One of the greatest financial benefits provided by your service comes in customized and flexible lending terms and programs. There are specialized financing programs for military student loans, military home loans and even targeted debt consolidation loans.
Of course the challenge comes in knowing which programs are available to you and how to apply. Despite the common misconception, the U.S. Department of Veterans Affairs does not issue any loans directly. In most cases, the VA simply guarantees loans made to Service Members and Veterans. There are also specialized financing programs that are offered by the federal and Florida government.
Some key statistics about military loans
- In 2016, 707,107 home loans were guaranteed by the VA
- That’s the largest number of VA loans issued in single year in history
- In Florida: 
- 31,352 VA purchase loans
- 24,389 VA refinance loans
- Under the GI Bill there were 1 million beneficiaries and $12 billion in payments during 2015
- 84% of those education benefits came through the Post-911 GI Bill
- 35% of Service Members have resorted to non-bank loans
- Service Members are more likely to use deposit advance (payday cash advance) products than civilians (22% of Service Member accounts vs. 16% of civilian accounts)
- Service Members pay about $5 million in fees on deposit advance products
- APR on these products averaged 300%
We’ve pulled together information from all of the sources you need around the web to provide a comprehensive guide to homeownership for Florida Veterans. Find everything from general information about VA home loans work to Florida-specific benefits and tax exemptions you can take advantage of as a Veteran homeowner here in Florida.
Don’t let a bad loan put your financial stability at risk! There are steps you can take when you apply for financing to ensure you’re getting a good deal that will work for your budget. Avoiding these crucial steps can put you in a bad situation where you have a loan that’s almost impossible to pay back that drains your funds and damages your credit.