Veterans Can Buy a Home With Zero Down Payment
When veterans return from a deployment, the last thing they should have to worry about is going through difficulties when buying a home. For veterans in the market for a new home, an experienced South Florida real estate professional can serve as a guide through the process, advising them of the opportunities available to ease the financial burden. For instance, both active and retired U.S. military can get a loan backed by the U.S. Department of Veteran Affairs (VA) with no down payment, bringing them one step closer to their dream home.
What Does a VA Loan Offer?
Surprisingly, VA loans are not made by the VA. Instead, mortgage lenders give these loans which are then backed by the VA. This means that lenders are able to offer more flexibility with these types of loans. VA loans can only be used for a primary residence. They include up to 100 percent financing of a home’s valued up to $1 million depending on the area. These mortgages also provide the ability to finance other things such as the bulk of the closing costs and the one-time VA funding fee required on all VA loans. Unlike other government-backed loans, like Federal Housing Administration loans, VA loans do not come with any mortgage insurance. The absence of high insurance fees translates into hundreds of dollars saved per month.
Who Is Eligible for VA Loans?
- Active duty service members
- Current National Guard or Reserve member who has or has never been activated for federal active service
- Former National Guard or Reserve member who has been activated for federal active service
- Discharged member of the National Guard or Selected Reserve who has never been activated for federal active service
- Surviving spouse who is or is not receiving Dependency & Indemnity Compensation (DIC) benefits
Those who qualify to receive VA loans will need to provide their lender with a Certificate of Eligibility (COE) to verify they are legally entitled to such benefits. VA lenders can help those who are able to obtain a COE and find a loan.
How Can Stein Posner Help?
After acquiring a VA loan, veterans and active service members who are looking for a home in South Florida can work with our team at Stein Posner. Our team of experienced South Florida real estate professionals will guide you through the home purchasing process.
Stein Posner is committed to giving back to our community heroes, including veterans and military members. Through our Community Heroes Program, we have partnered with local mortgage companies, home inspectors, title companies, and moving companies, to provide cash credits at closing for our community heroes.