Margate VA Loans

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A Margate VA home loan is a loan provided by private lenders that are backed by the VA department so that the process of getting a home mortgage loan can become easier for veterans. The actual money is lent by the lenders themselves but the guarantees from the VA help them in identifying reliable borrowers among the veterans.

Who is Eligible for a Margate Florida VA Home Loan?

There are four kinds of people who can request Margate VA home mortgages. These are:

• Veterans who have served with the U.S. military.
• Military men and woman who} are {on active duty.
• Reservists or members of the National Guard.
• Spouses of certain veterans that are now deceased.

Qualifying Requirements for Margate VA Loans

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

• Sufficient and consistent credit background.
• A fixed and stable means of income.
• A valid Certificate of Eligibility (COE).

The guarantee by the department of Veterans Affairs mortgage loan in Margate is granted only when the house is for individual use of the client. However, the money can be used to buy the property, build it or to make changes to it, as per the needs of the client.

Gathering a COE for Margate VA Mortgages

For the obtainment of a COE, in-service members of the armed forces and veterans need to have fulfilled specific time durations of honorable service. On the other hand, the requirement criteria for the significant others of veterans to obtain a home loan is slightly different. It consists of:

• Spouses of veterans that are now deceased who have not remarried.
• Spouses of veterans who have gone missing in action or are prisoners of war.
• Spouses who have remarried after reaching the age of 57.
• Spouses of vets which still alive but were disabled during service.

If you think you are eligible for a Margate Florida VA loanscontact First Nationwide Lending at (877) 442-4023 for more information today!

 

Contact Us

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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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