loan the buyers may be able to move forward with the purchase of a home they love, while borrowing the additional funds needed to fix the issues with the property, still with zero down payment.

Elk Grove Village is a village located in northeastern Illinois adjacent to O’Hare International Airport and is a near northwest suburb, touching the city of Chicago. It is one of the Chicago metropolitan area’s principal villages due to its large industrial park, located on the eastern border of the village. The village is located primarily in Cook County with a small portion in DuPage County. The population was 33,127 at the 2010 census.[4] As the name suggests, Elk Grove Village is home to a small herd of elk kept in a grove at the eastern edge of the Busse Woods forest preserve for which the grove is named. Elk are not native to the area but were brought by train from Montana by an early resident, William Busse, in the 1920s.[citation needed] The elk are currently maintained by the Chicago Zoological Society veterinary staff and the Busse Woods Forest Preserve wildlife biologists.[5]