Zephyrhills, FL VA Purchase Advantage
Advantages of a Zephyrhills, 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, Zephyrhills mortgage guidelines are often more flexible than they would be for conventional loans.
You can even apply for a Zephyrhills, 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 Zephyrhills, FL just two years after a foreclosure.
Since Zephyrhills 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 Zephyrhills will generally pay a better interest rate with a Zephyrhills 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 Zephyrhills VA loan program.
Rates for VA loans in Zephyrhills are not set by the Department of Veterans Affairs, despite popular belief. Zephyrhills, FL VA-approved lenders and brokers set their own rates, often on a daily basis. Zephyrhills 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 Zephyrhills 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 Zephyrhills 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 Zephyrhills 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 Zephyrhills, 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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We had Brian T and he was excellent from start to finish. Even with having to change the closing 3 times because of the sellers he kept us informed of everything that was going on so I wouldn’t have any surprises. I would recommend them to anyone. We had an excellent time especially since we live in Jacksonville and he in another part of Florida.
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Zephyrhills is a city in Pasco County, Florida, United States. The population was estimated at 13,288 in the 2010 census. It is a suburb of the Tampa Bay Metropolitan Statistical Area. Zephyrhills is also known as the headquarters of the Zephyrhills bottled water company and is a member of Tree City USA.
Zephyrhills began as the town of Abbott on April 18,1888 and consisted of 280.74 acres. A voting district was established in 1893 followed by a post office in 1896. In 1909, Captain Howard B. Jeffries, a Civil War Union veteran from Pennsylvania purchased 35,000 acres and created the Zephyrhills Colony Company with a plan to create a community for Civil War veterans. In 1910 the town voted to change its name to Zephyrhills; it was incorporated in 1914.