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VA Loan Palm Beach Gardens
What Is A VA Loan?
A VA loan is a home loan in Palm Beach Gardens is provided by private mortgage lenders and secured by the U.S department of veterans’ affairs. It enables U.S veterans, the active-duty service members, and widowed service members’ spouses in Palm Beach Gardens and around the country to buy a home with fantastic benefits. 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 and does not need a down payment.
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How Does A VA Home Loan Work in Palm Beach Gardens, Florida?
VA home loans are non-conventional home loans. Since the VA loans are government-insured they do not have the conventional mortgage requirements that a conventional or FHA home would have.
The non-conventional home loans 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.
Benefits of VA Loan
- No Down Payment- This is far and away the VA loan program’s signature benefit. Qualified VA Loan borrowers can purchase up to a county’s conforming loan limit without a down payment. Those limits can change every year and are higher in more expensive areas.
- No Private Mortgage Insurance- VA loan do come with a mandatory funding fee that goes directly to the Department of Veterans Affairs. Borrowers with a service-connected disability are exempt from paying this fee, which helps keep the program going for future generations.
Easier Credit Requirements- Credit score requirements have started to thaw, but that hasn’t made life significantly easier for many military buyers. The credit benchmarks set by both conventional and FHA lenders can still be tough to hit. Thats another reason why mortgage banks are the best place to get your VA Home Loan.
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From your first investment real estate loan to putting together a portfolio loan for all of your investment properties, CambridgeHomeLoan.com is the resource that can help you from the very beginning of your investment career.
CambridgeHomeLoan.com can manage all of your real estate loans from ground up construction, spec houses to fix and flip and fix to rent home loans. When you want to get your price and close in just a few days to easy rehab draws that can help you get your project done on time and in budget. Give us a call today with your project outline and we can give you the possibilities.
CambridgeHomeLoan.com is #1 VA Loan lender in Palm Beach Gardens. We have gained our reputation as the fastest VA Loan lender in multifamily loans and bridge lending because we know how critical each day is in the competitive Palm Beach Gardens real estate market. We are serving all of Palm Beach Gardens zip codes including zip code here
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