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VA Loan Florida

 

Florida Mortgage Corporation is Florida's Premier VA Lender. Our staff has many years of VA financing experience and we are approved by the VA to originate VA home loans.

A VA loan program makes home ownership much easier, particularly for first time home buyers.

 

va loan florida - va mortgage florida - florida va loan - florida va mortgage - florida va loan homes - va mortgages floridaLittle or no money down

VA Mortgage - VA Loan - VA Loans - VA - Florida MortgageCredit underwriting is "less" restrictive.

florida va loan - va loan florida - florida va mortgage - va mortgage floridaQualifying debt-to-income ratios are higher than any other loan programs, which means a veteran can obtain a higher loan amount.

VA - VA Loan - Veterans Admin - Florida MortgageVA underwriting is more understanding of individuals and families who have had to file bankruptcy due to involuntary circumstances.

florida va loan - va loan florida - florida va mortgage - va mortgage floridaIf you are an existing homeowner considering a refinance, the VA program allows you to go as high as 90% loan to value.


VA - VA Loan - Veterans Admin - Florida Mortgage Why A VA Loan? - Detailed Information  -  Click Here

 


Certificate of Eligibility: 

Speak with a Veteran Home Loans representative. He/she will have you complete VA form 26-1880, which is called Request for Determination of Eligibility and Available Loan Guaranty Entitlement. In addition, the veteran will need one of the following supporting documents:

 

florida va loan - va loan florida - florida va mortgage - va mortgage florida A copy of the veteran's DD form 214 - if the veteran has been discharged or has retired from active military service; or

VA - VA Loan - Veterans Admin - Florida Mortgage A Statement of Service- the veteran should obtain if still serving on active duty.

florida va loan - va loan florida - florida va mortgage - va mortgage florida Eligibility questions

VA Mortgage - VA Loan - VA Loans - VA - Florida Mortgage General rules for eligibility

florida va loan - va loan florida - florida va mortgage - va mortgage florida Request For a Certificate Of Eligibility - 26-1880

 


Closing Costs: 

The veteran buyer cannot pay "lender fees." The veteran can, and will be obligated to pay all other closing costs. HOWEVER, the veteran's buyer's agent can, as part of contract negotiation, request the "seller" to pay all closing costs including pre-paid costs and reserves.


Down Payment: 

No down payment is required if Veteran has full entitlement. You will be required to put down an earnest money deposit of $500/$1,000 on signing a contract. This can be refunded at closing or offset against closing costs. This is dependent upon your contract terms.


Eligible Properties:

Single Family, Veteran-occupied 2-4 units, PUD's & Condo's (approved by FHA or VA) proposed or existing construction. Mobile homes on fixed foundation.


Entitlement Restoration: 

The VA loan must be paid in full and the veteran must have disposed of the property securing the loan.
     'OR'
Loan must have been assumed by another eligible veteran who assumed the liability on the loan and substituted entitlement.


Funding Fee: 

The VA charges a fee for using your benefits. These are as follows:

florida va loan - va loan florida - florida va mortgage - va mortgage floridaPurchase/Refinance-- First-time use -- 2% of loan amount

VA Mortgage - VA Loan - VA Loans - VA - Florida MortgagePurchase -- Second time and repeat use -- 3% of loan amount

florida va loan - va loan florida - florida va mortgage - va mortgage floridaStreamline Refinance -- 0.5%

* This fee may be reduced should the Veteran buyer put down 5% or more on the purchase price.

* Reservists pay .75% higher on purchases and refinances.

Note: The VA Funding Fee can be paid in cash, or it can be added to the loan amount for purchase transactions and all refinances.

Any Veteran or Reservist who has been classified as having a 10% or greater service related disability DOES NOT HAVE TO PAY THE VA FUNDING FEE -- EVER.


Guarantee Amount: 

VA will guarantee up to 50 percent of a home loan up to $45,000. For loans between $45,000 and $144,000, the minimum guaranty amount is $22,500, with a maximum guaranty, of up to 40 percent of the loan up to $36,000, subject to the amount of entitlement a veteran has available. For loans of more than $144,000 made for the purchase or construction of a home or to purchase a residential unit in a condominium or to refinance an existing VA guaranteed loan for interest rate reduction, the maximum guaranty is 25 percent up to $50,750.

You may generally borrow up to the reasonable value of the property or the purchase price, whichever is less, plus the funding fee, if required. For certain refinancing loans, the maximum loan is limited to 90 percent of the value of the property, plus the funding fee, if required. To determine the reasonable value, VA requires an "appraisal" of the property.

Although there is no maximum VA loan (limited only by the reasonable value or the purchase price), lenders generally limit the maximum VA loan to $203,000 because most VA loans are sold in the secondary market, which limits VA loans to that amount.


Mortgage Programs

VA (Veterans Administration) currently insures three types of loan programs. They are:

florida va loan - va loan florida - florida va mortgage - va mortgage florida30 Year Fixed Rate

VA Mortgage - VA Loan - VA Loans - VA - Florida Mortgage15 Year Fixed Rate

florida va loan - va loan florida - florida va mortgage - va mortgage florida2/1 Fixed Rate Buy-Down

florida va loan - va loan florida - florida va mortgage - va mortgage florida3/1 Fixed ARM Rate 

Any of these programs may be used for both purchasing a home or refinancing your existing VA loan.


What Can a VA Loan be Used For? 

florida va loan - va loan florida - florida va mortgage - va mortgage floridaTo buy a home, including townhouse or condominium unit in a VA-approved project.

VA Mortgage - VA Loan - VA Loans - VA - Florida MortgageTo simultaneously purchase and improve a home.

florida va loan - va loan florida - florida va mortgage - va mortgage floridaTo improve a home by installing energy-related features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA. These features may be added with the purchase of an existing dwelling or by refinancing a home owned and occupied by the veteran. A loan can be increased up to $3,000 based on documented costs or up to $6,000 if the increase in the mortgage payment is offset by the expected reduction in utility costs. A refinancing loan may not exceed 90 percent of the appraised value plus the costs of the improvements. Check with one of our Loan Agents or VA for details.

VA Mortgage - VA Loan - VA Loans - VA - Florida MortgageTo refinance an existing VA home loan up to 90 percent of the VA-established reasonable value or to refinance an existing VA loan to reduce the interest rate.

florida va loan - va loan florida - florida va mortgage - va mortgage floridaTo buy a manufactured home and/or lot.


VA Streamline Refinance:

VA Mortgage - VA Loan - VA Loans - VA - Florida Mortgage NO Appraisal
florida va loan - va loan florida - florida va mortgage - va mortgage florida NO Credit Underwriting
VA Mortgage - VA Loan - VA Loans - VA - Florida Mortgage NO Qualifying Debt Ratios
florida va loan - va loan florida - florida va mortgage - va mortgage florida NO Credit Check
VA Mortgage - VA Loan - VA Loans - VA - Florida Mortgage NO Income Verification
florida va loan - va loan florida - florida va mortgage - va mortgage florida NO Face to Face Application

An Interest Rate Reduction Loan or Streamline Refinance allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying. This is only available to veterans who are refinancing their original VA mortgage and utilized their original eligibility.

VA Mortgage - VA Loan - VA Loans - VA - Florida MortgageNo assumptions are permitted.

florida va loan - va loan florida - florida va mortgage - va mortgage floridaVA does not require an appraisal, any income or employment verifications, and no credit report, yet the mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing.

VA - VA Loan - Veterans Admin - Florida MortgageThis loan can be done with "no out of pocket money" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.


Pre-Qualify For A VA Home Loan:

What does it mean to pre-qualify?

Pre-qualifying gives you a general idea about your borrowing power. If you pre-qualify for a loan, it means that you have told a lender what your income and assets are, and that based on those statements, you should be able to qualify for a given loan.

Keep in mind that pre-qualifying merely gives you an estimate based upon the information you provide. Pre-qualifying can give you an estimate of how much you can afford in a mortgage payment.

Pre-qualifying for a VA mortgage will help answer these questions:

How much house can you afford?
How much income do I need to qualify?

 

 

MORTGAGE APPLICATION