As a US military individual earning laurels on the battle front, it is also important that you allocate some of your precious time towards fulfilling some basic needs towards your family. You will have to fulfill some basic responsibilities towards your spouse and even have to arrange for a home. Now, it is here that we would love to tell you that being someone associated with the US military; your options are slightly different from the civilians. It is just plain and simple that they do not have access to the VA loan. It is a special loan meant for current, ex US military personal and their spouses. Hence, it is quite natural that your VA home loan rates in Florida are sure to be the lowest amongst known lenders. Moreover, one of the key highlights of a VA is that, it is guaranteed by the government of the day and just in case you fail an installment, there will be no one to bother you.
Every year, many of veterans in Florida apply for a VA Home Loan. However, it is also seen that not many people know as much as they should before applying for a VA Loan. This is the reason they fail to get most of the benefits of the VA Home Loan Guaranty Program. In the following post, we would be looking at some of the facts about the VA Program that most Floridians might not know.
You Can Get a VA Loan to Buy a Land
Most people think twice before applying for a VA for buying land. Well, as it stands now, you can buy a land with the money from a VA Loan. However, you must build a home on that land and you must certify that you would take up residence in the property. You cannot buy a land with a VA with the intention of selling or building a house later.
You Can Get a Loan Amount That is Greater than Your VA Loan Limits
Most people think that they wouldn't get a loan amount that is higher than 4 times the VA Loan Limits in their county. However, it is not necessarily that way. There are some reputed Lenders in Florida who offer VA Jumbo Loans Florida, where you can get an amount that is higher than what your loan limit 'permits', so to speak. To know more about VA Jumbo Loan Limits Florida, you can get in touch with your nearest VA Approved Lender.
It is a Good Idea to Have Your Spouse Co-Sign the Loan
It would really be a good idea to make your spouse as your co-borrower, irrespective of whether your spouse is a veteran or not. Firstly, your combined credit score would increase your chances of getting a better deal from VA Lenders. This would also help the non-veteran spouse to get a VA Streamline Refinance if the veteran who borrowed the loan dies before paying off the loan.
There are many other things that you might know about the VA Home Loan Program. So, get in touch with a reputed VA Loan Lender in Florida today and get all the information that you need to get the most of the benefits that you are rightfully entitled to.