Veterans Affairs Loans
Are you a veteran looking to purchase a home in Clearwater, Miami, or Orlando? Let us help you apply for a Veterans Affairs (VA) loan and answer all your questions about financing your home!
What is a VA Loan?
The VA home loan program helps veterans finance their homes with favorable loan terms and at a lower rate of interest than other types of loans offer. VA loans provide equal assistance to all veterans regardless of race, color, religion, sex, handicap, familial status, or national origin.
Why Should You Consider a VA Loan?
If you are a veteran seeking to buy a home, the VA program offers numerous benefits:
- No down payment—VA loans do not require a down payment in most cases. Exceptions include when the lender requires a down payment, when the seller asks more for the property than it is reasonably worth, or when the loan includes graduated payment features.
- Competitive interest rates—VA loans offer fixed interest rates that are often lower than interest rates for conventional loans.
- Limited Closing Costs—There are certain closing costs veterans do not have to pay when financing a home (such as attorney fees, underwriting fees, and tax service fees).
- An assumable mortgage—A subsequent buyer may assume the mortgage. The VA or lender must approve the assumption for all loans closed since March 1, 1988.
What Should You Know About VA Loan Repayment Terms?
VA loans specify that loan amortization (repayment) terms include:
- Right to prepay without penalty—Lenders may stipulate the minimum amount for prepayments (usually 1 monthly principal payment or $100).
- Warranty from the builder—If VA inspects the house during construction, the buyer receives a warranty from the builder and VA
provides assistance in obtaining the builder’s cooperation in the case of a justified construction complaint.
- Forbearance during temporary financial difficulty
Ready to Buy?
Call today to speak with one of our home mortgage experts about applying for a VA loan! We will walk you through the process and ensure that you receive the best possible rates for your loan.