Are you a United States veteran or someone that is currently serving our nation in the military and interested in becoming a homeowner? The United States Department of Veterans Affairs, (or VA), offers an excellent type of mortgage solely intended to assist military servicemen or women who have served our country buy a property. If you currently are or have previously been affiliated with the United States military and interested in owning a home in Palm Beach, Tri-County, or Broward County, Florida, CTC Mortgage can help. Read on to learn more about becoming a homeowner with VA loan financing.

What Are VA Loans?

VA loans are issued by a private lender, but are backed by the Department of Veteran Affairs. Because they are insured by a division of the government, private lenders are guaranteed to be paid back if a borrower is unable to pay for the loan. Therefore, lenders are able to offer very favorable loan terms and rates. VA loans were originally created after the second World War in order to assist returning servicemen and their families the chance to purchase a home and pursue the American Dream. To this day, VA loans continue to help military service people and veterans become homeowners by requiring no down payment, (or a very inexpensive one), they offer low interest rates, and have lower credit scores.

What Are The Benefits Of A VA Loan?

There are several advantages to obtaining a home with a VA loan. First of all, zero down payments are available for qualifying borrowers, and the interest rate costs are typically much lower than other loan types. Also, since there are no penalties for prepayment, a borrower may be able to pay off the VA loan early, and closing costs for VA loans tend to be substantially lower than other more traditional loans. VA loans also do not require private mortgage insurance, (PMI), and there are VA advisors available to assist borrowers in the event that they are unable to make loan payments. VA loans can also be refinanced for better rates and terms, there are options for foreclosure avoidance, and no loan limits for qualified borrowers.

VA Loan Application Requirements

There are specific requirements that must be met in order to qualify for a VA loan, including:

• You must be an active military service member or be a military veteran
• You must be a National Guard service member with six or more years of service
• You must be a single spouse of a veteran that died during military service or from an injury related to that service

If you have served our country and are interested in buying a home with a VA loan in Palm Beach, Tri-County, or Broward County, Florida, contact CTC Mortgage today for a consultation.

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