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VA Loans in Glades County, Florida: Take Advantage of the Zero Down Payment

VA loans help veterans, service members, and surviving military spouses (eligible ones) become homeowners in Florida, especially in Glades County. As a zero-down mortgage option, the VA loan enables essential members of the society to purchase, build, repair, or adapt homes for their occupancy.

Private lenders such as mortgage companies and banks provide VA Home Loans to deserving members. Plus, the VA Home Loan is guaranteed by the United States Department of Veterans Affairs.

Created in 1944 by the US government, the Veterans Affairs Home Loan helps retired service members buy homes without needing excellent credit or a down payment. This program has guaranteed not less than 25 million Veterans Affairs loans that have seen Veterans, service members, and their spouses secure homes.

In this VA Home Loan guide, you are going to learn more about different types of VA loans, those eligible for the loans, how you can apply, and the benefits to expect once you qualify for VA loans.

What are the Different Types of VA Loans in Glades County, Florida?

There are multiple home financing options that VA loan offers eligible Veterans. These options include:

VA Purchase Loan

The main idea behind the VA loan is to enable critical members of society to buy homes with zero down payment. With VA purchase loans, service members can easily buy single-family homes, manufactured homes, condominiums, new construction, and even multi-unit properties like duplexes.

Lenders offering VA purchase loans can have varying policies and guidelines. Also, some lenders may not provide all these Veteran Affairs purchase loans.

VA Interest Rate Reduction Refinance Loan (VA IRRRL)

VA IRRRL is also part of the VA Home Loan program. It comes with two refinance options, making it a favorite choice for most Veteran homeowners. Another name for this loan is VA Streamlines because it is a simple yet low-cost refinance loan. It does not require credit underwriting, an appraisal, or income verification.

The VA IRRRL is reserved for members of the service and Veterans who already have a VA loan, need a new rate, or have a loan limit on the time they require to recoup the fees and costs.

VA Cash-Out Refinance

This type of VA loan allows eligible veterans to refinance their mortgages. It also allows them to take out cash from their home's equity. The VA Cash-Out refinance loan is open to qualified individuals with or without current Veteran Affairs loans. All qualified homeowners under this program can refinance up to 90% of their property value.

Just like the VA Purchase Loan, the VA Cash-Out Refinance lenders have varied lending guidelines, not to mention different loan-to-value requirements. This means that those with non-VA mortgages can consider this loan option as their basic rate-and-term refinance when acquiring property. On the other hand, homeowners cannot take out the cash if they qualify for this type of VA loan.

VA Energy Efficient Mortgage

This VA Loan allows eligible Veterans to take up additional VA Energy Efficient Mortgage to finance their energy efficiency improvements for their newly acquired homes. In other words, this type of VA loan is part of your home refinance or purchase.

With this loan, you can qualify for an extra $6000 to take care of all qualified home improvement costs such as thermal windows, storm windows, solar heating systems, cooling systems, and heat pumps.

Unfortunately, you cannot use the VA Energy Efficient Mortgage option to buy appliances such as window air conditioning units or other non-permanent additions to your new homes.

Who is Eligible for VA Loans in Glades County, Florida?

You or your spouse should meet minimum service requirements to qualify for a Veteran Affairs Loan. The Department of Veterans Affairs lays down these requirements. Therefore, you must have a valid and attested Certificate of Eligibility (COE). Ont top of that, you must meet all the income and lender's credit requirements.

Your eligibility for a VA loan also depends on one or more of these requirements:

  • Having completed at least six years of uninterrupted service in the Reserves or the National Guard

  • Having served at least 90 consecutive days (three months) of active service during a wartime

  • Having served 181 days (six months) of active services during peacetime

  • You are a service member's spouse

You also qualify for the VA Home Loan program if you don't meet the minimum service requirements. With these options, your eligibility will depend solely on the discharge type.

For instance, if your discharge belongs to one of the following categories, you may stand a great chance of qualifying for a VA loan:

  • You were once discharged for hardship as a result of a reduction in force or at the convenience of the US government

  • You were also discharged due to a service-related disability or a medical condition

  • You were discharged because of an early exit after serving for at least 21 months of your two-year enlistment

The Need For Your Certificate of Eligibility

Your COE plays a significant role in providing lenders with the confirmation that you qualify for Veteran Affairs loan benefits.

Lenders will demand your Certificate of Eligibility or COE to verify your VA Home Loan eligibility status. This is a simple step for most Veterans, given that your lender only needs your date of birth and social security number to confirm your COE.

In other instances, the whole process may be complex, especially if you don't have your COE. But you can acquire your COE by contacting a home loan specialist in Glades County, Florida.

Other ways to get your COE to include:

  • Making an application through a Veteran Affairs-approved lender

  • Applying only through the eBenefits portal for Veteran Affairs

  • Applying by email using a VA Form 26-1880

Additional documentation that might be required includes the NGB Form 22 or NGB Form 23 for National Guard & Reserves and DD Form 214 for the regular military.

Loan Eligibility for Surviving Spouses

Surviving spouses of the departed service members can also verify their Veteran Affairs Loan eligibility. In this sense, individual spouses need a COE to confirm their eligibility status to enjoy the loan benefits.

However, getting a COE depends on whether or not the spouse is currently receiving both Dependency and Indemnity Compensation. Any spouse on Dependency and Indemnity Compensation needs to fill their details in a VA Form 26-1817. The spouse also needs to get a copy of the DD form 214.

Those not under Dependency and Indemnity Compensation benefits must apply through VA Form 21P-534EZ before submitting their application to the state's Veteran Affairs Pension Management Center. A copy of the marriage license, the veteran's separate paper, and the DD Form 1300-Report of Casualty (Veteran's death certificate) are also to be submitted by the surviving spouses when verifying their VA Home Loan eligibility status.

Veteran Affairs Lender Requirements

Even though Veteran Affairs determines the guidelines for those who qualify for VA Home Loans, private lenders have their own requirements that borrowers need to fulfill. These lenders require you to have a sufficient reliable income to offset the loan, a credit score that meets their credit requirements, and acceptable debt levels.

The VA is not responsible for setting the minimum credit score requirements regarding credit and income. This is the work of the private lenders. VA Home Loan credit score eligibility varies from one lender to another. Most lenders require at least 650 mortgage credit scores to allow those eligible to obtain financing.

The VA, however, requires you to maintain a certain residual income to cover your basic family needs such as transportation, food, and medical care. VA enforces residual income requirements to increase your chances of earning enough income to cater to all your financial obligations.

Aside from residual income, lenders consider your debt-to-income (DTI) ratio. The DTI ratio and residual income provide your lenders with a holistic look into your purchasing power besides your ability to qualify for the VA loan.

African American solider wearing uniform with family outside their new house

How Do I Apply for VA Loans in Glades County, Florida?

You don't necessarily need to know if you are eligible for the Veteran Affairs loan to start the application process. This is the case if you are a Veteran or service member.

Regardless, you stand an excellent chance to qualify for a VA Home Loan during the initial step or pre-approval stage.

Typically, the VA loan process for essential members of the society takes between 30 and 45 days to mature, especially if you are under contract on a property.

Below are three primary stages that you need to go through when applying for your VA Home Loan:

  • Get in touch with a lender - Contacting a lender is the first step to consider when applying for a Veteran Affairs Home Loan in Glades County, Florida.

  • Verification of your VA Loan eligibility - Get your COE certificate through your lender. You may also obtain this certificate on your own if you know how to go about it.

  • Complete the VA Loan application process - Finalize your VA Home Loan application process and submit all the required paperwork to the lender. Make sure to provide tax returns, W-2s, and additional financial information you may have.

What is the VA Loan Limit in Glades County, Florida?

The good news is that you won't need a down payment. If you are a qualified Veteran with your full Veteran Loan entitlement, you may borrow as much as your lender is willing to provide. However, there are also VA Loan Limits that you need to know.

The limits affect home buyers who have less than the required full entitlement. Home buyers might have one or several active VA Home loans or have lost previous ones to foreclosure.

In this sense, the VA Loan limit for Glades County, Florida, stands at $510,00 per unit of single-family rental property. You may ask your lender for more information on duplex, triplex, and fourplex VA Home limits.

Can I Use the VA Loan More than Once?

Yes! The VA Home Loan is not just a one-time opportunity for critical workers and essential members of society to become homeowners. Instead, it is theirs forever.

This means you can reuse your VA loan as much as you want. You can earn more than one active Veteran Affairs Home Loan to acquire property or purchase a home.

What is the Veteran Affairs Funding Fee?

Usually, the VA Funding Fee is channeled towards the VA. The fee helps sustain the program for future generations of military and veteran home buyers. This fee also removes any extra burden veterans and taxpayers may have in the future.

The VA Funding Fee varies considerably depending on your circumstances. If you are a first-time user of the VA Home Loan program, your funding fee is about 2.3% of the buying price of the property.

Subsequent users of the VA Loan benefit are entitled to a VA Funding fee of about 3.6% of the total purchase price of their ideal homes. The fee for IRRRL is only 0.5%, no matter how frequently you use the VA Loan benefit.

What are the Benefits of a VA Loan?

Veteran Affairs loans are some of Glades County, Florida's most influential and helpful mortgage options. The reckoning force behind this loan is derived from several significant financial benefits not found in most mortgage types.

Some of these benefits include:

  • Buying homes without the need for the down payment
  • Eliminates the need for Private Mortgage Insurance (PMI)
  • The lowest average fixed interest rates
  • Relaxed credit requirements
  • Closing limits
  • Lifetime benefits
  • No payment penalties required
  • Foreclosure avoidance
  • VA appraisal for the property
  • Acceptance income
  • Various VA Home Loan types
  • No VA Home Loan limits
  • Funding fee exemptions
  • Assumability

What are the Five Things to Do in Glades County, Florida?

As a Veteran in Glades County, Florida, you will find plenty of things to do and many exciting places to visit. This part of Florida has vast scenery ranging from hardwood hammocks to grassy plains to cypress swamps. There are also countless fruit trees of limes, oranges, and weirdy lumpy lemons, among others.

Check out these top five things that you can do during your stay in Glades County:

  • A Visit to Fort Center Archaeological Site to learn a little bit of Glades County's history and heritage. This site is ideal if you want to immerse yourself in the realms of the past. You can go there alone or take your family members with you during the weekends or in the summertime when weather conditions favor such outdoor activities.

  • Join other Veterans at the Moore Haven Marina to fish on Lake Okeechobee. Alternatively, you can take a boat ride to enjoy the endless water views with your family. If you have your boat, you can still sail around and later dock at the Moore Haven Marina or City Hall's linear dock to grab your favorite drink or snack.

  • Spend a day at the City of Moore Haven with friends and family. Moore Haven is home to various recreational options for visitors and residents alike. While at this spot, you can take your young ones to Top Perry Memorial Park's large playground or nearby splash pad before heading to the Court House area for Squash or Tennis tournament. Alternatively, you can walk along the famous Caloosahatchee River to glimpse its magnificent scenes or go for a picnic along the waterside.

  • A Dyess Ditch Canal Recreation Area tour should be on your bucket list, especially if boating is one of your favorite outdoor recreational activities. This tourist attraction area features a boat ramp surrounded by overgrown plants at the water's edge.

  • Featuring up to eight picnic tables, Harney Pond Recreation Area is a place to be for picnics, boardwalks, observing birds, and bass fishing.

The Bottom Line

At the moment, the VA Home Loans are highly beneficial to the critical members of the society across Glades County, Florida.

The loans come in handy with many benefits, including the zero-dollar down payment option, the industry's lowest fixed interest rates on average, and flexible but forgiving credit guidelines.

Take advantage of the zero down payment of this loan and become a homeowner in Glades County, Florida.

With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.

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