VA Loans are also known as Veteran’s Affair’s loans and they have a number of benefits for the end user or customer. First of all, they do not always call for a down payment, and there is no minimum credit score requirement. The most notable benefit, however, is that it is only available to veterans and active members of the military.
This makes it a bit more exclusive but it is an outstanding way to honor those who have sacrificed their time and freedom to serve the United States. It should be noted that the VA loan is officially one of the very few mortgage options that do not require down payments, and they are definitely easier to qualify for than most of the traditional mortgages on the market.
Understanding Fort Lauderdale VA Loans
The first thing you need to know about this particular type of mortgage in Fort Lauderdae is that the US Department of Veteran’s Affairs is not a direct lender. The loan provided is in fact furnished by a private lender and is in part guaranteed by the VA. This, however, can only come to pass if the proper requirements are met, so let’s take a look at a few of them, starting with eligibility tor VA loans in Fort Lauderdale, FL.
Those who qualify for this type of special and low cost loan will of course include:
- National Guard
- Active Military Members (Navy, Army, Coast guard, National Guard, Marines)
If you have just joined the military, then you will need to put in about six months of service assuming that you are active duty. If, however, you are part of the reserve or a member of the national guard, then you will need to wait for six years to apply. Keep in mind that if you are reserve or national guard and you are called to active duty, the six month rule applies to you as well.
Certificate of Eligibility
In order to fully qualify for your mortgage you will need a certificate of eligibility – a form that can be submitted online, but you don’t need it to get the process started. In fact, lenders often get it during the preapproval phase, which simplifies things for you as the borrower.
As we said in previous paragraphs, this type of loan does not require a down payment, but it also excludes mortgage insurance. This exclusion brings in significant monthly savings for VA borrowers, meaning that as a borrower you may find yourself paying very little for your mortgage every single month. These benefits are definitely something for the typical borrower to look forward to.
The costs of the VA loan in the state of Florida and around the country are definitely cheaper than other types of loans but you will still need to pay the one-time funding fee. The amount of the fee varies, depending on the down payment and the type of veteran that is borrowing. For example, Reservists and National Guard members will find that they are paying about a quarter of a percentage more in fees than active duty members would pay. Overall, however, it is still a great bargain for military members.
A New Start to Your Life
As a military member you are owed more than can ever be repaid by the United States Government or even a lending institution or that matter. You have sacrificed years of your life to serve the people of the United States, and your life has been irrevocably changed as a result. While this once again cannot be repaid, what can be done, is this home loan option which will most certainly give you a head start to your life after or even during your service. Take a look at the available mortgage options today and enjoy the best VA loan rates in Fort Lauderdale. You deserve it and we’re more than happy to help!