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The VA Loan program is a home loan program for our many veterans, service members and military families in the Jacksonville, Clay and St John areas. In Jacksonville, we have seen a 120% growth in the number of issued VA loans since 2012. In, FY 2017, VA approved lenders issued 6,464 VA loans worth a total of $1,493,365.
This type of loan offers homeownership to our active duty and veterans who otherwise might struggle for the necessary downpayments of other financial programs.
Two of the major benifits of VA loans is no down payment or private mortgage insurance requirement . Additionally, the program allows for the seller to assist the VA buyer with closing costs, reducing the amount of upfront funds needed by the buyer.
Rates on VA Loans typically are .5 to 1 percent lower than conventional loan rates since the loan is guaranteed by the Veterans Administration.
The benifits of this program make it a great choice for qualified buyers.