When looking for an Orlando mortgage, it could be very beneficial to see if you qualify for a VA loan. A Veterans Affairs mortgage, also known as a VA loan, is a government issued loan that ensure that veterans and active military members can become homeowners. This loan became available in 1944 through the GI Bill of Rights enacted by President Franklin D. Roosevelt. He wanted the government to support all United States military servicemen by making loans more manageable with fewer financial requirements. VA loans in Orlando can be available to anyone who is eligible.
Eligibility
To be eligible for a VA loan, you need to be a member of the military, a veteran, on the reserves, or in the National Guard. You are eligible if you have served on active duty for at least 90 days during a time of war, or 181 days during peacetime. If you are enlisted in the reserves or the National Guard, then there is a minimum of a 6-year requirement. You are not eligible if you have been dishonorably discharged.
If a military member has died during active duty or has a disability from a service-related incident, then the spouse may be eligible for a VA loan.
In order to receive this loan, your Orlando mortgage broker will need to see a certificate of your eligibility.
Advantages
Once you show your eligibility, then you can reap the many benefits of a VA loan. This includes not having to pay anything towards a down payment. This alone can save you thousands of dollars since most conventional loans require at least 20% of the home’s price paid as a down payment.
You also do not need to get mortgage insurance. This is insurance that is paid for by the borrower to protect the lender from any defaults on the loan. Most government issued loans require mortgage insurance due to the low down payment requirements, however, a VA loan is exempted. There is also no minimum credit score requirement.
Get Started Today
As your trusted mortgage broker in Orlando, Florida, the Harper Mortgage Team can assist you and help you obtain a VA loan. Contact our office at 407-614-3095 to get started today!