Buy a home at a reasonable rate with a VA loan in Okaloosa, 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 Okaloosa, 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.

Va Mortgages Okaloosa, FL

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.

What are the Biggest Benefits of Having a VA Loan in Okaloosa, 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 Okaloosa, 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.

How 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 Okaloosa, 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.
 HomeReady Mortgages Okaloosa, FL

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.

 Home Ready Mortgages Okaloosa, FL

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 Okaloosa, 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 Okaloosa, 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 Okaloosa, FL

'We will get there': Okaloosa County commissioners reflect on SS United States saga

Click here for important updates to our privacy policy.LOCALNorthwest Florida Daily NewsFORT WALTON BEACH — The fastest ocean liner ever to sail the high seas of the Atlantic Ocean...

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LOCAL

Northwest Florida Daily News

FORT WALTON BEACH — The fastest ocean liner ever to sail the high seas of the Atlantic Ocean is preparing for a slow, final voyage to the bottom of the Gulf of Mexico.

In recent months, the Okaloosa County Commission has been dealing with the fallout of vocal opposition on social media and delays that have kept the SS United States in Philadelphia awaiting a time to be transported and refitted to become the largest artificial reef in the world.

With concerns about the final voyage of the SS United States in mind, the Northwest Florida Daily News reached out to several local officials to reflect on what's happening.

How did we get here?

The Okaloosa County Commission first discussed the SS United States on Aug. 30, when the county signed an agreement to purchase the historic ocean liner after a bid from the Escambia County Tourist Development Council failed to decide to buy the vessel.

In a 4-1 vote, with Commissioner Carolyn Ketchel casting the lone dissenting vote, the Okaloosa County Commission agreed to purchase the vessel for $1 million in tourist development dollars. An additional $9 million was set aside for the transportation and environmental services needed before the ship could be sunk.

The plan was to move the ship from Pier 82 in Philadelphia to a mooring site in Mobile, Alabama, on Nov. 14, but this was delayed after the U.S. Coast Guard assessed the ship and found that it "may not have suitable stability for the intended transit and presents a hazardous condition to the port and waterway."

On a subsequent Coast Guard visit to the ship, a potentially compromised tank in a port wing was identified, "which may also further impact the vessel’s stability and structural integrity," the order says. The purpose of the tank was not clarified. According to the order, a large amount of oily residue was also present in or around the ship.

As part of a purchase agreement with the county, the SS United States was required to move from Pier 82 before Dec. 12. Since the ship hasn't moved, the county had to pay Penn Warehousing, the owner of Pier 82, a one-time penalty of $100,000. The fine also coincides with a $3,400 daily rental fee the county is already paying.

Since Sept. 23, when the county signed the purchase agreement, a total of $1,392,400 in tourist development funds have been paid through the purchase of the ship, rental fees and the fine. Furthermore, the county is liable for a $114,630 fine each day the boat violates the Coast Guard requirements before it can be moved.

Those requirements include:

Okaloosa County Public Information Officer Nick Tomechek says all fines and rental fees are paid from the county's tourism tax budget. Addressing the $114,630 fine, Tomechek adds that it would only be assessed if the boat moves from the port without the needed fixes.

Commissioners respond

Despite the challenges the ship has faced in recent months, Okaloosa County Commissioner Drew Palmer still has a positive outlook on its future.

"The challenges are definitely concerning, but I do think that this is the right move, and it's going to be important for our county once we overcome those challenges," said Palmer. "Obviously, you wish things were smoother, but we will get there."

Palmer, whose district includes the city of Destin, noted that the ship would "raise the bar" regarding tourism opportunities in Northwest Florida, especially considering the economic impacts the USS Oriskany has had on neighboring Escambia County.

According to a study from the University of Florida, every dollar spent on artificial reefs returns $7 in economic benefit for the local economy. Add that to data from the Oriskany, which brings in over 10,000 divers annually and generated $3.6 million in economic stimulus to Escambia County in 2015.

While noting the small diving community, Palmer adds that families who travel to the area without diving in mind will bring business to local restaurants and other companies during their trip.

"It's a win all the way around," Palmer said.

Joining Palmer in his optimism is the chairman of the Okaloosa County Commission, Paul Mixon.

Mixon said that despite the delays due to "unforeseen circumstances," the county will continue to work with its partners to ensure that the SS United States takes one final voyage.

"We've hired a marine architect to prove the stability for the tow. That work is underway, and it will be finished by Christmas," Mixon said. "As long as we move no later than the end of January, we're still doing well."

One of the big obstacles Mixon noted was the clearances between the ship and three bridges that officials must navigate past to get the ship into the Atlantic Ocean. Yet, Mixon states that those challenges are not "too bad."

"The sky is not falling like some are reporting," he added. "It really is still in movement. The process is still going."

Palmer and Mixon were asked about the reaction of some residents. About half of the commenters on the Northwest Florida Daily News Facebook page have expressed an overall negative viewpoint of the purchase, saying the money would be better spent on other projects, like infrastructure or beach access.

In response, Palmer noted that citizen criticism is valid. But he said this also is an opportunity for government leaders to clarify how tourist development dollars can be used.

"These (tourism) dollars are coming for tourism development, which can only be used for promoting tourism and tourism-related activities, and Okaloosa County is leading the charge on expanding what that means," said Palmer. "The county commission and our tourism department have pushed the envelope on that, and this is one of those things.

"But with those dollars, it's not like we can go out and improve this bridge or we can fill these potholes," Palmer added. "These dollars are restricted to only tourism, and I think that is important for the people to know, and I think it's important for the county commissioners to get that message out and for the tourism development team to get that message out."

One county commissioner who voiced her displeasure about the purchase was Commissioner Carolyn Ketchel, whose district includes Fort Walton Beach and Shalimar. As previously noted, Ketchel was the only commissioner who voted against the purchase of the ship.

"It's frustrating," Ketchel said about the process. "As a fiscal conservative, I voted to use the tourism development money in a different way. I feel like it should benefit a larger group of locals as opposed to a niche group of divers who can get out 20 miles and dive that deep. Not everybody who can even dive can dive that deep."

Ketchel noted that the tourism funds spent on the vessel could have been spent on securing more beachfront property to allow more access to locals, or on an Olympic-sized swimming pool, which she says is "desperately needed."

While Ketchel notes that the new reef will benefit the fishing community, she said that the ongoing delays have not surprised her.

"It didn't seem like a good idea for me from the beginning, and it seems to be bearing that result," Ketchel said.

Still, when asked if this is an "I told you so" moment, Ketchel said no. She said each commissioner has a viewpoint on how best to spend tourism development funds to better the county. Furthermore, Ketchel adds, the "unforeseen delays" were unpredictable, and she notes that the tourism department is eager to continue this project.

"Maybe in the long run I'll be the wrong one, you know?" said Ketchel. "I just felt like we could spend the tourism developed money to benefit a greater number of local residents."

The Northwest Florida Daily News also contacted the other two county commissioners, Trey Goodwin and Sherri Cox, for comment, but those requests went unanswered.

Shannon McNaught contributed to this article.

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