Recent changes to the VA loan program could benefit Tampa Florida real estate. In fact, if you’re a veteran and you’ve been considering buying a home, it would pay for you to have another look at the program.
Veteran loans can now account for 100% of the financing. The loan limits have also gone up. For most regions, they are around $417K and they go right up to $626K for some areas. Those numbers will actually let you buy a very nice house.
Who qualifies for the VA loan program? Anyone who is active in the military, retired from the military, in the National Guard, or in the Reserves.
The VA program puts limitation on the type of house they’ll finance and you are required to live in the house. There isn’t any money available for investment properties, rather focusing on providing homes to veterans.
You will be required to prove your income. The good news is they are very lenient on what your credit rating looks like. However, your payment history is important to them and you must have served for a minimum of 2 years.
A VA loan differs from a traditional mortgage. Work with a professional Tampa Mortgage broker who knows the ins and outs of VA finances.
If you qualify for a VA mortgage and you’d like to own a home in the Tampa area, don’t delay. You and your family deserve to own a home. Take advantage of this program while you can.
Raul Aleman