VA Home Loans in Palatine Illinois
For eligible veterans and active duty military personnel a Palatine 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.
Palatine VA Benefits
In addition to the excellent VA mortgage rates, and no money down option there are a number of advantages to obtaining a Palatine VA home loan, such as:
- Buy a Palatine 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
Get Pre-Approved for a Palatine VA Home Loan
Palatine VA One Time Construction to Close
Building a Palatine 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 Palatine 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.
Palatine VA Mortgage Hotline 888-882-1058
VA Renovation Hotline 888-882-1058
Palatine 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 Palatine 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 Palatine 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.
A palatine or palatinus (in Latin; plural palatini; cf. derivative spellings below) is a high-level official attached to imperial or royal courts in Europe since Roman times.[1] The term palatinus was first used in Ancient Rome for chamberlains of the Emperor due to their association with the Palatine Hill.[2] The imperial palace guard, after the rise of Constantine I, were also called the Scholae Palatinae for the same reason. In the Early Middle Ages the title became attached to courts beyond the imperial one; one of the highest level of officials in the papal administration were called the judices palatini. Later the Merovingian and Carolingian dynasties had counts palatine, as did the Holy Roman Empire. Related titles were used in Hungary, Poland, Lithuania, the German Empire, and the Duchy of Burgundy, while England, Ireland, and parts of British North America referred to rulers of counties palatine as palatines.[1]
The different spellings originate from the different languages that used the title throughout the ages (a phenomenon called lenition). The word “palatine” evolved from the Latin word palatinus, asserting a connection to the Palatine Hill, where the house of the Roman emperor was situated since Augustus (hence “palace”).[3] The meaning of the term hardly changed, since Latin was the dominant language in medieval writing. But its spelling slightly changed in European languages: Latin palatinus, plural palatini was still an office in Merovingian times, today referred to as the Count Palatine. The word became in French palaisin, and with the Norman dynasty entered the English language as palatine. The word paladin, referring to one of the legendary Twelve Peers of Charlemagne in the Matter of France, is also related.[4]