Cape Coral VA Home Loans

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VA Home Loans

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Fairview Lending loves working with our Veterans! With the VA Hospital and Fairview Lending both being located in Cape Coral Florida you can rest assured that we take great care of our veterans getting a home mortgage. One of the great benefits on a VA loan is that you can finance 100% of the purchase price of property. A VA loan comes with all kinds of benefits and is available for active-duty military personnel, veterans, and certain other groups that are wanting to become homeowners. Let’s take a look at the VA loan.

What is a VA Loan?

In short, the VA loan is a loan backed by the U.S. Department of Veterans Affairs (VA), and it is designed to help active-duty military personnel and veterans. This type of loan, in general, helps former and active military members acquire a home at an affordable cost.

One of the best things about the VA loan is that it is backed by the federal government. Lenders look on this very favorably since they know that they’ll be getting guaranteed cash even if you’re unable to make monthly payments for whatever reason.

Another great thing about the VA loan is that you’re able to shop around a lot more than you’d expect. Since VA loans are neither funded nor originated by the VA itself, mortgage rates aren’t set by the VA. You’re able to go to U.S. banks, savings-and-loans institutions, credit unions, and mortgage lenders to try and get the best rates that you can.

Qualifying for a VA Loan

Qualifying for a VA loan is really quite simple. You’re most likely eligible if one of the following is true:

  • You’ve served 181 days of active duty during peacetime
  • You’ve served 90 days of active duty during wartime
  • You’ve served six years in the Reserves or National Guard
  • Your spouse was killed in the line of duty and you have not remarried

Of course, the federal government may require the necessary documentation to prove that you served, but other than that, there really isn’t a whole lot to qualifying. Furthermore, your eligibility never expires. Veterans from decades ago are still using VA loans today to get better rates for their next home.

Keep in mind that some lenders do require minimum credit scores before they will accept you. Typically, this number is 600, but some lenders may require higher.

The Pros of a VA Loan

So, why choose a VA loan over another option? Let’s take a look at the pros and cons of the VA loan.


  • No down payment requirements
  • No mortgage insurance requirements and low closing costs
  • More credit and income flexibility
  • Higher debt-to-income ratio (DTI)

The Bottom Line on VA Loans

If you’re a veteran or still serving in the U.S. military, this may be a great loan for you. Due to its flexibility and zero down payment requirements, the VA loan is a great option for all members of our armed forces. That being said, even if you do qualify for a VA loan, it may not be the best option for you. If you have good credit and are capable of putting 20% down, you may want to check out a conventional loan to get an even better deal on rates. Furthermore, if you’re looking for investment property or a home that you won’t live in, you may not be able to get a VA loan for that piece of property.