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VA Loan Sarasota
VA stands for Veterans Affairs. The U.S. Department of Veterans Affairs created a military serviceperson loan guarantee program in 1944 to enable active and returning military service members & their surviving spouses to purchase homes in cases where private financing is not generally available and help our service members realize the dream of home-ownership with no down-payment.
The VA Loan Guarantee Program was expanded in 1992 to expand the eligible pool of borrowers to also include National Guard personnel and Reservists. The VA Loan Guarantee program guarantees mortgages made by approved VA lenders to military personnel and their spouses.
Cambridge Home Loan is #1 VA Loan lender in Sarasota. 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 Sarasota real estate market. We are serving all of Sarasota zip codes including zip code here
Not just Sarasota VA Loan, we are offering following loans as well:
What Is A VA Loan?
A VA loan is a home loan given by private 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 to buy a home. VA loan 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.
How Does A VA Home Loan Work in Sarasota, Florida?
VA home loans are non-conventional home loans. Since the VA loan are government-insured they do not have the conventional mortgage system that you get from banks and other lenders.
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 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.
Looser 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.
Expert Mortgage and Investment Real Estate Advice
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