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VA Loan Venice Florida
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 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 Venice, Florida?
VA home loan are non-conventional home loans. Since the VA loans 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.
What are the VA Home Loan Requirements?
To get a VA loan in West Palm Beach, 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:
- You are an active-duty service member or an honourably discharged veteran who has 90 consecutive days of active service during wartime or 181 days of active service during peacetime.
- You have served more than six years in the National Guard or the Selected Reserve.
- You are the spouse of a service member who died in the line of duty.
When applying for a VA loan, you need to get a Certificate of Eligibility to prove to lenders that you are qualified for a VA loan.
Key benefits of VA Home Loan that we provide
- Eligible homebuyers are not required to have a down payment in most cases – typically cited as the greatest benefit of a VA Home Loan
- No monthly mortgage insurance premiums or PMI to pay.
- Lower average interest rates than other loan types.
- No prepayment penalties.
- Limitation on buyers’ closing costs.
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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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.
Venice is a city in Sarasota County, Florida, United States. The city includes what locals call “Venice Island”, a portion of the mainland that is accessed via bridges over the artificially created Intracoastal Waterway. The city is located south of Nokomis and north of Englewood. As of the 2020 Census, the city had a population of 25432. It is noted for its large snowbird population and was voted as a top 10 Happiest Seaside Towns by Coastal Living. Venice is part of the North Port–Sarasota–Bradenton metropolitan statistical area.
According to the United States Census Bureau, the city has a total area of 16.6 square miles (43.1 km2), of which 15.3 square miles (39.5 km2) is land and 1.4 square miles (3.5 km2), or 8.19%, is water. The climate of Venice is Humid Subtropical, bordering very closely on a Tropical Savanna climate and features pronounced wet and dry seasons.
VA LOAN Venice
CambridgeHomeLoan.com is #1 VA Loans lender in Venice. We have gained our reputation as the fastest VA Loans lender in multifamily loans and bridge lending because we know how critical each day is in the competitive Venice real estate market. We are serving all of Venice zip-codes including 34284, 34285, 34286, 34287, 34290, 34291, 34292.CambridgeHomeLoan.com
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