What Are VA Loans | Loan Know-How
In the world of bank loans, there’s a plan for just about everyone, no matter what your financial situation may be, there exists a plentitude of mortgage and bank loans for anyone looking to finally make that first step towards house owning. One notable loan plan is made for those who have served our country with pride and prestige, that plan being known as a VA Loan. But what exactly is a VA Loan? How does one apply for it? What are the stipulations that come with it? In this blog, we’ll be answering those questions and then some, starting with the obvious question: what exactly a VA Loan is.
VA Loan: What Is It?
The VA Loan program is a mortgage loan program designed for eligible Florida veterans, providing they are qualified for said loan. Qualifications for being eligible for the VA Loan program to include the following:
- Having served 90 consecutive days of active service during wartime or 181 consecutive days of service during peacetime.
- Have a Certificate of Eligibility
- Having been a prior service veteran (Either served at least 90 days on active duty and been discharged or released for any reason other than dishonorable conditions or have served at least 181 days of continuous active duty and been discharged or released for any reason other than dishonorable conditions)
- You have 6 years of service in the National Guard or Reserves.
- You are the spouse of a military member who has passed away either in the line of duty or from a service-related disability.
VA Loan: Benefits and Where to Go
Florida Veterans who have the VA Loan Program have access to the following benefits:
- No private mortgage insurance
- Closing costs can be paid by the seller
- Lower minimum credit score requirements
- VA Funding Fee is waived for veterans that receive disability
- Streamline interest rate reduction loans to lower payments when rates go down
- No down payment required
The benefits are many and in-between, but where exactly can one apply for a VA Loan? Aside from the standard mortgage procedures one must undergo such as purchase/refinance quotes, there’s also figuring out which establishment is the best for you when applying for one. There are many trustworthy names out there, but these four are some of our preferred choices when it comes to VA Loans.
USAA
For those looking for the traditional banking experience, USAA offers both competitive rates and multiple adjustable-rate mortgage options available to VA home loan customers. USAA also offers other insurance products as well.
Navy Federal Credit Union
For the true first-time home buyers, Navy Federal Credit Union goes above and beyond to offer help throughout the mortgage process, providing in-person assistance through their many locations in the Florida area.
New American Funding
Whether you have little credit or poor credit history, New American Funding helps those out nonetheless, looking over personal statements than statistics alone. For those looking for flexibility and opportunity, New American Funding is the place to apply at.
Veterans United
For the truly best option out of all these four choices, Veterans United has got you covered. One huge factor that lenders consider is what your debt-to-income ratio is like. Lenders use this information to determine how likely one’s monthly mortgage payments they can make without issue. At Veterans United, there is no set limit on the max debt to income ratio, and even with significant debt, Veterans United works with those looking to apply.
Like many loan programs, figuring out what to do next, who to go to, or what to have can be a tricky scenario. At Mortgages Done Right Inc, we want to offer not only these options to you, but also be a name you can trust when it comes to VA Loans. With over thirty years of service in the loan and real estate field, Mortgages Done Right Inc. is here to help you get a proper leg up and be a name that you can trust.