(Mar 25, 2023)
That's why we're here: to help make sure you get the best possible deal on your new mortgage. We'll walk you through the entire process of getting approved for a VA loan in Hardee County—and show you how to get the best deal on your mortgage. Let's get started!
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Understanding VA loans in Hardee County, Florida
Welcome to the ultimate guide to understanding VA loans in Hardee County!
You're not alone if you've questions about the VA loan process. It can be a little confusing, and many terms sound alike, but only one is the correct term for what you're looking for.
We'll break down the basics of VA loans, so you know what to expect, how to get started, and how to find the right Hardee County home loan for your needs!
What's a VA Loan?
The VA loan is a $0 down mortgage for Veterans, guaranteed by the U.S. Department of Veterans Affairs (VA). It is meant for Service Members and select military spouses and the loan issued by Private lenders.
To make homes more affordable for service members, Congress passed legislation in 1944 that authorized VA loans under certain circumstances. The law included married women and surviving spouses as eligible beneficiaries.
Today, the VA provides home loans to eligible military personnel and their families purchasing or refinancing a home. These mortgages are known for their low closing costs, flexible underwriting guidelines, and low-interest rates compared with conventional mortgages. The Veterans Affair does not lend money directly to veterans or their spouses; it guarantees a loan from a private lender to allow them to purchase a home without putting any money down.
What's a VA Loan Guaranty?
Have you ever heard the story of Cinderella?
She had a fairy godmother to ensure everything went right and that she didn't get into trouble with the prince. Well, we have something similar in the mortgage world - The VA guaranty.
And it's like a magical fairy godmother for lenders making home loans for veterans or their surviving spouses.
The guaranty is an insurance policy that protects lenders if the borrower can't repay their loan. It protects them from any losses they might incur if you have problems paying your mortgage. As long as you meet your requirements, they'll allow you to access money through them.
What's A VA Loan Limit?
The answer is simple - they're the maximum amount you can borrow to buy a home!
The catch? The VA loan limit changes every year. That's right—it's different every single year. So you must know what the current lifetime cap is before you start shopping for a house.
So how much can you afford? That depends on your overall financial picture. In other words, it depends on whether or not there are any other active loans against your entitlement or if there has been a foreclosure on one of your previous loans.
What exactly is the VA Funding Fee?
You must pay a fee to get a loan through the VA program. It's pretty much what it sounds like—a fee that helps fund the VA home loan program, and you have to post when you apply for your loan. The cost depends on your situation, but it can range from 2.3 percent to 3.6 percent of the purchase price of your home, depending on what kind of loan you're looking for.
And don't think for one second that just because you've already used your benefits before doesn't mean that this fee still applies to you! Even if you've already refinanced or backed out of a loan under the VA program before, this fee still applies because it's not just about getting new money from them; it's about helping them keep up with their costs so they can continue offering great benefits like these loans (and more!).
One may also ask, does it apply to spouses? The answer is yes. But there's good news! The VA has sole discretion over whether or not to waive this financing fee.
Types Of VA Loans
If you're considering buying a house, you might wonder what kind of loan is right for you. Here are some of the most popular types:
VA Cash-Out Refinance
If you're a veteran looking to refinance your current home loan, you've likely heard of the VA Cash-Out Refinance. This loan is open to qualified veterans and their families, whether or not they already have a VA loan.
A typical cash-out refinance homeowners to refinance up to 90% of their home's value, so it's a great option if you want to take advantage of falling interest rates or lower your monthly payments.
Lending guidelines and loan-to-value requirements can vary by lender, but homeowners generally are not required to take out cash with these loans.
VA Energy Efficient Mortgage
Did you know that the VA can help you pay for energy-efficient improvements?
Yes, you heard us right. If you're a veteran and want to make your home more energy efficient, then the VA can help! All you have to do is apply for a loan through them, and they'll give you up to $6,000 towards your expenses. This extra money will go towards storm or thermal windows, heat pumps, solar heating systems, and other improvements that will make your home more energy efficient.
But some things aren't covered by this program. For example, appliances—like window air conditioners—and non-permanent additions like skylights or sunrooms don't qualify for this kind of funding. So be sure to check out all the details before applying!
VA Purchase Loan
VA purchase loans are designed to help veterans purchase homes with no money. But that's not the only thing they can do.
These VA loans can purchase many properties, including single-family homes, condominiums, manufactured homes (like trailers), multi-unit properties (like a duplex), and even new construction.
The policies and guidelines for these loans vary by lender, so it's important to know what you're signing up for before you apply.
VA IRRRL
Like most homeowners, you've always wanted the chance to refinance your mortgage and get a lower rate. And now, there's no reason you can't. With VA IRRRLs (VA Interest Rate Reduction Refinance Loans), you have the opportunity to refinance without any income restrictions or other requirements. It's a great way to get out of debt and save money on mortgage payments.
This makes IRRRLs so popular with homeowners: they're quick, easy, and effective! You don't have to worry about having enough income or assets—you need to be a veteran with a VA Loan. Plus, the process is super simple - pick up the phone and talk with your lender, and they'll take care of everything else for you!
The Benefits of a VA Loan
So you have decided to apply for the loan, but what's in for you as a veteran.? The benefits include:
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0% down payment - You can finance 100% of the purchase price with no money down and avoid private mortgage insurance (PMI).
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Extremely competitive rates - VA loans have the lowest rates available on the market today. This is due to the government's backing, which makes them more secure than other types of financing.
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Relaxed qualification standards - VA loans are easier to qualify since they don't require an extensive credit history or large down payment like most conventional mortgages.
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No Mortgage Insurance - VA loans don't require mortgage insurance, which can save you hundreds of dollars annually.
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Low Closing Costs - VA loans have some of the lowest closing costs in the industry. The VA doesn't charge for an appraisal or credit report. You may be required to pay for an inspection, but this cost is often less than $300. And there are no application fees if you go through a direct lender like Veterans United Home Loans.
- Variety Of Refinancing Options - VA loans can be used to refinance existing mortgages into lower rates or shorter terms — sometimes with no document fee!
Eligibility Requirements for VA Loans In Hardee County, Florida
If you're looking for a VA loan in Hardee County, there are a few eligibility requirements that you need to meet. Here's a breakdown:
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You Must Be a Veteran - This is pretty self-explanatory. You can't get a VA loan if you've never served in the military.
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You Must Have Been Honorably Discharged From The Military - This means that you left the service in good standing without having been convicted of a crime or having done anything else that would negatively impact your eligibility for this type of loan.
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You're a Surviving Spouse - The surviving spouse of a Veteran who died while on active duty may be eligible for this loan program if they meet all the lender's requirements.
- The Right Paperwork - You must provide a Certificate of Eligibility (COE).
How To Get Started On The Va Loan Process In Hardee County, Florida
Getting a VA loan can be confusing, but it's pretty simple. Here are the steps you need to take to apply for one:
- Step 1 - Look for a legit lender in Hardee county.
- Step 2 - Apply online.
- Step 3 - Get pre-approved
- Step 4 - Find the house of your dreams.
- Step 5 - Close on the loan
Awesome Outdoor Activities For Veterans In Hardee County, Florida
Hardee County is a great place to live, and it's even better if you're a veteran.
There are so many things to do here! This part of Florida has something for everyone, from the beautiful beaches to the wide open spaces. But what about those who served our country? What can they do to enjoy their time here?
Luckily, we've got you covered! We've compiled a list of five awesome outdoor activities perfect for Hardee County veterans.
Shopping
If you've never been to downtown Wauchula, a world of shopping is just waiting for you. Downtown Wauchula is full of unique stores and boutiques. You can find anything from jewelry to unique clothing and even some antiques! If you're looking for something that's not easily seen, this is the place to go!
The downtown area also has several restaurants and cafes, so it's a great place to stop and grab a bite while you shop.
Hiking
There are a lot of places to go hiking in Florida, but Hardee Lakes Park is one you should check out. A short drive from your home, this park offers some of the most beautiful Florida scenery around — and it's one of the best places to get out and enjoy nature with other veterans.
You'll find a wide range of hiking trails at Hardee Lakes Park, so whether you're looking for a quick morning walk or a long afternoon trek, you'll find what you need here. The park also has biking and running trails, so if you're not into hiking but still want to get outside, there are options too! Also, veterans in Florida are entitled to 25% off the entrance fee in any public park!
Fishing
It can get hot if you've been stationed or retiring in Florida. So why not do something that'll help keep you cool? Hardee County is home to some of the best fishing spots in the state—and they're all within easy reach.
Forty-seven lakes, rivers, and other fishing spots are scattered throughout this region under The Florida Game and Fish Commission. One of our favorite places to do so is Hardee Lakes Park. The park has a wide variety of fish species( largemouth bass, gaff-topsail catfish ) waiting to be caught by you! Plenty of rods and reels are available at the park office if you don't have one. The rangers can also help you find whatever kind of bait works best for each fish species! They'll even teach you how to cast!
Camping
Campgrounds are the perfect way to get back to nature and enjoy some time away from the hustle and bustle of city life. Florida has plenty of campgrounds that are perfect for veterans, including:
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Peace River RV & Camping Resort - This is an excellent campground for families with small children; it includes swimming pools, playgrounds, and other activities for kids. It's also located near some fantastic hiking trails, making this place a favorite among hikers who also love camping out in nature!
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Turtle Beach - This Campground is a great place for veterans to enjoy themselves, whether you're with your family or want to relax by yourself. The campsites are scenic and peaceful, and the staff is friendly and accommodating. They also offer a variety of activities, including swimming, fishing, and kayaking.
- Maddox Ranch - Hardee County is home to many beautiful places, but Maddox Ranch takes the cake. With 80 acres of open land, oak trees, solar showers, and many farm critters, this place has it all. From music festivals to camping and weddings, not only is this an excellent place for veterans, but it's also a great place for families to go and enjoy themselves as well.
Golfing
Golfing is fun, and it's an excellent way to get exercise and enjoy the outdoors. But what makes Hardee County Golf Courses extra special? Well, for starters, they have everything you need to enjoy a fantastic day on the green: driving ranges where you can practice your swing before hitting the course; locker rooms with facilities that make getting ready for your round as easy as possible; shower facilities so you can get clean after playing 18 holes (or more!). And then there are all of those extras: pools, spas, and fitness centers… what else could you possibly want?
So if you're looking for a place where you can golf, play some tennis or racquetball while enjoying some great food and drinks with friends—all while staying connected with social media—then check out one of the fantastic Hardee County Golf Courses.
Make the Hardee Choice
There's no denying it - VA loans are a great way to get into your dream home. They can be an incredible deal for you with zero down payment and unique financing options.
So whether you're looking for a place in Hardee County, Florida or anywhere else in Florida, don't let the opportunity pass you by!
(Mar 25, 2023)
