Melbourne VA Loans

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A Melbourne FL VA mortgage loan is a loan issued by private lenders that are supported by the Department of Veteran Affairs (VA) so that the process of obtaining a mortgage can become easier for veterans. The money is then lent by the mortgage companies themselves but the guarantees from the VA help them in locating reliable clients among the veterans.

Who is Qualified for a Melbourne VA Home Loan?

There are four kinds of people who can apply for Melbourne FL VA home mortgage loans. These are:

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

Qualifying Requirements for Melbourne VA Loans

Not all veteran qualifies 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 VA mortgage loan is granted only when the home is for individual use of the client. However, the funds can be used to purchase the property, develop it or to make improvements in it, as per the requirements of the client.

Gathering a COE for Melbourne VA Loans

For the obtainment of a COE, service men and women of the armed forces and veterans need to have completed specific time amounts of service. On the other hand, the eligibility criteria for the significant others of veterans to get a mortgage loan is somewhat 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 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 are eligible for a Melbourne FL VA mortgagecontact 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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