Orlando Real Estate News

Introduction to the VA Mortgage

Many Veterans are not aware of the ins and outs of the VA Mortgage program.  It is important to know the exactly what the benefits are and what is involved in  the process of qualifying. 

The Department of Veterans Affairs (VA) guarantees loans that enable qualified veterans, reservists, and active-duty service members to obtain a VA Mortgage. A VA loan allows veterans 100% financing without utilizing private mortgage venues.

Read Also:  FHA changes make it more challenging to qualify for an FHA Loan

Active Duty Military/Veterans and their families have been the focus of many programs sponsored by the U.S. Department of Housing and Urban Development (HUD) - even before HUD became a Federal Department. After the Second World War, Federal Housing Administration (FHA) mortgage insurance was used in conjunction with the Veteran's Administration mortgage guarantees to aid returning veterans in achieving home purchase.

Applications to determine if you qualify for a Certificate of Eligibility can be obtained by submitting the governmental form VA Form 26-1880 - Request For a Certificate of Eligibility For Home Loan Benefits.  Your lender can process your request if you do not currently have your certificate using the system ACE, which will determine your status.

The Plus side of a VA Mortgage

• No down payment
• No PMI - Private Mortgage Insurance
• Loan amounts up to $417,000
• Assumable mortgages
• Relaxed credit qualifications

Eligibility Requirements

• Honorable Discharge
• Widow/widower of eligible service member or spouse of an MIA or POW
• Wartime service - a minimum of 90 days active duty
• Peacetime Active Duty of 181 continuous days
• Current Active Duty State or a valid VA Form DD214
• Reservists need six years of active duty or deployment in a combat zone of 90 days or more

Veterans certainly should look into the possibility of a VA Mortgage - it is a benefit that has been well earned and is well deserved. 

If you are wanting to sell your Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.

We're experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.

Related Posts