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You can count on us to act in your best. Mortgage Biz of Florida brings a multitude of residential mortgage loan options to the table. Most importantly, we will have you approved for a residential mortgage loan on time.
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Veterans, active duty service members, National Guard members and reservists must meet the basic service requirements set forth by the Department of Veterans Affairs. Spouses of military members who died while on active duty or as a result of a service-connected disability may also be eligible.
Ultimately, it’s up to the VA to determine eligibility for the home loan program, but prospective borrowers can get a good idea by looking at the VA’s basic eligibility guidelines.
VA Residential Mortgage Loan Qualifiers:
|Loan Amount||0% Down||5% Down||10% Down||20% Down|
Many conventional lenders require borrowers to pay private monthly mortgage insurance unless they’re able to put down at least 20 percent, which is a tough task for many veterans. Private mortgage insurance (PMI) is an insurance that protects lenders in case of a borrower default. However, VA loans do not require you to purchase PMI. This is because the federal government backs all VA Loans and assumes the risk on behalf of the borrower that is typically covered by the PMI. This VA Loan advantage allows you to build more equity in your house, effectively saving you thousands of dollars.
Interest rates on home loans are based on the risk assumed by the bank to finance the loan. VA loans are considered less risky by financial institutions because of the Veterans Affairs guarantee. Moreover, interest rates on VA loans are typically 0.5 to 1 percent lower than conventional interest rates. This translates in thousands of dollar in savings; for example, on a 30-year $300,000 loan, you can save around $50,000 over the life of the loanSavings start adding up significantly when you pair that lower interest rate with the ability to purchase a home with no money down and no private mortgage insurance. Contact us to learn more, there are great residential mortgage loan products available for veterans and active duty personnel.