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Clay County VA Loan Advantage

The VA mortgage offers many advantages for Clay County home buyers looking to purchase a home.  Below we will discuss some VA loan advantages. Homebuyers in Fla, GA,  – please contact us at 904-810-2293 with any questions or to learn more.  

100 FINANCING – NO DOWNPAYMENT

Nearly all mortgage programs today require you to make a down payment to buy a home. The VA home loan is an exception. Rather than paying 5, 10, 20% or more of the home’s purchase price upfront in cash, with a VA loan you can finance up to 100 percent of the purchase price. The VA loan is a true no-money-down opportunity, and one of two 100% loans in Florida today.

NO MORTGAGE INSURANCE

If you make a down payment that’s less than 20 percent, you must pay monthly mortgage insurance.  At least that’s the case with all other loans.  This insurance referred to as private mortgage insurance (PMI) for a conventional loan or a mortgage insurance premium (MIP) for an FHA loan, protects the lender in the event that you default on your loan. But a VA loan neither a no down payment nor mortgage insurance. The VA loan is the only mortgage program that doesn’t have monthly mortgage insurance when the buyer’s down payment is less than 20%.

U.S. GOVERNMENT-BACKED, GUARANTEE

There’s a reason why the VA loan comes with such favorable terms. The federal government guarantees that a portion of the loan will be repaid to the lender even if you’re unable to make monthly payments for whatever reason. This guarantee encourages and enables lenders to offer VA loans with exceptionally attractive terms to borrowers that want them.

ABILITY TO SHOP AND COMPARE

VA loans are not funded or given by the VA. Furthermore, mortgage rates for VA loans aren’t set by the VA itself. Instead, VA loans are offered by VA-approved banks, savings-and-loans institutions, credit unions and mortgage lenders – each of which sets its own VA loan rates and fees. This means you can shop around and compare loan offers and still choose the VA loan that works best for your budget. Contact Coast 2 Coast Lending today for a quick detailed quote.

NO PREPAYMENT PENALTY

A VA loan won’t restrict your right to sell your home if you decide you no longer want to own it. There’s no prepayment penalty or early payoff fee no matter within what time frame you decide to sell your home. In addition, there are no restrictions regarding a refinance of your VA loan. You can refinance your existing VA loan into another VA loan via the agency’s Interest Rate Reduction Refinance Loan (IRRRL) program or switch into a non-VA loan at any time.

LOAN OPTIONS

A VA loan can have a fixed rate or an adjustable-rate. It can be used to buy a house, condo, new-built home, duplex or other types of properties. Please note at this time we do not permit mobile or manufactured homes. VA can also be used to refinance your existing Clay County mortgage, make repairs or improvements to your home or even make your home more energy-efficient. The choices are yours.

EASY TO QUALIFY

Like all mortgage types, VA loans require specific documentation, acceptable credit history and sufficient income to make your monthly payments. But, as compared to other loan programs, VA loan guidelines tend to be more flexible. This is made possible because of the VA loan guaranty. The Department of Veterans Affairs genuinely wants to make it easier for you to buy a home or refinance.

LOWER CLOSING COSTS

The VA limits the closing costs lenders can charge to VA loan applicants. This is another way that a VA loan can be more affordable than other types of loans. Money saved can be used for furniture, moving costs, home improvements or anything else. VA also has certain “non-allowable” closing costs the home seller must pay.

FUNDING FEE FLEXIBILITY

Like all government backed home loans, the VA loans require a one-time funding fee.  This is basically an upfront cost based on your loan amount, your type of eligible service, your down payment size plus other factors. Funding fees don’t need to be paid as cash, though. The VA allows it to be financed with the loan, so nothing is due at closing. And not all VA borrowers will pay it. VA funding fees are normally waived for veterans who receive VA disability compensation and for unmarried surviving spouses of veterans who died in service or as a result of a service-connected disability.

No lender fees for Veterans and First Responders – $1,500 value!  Call Coast 2 Coast with any questions at ph: 904-810-2293 or just fill out the Quick Contact form on the left side of your screen.

Filed Under: Florida, Jacksonville, VA Loans Tagged With: clay county va loan requirements, va lenders in orange park, va loans clay county florida

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904-810-2293
redd@coast2coastlending.com
Coast 2 Coast Lending
93 King St
St. Augustine, FL 32084
Branch NMLS# 2047476

NMLS CORPORATE ID #1850
NMLS Consumer Access


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© 2020 American Pacific Mortgage Corporation. For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity.

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