VA Loan

Benefits of VA Loan

fixed rate

The VA Loan began in 1944 through the original Servicemen's Readjustment Act, additionally referred to as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to produce housing and assistance for veterans and their families, and the dream of home possession became a reality for ample veterans. VA guaranteed loans are made by non-public lenders, like banks, savings & loans, or mortgage firms to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means that the lender is protected against loss if you or a later owner fails 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.



Who is eligible for a Florida VA Loan?

Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply. Active-duty members generally qualify after about six months of service.

To Include:

  • Wartime/Conflict Veterans

  • Wartime/Conflict Veterans who weren't dishonorably discharged, and served a minimum of ninety days:

    • World War II - September sixteen, 1940 to July 25, 1947

    • Korean Conflict - June twenty seven, 1950 to January 31, 1955

    • Vietnam Era - August 5, 1964 to Could 7, 1975

    • Persian Gulf War - See VA regional office for specific eligibility.

    • Afghanistan and Iraq - Check the VA's Net web site for eligibility guidelines for current service in Afghanistan and Iraq.

    • Reserves and National Guard.

    • Members who have completed six years of service and are honorably discharged (or are still serving) may be eligible for a VA loan. Contact your regional VA office for specific individual details and to request copies of your Certificate of Eligibility and DD-214 Form.



Peacetime Service

  • Peacetime service of a minimum of 181 days of continuous active duty with no dishonorable discharge. If you were discharged earlier because of a service-connected disability, you must speak with the regional VA workplace to verify eligibility.

  • July 26, 1947 to June 26, 1950

  • February 1, 1955 to August four, 1964, or May 8, 1975 to September 7, 1980 (enlisted) or to October 16, 1981 (officer)

  • Enlisted veterans whose service began after September 7, 1980, or officers whose service began when October sixteen, 1981, should normally have served a minimum of two years.



Other sorts of service that may build you eligible for a Florida VA loan:

  • Certain US voters who served in the militia of a government allied with the United States during World War II.

  • Surviving spouses of eligible persons who died as the result of service or service-connected injuries. The surviving spouse must not have remarried. The spouse of any member of the Armed Forces serving on active duty who has been listed as a prisoner of war or missing in action for more than ninety days.



What type of home will I purchase with a Florida VA loan?

  • A VA home loan in Florida should be used to finance your personal residence in the United States or its territories, however you've got several decisions relating to the type of home you purchase.

  • Existing single family home.

  • Townhouse or condo in an exceedingly VA-approved project.

  • New construction residence.

  • A manufactured home and/or lot.



How do I apply for a VA guaranteed loan?

You can apply for a Florida VA loan with a mortgage lender that participates in the VA home loan program. At which point, you’ll need to produce a DD-214 and/or Certificate of Eligibility from the VA to show Florida VA mortgage lender that you're eligible for a VA loan in Florida. You'll be able to apply for a Certificate of Eligibility by submitting a completed VA Kind 26-1880, Request for a Certificate of Eligibility For Home Loan Advantages, to one of the VA Eligibility Centers, together with proof of military service. In some cases it might be possible for VA to establish eligibility while not your proof of service. However, to avoid any doable delays, it's best to produce such evidence.


I have already obtained one VA loan in Florida. Will I buy another one?

Yes, your eligibility is reusable relying on the circumstances. Normally, if you have got paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for added use. Additionally, on a one-time solely basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to get restoration of eligibility, the veteran must send VA a completed VA Form 26-1880 to at least one of the VA Eligibility Centers. To forestall delays in processing, it is additionally advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in association with an acquisition of the property or refinance of the previous loan.

What are the negatives of a VA Loan?

VA loans made prior to March 1, 1988, can be assumed with no qualifying of the new buyer. If a buyer of such a property defaults, the veteran homeowner could be responsible for funds. Some sellers might be hesitant to figure with someone who is acquiring a VA loan as a result of their past name of taking longer to process than typical loans. Whereas the time could still be a very little longer, getting a VA loan is not the lengthy ordeal it once was. Sellers are typically asked to pay a portion of closing costs, thus they may not be eager to barter the sales value of the home.

What are the advantages of a VA Loan?

  • 100% financing, no down payment loans are common.

  • No Non-public Mortgage Insurance (PMI).

  • No penalties if you prepay the loan.

  • Competitive interest rates.

  • Loan qualification is typically easier than if you were applying for a standard loan.

  • Sellers are able to pay all closing costs.



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