The VA Guaranteed Home Loan Program is an exclusive program to U.S. Veterans and active-duty service members. The VA Loan Program remains one of the best lending programs in Florida. Mortgage lenders are protected against loss if you fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms. VA Program Advantages There are many advantages that a VA mortgage offers to Veteran home buyers than conventional loans or FHA loan options. To begin, you may be eligible to obtain a VA home loan with no down payment and no mortgage insurance. In addition, if you have a poor credit score, you are likely to qualify for better interest rates than with other types of loans. The benefits of a VA home loan also include a negotiable interest rate, regulated closing costs, higher debt-to-income ratios, reduced income and credit requirements, no cash reserves, and an assumable mortgage. VA does not require a rental or other housing history if it is not available. VA allows a non-occupying relative to co-sign the mortgage. The non-occupant’s income and assets can be used for qualification purposes. VA Fixed Rate Loan A fixed rate VA mortgage interest rate never changes. Many Veterans benefit from the reliability that their mortgage payments won’t change. If stability is important to you, then a fixed rate mortgage is the right mortgage for you. VA Adjustable Rate Loan VA adjustable rate mortgages offer home buyers lower initial interest rates. Although this can help first time home buyers qualify for more home, it’s important to evaluate your ability to pay a higher rate over time. As a general rule of thumb, if you expect to stay in your home for less than five years you might save money with an adjustable rate mortgage. Florida properties include 1-4 unit, condos, town homes, modular homes, and manufactured homes. valoan@yahoo.com
VA Home Loan purchase and refinance programs are guaranteed by the Federal Government and are designed with financially favorable terms for Florida Veterans.
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