For active-duty and retired members of the US military, a VA mortgage can open the door to affordable homeownership.
Zero down, competitive mortgage rates, and easy qualification requirements all distinguish VA mortgages.
At Island Coast Mortgage, we are grateful for your service to our country, and would be proud to connect you with the affordable loan which serves your needs.
What is a VA Loan?
A VA loan is a type of mortgage that the US Department of Veterans Affairs (VA) insures.
The insurance attached to your mortgage from the VA makes it less risky for lenders to work with you.
It is this which makes VA mortgages so competitive yet easy to qualify for.
Benefits of VA Home Loans in Florida
Eligible service members can look forward to these benefits after qualifying for a VA mortgage in Florida:
- You can move into a home in Florida with zero down with a VA mortgage.
- The reduced risk to lenders associated with VA loans means flexible qualification requirements for credit scores and DTI ratios.
- VA mortgages carry competitive interest rates for long-term affordability.
- For qualified disabled veterans, there is a waiver for the funding fee.
- Private mortgage insurance (PMI) is not a requirement when you buy a home with a VA loan. You can contrast this with the PMI requirement for FHA mortgages.
- If you want to purchase a fixer-upper with a VA mortgage, this is possible with a VA Renovation loan.
- The seller may cover part of the closing costs.
- You can use VA mortgage benefits repeatedly through your life to purchase multiple homes.
- However long ago you served, your VA mortgage benefits will never expire.
Who Qualifies for a VA Mortgage in FL?
You might qualify for a VA loan in Cape Coral or elsewhere in FL if any of the following are true:
- You are an active duty member of the military, National Guard, or Reserve.
- You are a retired veteran.
- You are an eligible surviving spouse.
Note that if you were in the Reserve or National Guard, you need to have been activated to have VA loan benefits.
Further, there are minimum service requirements regardless of what military branch you served in.
You will need to look up your era of service to see what the requirements are for qualification.