Fortunately, many programs are available for first-time home buyers in Volusia County, Florida. More interestingly, you may receive refinancing to boost your down payment savings.
The Veteran's Administration offers a wide variety of benefits to those who have served in the military. One of these benefits is the VA loan, a home loan with favorable terms. VA loans are available to veterans and active duty service members in Volusia County, Florida. The VA loan program offers several advantages, including a zero-down payment option.
If you're a veteran or active duty service member, you may be eligible for a VA loan, which can help you get settled in your new home with no down payment faster!
Are you a Hometown Hero? Find out your eligibility for the Hometown Heroes Loan Program in Volusia County, Florida.
What are VA Loans?
VA loans are government-sponsored loans that offer eligible veterans and their families the opportunity to buy a home with no down payment. The Department of Veterans Affairs backs VA loans in Volusia County, Florida, and purchasing a home with one allows you to choose between various loan programs. VA mortgages are not guaranteed by the Federal Housing Administration (FHA).
One of the essential benefits for Veterans is that VA loans do not require a down payment. While this may not seem like an enticement, it can be substantial. When you compare the cost of getting a down payment with the cost of interest on a home loan and other fees, you can see that a VA loan doesn't carry nearly as much total cost as many conventional mortgages.
VA home loans can also purchase, build, repair, retain, or adapt your personal property. The term veteran refers to specific members of the Selected Reserve, active-duty service personnel, and their spouses. This means residents in Volusia County, Florida, categorized as veterans, must take advantage of a VA-backed home loan.
The VA Loan Program provides zero down payment mortgage loans to a limit of $647,200. The VA will also allow you to refinance your existing home or take out a new loan to purchase your next home. VA loans are more flexible than conventional mortgages and can be used to purchase new homes, improve existing homes, or even buy a home you own.
Why Should I Consider a VA Loan?
Qualifying for a VA loan can have many advantages over other home loans. For instance, many people will be surprised to learn that you do not need to make a down payment with a VA loan. VA loans do not require any money down, and there are no closing costs.
VA loans are backed by the U.S. Department of Veterans Affairs to provide you with great peace of mind in the unlikely event that you cannot make the loan payments in full due to disability or other issues.
Eligibility Requirement for VA Loan
Not everyone qualifies for a VA loan, but most can still take advantage of the benefits. The VA loan program makes loans available to military members, veterans, and their families. The main requirements are that you must be an active duty service member, an honorably discharged veteran (recently discharged), or the widow or widower of a service member who died while on active duty.
You must also be able to purchase your home with no money down, and you need a satisfactory credit rating. If you have been convicted of a felony or certain crimes within the past seven years, you are ineligible to be considered for a VA loan.
Most importantly, you must be an eligible veteran to get a home loan with an annual income that does not exceed $118,950.00. The Veteran's Administration looks at the following factors to determine eligibility:
Unmarried spouses of service members who died due to injuries sustained while in military service.
Must have completed 6 years in the National or Reserves Guard.
Must be on active duty for at least 90 days during a time of war.
Spouses remarrying after the year 2003 or after age 57.
Must have an income capable of covering monthly mortgage payments, debts, and expenses.
Individuals with more than 181 days in peace-keeping service.
- After closing the loan, the borrower must either intend to live or be living on the property
How to Qualify for a VA Grant in Volusia County
To qualify for a VA loan, you must have an acceptable credit score above 580 FICO, which shows that you are an excellent risk to the lending agency.
A VA home loan does not require a down payment; however, there is an expectation of repayment since the VA cannot guarantee any specific term for a VA mortgage. You will have the option to get a VA loan with no down payment, which requires that you obtain your mortgage financing. If you want to take advantage of this program, it is recommended that you visit your local Veterans Affairs office and fill out the paperwork.
You will first go through a credit check to ensure that the financial institution trusts that you are worthy of a loan. The VA uses the credit report to determine whether you qualify for a home loan. This process is known as "pre-qualification" and is required, although there is no time requirement.
To qualify for a VA loan in Volusia County, this is what you need to do:
Find a participating loan officer - This person will help you through the VA paperwork and ensure that your loan is in order. You can receive a list of approved lenders from your Veterans Affairs office; however, this does not mean all lenders are VA-approved.
Ensure your credit score is high enough - a minimum score of 580 or 620 is needed to apply for a VA loan. This score should be based on your credit report and is different from your FICO score (the number you see on the credit report).
Prepare all the necessary paperwork - The loan officer will help you with the VA mortgage application and ensure you have all the paperwork necessary to close the loan. Depending on your situation, income verification and asset verification may be required to determine whether or not your income is sufficient to cover your monthly payments.
Provide proof of income - the Veteran's Administration will require several years of W-2 forms, a recent paystub, and tax returns to verify your income. You will need to provide an IRS document showing your gross income.
Complete a pre-approval form - The VA analyzes your application once the loan officer has all the necessary information. This analysis will determine what is known as "pre-qualified" or "pre-approved," which means you will be approved.
- Submit an application for the VA mortgage - Once you have completed all of the necessary background checks, you can submit your completed application to the VA. If approved, a certificate of eligibility will be issued for you to finalize your home loan.
Best Places To Purchase A Home In Volusia County, Florida
Volusia County, Florida, is strategically located to provide the best services for veterans. The area has many veteran organizations and resources. Volusia County standards are some of the highest in the military community. Veterans have an excellent choice when looking for housing outside the local area.
Numerous housing options are available to veterans using the VA home loan program. Here are some of the best areas to buy a home in Volusia County:
De Leon Springs
De Leon Springs is a great city to live in when you are in the military because of its proximity to the sea. With a population of approximately 23,000, De Leon Springs is home to 60 active military personnel along with 1,500 retired military personnel who reside in the area.
Daytona Beach was chosen as one of the best cities by Military Times Magazine as a top-rated place to live for active duty service members and military retirees because of its beautiful beaches, restaurants, and military history. According to 2010 Census statistics in Daytona Beach, 391 households contain veterans.
This city is located on the southern end of Volusia County, Florida. Deland is known for its beautiful beaches and picturesque rural setting. There are over 4,500 veterans who live in this area, along with another 9,000 active duty service members and retirees. There are 514 veterans living within the suburban area of Deland, and the median home price is $319,000.
The VA mortgage program is a beneficial option for those looking to purchase a home. The benefits are many and can be the perfect solution for military families who have to move frequently due to their service. A VA home loan is ideal if you want to live within the southern portion of Volusia County, Florida.
The city of Deltona has many great features that make it one of the best places to live and has a moderately low cost of living. This is due to the modest number of people currently living in the city.
People with families also tend to love this city because it offers a safe environment for children. According to the 2010 Census, 343 households in Deltona contain veterans.
Over 1,700 active duty military and over 1,000 retirees live in this area. The median cost of a home in Deltona is $304,990, and the median income for a family in the city is $57,000.
New Smyrna Beach
New Smyrna Beach is a great city to purchase a home because of the vast outdoor activities that can be enjoyed in this Florida city. Many access points to the Atlantic Ocean and the Halifax River make this city ideal for water sports and fishing. According to 2012 Census data, 84 households contain veterans living in New Smyrna Beach.
People who have military stationed in this vicinity also enjoy keeping up with the local news by reading The News-Journal, which is Volusia County's local newspaper. The VA home loan program is a practical option for home buyers because it is an easy and comfortable way to obtain a mortgage.
Other great cities in Volusia County, Florida where veterans can purchase a home
- Port Orange
- Orange City
- Ormond Beach
- Oak Hill
- Lake Helen
Buying A Home in East-Central Florida? There are many benefits of living in Volusia County!
After having a long day of fun at one of the many water parks in Volusia County, residents can return to their cozy homes throughout the area. It is very convenient for military veterans who live in the region to take advantage of these beautiful homes.
The VA home loan program is an easy and affordable way for most home buyers to get a mortgage. The benefits are many, including:
Great For Families
Many military veterans in Volusia County choose to purchase a home that they can then turn into their family's first home. Families can also choose from many options, such as single-family homes, condominiums, townhomes, and even duplexes and triplexes.
The public schools in Volusia County are excellent, and the city is also home to several different private schools that are recognized for their high-quality education. Families will love finding out which school district they live in and enrolling their children.
Many outstanding schools are available to veterans living in Volusia County. They include public schools as well as military academies. The best public schools can be found in the Lake Howell, New Smyrna Beach, and Deltona areas, and the best private schools may be found in the DeLand and Deltona areas.
Wonderful Coastline and Beautiful Beaches
Volusia County has many beautiful beaches along its coast, making it a popular place for military veterans and vacationers. Residents and guests can choose from many different activities related to the sea, such as swimming, fishing, and boating.
After a long day of enjoying the coast, residents can return to the cozy homes they purchased within Volusia County. If you have previously purchased a home in the area or are looking to purchase a home in this region, it is straightforward to do so if you have military service. It is recommended that you speak with someone who sells real estate regularly.
Great community for Veterans
The people of Volusia County are very close-knit and care for each other. Numerous organizations help those in need, including a non-profit organization called Volusia County Veterans Services. This organization will be able to assist veterans with all their needs and create a long-lasting network of support for them.
If you have military service and have recently moved to Volusia County, you will notice the amount of support available for veterans and active duty service members. There are many military bases in this region, which makes it one of the best places in Florida to reside if you are a veteran.
Are you A Veteran? Get Yourself a Mortage Loan to buy a home in Volusia County Today!
If you are a veteran living in Volusia County and have been looking for a mortgage for your home, then you can get yourself one by getting a VA home loan. The VA home loan offers many benefits to people who want to purchase a home.
It is very easy for veterans to qualify for a VA home loan, and the process is very easy. The VA home loan will allow you to get a mortgage with no down payment, or even an owner's contribution. The relatively low cost of living in Volusia County eases the lives of veterans who want to purchase a home.
Buying a home can be overwhelming, especially when it is your first time. It is best to ask someone with experience in the home buying process and to speak with a Realtor.