Helping Veterans Find Homes
This month we honor our Veterans, active and retired, and their families. If you have served our country, there is a specific home loans and benefits that you may qualify for and we are here to elaborate.
When beginning the search for a new home, one of the first steps is to acquire pre-qualification from a mortgage lender. You can reach out to your local real estate agent for suggestions on local lenders or banks who can help explain the process and walk you through getting a home loan. If you are a service member, veteran, or eligible surviving spouse, you will speak with your lender about a VA loan.
Some key pieces of information about VA loans are:
The VA does not require a downpayment, although some lenders may
They boast ‘competitively low interest rates’
There are limited closing costs and no requirement for Private Mortgage Insurance (PMI)
This is a lifetime benefit, meaning it is not a one-time use
In addition to a home loan, there are refinance options, Native American Veteran direct loans, and housing grants available. In order to gain access to these benefits, there are eligibility requirements that must be met. When you speak with a lender they will gather information to see if you qualify for a VA loan.
To view additional information from the VA website, click HERE.
Another program offered here in Florida is the Florida Hometown Heroes Housing Program. This program allows eligible active military or veterans ‘lower than market rates on an FHA, VA, RD, Fannie Mae or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points and down payment and closing cost assistance.’ There are additional program details that you can find on their website if you click HERE.
If you are a service member or veteran we first want to offer our appreciation for your service and would love to walk through the process of buying a new home if you find yourself in that position.
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