What is a VA Loan?
Military members lay their life on the line for their country every day. Because they contribute so much, they are eligible for many special benefits. One of these benefits is the ability to finance their home for $0 down with competitive rates. The government will back a home loan to help the lender provide more favorable rates than they would be able to with a traditional mortgage.
We have been helping veterans finance their dream homes in Naples for years. We want to make the entire process as easy as possible for you and your family. Our loan experts will educate you every step of the way to ensure you understand the whole process from start to finish.
Who is eligible for a VA Loan?
VA loans are available to a variety of service members including veterans, active-duty personnel, reservists, and members of the National Guard. To be eligible for a VA loan, you must have served at least 90 days of active duty during wartime or 181 days of active duty during peacetime. If you are a spouse of a service member who died in the line of duty or because of a service-related disability, you may also be eligible for a VA loan.
What are the benefits of a VA Loan?
There are many benefits to using a VA loan to purchase a home. Perhaps the most significant benefit is that VA loans require no down payment. This allows you to purchase a home with no cash out of pocket. Additionally, VA loans have more flexible credit standards than traditional loans, making them easier to qualify for. VA loans also offer competitive interest rates and do not require private mortgage insurance (PMI), which can save you hundreds of dollars per month.
Our main priority is making sure that you get the best service possible all while receiving a competitive rate on a VA Mortgage. The median listing home price per square foot was $395.
What if I've used a VA Loan Before?
If you have used a VA Loan before, you are eligible to use it again. This is because the VA does not have a limit on the number of times you can use this benefit. You can use it multiple times to purchase different properties if you meet certain eligibility criteria. The VA has specific rules and regulations that govern their loan programs. One of the essential requirements that you must meet is that you must have paid off your first VA Loan before you can apply for a second one. The VA also requires that you have enough financial stability to cover the proposed loan amount.
VA loans are an excellent option for veterans and active-duty service members who are looking to purchase a home. If you’re interested in using a VA loan to purchase a home, contact SW FLORIDA MORTGAGE SOLUTIONS, INC today to learn more about your options.
