As a US Navy veteran I take great pride in helping fellow service men & women, from all branches of service, Navy , Marine Corps, Army Air Force & Coast Guard Achieve their dream of home ownership. Weather you are active duty, a US Veteran or retired it is important to understand one of the most important benefits provided to you by the USA Government; the VA Guaranteed Loan! The Department of Veterans Affairs does not make any loans, instead they provide a guaranteed to banks and other lenders for lending you money to buy a home. What is a VA Guaranteed Loan? You can use you VA- Guaranteed loan to: VA Guarnteed loans are made by private lenders, such as banks, savings & loans, and mortgage companies. As with any loan you must apply directly to the lender. Your real estate agnet/broker can help you in finding a VA approved lender. When the loan is approved, VA will guarantee an amount equal to 25% of the Freddie Mac conforming loan limit for single – family homes. For the state of Florida that loan limit is currently $417,000. These limits are subject to change each year. Because of the VA guarantee, you are able to purchase a home with ZERO money down! With a great real estate agent representing you interested as a buyer you are also many times able to negotiate terms for the contract which may include the seller paying your closing costs in an amount not to exceed 4% of the purchase price. This allows the Veteran to buy a home many times with no or very little money out of pocket. Who is eligible? Generally, the following persons are eligible: How can you apply for a VA Guaranteed Loan? You can apply by having a VA approved lender obtain your Certificate of Eligibility by completing VA Form 26-1880, Request of Eligibility for VA Home loan Benefits. The certificates are issued by VA’s Loan Eligibility Center in Winston-Salem, North Carolina to eligible persons who apply for the certificate. The eligibility center can be reacehed by calling toll free at 1.888.244.6711 or online at http://www.homeloanss.va.gov/elegibility.htm Often times, your lender may be able to access VA’s secure web site and obtaing the certificate for you.
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