florida

Florida-Mortgage-Lenders.com is proudly offer Florida VA loans since 1996.  Many of our VA Loan Officers and VA Loan processors have processing VA loans in Florida for many years.  Our Florida VA loan processors have many years of experience underwriting and approving Florida VA loans.  Ask for one of our government Florida VA Loan officers for assistance with your Florida VA loan Questions.

-WHAT ARE THE FLORIDA VA LOAN LIMITS WITH 0% DOWNPAYMENT?

  • Up to $417,000 for all Florida counties except Monroe County.
  • Up To $425,000 for Monroe County Florida.

-FLORIDA VA JUMBO LOAN LIMITS:

  • Up to $1,000,000 for all Florida counties. 

The Florida VA Jumbo Loan program is one of the least understood in the Florida VA loan market. The VA loan offers some of the best Jumbo VA loan Rates in Florida.  A “Jumbo” VA loan is any loan greater than $417,000. 

-WHO IS ELIGILLE FOR A FLORIDA VA LOAN?

  • Active Duty military
  • Retired Military
  • Reservists/National Guard Members
  • Some Surviving Spouse

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-WHAT ARE THE BENEFITS OF THE FLORIDA VA LOAN?

  • VA loans offer Florida VA loan applicants a no down-payment Florida VA loan.
  • VA loans have No prepayment penalty.
  • Florida home sellers can credit up to 4% of the purchase price
  • VA loans offer Florida VA loan applicants the lowest down-payment option for Veterans.
  • VA loan interest rates on Florida VA loans are often lower than other Florida loan programs.  Especially for Florida VA bad credit borrowers.
  • VA loans do not have any monthly (MI)mortgage insurance. If you dont have 20% downpayment all other Florida loan programsrequire (MI)property require mortgage insurance.
  • Va loan underwriting guidelines & qualification are often easier under the Florida VA loan program than conventional loans.
  • VA loan refinance without an appraisal up to 100% of the Florida VA loan amount or more.
  • VA loans allow cash-out refinances up to 85% loan-to-value.
  • VA loans are fully assumable. When you go to sell your Florida home you can offer VA assumable financing.

-WHAT WILL I NEED TO APPLY FOR A FLORIDA VA LOAN?

To apply for a Florida VA loan you will need a Certificate of Eligibility (COE) from the VA.  This can be obtained much more quickly through Florida-Mortgage-Lenders.com than by trying to obtain it directly from the VA.  To obtain your COE, we will need the following verification documents.

  • Florida Veterans
  • Active Duty Personnel will need to provide a Statement of Service including:
  • signed by the adjutant, personnel office, or commander of the unit or higher headquarters.
  • Your full name.
  • Social Security Number.
  • Date of birth.
  • Entry date on active duty.
  • The duration of any lost time.
  • The name of the command providing the information.
  • Shows the character of your service and the narrative or reason for separation (item 28).
  • Surviving Spouse of a Service Member who died on Active Duty
  • If you’re already receiving Dependency and Indemnity Compensation (DIC), you don’t need to send any documents.
  • If you don’t receive DIC,please send us:
  • A copy of the DD Form 1300 (Report of Casualty) from the military
  • A copy of your marriage certificate
  • It would be a good idea to add a simple signed statement saying that you would like to apply for DIC.  If you qualify for the home loan benefit, you probably qualify for monthly payments under DIC.
  • Surviving Spouse of a Service Member who died as a result of Military Service
  • If you’re already receiving Dependency and Indemnity Compensation (DIC),you don’t need to send any documents.
  • If you don’t receive DIC, please send us:
  • A copy of the veteran’s DD Form 214
  • A copy of the veteran’s death certificate
  • A copy of your marriage certificate
  • It would be a good idea to add a simple signed statement saying that you would like to apply for DIC.  If you qualify for the home loan benefit, you probably qualify for monthly payments under DIC.

-WHAT ARE THE DRAWBACKS OF A FLORIDA VA LOAN?

  • The Florida VA Loan Funding Fee:
  • For First-Time Florida VA Loan Borrowers Only (Regular Florida Military)
  • 0% Down Payment = 2.15% Funding Fee Financed Into The (VA Loan Amount X 2.15%)

The Closing Costs of a Florida VA loan can be higher than a conventional loan.  Why?  The Florida VA loan charges a Funding Fee as a percentage of the Florida VA loan amount (which can be rolled into the loan amount) on all Florida VA Loans.

  • 5%- 10% Down Payment = 1.5%
  • 10% and Greater Down Payment = 1.25%
  • For First-Time Florida VA Loan Borrowers (Reservist/National Guard)
  • 0% Down Payment = 2.4% Funding Fee
  • 5%- 10% Down Payment = 1.75%
  • 10% and Greater Down Payment = 1.5%
  • For Subsequent VA Loan Borrowers (Regular Military)
  • 0% Down Payment = 3.3% Funding Fee
  • 5%- 10% Down Payment = 1.5%
  • 10% and Greater Down Payment = 1.25%
  • For Subsequent VA Loan Borrowers (Reservist/National Guard)
  • 0% Down Payment = 3.3% Funding Fee
  • 5%- 10% Down Payment = 1.75%
  • 10% and Greater Down Payment = 1.5%
  • Florida VA Loan Appraisals are looked at more carefully by Florida VA loan underwriters.  Minor issues such as chipped or fractured tiles, peeling paint, etc. can prevent a Florida VA loan from being approved.

-VA ARTICALS REGARDING FLORIDA VA LOAN PURCHASES

 

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