The 411 on VA Loans

One of the many rewards of defending our nation is assistance in buying a home. For qualified individuals, the U.S. Department of Veterans Affairs guarantees mortgages, which makes it possible for approved lenders, like Choice Mortgage Group, to provide exceptional deals to current and former members of the military.

Who is Eligible for a VA Loan?

You are eligible for a VA loan if you belong to one of the following categories:

• Veterans
• Active-Duty Military
• Reserve Members
• National Guard Members
• Surviving Spouse. This category has a few caveats: surviving spouses are eligible if their spouse is a veteran who is missing in action, is a prisoner of war, was totally disabled and then died, died in service or due to a service-related injury and the spouse didn’t remarry, or the spouse didn’t remarry before age 57 or before December 16, 2003[1].

Another criterium is that you must use the home that you purchase as your primary residence. VA loans cannot be used to fund vacation homes or investment properties.

What are the Benefits of a VA Loan?

A VA loan allows buyers to purchase a home with no down payment. Typically, a down payment can costs tens or even hundreds of thousands of dollars. Using a VA loan allows you to purchase a home years before you would normally be able if you had to save up for a large down payment. For non-VA loans, buyers are required to pay for private mortgage insurance (PMI) if their down payment is less than 20% of the value of the home. For homebuyers with VA loans, there is no PMI, saving you money on your monthly payments. In addition to these benefits, VA loans tend to have better interest rates and terms than conventional mortgages.

It’s important to note that while there are no down payment or PMI requirements, you will still need to meet certain income and credit check requirements to qualify for a VA loan. Also, as with conventional loans, you will need to pay for a home appraisal and inspection, as well as closing costs, which include loan origination fees, application fees, real estate taxes, and a VA loan funding fee.

How Do I Start the Process for a VA Mortgage?

The first step is to secure a copy of your Certificate of Eligibility (COE) from the Department of Veterans Affairs’ eBenefits portal[2]. Your lending institution will verify this certificate during your loan application process, but it’s a good idea to obtain one ahead of time to ensure there are no surprises later on. Once you have your COE, contact Choice Mortgage Group and one of our experienced loan originators will walk you through the process of securing your VA loan and purchasing your new home.

Since 1995, Choice Mortgage Group has been providing homeowners with the best real estate financing programs available. As a licensed lender, we offer a wide variety of services and programs that satisfy the unique needs of each of our clients.

Specializing in residential mortgage lending for over 25 years, our programs include conventional and government lending, purchases, and refinances. We also offer portfolio lending for self-employed borrowers and borrowers with complicated tax situations. South Florida is where Choice Mortgage Group started, and we like to call it home. We are devoted Florida Atlantic University Owls fans and are proud to be the official mortgage lender of FAU Athletics. We also support numerous other local organizations. For more information about Choice Mortgage Group, visit www.choicemortgage.com.

Choice Mortgage Group

2424 N Federal Hwy, Suite 100

Boca Raton, FL 33431

(561) 395-6900

info@choicemortgage.com

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[1] U.S. Department of Veterans Affairs. VA Home Loan Programs For Surviving Spouses | Veterans Affairs. Accessed September 26, 2022.

[2] U.S. Department of Veterans Affairs. Eligibility Requirements For VA Home Loan Programs | Veterans Affairs. Accessed September 26, 2022.