Orlando VA Loans
Buying houses in Orlando, Florida is expensive, unless you are in the military. For qualifying veterans, the VA has created a loan guaranty program that makes the home buying process easy and affordable. The most notable benefit of a VA Loan is no down payment is required to purchase a home. Not only that, but the VA recently raised the loan limits in Orlando, making it possible to purchase big, expensive family homes for no money down.
Types of Repayment Plans
One great benefit of having a VA Loan is the range of repayment options available. There are five different plans to choose from: traditional ARM, hybrid ARM, traditional fixed, growing equity mortgage and graduated payment mortgage. Each is designed to suit different income levels and needs, so you won’t be stuck with a plan that you can’t afford. For example, the graduated payment plan starts out with small payments the first year and grows as time goes on. This is perfect for first time homeowners who are expecting a raise, promotion, etc. and will be able to afford more as time passes. The growing equity mortgage also increases over time, but the increases are applied solely to the principal of the loan so you can pay off the loan quicker. The adjustable rate mortgages adjust annually but won’t ever change more than 5 percent over the entire lifetime of the loan.
Qualifying
To qualify, you must prove your eligibility by submitting a form with the VA which can be found on their website. The general rules require you to have served 181 days of continuous, regular service. For veterans no longer in the military, the same time frame applies and you must have been honorably discharged. There are exceptions for veterans who served during wartime or had a service-related injury. Be sure to look at all the rules for other exceptions to see if you are eligible.
For all Florida veterans, now is the time to buy a house in Orlando and take advantage of all the benefits that come with a VA Loan.
It’s easier than ever to get qualified. Simply fill out our 1-minute quote request form and compare interest rates today!
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