Here’s how our home loan process works:
Why a VA Loan? There are many benefits, as taken directly from the Veterans Affairs site: no down payment required (unless required by the lender or the purchase price is more than the reasonable value of the property); buyer informed of reasonable value; negotiable interest rate… and more.
Our VA Loan Rates Are Low & Our Process is Quick & Painless
A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).
We’re here to make the VA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE VA Loan Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you – whether you’re a first-time home buyer or a seasoned investor.
The VA Loan Process
- Complete our simple VA Loan Qualifier
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs
A veteran loan is a mortgage product available for past and present military service members. The loan itself and the approval process are quite similar to a conventional mortgage but offer certain benefits. If you are active duty, retired military, veteran, or the spouse of one of our fallen heroes, the team at Fort Myers Mortgage Experts is eager to help you buy, build, repair, or refinance a home.
How Do VA Loans Work?
A veteran loan works pretty much the same as a conventional loan. However, because the Department of Veteran Affairs partially guarantees it, no down payment is required. Conventional mortgages require a 20% down payment, and while some lenders allow you to put down less, that will require PMI or Private Mortgage Insurance.
VA loans can only be used to purchase your primary residence (no investment properties) and cannot be used to purchase a working farm.
There is also a one-time VA Funding Fee that can either be included in your loan or be paid upfront. The funding fee is not required for all VA loan recipients, and a waiver or refund of the funding fee is possible for some loan recipients.
Understanding the VA Loan Approval Process
Any loan approval process can seem daunting and overwhelming, but don’t worry. That’s where the knowledge and expertise of Fort Myers Mortgage Experts can help. The steps of the VA loan approval process are the same as for a conventional mortgage:
- Prequalification to determine how much home you can afford.
- Preapproval from a lender so you can show realtors and sellers that you have the ability to purchase.
- Search for your dream home.
- Make an offer.
If your offer is accepted, that is where the VA loan approval process differs somewhat. The VA has their own appraisal product that is required. The VA appraisal determines the Fair Market Value of the home as well as confirming that the property meets the VA’s Minimum Property Requirements, which include:
- Working electric, heating, and cooling
- Adequate roofing that will not need replacing in the foreseeable future
- Adequate living space for occupants
- Clean, reliable water source
- Property is lead safe
- Free of wood-boring insects, fungus, or dry rot
- Sewage disposal that is safe and sanitary
- Accessible from an all-weather public or private street
- Crawlspaces and attics must be accessible and properly vented
Underwriting is in the process while the appraisal is being completed, and then you move on to the magical moment of closing on your dream home.
The Benefits of a VA Loan
VA loans do offer some great benefits. In addition to not requiring down payment while also not requiring PMI, VA loans will typically:
- Have a lower interest rate than conventional mortgages, by about 0.25%.
- Be reusable (once the original loan is paid off).
- Be available through a local lender.
- Have no prepayment penalty.
- Be lenient in consideration of low credit scores, bankruptcy, or foreclosures.
- Not have a limit to how much you can borrow, as long as you can afford it.
Let Fort Myers Mortgage Experts Help You Get a VA Loan
One of the greatest strengths of the mortgage team at Fort Myers Mortgage Experts is our understanding that the family dynamic and need of each household is different. We work diligently to get people into homes and ease the process by always being communicative and available.
Contact Fort Myers Mortgage Experts today for more information about a veteran loan and other loan products that may be available to you.