Cape Coral VA Mortgage
VA home loan guarantees are an important benefit for military personell and their families. These loans are guaranteed directly by the Veteran’s Administration and help enable active, retired and spouses of deceased military personell obtain their dreams of home ownership. There are several features of VA loans that many people are not aware of. Some of these include:
- Low or no down payment – Many people are not aware that VA loans does not require a down payment. In fact, private mortgage insurance is never required as VA loans do not have MI payments. The VA does have a funding fee that can be financed into the loan amount.
- Higher debt to income ratios – While Fannie Mae loans are typically limited to a 41-45 percent debt to income ratio, VA loan guarantees may allow home buyers much more than the conventional debt to income guidelines. This can be a significant difference when you are purchasing a home.
- Maximum interest rates – One feature that many people are not aware of is that interest rates for active military personell may not exceed six percent. This is part of the Servicemembers Civil Relief Act which helps protect active military members from specific actions including foreclosures, garnishments, attachments, evictions, and judgments.
Determing VA eligibility
If you are considering a Cape Coral VA home loan, we can help you determine your eligibility. At Core Mortgage Financial, we are able to immediately request a certificate of eligibilty directly from our computers while you are in our office or on the phone with our loan agents. We can help you find a lender who will help you with your home purchase loan and make sure that you understand the VA loan process. We will sit down with you and explain the Cape Coral VA mortgage process.
If you are searching for a Cape Coral VA mortgage, call us today. We will help you through the entire loan process from filling out the application, obtaining your certificate of eligibility and understanding VA funding fees.
You can apply online using this contact form. Alternatively, you can call our office and speak with a VA mortgage expert at 239-431-5889.
This article is for informational purposes only. Rates, programs, guidelines are subject to change without notice. NMLS #849597