If you’ve been honorably discharged from the military, or if you’re still serving, you may be entitled to use a VA loan to purchase a home in North Florida.
The VA doesn’t issue loans, but they do guarantee them – and as an honorably discharged or currently serving service member, the VA is willing to help you buy a house.
Who’s Eligible for VA Loans?
Honorably discharged former service members from any branch of the military, as well as those currently on active-duty in any branch and those in the reserve components, is eligible for a VA loan. Some military spouses are also eligible.
What is a VA Loan?
VA loans come from lenders, not the Veterans Administration. However, the VA backs these loans; that enables lenders to offer service members and vets more favorable terms than they may be able to get otherwise.
What Are the Benefits to VA Loans?
If you use your VA loan benefits, you:
- Don’t have to come up with a down payment, provided that the home’s sale price doesn’t exceed its appraised value
- Don’t have to buy private mortgage insurance
- Can’t be charged a penalty if you pay off the loan early
The VA’s rules limit how much you can be charged for closing costs, and the VA might be able to help you if you later have a difficult time making your payments.
You don’t need to be a first-time homebuyer to use your VA loan, and the benefits are reusable as long as you pay off one VA loan before opening another. If you later decide to sell your home, the loan is assumable; however, the person assuming your VA loan must be eligible for a VA loan of his or her own.
Are You Buying a House in North Florida?
Whether you’re looking for a home for sale in Lake City or you want to buy an equestrian property in the area, we can help.
Call us at 386-243-0124 or get in touch with us online today!
