Today I have a guest blogger, Robert Stretch, who is an on line marketing specialist with VAMortgageCenter.com. Robert has written us an article discussing VA loans. If you are a Veteran or know a Veteran, you may want to take a moment to read this article.
VA LOANS IN FLORIDA
Thousands of active duty military members and veterans flock to Florida. For some, it’s the perfect place for retirement. Others relocate to the Sunshine State to live near one of its many military installations — there are more than a dozen.
Increasingly, veterans and their families in Florida and across the country are turning to the VA for help in purchasing a home. Veterans have earned significant financial benefits because of their service, and a low-cost, flexible home loan program is one of the major pieces.
In fact, the Department of Veterans Affairs guaranteed more than $68 billion in single-family loans this fiscal year, an 80-percent increase from last year. VA loans feature no down payments or private mortgage insurance — qualified buyers can purchase a home worth up to $729,000.00 without putting down a single dollar.
Other significant benefits of VA loans include:
Veterans and active duty military in Florida can also use the government’s $8,000 first-time home buyers’ tax credit with a VA loan, making these low-cost loans even more cost-effective.
Veterans don’t need perfect credit to qualify for a VA loan. The program itself does not have income or credit restrictions. But the VA does not issue loans, it only guarantees them. Most lenders who actually provide the loan will examine a prospective borrower’s credit and financial history.
In general, applicants with credit scores below 620 may struggle to obtain financing.
To be eligible for a VA loan, applicants must first get a Certificate of Eligibility (COE) from the VA. This formal document basically proves that the applicant has a VA entitlement. Those who may qualify for a VA loan are:
Not everyone who meets the eligibility requirements will qualify for a loan. But VA loans help scores of borrowers who might struggle to secure financing. About 80 percent of VA borrowers wouldn’t have been able to qualify for a conventional loan.
The VA uses lending limits throughout the country. Right now, the loan limit in Florida is $417,000.00. The agency also has competitive rates on jumbo loans for home buyers looking to spend more than the loan limit.
Thanks Robert for the great information!
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Lynn Wilber is a Real Estate Professional who lives in Naples. Her 31 years of real estate experience and her area expertise have been valuable resources for Naples Sellers and Buyers. For more information, please contact Lynn Wilber or call 239-594-2780.
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