The Home Lady has a VA Home Loan direct lender on her One-Stop Shopping Team in Greater Ft. Lauderdale.  Kim Prat, of Suntrust Mortgage, has 17 years of experience in mortgage financing and she specializes in government loans.

The Veterans Administration does not lend money for mortgages.    Qualified lenders provide 100% financing to Veterans and the VA guarantee helps protect lenders from loss if the borrower fails to repay the loan.   You need a  COE (Certificate of Eligibility) to get a VA-backed loan.  If you do not have a COE or can’t find your original, Kim Prat with Suntrust Mortgage can order one online for you with your DD214 discharge papers or active duty documentation.   Many veterans have seen this green form with $36,000 on the front and have discarded the COE because they felt they could never buy a house in their area for that money.   The $36,000 dollar amount is used by the lender as part of their formula to determine your eligibility.   If you have used your COE before to purchase another home, you can use your COE again and get 100% financing as long as the previous home mortgage was paid off.

Although your mortgage limit is $417,000 in the Ft. Lauderdale area and in the state of Florida, the lender stills qualifies you based on your income.  Your income can include:  salary, pension, disability payments and social security.   Your spouse’s income can also be included.

I have had several couples go to the justice of the peace and get married in a civil ceremony so that they would be legally married and be in compliance with VA regulations.  They wait for the big church wedding and reception and they don’t tell the world what they have done until they are ready, but they have met VA’s requirements.  Owning a home could be one of the best wedding presents you could get to start your new life together.   If you intend to get married anyway and you know you have a solid relationship, then using both incomes may help with qualifying for your VA loan.  If both partners are veterans, only one VA COE will be used.

Remember: in order to use your VA home loan, you must owner-occupy the property.  If you buy a 2-4 unit property, you must live in one of the units to use your VA home loan.  Owning a 2-4 unit property is a great way to get started now that prices have come down considerably in the Ft. Lauderdale area.

Veterans, you are the only people in the country that the United States Government provides 100% financing.  On this Memorial Day Weekend, we want to say Thanks for Serving our country and give us a chance to give back to you.