Veterans Affairs Home Loans
VA loans are specifically designed to provide long-term financing to American veterans. VA mortgage loans are given out by federally qualified lenders and are guaranteed and insured by the American Department of Veterans Affairs. The VA than determines the eligibility and gives out a certificate of eligibility COE, to the qualified applicants who will then submit to their mortgage lender of choice. For the servicemen and women, it is normally easier to qualify for the VA loan compared to other conventional loans. For the active duty military personnel, current National Guard, reserve member, retired veteran, and then the VA home loan plan is ideal for you. Florida Mortgage Pros will shed more light on how the loan works use, requirements and everything you need to know about VA loans Florida.
Speak with an experienced VA loan specialist immediately – (855) 501-5927
How VA Loans Work
- Available to servicemen and women and their eligible spouses
- When refinancing the home, veterans can borrow up to 90% of reasonable value to refinance where state law allows
- A VA funding fee of 0-2.15% of the loan amount is paid to the VA
- 100% financing without a second mortgage or private mortgage insurance
- The home must be used as a primary residence only and has to be occupied within 60 days after closing the loan. The veterans must remain in the home for at least three years.
The VA loan is a mortgage loan plan that was started by the U.S. Department of Veterans Affairs to assist veterans and their families’ get home financing. The Department of Veteran Affairs establishes the rules for qualified applicants and gives out the mortgage terms and guarantees the loans against default.
Because the loan is normally guaranteed by the VA, the Florida lender is protected against loss in the case borrowers default on the loans. So, the VA was developed to reward servicemen and women for their contributions and sacrifice. It, therefore, has very low-interest rates compared to other loans. The seller may also pay for some of the closing costs which can be up to 4% of the loan amount. A unique trait is that a termite inspection report is mandatory on all VA home loans.
Uses of a VA home loan
- To build a home
- Refinance an existing VA loan
- Make home improvements
- Purchase a house or Condo
Eligibility Requirements for a VA Home Loan
There are some eligibility requirements to qualify for the VA home loan. This is especially to the surviving spouses of the veterans who must stay single until the age of 57 after which they can remarry. The spouses of a certain totally disabled veteran who passed on as a result of the condition could also be eligible. The eligible spouses, as well as veterans, must provide copies of their DD-214. The COE can be applied online or by contacting the VA office for more information and assistance. Additional information regarding VA home loans is also available on our website and our able Florida Mortgage Pro experts are always ready to assist where necessary. Contact us today for more information.