
You Can Buy a Home in 2020 with These Low Income Mortgage Programs
Low Income Home Loan Options Give You Hope Thanks to the many low income home loans available in the market today, you can be a
No Money Down VA Home Loan
* No Money Down!
* Fast Close!
* No PMI Insurance
* Can be used multiple times
* Purchase, Refinance ,Cash Out Re-finance!
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CambridgeHomeLoan.com is #1 VA lender Florida.
A VA loan Florida is a home loan offered by private lenders and guaranteed by the U.S department of veterans’ affairs. It enables U.S veterans, the active-duty service members, widowed service members’ spouses Veterans and national guard to buy a home.
VA loans were introduced as part of the GI Bill in 1944 to help the veterans, and they have become popular over time. In early 2019, 8% of homes were acquired using a VA loan. This loan type has become increasingly popular because it is easy to qualify with no down payment required and low closing costs.
VA home loan Florida is a non-conventional home loans. Since the VA loans are government-insured they do not have the conventional mortgage underwriting guidelines that you get from conventional banks.
The VA Loan are easy to get since the banks assume less risk than conventional loans. This means that the U.S department of veterans affairs undertakes to repay a part of the loan to the lender if you are unable to make payments or if you face foreclosure.
To get a VA loan Florida, you must be military personnel and meet the VA’s specific service needs. For you to be eligible, you must fall in any of the following three categories:
When applying for a VA loan in Fort Lauderdale Florida, you need to get a Certificate of Eligibility “COE” or you can provide us with your DD-214 and we will order your COE for you. The COE lets us, the lender know what you qualify for.
VA Loan Florida Benefits
In addition to 100% financing of a home purchase, VA Home Loans do not have private mortgage insurance (PMI). Most VA loans are 30 year fixed rate loans at interest rates comparable to conventional 20% down loan programs. The Veteran home buyer’s closing costs can be paid by the seller, and VA Loans have lower minimum credit score requirements.
VA Loan Florida Requirements
VA Home Loan eligibility is dependent on when and how long you served in the Military, National Guard or Reserves. Most Veterans and Active Duty service members will be eligible if they have served for 181 consecutive days during peacetime or 91 consecutive days during wartime.
Being eligible for a VA Mortgage loan is only part the requirements needed to obtain a Veterans Affairs mortgage. In addition to being eligible, a Veteran or Active Duty service member must meet the income and credit requirements to qualify for a VA Loan. These requirements are less stringent than conventional loans
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