Merritt Island VA Loans

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A Merritt Island Florida VA mortgage loan is a home loan issued by private lenders that are supported by the Department of Veteran Affairs (VA) so that the process of applying for a mortgage loan can become easier for veterans. The money is then lent by the mortgage lender themselves but the guarantees from the VA help them in locating reliable borrowers among the veterans.

Who is Qualified for a Merritt Island Florida VA Loan?

There are four types of people who can request Merritt Island VA home mortgages. These are:

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

Qualifying Requirements for Merritt Island VA Mortgages

Not every veteran qualifies for a VA mortgage loan. In order qualify, veterans require:

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

The guarantee by the department of Veterans Affairs home loan in Merritt Island is offered only when the home is for personal use of the borrower. However, the funds can be used to buy the house, build it or to make changes to it, as per the requirements of the borrower.

Obtaining a COE for Merritt Island VA Mortgage Loans

For the obtainment of a COE, service men and women of the armed forces need to have completed specific time durations of service. On the other hand, the requirement criteria for the spouses of vets to obtain 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 MIA or are prisoners of war.
• Spouses who have remarried after reaching the age of 57.
• Spouses of vets who are still alive but have been disabled during service.

If you think you might be eligible for a Merritt Island Florida VA home mortgagecontact 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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