Cape Coral VA Loans

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A Cape Coral VA loan is a mortgage loan offered by private lenders that are backed by the Department of Veteran Affairs (VA) so that the process of obtaining a home loan can become easier for vets. The actual money is lent by the mortgage companies themselves but the guarantees from the VA help them in locating reliable borrowers among the veterans.

Who is Qualified for a Cape Coral VA Home Mortgage?

There are four kinds of people who can apply for Cape Coral VA loans. These are:

• Veterans who served with the U.S. military.
• Military personnel who are currently active on duty.
• Member or reservists of the National Guard.
• Spouses of certain veterans that are now deceased.

Eligibility Requirements for Cape Coral VA Mortgages

Not all veteran is eligible for a VA mortgage. In order to be eligible, veterans require:

• Sufficient and reliable credit background.
• A solid means of income.
• A valid Certificate of Eligibility (COE).

The VA-guaranteed home loan is offered only when the house is for personal use of the borrower. However, the funds can be used to buy the home, build it or to make changes to it, as per the requirements of the borrower.

Gathering a COE for Cape Coral VA Home Loans

For the obtainment of a Certificate of Eligibility, in-service members of the armed forces and veterans need to have completed specific time amounts of service. On the contrary, the requirement criteria for the spouses of vets to get a loan is slightly different. It includes:

• Spouses of veterans that are now deceased who have not remarried.
• Spouses of veterans who have gone missing in action or are POWs.
• Spouses who have remarried after reaching the age of 57.
• Spouses of those veterans who are alive but have been disabled during service.

If you think you might be eligible for a Cape Coral VA loanscontact First Nationwide Lending at (877) 442-4023 for more information today!

 

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1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

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