Getting a Miami VA Mortgage Loan

Getting a Miami VA Mortgage Loan

Department of Veterans Affairs home loans, known as VA loans for short, were created to assist veterans and their families attain the vision of home ownership. The plan has benefited more than 18 million veterans and dependents. VA loans, which are available to certain veterans, active duty military personnel, and reservists, offer many advantages, even though there are likewise several drawbacks.

The Advantages

Among the important advantages of Miami VA loans is they do not require a down payment; 100% financing. Moreover, there are limits on closing costs, origination fees, and appraisal fees a VA borrower can incur. Another huge advantage of VA loans is that there’s no private mortgage insurance. The VA also prohibits lenders from requiring private mortgage insurance simply because they place a guarantee to the loan. Not having to purchase private mortgage insurance can save borrowers tens of thousands of dollars. Generally, Miami VA loans are a less expensive option to normal home loans.

Trying to get a Miami VA loan is pretty much like applying for any normal mortgage loan, the sole difference being that you also need to get a certification of qualification from the Department of VA. The VAHL process takes two to six weeks, which is all about exactly the same duration of time the conventional loan process takes. Just about any lender that offers conventional loans or FHA loans also handles VA loans, therefore it is not hard to locate a creditor to help you.

In Closing

In certain ways, VA loans are not all that different from normal mortgages. For example, Miami VA loans are not any easier to qualify for than normal home loans. It is a typical misconception that VA mortgages have better rates of interest than normal home loans. The truth is that interest rates of VA loans are in line with those of normal home loans.

 

 

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