Orlando VA Loans
If you are a qualified veteran in Florida looking to purchase or build a new house in Orlando, right now is a great time to apply for a VA Loan. The VA Home Loan Guaranty Program aims to make homeownership a reality for all of its veterans by making the loans cheaper and simpler than conventional loans. Right now, with housing prices incredibly low in Orlando, and loan limits higher than ever, you are sure to afford that house of your dreams.
VA Loans vs. Conventional Loans
Conventional loans almost always require a down payment on the property, and this payment can range from 5 to 20% of the total cost of the house. In Orlando, this can add up quite fast if you are looking into buying a big family home in the area. With a VA Loan, you can borrow the same amount without having to supply any down payment on the house. You also won’t be required to pay private monthly mortgage insurance because the loan is insured for you by the VA. The other great benefits you will find with an Orlando VA Loan include minimal closing fees, flexible repayment options, quick approval and low interest rates.
How to Qualify
As a current member of the US Armed Forces in Florida, you can qualify for a VA Loan after serving a minimum of 181 days of regular active-duty service. Alternatively, if you are no longer in the military, you can also qualify if you served this time and were discharged under honorable circumstances. For a full list of people who can qualify, be sure to check out the VA’s website. You will also find the eligibility form on the site which you or your lender will need to submit as part of the loan process.
Refinancing your VA Loan
If you already have a VA Loan in Orlando, you have the option to refinance with a VA Cash-out Refinance or an Interest Rate Reduction Refinancing Loan (IRRRL). The IRRRL is also called the “VA Streamline Refinance” because you won’t be required to pay any additional fees or supply more paperwork.
Get Started Today!
You can get pre-approved for a loan today by taking a minute to fill out our secure online form. It’s very fast and 100% free with no obligation. Getting a VA Loan has never been easier!
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