Melbourne VA Loans

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A Melbourne FL VA home mortgage is a home loan provided by private lenders that are supported by the VA department so that the process of getting a home mortgage loan can become simpler for veterans. 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 Eligible for a Melbourne VA Home Loan?

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

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

Eligibility Requirements for Melbourne VA Loans

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

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

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

Gathering a COE for Melbourne VA Home Loans

For the gathering 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 significant others of veterans to get a home mortgage is somewhat different. It consists of:

• Spouses of veterans that are now deceased who have not remarried.
• Spouses of veterans who have gone MIA or are prisoners of war.
• 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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