Purchasing a home is probably the biggest investment you’ll make in your life. Therefore, it’s imperative you select the appropriate mortgage from the beginning. You have numerous kinds of loans from which to choose, including Pompano Beach VA Home Loans and Pompano Beach Jumbo Loans and each has a unique set of prerequisites.
When it comes to a jumbo loan, the amount that exceeds conforming loan limits are imposed by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. On the other hand, the federal government guarantees VA loans with the aim of making a home purchase more affordable for low-to-middle income families by providing low down payments.
If you’re uncertain about the type of loan to secure, our personnel here at Nationwide Mortgage Home loans are eager to guide you through the various products so you can make an informed decision. If you’re debating between a jumbo and VA loan, here’s a detailed comparison.
What Are VA Loans?
VA Loans are guaranteed by the U.S. Department of Veterans Affairs. Service persons and veterans can qualify for a VA Loan, which usually offers a competitive fixed interest rate, no down payment and limited closing costs. While the VA does not issue the loans, it does issue a certificate of eligibility required to apply for a VA loan.
The Veterans Home Loan program is one of the most powerful loan programs available on the market for service members, veterans, and military families. These flexible home loans are government backed and offer significant advantages to allow homeownership to those that may struggle for financing whether it is income, credit score or other financial issues. The two most important advantages to a VA home loan is that they do not require a down payment nor do you have to obtain private mortgage insurance. The VA home loan, you will have competitive rates and terms as well. Our lenders at Nationwide Mortgage Home loans are ready to help you get into the home of your dreams with little to no stress.
When you are trying to receive a VA loan, you will need to obtain a certificate of eligibility. You can receive this certificate after you verify that you are eligible to get a VA home loan. To be eligible for a VA home loan, you must not have been dishonorably discharged from the service, and you must meet all of the service requirements. The service requirements vary for veterans, people who are currently active duty, and individuals who are serving in the National Guard or are a reserve member. If you are a veteran, then you must have served during the qualifying wartime and peacetime dates, for a certain amount of days. There are other ways that you can be eligible for a VA home loan. Also, spouses of deceased veterans or active service members can also be eligible. At Nationwide Home Loans, we can help you figure out if you qualify for a Pompano Beach VA home loan.
Who do you contact to receive your certificate for your VA loan?
After you have determined that you are eligible to get a VA home loan, you will need to request your certificate. This document will tell you that you qualify and how much you are entitled to. There are different forms that will need to be obtained depending on if you are a veteran, a spouse, an active service member, or are serving in the National Guard. If you are a veteran and are eligible to receive a VA home loan, you will need to fill out a DD Form 214. You will also be required to have a copy showing the character of service and the narrative reason for separation. This form will also be needed if you are a current or former National Guard or Reserve member that has been activated. If you are an active duty member or a current National Guard or Reserve Member, then you will need to have a current statement of service that is signed by a higher official, and it must include:
- Your full name
- Your Social Security Number
- Your Date of birth
- Your Entry date on active duty
- The duration of any lost time
- The name of the command that is providing the information
If you are overwhelmed by the initial process of getting your certificate of eligibility, contact us today. We can help you obtain the certification that you need. This process should not take long, and we can quickly get you started on your VA home loan application.