Buy a home at a reasonable rate with a VA loan in Duval, FL
VA loans were established prior to the end of World War II and have since assisted numerous veterans, service members, and military families in fulfilling their dream of owning their a home. In recent times, the program has become increasingly significant, with VA loan volume skyrocketing and offering substantial financial advantages that enable countless veterans to purchase homes, thereby making homeownership a possibility for those who may not have qualified otherwise.
If you sacrificed comfort and security to help protect our great nation, Mission One Mortgage thanks you for your service. We believe that there's no greater honor than to serve those who have served our country. We're not afraid to go above and beyond for our veterans because that's exactly what they did for us.
What is a VA Loan in Duval, FL?
A VA loan is a mortgage option that is backed by the government and available to Veterans, service members, and surviving spouses. It is offered by private lenders such as banks and mortgage companies and not directly by the Department of Veterans Affairs.
VA home loans come with competitive interest rates and terms and can be used to purchase a variety of properties, including:
- Single-Family Homes
- Condominiums
- Multi-Unit Properties
- Manufactured Homes
- New Construction Homes
One of the great benefits of VA loans is that eligible Veterans can buy a home with no down payment, no mortgage insurance, lenient credit requirements, and the lowest average fixed rates in the market.
This program was created by the federal government to make it easier for those who have served our country to become homeowners, and it is widely considered the strongest benefit program available for this purpose.
The VA has a guarantee program that ensures the government will pay back the lender a portion of a VA loan if the borrower fails to make payments. This guarantee reduces the risk for lenders, and as a result, they can offer more favorable terms and require no down payment.
Compared to conventional loans, VA loan rates are typically lower. The rate could either be fixed, meaning payments will remain the same, or adjustable, meaning that payments could change over time. However, keep in mind that adjustable-rate mortgages (ARMs) come with some risk, as you'll pay more if rates rise.
If you are eligible for a VA loan, you can complete the VA mortgage application process through lenders like Mission One Mortgage. While many lenders offer VA loans, not all of them do, and some lenders specialize in serving VA loan borrowers. Generally speaking, it's best to apply with multiple lenders in order to compare rate offers and find the best deal.
Debbie Haberny, the proud broker-owner of Mission One Mortgage, is a certified Vetted VA Professional. The main objective of her team is to simplify the mortgage process for veterans by providing them with relevant tools and knowledge. Debbie and her team of mortgage experts base their expertise on the VA Handbook and are committed to showing veterans all the options and opportunities available to them with their VA benefits. They also connect veterans with qualified lenders and resources to ensure their VA loan process is seamless.
Whether you're a first-time home buyer or a seasoned homeowner, we'll help you understand the differences between financing programs so you can select the one that's best for you.
What are the Biggest Benefits of Having a VA Loan in Duval, FL?
At Mission One Mortgage, we work with many Veterans who know that VA loans exist but don't quite understand the full range of benefits they provide. If that sounds familiar, keep reading. This section was written especially for you.
01
Benefit:
No Down Payment Needed
One of the standout benefits of the VA Loan program is that qualified borrowers can purchase a home without having to make a down payment up to the conforming loan limit of their county. This is a significant advantage over conventional and FHA loans, which typically require minimum down payments of 5 percent and 3.5 percent, respectively.
For example, on a $400,000 mortgage, a conventional loan would require a $20,000 down payment, while an FHA loan would require $14,000. Saving up that kind of cash can take service members and veterans years, but with the VA Loan, they can pursue homeownership without having to scrape and stockpile for years on end.
03
Benefit:
Less Strict Credit Requirements
It's important for military buyers to stay informed about credit score requirements when considering home financing options. Although credit score requirements have eased up a bit, it's still necessary to meet certain benchmarks set by conventional and FHA lenders. However, even meeting these benchmarks can be a challenge for many buyers.
Most VA lenders require a credit score of at least 620, which falls in FICO's "Fair" credit score range. Borrowers will typically need to meet a higher threshold for conventional mortgages, particularly if they want to secure a low-interest rate. It's worth checking out VA Loan rates to learn more about financing options.
Despite common misconceptions, military buyers don't need a perfect credit score to obtain financing. While a higher credit score can certainly help, it's important to remember that VA loans in Duval, FL are designed to help military members and veterans access affordable housing.
05
Benefit:
Help with Closing Costs
Closing costs are an inevitable part of the home-buying process, no matter what type of mortgage product you choose. However, if you're a veteran, you may be pleased to know that the VA places limits on the fees and costs you're required to pay at the time of closing. Additionally, homebuyers have the option to ask sellers to cover all loan-related closing costs, as well as up to 4 percent of the purchase price for other expenses like prepaid taxes, insurance, and collections.
02
Benefit:
No Need for Private Mortgage Insurance
Coming up with a down payment can be challenging for both conventional and FHA homebuyers. In addition, they are required to pay for mortgage insurance unless they can make a sizable down payment, usually 20% of the purchase price. For instance, on a $400,000 mortgage, this would be a staggering $80,000 in cash.
FHA loans carry an upfront mortgage insurance premium and annual mortgage insurance. The latter now lasts for the life of the loan. On the other hand, conventional homebuyers will pay this monthly cost until they have built up enough equity, which can take several years.
Fortunately, VA loans do not require any mortgage insurance. However, there is 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.
04
Benefit:
Bankruptcy and Foreclosure
If you've experienced a financial setback such as a foreclosure, short sale, or bankruptcy, you may be worried about your chances of securing a VA home loan. However, don't lose hope just yet. With VA loans, it's still possible to be eligible for a home loan just two years after a foreclosure, short sale, or bankruptcy. In some cases, veterans who file for Chapter 13 bankruptcy protection can be eligible for a VA loan just a year after the filing date.
It's worth noting that the waiting periods for conventional or FHA financing can be significantly longer than those for VA loans. Additionally, even if you've lost a VA-backed mortgage to foreclosure, you may still be eligible for another VA loan.
So, if you're a veteran who's experienced a financial setback but still dreams of owning a home, don't give up hope. Explore your options and see if a VA loan with Mission One Mortgage could be the solution you need.
06
Benefit:
DTI Ratio Flexibility
It's important to keep in mind that VA lenders typically prefer borrowers to spend no more than 41 percent of their gross monthly income on major debts, such as mortgage payments or student loans. However, it's possible to get a VA home loan even if you have a higher DTI ratio. Some lenders may offer up to 55 percent or more depending on your credit score and ability to meet additional income requirements. This can give homebuyers more flexibility and greater purchasing power when it comes to finding their dream home.
Remember - if you have any questions about the benefits you just read about - like what credit score Mission One Mortgage requires for a VA loan - contact our office today. It would be our pleasure to help you navigate the VA loan process, one step at a time.
(843)822-5685How to Determine Your VA Loan Eligibility
One of the most common questions we get at Mission One Mortgage revolves around VA loan eligibility. Who is actually eligible for this type of loan? What are the requirements for getting a VA loan? If you meet the following requirements, chances are you'll be eligible for a VA loan.
- If you have completed 90 days of service during wartime or 181 days of service during peacetime, you may qualify as an active-duty military member or veteran.
- If you have served in the National Guard or Reserve for a minimum of six years, or have completed 90 days of active duty under Title 32 orders, with at least 30 of them being consecutive, you may be eligible for a VA loan in Duval, FL.
- If your spouse was a service member who passed away while on active duty or due to a service-connected disability, and you haven't remarried, you may be eligible for a VA loan. In some cases, surviving spouses who remarried after the age of 57 and after Dec. 16, 2003, may also be eligible. Spouses of prisoners of war or service members missing in action may also be eligible for VA loans, as well.
- You meet the necessary requirements for credit and income to be eligible for a VA loan. It's important to note that while the VA doesn't set a minimum credit score for VA loans, individual lenders may have their own standards. In addition to credit, your lender will also evaluate your income and debts to assess your ability to repay the mortgage.
- The property you're interested in purchasing complies with the necessary safety standards and building codes. It's also worth mentioning that in most cases, the borrower is required to make the residence their primary home within 60 days of purchase. However, there are certain circumstances in which this timeline can be extended up to 12 months.
Follow These 5 Steps to Begin the VA Home Loan Process
Curious what the general steps are for purchasing a home with a VA loan? You're not alone. Keep reading to get a feel for what you have to do to enjoy the wonderful benefits of homeownership.
When applying for a VA home loan benefit, the Certificate of Eligibility (COE) is an important document that verifies your eligibility to your lender. If you have already used your VA loan benefit in the past, a current COE can help you determine how much remaining entitlement you have. Additionally, it can ensure that your entitlement has been restored for previous VA-backed loans that were paid in full.
After you've applied for your COE, it's a good idea to examine your finances. We're talking about items such as income, expenses, credit profile, and your monthly budget. That way, you know for sure that you're ready to purchase a home.
As a veteran, you have the choice of going through a bank, credit union, or a private VA mortgage company like Mission One Mortgage. Most lenders will have different loan interest rates and fees, so it's important to shop around. Remember - Mission One specializes in VA loans in Duval, FL. Other lenders, such as large corporations and banks, often can't match the expertise and attention to detail that Mission One provides to veterans.
During this phase, it's a good idea to meet with a range of real estate professionals. Try to choose an agent who has experience processing and overseeing VA loans. Once you select an agent, you can bring your lender's pre-approval letter to their office and begin shopping.
This is the best part of the VA loan process, other than getting the keys to your new home. When looking for a house, remember to look at homes within your price range and budget. Lean on your real estate agent, friends, and family for help in your search.
A Word of Advice from Mission One Mortgage
If you're thinking about buying a home, it's important to weigh the pros and cons of homeownership. While renting can provide flexibility and less responsibility for maintenance, it comes with the risk of rent increases, potential property sales, and uncertainty about security deposit refunds.
On the other hand, owning a home can offer relatively stable mortgage payments and an opportunity to build long-term wealth for you and your family. Before making a decision, it's crucial to determine your priorities, such as your monthly budget for mortgage payments and other expenses like transportation and childcare. Ultimately, only you can determine what's best for your housing and financial needs.
The Key to Homeownership Starts with a VA Loan in Duval, FL
At Mission One Mortgage, we take immense pride in simplifying the mortgage process and ensuring that our clients experience minimal stress. We understand that navigating the world of mortgages can be daunting, which is why we are committed to making it as smooth as possible.
By choosing to work with us, you're not just getting a mortgage broker - you're selecting a partner who is devoted to your financial well-being and dedicated to helping you achieve your dream of homeownership. By working together, we can work through the VA loan process one step at a time.
That rings true for all of our clients, but especially the U.S. Veterans we serve. In fact, we specialize in VA mortgages and are proud to offer them to US Veterans, those on Active Duty, and their spouses. VA Loans are one of the best mortgages available, offering no down payment requirements, no PMI, and some of the most favorable rates and terms.
If you're ready to take the next big step in your life and provide stability for your family with a place to call home, contact our office today. You're closer to the dream of home ownership than you might think.
Want to know more?
Clarify your Queries Call Us Now! (843)822-5685
Latest News in Duval, FL
Duval County benefits from $317M Florida conservation investment
Kelsey Binghamhttps://www.news4jax.com/news/local/2024/12/23/duval-county-benefits-from-317m-florida-conservation-investment/
JACKSONVILLE, Fla. – On Tuesday, Gov. Ron DeSantis and the Florida Cabinet approved a $317 million investment to protect Florida’s critical lands, and Duval County is among those to benefit.A 1,265-acre acquisition will expand Cary State Forest, stretching it towards the Thoma...
JACKSONVILLE, Fla. – On Tuesday, Gov. Ron DeSantis and the Florida Cabinet approved a $317 million investment to protect Florida’s critical lands, and Duval County is among those to benefit.
A 1,265-acre acquisition will expand Cary State Forest, stretching it towards the Thomas Creek Conservation Area northwest of Jacksonville.
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The property faces immediate development threats, with plans in place for 1,607 single-family homes and commercial construction, according to the Florida Department of Environmental Protection.
“The acquisition prioritizes restoring the natural functions of the land, water and wetlands within its boundaries, including the Lower St. Johns River Basin,” FDEP told News4JAX.
This year’s State of the River report cited development as one of the rising threats to the water’s health, as the Jacksonville area continues to grow.
RELATED: 2nd annual ‘Great St. Johns River Cleanup’ kicks off in Duval County
Located in the Northeast Timberlands and Watershed Reserve, Cary State Forest is also home to rare and endangered plant and animal species such as the gopher tortoise, Florida black bear and the red-cockaded woodpecker.
“Preserving this land will help alleviate development pressures and protect vital natural resources,” FDEP said.
Through the Florida Forever Program, $111 million of the investment will secure 24,113 acres of critical lands. The Cary State Forest expansion is just one of seven key acquisitions that will connect vital conservation areas throughout Florida:
The remainder of the investment was approved to preserve over 62,000 acres of Florida farms and ranches through the Florida Department of Agriculture and Consumer Services’ Rural and Family Lands Protection Program.
Copyright 2024 by WJXT News4JAX - All rights reserved.
Florida’s first athletic training heart screening program aims to protect hearts across Duval County public high schools
Peter Schorschhttps://floridapolitics.com/archives/710238-floridas-first-athletic-training-heart-screening-program-aims-to-protect-hearts-across-duval-county-public-high-schools/
The Simply Healthcare investment helps Duval County schools gain access to life-saving heart screenings for student-athletes through an innovative screening program.Seventeen public high schools across Duval County now have access to heart screening machines to evaluate student-athletes for underlying heart conditions thanks to the first athletic training heart screening initiative in Florida led by Who We Play For (WWPF...
The Simply Healthcare investment helps Duval County schools gain access to life-saving heart screenings for student-athletes through an innovative screening program.
Seventeen public high schools across Duval County now have access to heart screening machines to evaluate student-athletes for underlying heart conditions thanks to the first athletic training heart screening initiative in Florida led by Who We Play For (WWPF) and supported by Simply Healthcare Plans (Simply Healthcare).
Simply Healthcare announced a new phase of its WWPF partnership with the launch of the first athletic training heart screening program in Duval County. Simply Healthcare fully funded the 17 electrocardiogram (ECG) machines through a $100,000 investment, aiming to prevent sudden cardiac arrest (SCA), the leading cause of death among student-athletes.
“Detecting underlying heart conditions can ensure prompt medical attention, preventing cardiac arrest and saving the lives of Florida youth,” said Dana Gryniuk, Medicaid President of Simply Healthcare.
“Simply Healthcare is honored to join forces with Who We Play For to support the groundbreaking first in Florida athletic training heart screening initiative in Duval County. Together, we are equipping high school athletic trainers with the tools and instruction required to protect our young athletes.”
This initiative launches a sustainable, year-round heart screening model for Duval County youth who try out and participate in high school sports. An ECG monitors the heart’s electrical activity, signaling cardiac abnormalities and serious conditions that might not be evident through routine physical exams or symptoms alone.
“We’re proud to launch the first-in-Florida athletic training heart screening program in Duval County,” said Evan Ernst, Executive Director of Who We Play For. “This initiative marks a significant step forward in our mission to ensure every young athlete has access to life-saving cardiac screenings and elevating the standard of care for all youth.”
Jacksonville Sports and Medicine held a training session where WWPF distributed the ECG machines and taught Duval County licensed athletic trainers how to administer the screenings across Duval County’s 17 public high schools. An ECG is a non-invasive test that records electrical signals in the heart to identify heart conditions that put students at risk for SCA.
In the United States, SCA claims the life of one student-athlete every three days and is the leading cause of death on school campuses. According to research, 91% of SCA victims die because emergency response is delayed.
Simply Healthcare’s contributions over the last three years, totaling $300,000, have been instrumental in advancing WWPF’s mission to prevent SCA in youth. WWPF is a national nonprofit organization that works with schools, sports clubs and other community organizations to screen young Floridians’ hearts. WWPF has screened over 300,000 youth since 2014, saving the lives of more than 300 students and expanding its reach to 500 communities nationwide.
Simply Healthcare builds strong partnerships with community-based organizations to address the whole health needs of Floridians. By doing so, Simply encourages its members and entire communities to actively participate in their health care and transform their lives.
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