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North Lauderdale, FL VA Purchase Advantage
Advantages of a North Lauderdale, FL VA Home Loan

The VA does not require a minimum credit score, although lenders usually have some requirements to minimize their risk. But because this is a benefits program, North Lauderdale mortgage guidelines are often more flexible than they would be for conventional loans.

You can even apply for a North Lauderdale, Florida VA loan just two years after a bankruptcy has been discharged. A full explanation of the bankruptcy will be required. Job stability is a must in this situation. It is also possible to apply for a VA loan in North Lauderdale, FL just two years after a foreclosure.

Since North Lauderdale VA loans are backed by the government, lenders can often offer lower rates than they would be able to for a traditional loan. Eligible service members in North Lauderdale will generally pay a better interest rate with a North Lauderdale VA loan than they would have with a conventional mortgage. This means that you can get a better home for the same monthly payment than you would have been able to without the North Lauderdale VA loan program.

Rates for VA loans in North Lauderdale are not set by the Department of Veterans Affairs, despite popular belief. North Lauderdale, FL VA-approved lenders and brokers set their own rates, often on a daily basis. North Lauderdale VA loan rates change with the financial market just as rates for conventional mortgages do.

The world where you could buy a house without a down payment has largely disappeared—unless you’re lucky enough to be eligible for a VA loan. You can actually get a loan without a down payment at all, making it significantly easier for you to get into your new home more quickly.

If you take out a conventional loan and pay less than 20% down, you have to have private mortgage insurance (PMI) on the loan, adding significant cost to the total price of the North Lauderdale home. But even if you finance the entire cost of the home, you do not need PMI with a VA loan, saving you a lot of money.

The VA limits what closing costs the buyer can pay, which is another way you can save a lot of money over a traditional loan. The borrower of a VA loan in North Lauderdale is allowed to pay for things like an appraisal, credit report, title insurance, and origination fee, among a few other costs.

There are some necessary fees that the veteran is not allowed to pay for, like escrow, processing, and underwriting (among others). One option is for the seller to pay such fees. In some cases, a real estate agent who represents the buyer can contribute to the closing fees in the form of a credit. Lenders can also offer a credit to the buyer by adjusting the borrower’s interest rate. Another option is that the lender can charge the borrower a one–percent origination fee (which is an allowable charge).

There are a few more benefits to getting a North Lauderdale VA loan. First, there is no pre-payment penalty for paying your mortgage off early or for making extra payments. Additionally, if you have trouble making your monthly payments, the VA has counselors that can help guide you and figure out what to do. These counselors can sometimes negotiate with the lender to keep you in your home.

You can usually get a good loan even with a low credit score and a short credit history. One of the key factors in securing a good deal on a home purchase is having a high credit score. In fact, you often need a good credit score to get a mortgage at all. But it’s different with VA loans in North Lauderdale, FL—you can usually get a good loan even with a low credit score and a short credit history. The lack of an established credit history does not mean that you cannot get approved for a loan. A satisfactory payment history for utilities or rent can show that you are responsible with monthly payments.

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    North Lauderdale is a city in Broward County, Florida, United States. As of the 2010 census, the city’s population was 41,023.[9] It is a principal city of the Miami metropolitan area, which was home to an estimated 6,012,331 people in the 2015 census.

    At its creation in 1963, it was largely farmland on the western edge of development in Broward County. North Lauderdale was originally grazing pasture for cows and horses of the Anderson Dairy Farm and also an agricultural area for the Lena Lyons Stringbean Farm. Recognizing a rare opportunity to work with a blank slate, famed architect Morris Lapidus turned his attention to planning a city that would become North Lauderdale. Lapidus gained international notoriety for launching the 1950s “Miami Beach” style resort hotel. His design of the Fontainebleau Resort, the Eden Roc and Americana helped create the style of Miami Beach. After hotels, Lapidus turned to designing cities. North Lauderdale, “The City of Tomorrow”, was the first city he laid out. Residents still benefit from his influence and vision, which can be seen in the whimsical “beacons” lending the city prominence and in the distinct, amoebic shape of Boulevard of Champions. In the late 60’s, recognizing the growing demand for single-family homes, the Osias Organization, headed by Colonel Nathan Rood, who was also the first appointed Mayor, purchased most of the land and began the development of North Lauderdale proper. In April 1969, by straw vote, Michael Saraniero became the City’s first elected Mayor.