Searching for New VA Approved Condos in St. Augustine?
Everyone knows the Villages of Seloy is one of St. Augustine’s premiere 55+ active adult communities. The Villages of Seloy offers the perfect combination of first-class amenities, a vibrant lifestyle, and a unique collection of luxurious condominium homes, all close to the Old City and St. Johns County’s beautiful beaches. But did you know that the Villages of Seloy are also your first, best choices for new VA approved condos in St. Augustine? That’s right! We offer unparalleled value to begin with, and the ability for qualified individuals to purchase with a VA approved loan only adds to the appeal.
What is a VA Loan?
A VA Loan is a $0-down mortgage option provided by a private lender that is guaranteed or backed partially by the U.S. Department of Veterans Affairs (VA). Eligible borrowers can use a VA Loan to purchase a property used as a primary residence. For military buyers, no-down-payment VA Loans are easily the most powerful residential lending program in the marketplace, making home ownership as flexible and affordable as possible.
How Do VA Loans Work?
VA Loans work a little differently than conventional mortgages. The VA is not the loan originator (the one who makes the loan), but rather, backs a portion of the loan being made by a private lender, against default. This guarantee is what enables lenders to offer buyers the $0 down financing, low interest rates and advantageous terms. Veterans can borrow up to $453,100 without a down payment in most of the country
Benefits of VA Loans
√ $O down - No down payment is required.
√ VA Loans are guaranteed by the government - Usually for up to 25% of the loan amount.
√ Low-interest rates and favorable terms - The lowest in the marketplace, by far.
√ No mortgage insurance is required - You’ll avoid the monthly fees that are associated with most conventional loans when not putting at least 20% down.
√ VA Loans are reusable - If you pay off your loan, you can re-use your full entitlement over and over.
√ VA Loans are attainable even with a history of bankruptcy or foreclosure - This even applies to a foreclosed VA loan.
√ There are no prepayment penalties- Make extra payments any time you want and save thousands more over the life of your loan.
Who is Eligible for a VA Loan?
To be eligible for a VA Loan, you or your spouse must meet the basic service requirements set by the U.S. Department of Veterans Affairs (VA), have a Certificate of Eligibility (COE), and meet your lender’s credit and income requirements.
You may be eligible for a VA Loan if you meet one of the following requirements:
- A Veteran who has served for 90 consecutive days of active service during wartime
- A Veteran who has served for 181 days of active service during peacetime
- A Veteran who has served for 6 years in the National Guard or Reserves
- The spouse of a deceased Veteran who died in the line of duty or due to a service-related disability.
Can VA Loans Be Used for Condominiums?
Yes, VA Loans can be used to purchase different types of residential properties, including condos. In order for condominiums to be eligible for VA financing, however, the entire condo community must be VA approved. Such is the case with the Villages of Seloy’s VA approved condos in St. Augustine.
Gaining VA approval for condo communities can be a daunting process for some developers, but it provides peace-of-mind for residents, as they have the assurance that the community has been thoroughly vetted by the VA to meet Minimum Property Requirements (MPRs) for quality, safety and market value.
How to Get a VA Loan for the Villages of Seloy
- Choose a VA Approved Lender - Not all lenders offer VA Loans or are approved by the U.S. Department of Veterans Affairs. If you need assistance finding one, our team at the The Villages of Seloy can point you in the right direction.
- Obtain Your Certificate of Eligibility (COE) - Your lender can usually help you get your COE instantly through the VA’s eBenefits portal on the va.gov website. Occasionally, some cases may need to be done by mail. Your COE will provide your proof of eligibility and let your lender know how much entitlement the VA is guaranteeing for you.
- Get Pre-Approved for Your Loan (Optional) - While optional, prequalifying for you loan lets your lender confirm your income, credit history and other factors that ultimately allow them to qualify and approve your loan for a certain amount. Then, you’ll know your budget.
- Choose your Home - Choose your home. The Villages of Seloy has a number of new move-in-ready spec homes ready now or soon to be available. You can see some of our model homes here or contact us by phone or email to schedule a tour.
- Get a Final VA Appraisal, Close & Move In - Once under contract, your lender will obtain the final VA Appraisal verifying that the residence meets the VA’s MRP, you’ll close on the home and get the keys. Congratulations! You’re ready to move in and begin enjoying an incredible new life at the Villages of Seloy.