If you’re a qualified veteran in the state of Florida, your VA loan benefit is an excellent way to finance a new home. Guaranteed by the Department of Veterans Affairs (VA), a VA mortgage loan offers a number of advantages that other mortgage programs don’t. VA loans were created to help active-duty military, veterans, and some other qualified groups buy homes at affordable rates, with fewer fees and other costs.

To obtain a VA loan, you’ll need a Certificate of Eligibility (COE) from the VA. Veterans, active-duty personnel, their spouses, and some other groups (including certain National Guard members, academy cadets, and others) are eligible. If you’re wondering if you qualify, visit this website to find out more. So, what do VA loans offer that other mortgages don’t? Here are seven advantages:

 

  • Available through many VA-approved lenders. Every VA-approved lender sets its own interest rates, fees, and other charges. You can compare loans from different lenders and pick the one that you prefer.
  • Wide range of options. VA loans can be used for houses, duplexes, manufactured homes, or even condominiums, including new construction and existing homes. VA loans can have fixed or adjustable rates. You have many choices available.
  • Flexible qualification guidelines. VA loans do have credit and income requirements, but the fact that they are guaranteed by the VA means lenders are more willing to accommodate VA borrowers.
  • No down payment. With a VA loan, you can finance up to 100 percent of your home’s purchase price.
  • No mortgage insurance. Since the mortgages are backed by the VA, you won’t need mortgage insurance.
  • Low closing costs. To make VA loans more affordable, the VA limits the closing costs that lenders can charge you.
  • No prepayment penalty or refinance restrictions. If you sell or pay off your home early, there is never a prepayment fee, and you can refinance at any time. In addition, the VA’s Interest Rate Reduction Refinance Loan (IRRRL) offers VA borrowers a streamlined way to refinance.

 

A VA-approved lender can help you review your VA loan options and decide which one is best for you. At Embrace Home Loans, a VA-approved lender, we have experts in VA mortgages who will work with you to help you get the most from your VA loan benefit. Call us today at 407-733-6425.

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