Ocala VA Home Loans with Zero Down

Ocala VA Home Loans with Zero DownWe Help Ocala Veterans get VA Home Loans. Home ownership is the American dream and the U.S. Department of Veteran Affairs (VA) makes it possible for veterans, and eligible spouses who serve finance the purchase of their own homes. With the help of the VA, banks and other mortgage company are able to provide favorable home loans with a comparatively lower interest rate. VA home loans zero down in Ocala, FL.


VA home loans are flexible and can be used to purchase your own home or to repair, build, adapt or retain your personal property The term veteran refers to active duty service personnel, certain members of the Selected Reserve and spouses. This means that residents in Ocala, Florida who are categorized as veterans should take advantage of a VA home loan. If home ownership is in your near future if you looking to buying a home.

Why you should consider VA home loans zero down in Ocala, FL

One of the greatest advantages to VA home loans zero down in Ocala is, in most cases, there is no down payment required. Qualified veterans can receive a loan at the full value (as determined by VA) of the home they wish to purchase. Sometime Veterans need to save for a for some closing cost before the loan is granted.

This specification, however, is based on each individual lender. Whether or not the purchase price is more than the determined value of the home. Another reason why you should consider getting a VA home loan is, there are fewer fees to pay and the closing costs is lower than traditional loans.

Benefits of VA Home Loans Zero Down

While there are some features of a VA home loan that is comparable to a regular loan, VA home loans offer the borrower a significant amount of benefits that you will not get through a traditional loan. Such benefits include:

  • Forbearance – this is an agreement where borrowers who are experiencing temporary financial difficulties make an agreement with the lending agent to delay foreclosure if the borrower encounters financial difficulty while repaying their mortgage.
  • Longer loan amortization period. The repayment period is much longer when compared to traditional mortgages.
  • Lower Interest Rates – The interest rate is lower than traditional lenders and for those veterans who need a down payment, there is assistance available for those who qualify.
  • Lower Credit Score Accepted – Conventional loans and FHA have a stricter policy when it comes to your credit score; however, with VA loans, you may qualify for a loan with a low credit score.
  • No Insurance Required – Mortgages that does not require a 20% down payment will often require the mortgager to get mortgage insurance, but with VA loans this is not a requirement because mortgage insurance typically benefits the lender and not the borrower.
  • Negotiable fixed interest rates – VA loans provide fixed interest rates that are competitive to conventional mortgages.

VA Loan Approval Requirement

Borrowers to qualify for VA home loans zero down, the applicant, by law, is required to meet the following criteria:

  • You must be a veteran eligible for the home loan. To determine eligibility the VA considers these factors:
  • A 90 day service period on active duty in a time of war (such as world war)
  • At least 6 years was completed in the Reserves or National Guard.
  • Unmarried spouses of individuals who died while in service or from an injury gained while in service.
  • Spouses who remarry after the age of 57 or after the year 2003.
  • Individuals who spent over 181 days in the service during times of peace.
  • Income and earnings must be sufficient to cover the monthly mortgage payments and other expenses and debts.
  • The borrower must either be living on the property or intend to live on the property for a reasonable amount of time after closing the loan.

Certificate of Eligibility and what it is

In order for you to get a VA loan, you must fit one of the above criteria and proof that you are who you say you are. To do this, you must acquire what is known as a Certificate of Eligibility or COE; VA decides who qualifies for a COE. There are also some lenders with the authority to determine eligibility through the use of an Automated Certificate of Eligibility, ACE.

This is a computer base application that establishes eligibility in under a minute, which means that you can know your eligibility status while applying for the loan without going through the VA. While the VA will guarantee the loan if you are eligible, they do not issue the actual loan; therefore, the amount you qualify for is determined by the lender and their specific rules and regulations.

Ocala Zero Down VA Mortgage

A VA mortgage is similar to regular home loans; however, these loans often come with no down payment. The zero down policy makes it easy for veterans to purchase their homes and occupy it sooner. Instead of the standard down payment, qualified veterans must pay what is called a funding fee; usually 1.25% to 2.7% of the total cost of the house. The funding fee covers the risks a normal down payment would. The difference between a funding fee and a down payment is, with a down payment, you must pay this upfront in order for you to get the loan; a funding fee is included in the loan total.

Helping you find the loan that is right for you

For years, VA loans have helped thousands of veterans and their families purchase their own homes. A zero down VA mortgage has helped many realize the American dream of home ownership. Once you meet the criteria for a VA home loan. Your next step is finding the home of your dreams. From there our lending institution will start the process of closing the deal. Our dedicated staff is here to help you every step of the way; so, don’t go it alone, let us help you realize and accomplish your dream. Read more information about Buying a Home, or if you are looking to sell your home. Use our advance My Florida MLS to find Ocala Florida real estate. Get the latest news from our Florida Real Estate Blog on the current events related to the real estate market in your area.

Helping Veterans with all Realty Service: Mortgage to Finding a Home

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Frederick Franks
Local Realty Service, LLC

35 Hickory Loop
Ocala, FL 34472
Contact Us

David Cooper

Sr Loan Originator

NMLS: 719292

Cell 704 942 4093

Office 980 245 5680

Fax 877 272 3705

Local Realty Service, LLC

352-591-3350Contact Us 
35 Hickory Loop. - Ocala, FL 34472
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