Florida VA home mortgage is a home loan offered by private Florida VA approved mortgage lenders that are backed by the Department of Veteran Affairs (VA) so that the process of obtaining a VA mortgage can become easier for Florida veterans. The funds are lent by the VA approved Florida mortgage companies themselves but the VA guarantees from the mortgage help veterans them in finding reliable Florida mortgage financing..
Who is Eligible for a Florida VA Mortgage Loan?
There are four types of Florida veterans That can apply for VA mortgage. These include:
• Reservists or members of the National Guard.
• Spouses of certain veterans that are now deceased.
• Veterans who have served with the U.S. armed forces.
• Military men which are on active duty.
Not every Florida veteran is eligible for a VA mortgage loan. In order to be eligible, veterans require:
• A stable means of income.
• A valid Certificate of Eligibility (COE).
• Sufficient and consistent credit background.
The Florida VA-guaranteed loan is granted only when the Florida house is the veterans primary residence. Moreover, the funds can be used to buy the house, develop it or to make improvements in it, as per the requirements of the client.
For the obtainment of a Certificate of Eligibility, Florida service men and women of the armed forces and veterans need to have completed specific time durations of service. On the contrary, the requirement criteria for the spouses of veterans to obtain a home mortgage is slightly different. It includes:
• Spouses who have remarried after reaching the age of 57.
• Spouses of those veterans who are still alive but have been disabled during service.
• Spouses of veterans that are now deceased who have not remarried.
• Spouses of veterans who have gone MIA or are POWs.