Miami Beach VA Loans

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A Miami Beach FL VA mortgage is a mortgage issued by private lenders that are supported by the Department of Veteran Affairs (VA) so that the process of obtaining a mortgage loan can become simpler for vets. The funds are lent by the lenders themselves but the guarantees from the VA help them in locating reliable borrowers among the veterans.

Who is Eligible for a Miami Beach FL VA Home Loan?

There are four kinds of people who can apply for Miami Beach FL VA mortgages. These are:

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

Eligibility Requirements for Miami Beach FL VA Mortgage Loan

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

• Sufficient and reliable credit background.
• A 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 borrower. However, the funds can be used to buy the home, develop it or to make changes to it, as per the requirements of the borrower.

Gathering a Certification of Eligibility for Miami Beach FL VA Mortgage Loans

For the obtainment of a Certificate of Eligibility, 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 significant others of veterans to obtain a mortgage is slightly different. It includes:

• 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 Miami Beach FL 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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