What is an VA Loan
The Veteran Affairs (VA) Loan is a great choice for military veterans and their families to qualify for 100% financing of a home purchase/refinance. This program is provided by Lending Hand Mortgage (NMLS #373538), one of the most experienced mortgage companies in Florida, through participating lenders at competitive interest rates.
When you want to speak with a mortgage originators in one of our offices in Florida, we are prepared to assist you. Our offices are conveniently located in Palm Harbor/Tampa, Jacksonville, Cape Coral, Destin and Bradenton.
VA loan qualification requirements
All veterans seeking a VA loan need to gain a certificate of eligibility from the Veteran’s Administration. Loan Specialists at Lending Hand Mortgage (NMLS #373538) would be happy to help! Call our one of our offices, or get pre-qualified online today to receive help from a mortgage originator. As one of the most dedicated mortgage companies in Florida, we understand your needs.
See how the VA Loan compares to a traditional home mortgage:
Up to 20% Down
Conventional loans generally require down payments. It can reach up to 20% to secure a home loan.
Since VA Loans are government backed, banks do not require you to buy Private Mortgage Insurance.
Private Mortgage Insurance is a requirement for borrowers who finance more than 80% of their home’s value, taking on additional monthly expenses.
Competitive Interest Rates
The VA guaranty gives lenders a greater sense of safety and flexibility, which typically means more competitive rate than non-VA loans.
Increased Risk for Lenders
Without government backing, banks are taking on more riskThis in turn, can result in a less competitive interest rate on your home loan.
Easier to Qualify
Because the loan is backed by the government, banks assume less risk. Therefore, less stringent qualification standards for VA Loans, making them easier to obtain.
Standard Qualification Procedures
Conventional options this means stricter qualification procedures. That can put homeownership out of reach for some homebuyers.
Who qualifies for a VA Mortgage Loan?
- Active-duty personnel
- Surviving spouses of veterans
Please note: The length of your service or service commitment and/or duty status may determine your eligibility for specific home loan benefits.
What are the benefits of a VA Home Loan?
- Zero down payment
- No monthly mortgage insurance premiums
- 100% financing towards purchasing a new home, refinancing a current mortgage, or improving an existing home
- Closing costs may be paid by the seller
- VA rules limit the amount you can be charged for closing costs
- Can be used more than once
What properties qualify?
- 1-4 unit residential properties
- Approved condos
The iServe VA Home Loan Program
- 100% Purchase Financing
- 100% Cash Out Refinance
- Up to 135% LTV on Interest Rate Reduction Refinance Loan (on an existing VA loan)
- VA Adapted Housing Grants
Don't Forget About Your Closing Checklist
As the buyer and borrower, you will have items on your checklist that are required by your lender, the seller, and even the title company.
The closing checklist covers all the fees to be paid, the information to be provided, and the disclosures to be signed before the title is conveyed to you. Having this checklist ready helps you stay on track as a buyer, and ensures that your closing goes the way you expect.
All parties at the closing should have valid ID.
POLICY OF TITLE INSURANCE
You must pay for title insurance that guarantees the property is free of previous claims or liens.
Before you can close on the property, you need to secure homeowner’s insurance, which insures the property in the case of damage.
You must bring all funds agreed upon, in the form of a cashier’s check or via electronic wire. This is waived if you selected to finance the closing fees.
Take the time to discuss the items on your checklist with our loan officers, to make sure you forget nothing. You will have the peace of mind that after the closing settlement and you’ll be able to move into your new home.
Why a Lending Hand Mortgage professional?
Lending Hand Mortgage (NMLS #373538) prides itself on providing unparalleled customer service and earning satisfied clients. Our purpose? Satisfy the mortgage needs of our customers and exceed their expectations.
We work with underwriters and loan processors from the application date until closing to gather necessary documentation and guide the file through the approval process.
Our mortgage loan originator is your main point of contact throughout the entire home loan process.
First and foremost, our loan officers are committed to a height standard of honesty and integrity.