Have you or your spouse served in the US military? Are you thinking of buying a home in Brevard County where you can make memorable moments with your family? If yes, then VA mortgage loans may be the best option for you if you are eligible.
VA mortgage financing product is exclusively designed to make it easy for both active and retired military members to realize their dream of home ownership. This loan is offered by Florida-approved lenders, banks, and brokers to eligible American veterans and to the surviving spouses of veterans provided that they do not remarry.
The Department of Veterans Affairs oversees the VA military loan program and also guarantees a certain portion of each loan, in case of default. In other words, if the veteran fails to make monthly payments and defaults, the Department of Veterans Affairs pays the lender a portion of the loan balance. VA is the only loan program available in Melbourne and Titusville that offers 100% financing with no down payment. Let’s look at some other benefits below:
- Loan Limit
In Brevard County (Melbourne, Titusville, Cocoa Beach) qualified veterans can finance up to $726,200 without any down payment through the standard VA purchase program. VA Jumbo loans permit even higher loan amounts to $4m.
- No Private Mortgage Insurance
This is a huge benefit as VA loans are backed by the Department of Veterans Affairs. Banks and lenders don’t require home buyers to purchase Private Mortgage Insurance, unlike conventional loans, in which PMI is a requirement.
Qualification Requirements for a VA Home Loan
If you are a military veteran or a spouse of a veteran; then you definitely have a high chance of qualifying for the VA loan, but that’s not the only requirement. The four general areas that are used to determine an applicant’s eligibility are service history, credit history, income requirements, and property requirements.
VA Service History
Before you can apply for the VA loan, you must first obtain a Certificate of Eligibility (COE) from the Department of Veteran’s Affairs if you don’t have it already. We can also assist you with this as well, just call us at ph: 800-743-7556 or just submit the quick Info Request Form here for assistance.
You can qualify for this certification if you meet any one or more of these requirements:
- You have served at least 90 consecutive days during wartime
- You have served more than 181 days during peacetime
- You have served at least 6 years in the National Guard/Reserves
- You are a surviving spouse of a US military member who died in the line of duty
Credit History
- Your FICO credit score should be 600 or higher to be considered by most banks and lenders in Florida
- No outstanding federal liens
- If you have had a foreclosure or short sale, then to qualify for the VA loan, at least 4 years must have passed before you apply. 2 years apply for Chapter 13 and Chapter 7 bankruptcy discharge. This requirement can vary as different mortgage companies have their own in-house rules or “overlays”
Income Requirements
- Your debt-to-income ratio should not exceed 45 percent or so for housing expenses
- You must have a decent amount of residual income after all debt payments are made
- Solid two-year job history within the same line of work is often preferred
Property Requirements
For your property to qualify for VA financing, it must first pass the VA appraisal requirements; such as:
- The roof should be in good overall repair
- It must have adequate heating and cooling
- Plumbing and electrical systems must be in good condition
- The property must be free of major safety-related defects
- Mobile or manufactured homes are eligible on a case-by-case basis
If you meet the VA criteria, you can easily apply for your VA loan in under 30 min. Just call us at ph: 800-743-7556 or just submit the quick Info Request Form on this page. We serve all of Brevard County – Cocoa Beach, Indialantic, Indian Harbor Beach, Malabar, Melbourne, Merritt Island, Micco, Palm Bay, Palm Shores, Port St. John, Rockledge, Satellite Beach, Suntree, Titusville, Valkaria, Melbourne, Titusville VA Home Loan