Tampa-St. Petersburg-Clearwater VA Loan
Florida is an incredibly popular state to live in and purchase homes and properties, especially in the Tampa, St. Petersburg and Clearwater areas. Florida has many military bases, making it an ideal place for veterans and military personnel to settle down. Whether you are planning to start a family or just don’t want to live on base any more, buying a house is an important step that should be done with care. It can also be expensive with a conventional loan which is why the VA has made it as simple and affordable as possible for veterans. If you are an eligible Floridian veteran looking to buy a house in these areas you can take advantage of low interest rates, zero down payments and no Premium Mortgage Insurance.
Eligibility
The first thing you will need to determine is your eligibility. For active military personnel you must have served 181 days of continuous, regular active duty to qualify. Alternatively, if you served 90 days abroad during wartime or 181 days abroad during peacetime you can also qualify as long as you were honorably discharged. In some cases the spouse of a veteran may qualify. Before obtaining the loan you will need to fill out an eligibility form which can be found on the VA’s website.
Types of Loans
When you apply for a VA Loan you are actually borrowing money from private lenders, but your loan is guaranteed by the VA for up to half the total amount of the loan. This means your private lender will be able to give you a lower interest rate with no down payment and no PMI. You will also have a few different options when it comes to your loan repayment plan. The VA has some great, flexible repayment plans that range from a traditional fixed to a hybrid ARM.
Houses in Tampa, St. Petersburg and Clearwater can be a bit pricey, but with a VA Loan you will be able to afford a much bigger, nicer house than you would with a traditional loan.
Getting started
It’s never been easier to get started with a VA refinance. Simply fill out our secure 1-minute quote request form and start comparing rates today.
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