Among some of the best and easiest to obtain benefits for veterans is the VA loan program. Most servicemen and women do not even know about this program letalone all of the features that it offers which can make their homeowning experience better and more affordable. With the right information along with meeting the Veteran’s Administrations qualifications, you could save thousands of dollars on your next home. Getting a VA loan for your next Fort Lauderdale home could be the best option for you.
The Veterans Administration Loan Program
This is a program that was implemented by the US Department of Veterans Affairs and is part of a veterans VA benefits package. A VA loan is designed to help alleviate some of the upfront costs associated with purchasing a new house making it more feasible for the average service member to be able to afford a home.
Though the VA created the program, the Department of Veteran’s Affairs does not issue the loans. You will have to find a local VA lender who can assist you with completing the VA Loan application process. Here at NHL Lending, we are one of the most reputable lenders for Fort Lauderdale VA loans.
Who Qualifies for the VA Loan Benefit?
The VA sets the guidelines for who can receive this benefit. Due to it being a benefit for veterans, you must have served in the military or bethe spouse of someone killed due to an injury or disability during the line of duty. Some of the qualifications are listed below.
A current active duty service member
A reserves member
A national guard member
A surviving spouse
There are more details regarding time served and eligibility for the VA loan on the VA’s web site. Additionally,you will need a certificate of eligibility (COE) filled out from the proper channels. You can gain access to this online as well, or your lender can help you start the process of obtaining this document.
Reasons To Consider a VA Loan
The VA loan program provides a multitude of positive features. While each person will find some of the benefits better than others, here are some of the best reasons to look at this program.
There is no down payment required. This means that there is minimal if any upfront costs for you as a borrower. If you can qualify for this program, it can allow you to move without saving much beforehand.
Optimal VA loan rates offered
Ability to finance closing costs
No private mortgage insurance requirements
No prepay penalty if you pay off your VA mortgage early
Further mortgage assistance may be available if the borrower finds themselves in a financially difficult situation in the future.
Beyond VA Requirements
Because the Veteran’s Administration is not actually writing the check, it is not only their requirements that must be met. Your lender will also have specific qualifications, including:
Debt to Income Levels
Despite being qualified through the Veterans Administration and getting your COE, you could still be denied a loan by a lender if you do not meet their financial guidelines as well. Be sure to work closely with your lender and provide them with the best and most up-to-date information possible so that they can advise you to the best of their ability.
Finding a VA Lender in Fort Lauderdale
You can shop around and do web searches for Veterans Affair loans the same as you would any other type of mortgage. Talking to friends and other military personnel that you know can help you decide what lenders you may want to work with as well. When trying to locate the perfect financial institution remember to ask them how much experience they have with the VA program. Inexperienced lenders may not fully understand the regulations and differences associated with a VA loan which can cause confusion and lead to you missing out on this great benefit that you might otherwise be able to take full advantage of.
Consider Getting Your VA Home Loan Through NHL Lending
Here at Kloze, we offer some of the best VA loan rates in Fort Lauderdale, and our mortgage team is experienced and well versed in the requirements put in place by the Veteran’s Administration. With our knowledge regarding VA home loans, we can help you qualify for the benefits you deserve. If for some reason, the VA mortgage is not the right fit for your situation, our loan specialists can discuss other options to help you achieve your dream of becoming a homeowner.