If you are an eligible Veteran than you are in luck. VA loans are provided by private lenders to Service members, Veterans, and eligible surviving spouses to become homeowners. The VA Loan provides veterans with a federally guaranteed home loan which may require no down payment. This program was designed to provide housing and assistance for veterans and their families.
The Veterans Administration provides insurance to lenders in the case that you default on a loan. Because the mortgage is guaranteed, lenders will offer a lower interest rate and terms than a conventional home loan. VA home loans are available in all 50 states. A VA loan may also have reduced closing costs and no prepayment penalties.
As part of our mission to serve you, we can help you obtain a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain home ownership for your personal use.
What are the advantages of a VA Loan?
A VA Loan is the only mortgage program that will allow you to make a purchase with 100% financing. The interest rates are often the most competitive. A Cash Out Refinance loans allow you to use the equity in your property to payoff debt, fund education, or make home improvements.
No down payment as long as the sales price doesn't exceed the appraised value.
No private mortgage insurance premium requirement.
VA rules limit the amount you can be charged for closing costs.
Closing costs may be paid by the seller, generally up to 4%.
No pre-payment penalty. The lender can't charge you a penalty fee if you pay the loan off early.
You don't have to be a first-time homebuyer.
- You can reuse the benefit.
VA-backed loans are assumable, as long as the person assuming the loan qualifies.
Additionally there are services that may be offered to veterans in danger of defaulting on their loans. The VA may be able to provide you some assistance if you run into difficulty making payments. If property taxes are discouraging you from making your purchase. Don't forget most states including Florida offer tax reduction exemptions that reduce the assessed value of your property based upon your Veteran or Disabled Veteran Status. Contact the Property Appraiser for the county where the property is located or County Assessor for more information.