How to get VA-backed loan in Jacksonville, Florida? Explained.

• No Down Payment- This is far and away the VA loan program’s signature benefit. Qualified VA Loan borrowers can purchase up to a county’s conforming loan limit without a down payment. Those limits can change every year and are higher in more expensive areas.
• No Private Mortgage Insurance- VA loan do come with a mandatory funding fee that goes directly to the Department of Veterans Affairs. Borrowers with a service-connected disability are exempt from paying this fee, which helps keep the program going for future generations. 

Easier Credit Requirements- Credit score requirements have started to thaw, but that hasn’t made life significantly easier for many military buyers. The credit benchmarks set by both conventional and FHA lenders can still be tough to hit. Thats another reason why mortgage banks are the best place to get your VA Home Loan.

Eligible Veterans, service members, and survivors with full entitlement no longer have limits on loans over $144,000. This means you won't have to pay a down payment, and we guarantee to your lender that if you default on a loan that's over $144,000, we'll pay them up to 25% of the loan amount. There's a reason why VA loans don't require down payments: The federal government insures a portion of every VA loan that private lenders close. If you don't make your payments, the government pays your lender back for at least a portion of its loss.

Yes, VA Loans are backed by the Government National Mortgage Association.

Ginnie Mae was created to provide a path to home ownership for underserved populations, such as military veterans and their families. By purchasing VA loans, Ginnie Mae creates an outlet for loans that could represent more risk in the private secondary market. Lenders can offer more lenient terms and reasonable loan options as a result.

As reported from the Jacksonville Business Journal, Jacksonville, FL is one of the most popular in-migration markets in Florida. And with the city lying along the banks of the St. Johns River in the First Coast region of Florida, with beach communities along the Atlantic Ocean just a few minutes away–it’s really no surprise the real estate market is booming. 

So if you’re a veteran looking for a VA Home Loan from a VA Mortgage Lender in Jacksonville, you’re making the right choice. VA Home Loans–a loan option for active service, select military spouses, and veterans–enable veterans to purchase homes without requiring down payments or excellent credit scores.

And in Jacksonville, where real estate is becoming an increasingly better investment, a VA Home Loan in Florida is a great option for veterans or active-duty service members looking for a home in this beautiful Florida city.