Florida’s Treasure Coast features dozens of prime locations for veterans to settle down after serving. And there may be no better way to use the VA Home Loan Benefit than to purchase a home along Treasure Coast, in great cities like Stuart and Port St. Lucie, Fla.

Active-duty service members and veterans have exclusive access to the Veterans Affairs Home Loan Guaranty program. Congress enacted the program in 1944 to abet returning World War II veterans in becoming homeowners, and accomplishing a sliver of the American dream.

Military families can use VA loans to buy a new home, refinance an existing home loan, upgrade a home or build on a property. When looking at property on the Treasure Coast, it’s key to remember that the maximum VA loan limit is $417,000. This means qualified service members and veterans can buy a home worth up to that amount at no money down.

Cited by borrowers as the program’s best perk, paying no money down is hard to come by these days. But that’s one of many advantages to the VA home loan program. Another immediate upside is the negotiable interest rate. Since the VA insures up to 25 percent of every VA loan, lenders are willing to lower interest rates. Furthermore, active-duty service members get capped interest rates.

Whether you want a home near Hutchinson Island or one more inland, a VA loan can save money in the long run, too. In addition to competitive interest rates, VA loan borrowers won’t pay private mortgage insurance every month. During the life of a loan, the absence of that monthly cost saves thousands of dollars. Other VA loan benefits include:
-No prepayment penalty
-Rolling a small VA funding fee into monthly payments
-Assistance to borrowers nearing default
-Favorable refinancing options
In addition to VA Loans, a program that can help military personnel afford a quality home is the Basic Allowance for Housing (BAH). When the government doesn’t provide housing to service members, it pays them BAH based on dependency status, pay grade and duty location. The government determines these payments based on civilians’ cost of living in your area.
BAH counts as reliable income, which helps qualify applicants for VA loans. Any form of reliable income makes for a more favorable debt-to-income ratio, which lenders will check before issuing VA loans.

Those who may be eligible for VA loans often fall into one of three categories:
-Service members who served 90 or 180 days of active duty during war or peacetime, respectively.
-Members of the Reserves or National Guard who served for at least six years.
-Spouses of those who died in the line of duty.
The first step in getting a VA loan is completing a Certificate of Eligibility (COE) from the VA or a VA-approved lender. COEs simply confirm that you meet the initial eligibility requirements.
If you’re looking to buy that Treasure Coast home with a breathtaking view, don’t hesitate to apply for a VA loan. The program’s myriad financial benefits make home-buying an enjoyment rather than a stressor.

This post comes to you from James Kelley of VA Benefit Blog. A law school student at the University of Missouri, James Kelley works to educate the public on government financing options for home purchases. He is a co-founder of Military Basebook, a facebook application that helps connect military members based on where and when they served.

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