The VA Mortgage program is made available to qualified and eligible Florida Veterans through private lenders such as banks, mortgage brokers and direct lenders. VA loans bring certain guarantees to a portion of the mortgage process allowing the lender to be protected against losses if the borrower defaults. This means that eligible Veterans may obtain VA financing for their home purchase or refinancing opportunities of their current home. This normally includes a “no down payment” toward the financing of a home purchase. You also eliminate the need to pay monthly mortgage insurance while receiving a very competitive interest rate comparable to a conventional mortgage that requires some type of down payment. A “Funding Fee”, which is determined by how many times you’ve used your VA loan options, is rolled into the loan and can be paid ahead of time if one so chooses.
Active Duty: Active Duty personnel are eligible after having serviced on continuous active status for at least 90 days.
Prior Service: Prior Service personnel are eligible only depending on whether service occurred during Wartime or Peacetime.
Wartime Service: War service personnel must have served at least 90 days on active duty and been discharged or released for any reason other than dishonorable conditions. If service was less than 90 days they may be eligible if discharged because of a service connected disability.
Peacetime Service: Peacetime Service personnel must have served at least 181 days of continuous active duty and been discharged or released for any reason other than dishonorable conditions. If service was less than 181 days, they may be eligible if discharged because of a service connected disability.
Two Year Requirement Period: If the Veteran’s period of service was between September 7, 1980 (or October 16, 1981 for officers) and August 1, 1990, the Veteran must have completed 24 months of continuous active duty or the full period (at least 181 days) for which the Veteran was called or ordered to active duty; and he must have been discharged or released for any reason other than dishonorable conditions.
Select Reserve: If they are not otherwise eligible, members of the Selected Reserve are eligible if they have completed at least 6 years in the Reserves or National Guard, or been discharged because of a service connected disability, and one of the following:
STEP 1: APPLY FOR A VA LOAN
Applying for a VA loan is the first step in your quest for home ownership or refinancing. Once you are pre-qualified for a home loan you will be able to tell what price range your are qualified for allowing you to decide on the type or location of the home you are needing. Apply for a VA loan now!
STEP 2: FIND YOUR NEW HOME
Once you are preapproved you may now begin the exciting part of finding your dream home. But how do you know where to begin? With over five millions homes available through Keller Williams finding your home can become overwhelming. This is where having the best agent for your area of home search is crucial. Experienced agents will have important questions to begin the home search process. You will be asked question such as where would you like to live, what size home do you need, are you looking for a new home or a fixer-upper and what type of amenities are you interested in. These are just a few questions that will come your way but KW agents know exactly how to approach the home locating process. Begin your home search now
STEP 3: PERFORMING DUE DILIGENCE
Once your offer is accepted your excitement level will be sky high. But don’t get too excited quite yet. Our agents know that just because a home seems like the perfect fit your you there is always one crucial step to confirming how perfect or imperfect this home could be. Property inspections are necessary when it comes to finalizing your home purchase. We highly recommend you attend your home inspection that could potentially expose hidden issues that could make or break the deal you’ve been working on. This is the time when you get to know what you are truly getting into before you sign closing papers. Looking for structural damage from water, ground shifting or poor construction will be of high concern. Other things that the inspector points out could be minor and nothing to be alarmed by. Your real estate agent and lender work together to assure that no missing steps have been skipped over. You will provide a copy of the purchase contract and all paper work required for disclosures is prepared for your signatures. See Our Preferred Lenders
STEP 4: CLOSING OF YOUR HOME
Once your inspection process is complete you can let out a huge sigh of relief. Before you can finalize your home buying process you will need to initiate a few pre-closing responsibilities. These include staying in control of your credit and finances, keeping in touch with your agent and lender, processing all paperwork, conducting your final walk-through of your home with your agent and communicating with your home insurance company and lender that you have the certified funds, settlement statement and evidence of insurance prior to closing. FINANCING STEPS
You’ve made it! But not without the help of a licensed real estate agent. We would love the opportunity to work with you from beginning to end in finding your dream home. Contact Team Kristen Schramme now!
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