If you’re a veteran who wants to buy a home for sale in Boca Raton, you may want to check your VA loan eligibility – you could be entitled to use your VA benefit, even if you’ve used it in the past. Here’s what you need to know.
Buying a Home in Boca Raton? Check Your VA Loan Eligibility First
If you’re an honorably discharged veteran of the U.S. Armed Forces, you may be eligible to use your VA loan benefit.
Who’s Eligible for a VA Loan?
You must have served honorably in the U.S. Armed Forces to qualify to use your VA loan benefit. The VA has specific limits on eligibility based on the time you were discharged from the service; you can check your eligibility here.
How to Apply for a VA Loan
You must get a certificate of eligibility from the VA to use your VA loan benefit. You’ll need a copy of your discharge or separation papers (if you’re a veteran) or a statement of service signed by your commander, adjutant or personnel officer if you’re currently still serving in the armed forces. Your statement of service must include:
- Your full name
- Your Social Security number
- Your date of birth
- The date you entered the service
- The duration of any lost time
- The name of the command that’s providing the information on your statement of service
You can apply for your COE through eBenefits.
After you have your COE, you need to take it to the lender of your choice to apply for a VA loan.
Common Questions About VA Loan Eligibility
Check out these common questions about VA loan eligibility. If you don’t see your question here, call us or speak directly with your lender to get the information you need.
Why Should You Use Your VA Loan Benefit?
If you’re entitled to the VA loan benefit, you may want to use it instead of a traditional loan. There are several benefits to VA loans, including the ability to buy a home with nothing down, no monthly mortgage insurance premiums to pay, limitations on closing costs for buyers, and the ability to pay off your loan early with no prepayment penalty.
Can I Use a VA Loan More Than Once?
You can use your VA loan benefit multiple times. The catch is that you must pay off your first VA loan before you can use the benefit again. Selling your current home satisfies that requirement, so if you used your VA loan benefit to buy the home you live in now, you’ll be good to go as soon as it’s sold.
Do All Lenders Offer VA Loans?
Not all lenders offer VA loans, although most do. You’ll have to call around – which you should do anyway – to find out which lenders offer loan products that work for you. You should absolutely shop around for the best terms and rates.
Does the VA Loan Benefit Ever Expire?
The VA loan benefit never expires. You can use it whether you were discharged from the military 40 years ago or yesterday; you can even use it if you’re currently still in the military.
Can You Use a VA Loan for a Condo?
You can absolutely use a VA loan to buy a condo in Boca Raton. There are loan limits, however, which means the VA will only guarantee part of your loan if it’s over a certain amount. You should check with the VA to find out what the current VA loan limits are; then, talk to a lender about your situation and explain that you want to purchase a condo at a price higher than the current loan limit.
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