Are you Eligible for a VA Home Loan?

by | Oct 7, 2016 | Finance

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VA home loans in Jacksonville, as in other parts of the country, offer several big advantages over conventional or traditional mortgages. Some of these benefits include:

*     Lower interest rates
*     No private insurance requirements
*     No down payment required

Through dedicated military service, members and veterans qualify for a VA home loan and can take advantage of the many benefits the program offers. It is designed specifically for men and women who have served our country, but there are some requirements – not everyone is eligible.

There are some specific conditions borrowers must meet in order to be considered for the VA loan.

You may be eligible if you meet at least one of the following criteria:

*     You have served 90 consecutive days during wartime
*     You have served 181 days during peacetime
*     You have at least 6 years of service in the Reserves or National Guard
*     You are the spouse of a member who has died in the line of duty or has a service-related disability.

To prove that you are eligible for a VA home loan, you must obtain a Certificate of Eligibility, or COE. You don’t need the certificate to start the loan application process, but you will need it to finalize the financing.

If you’re not sure where to obtain a COE or whether you’re eligible, your mortgage broker can help you through this process. These are professionals who work with borrowers of all types, including military service members. They understand the process and the paperwork you’ll need to buy your dream home as fast as possible.

Talk to a mortgage broker today to find out how you can purchase your home with no money down, a competitive interest rate and no extra private insurance fees. After serving your country, you deserve to own a piece of it!

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