As a Florida homebuyer, why should you choose A VA mortgage?
There are Unique benefits that only come with a VA mortgage for Florida veterans and active military.
Veterans, active military and surviving Florida veteran spouses have access to the VA mortgage; a Florida home financing option with unique money-saving benefits not found in the vast majority of other Florida home-mortgage options. The greatest benefit of this program is the ability to purchase a Florida home without a down payment; however, the VA mortgage program also includes benefits such as:
No monthly VA Florida mortgage insurance premiums, saving you anywhere from 0.5 percent to 1.55 percent of the entire mortgage amount each year.
Most Flexable credit score requirements,we have a minimimum 550 credit score requirment!!.
Competitively low Florida VA mortgageinterest rates, made available from the Department of Veterans Affairs guaranteeing a portion of each loan.
No penalties for paying the Florida VA mortgage off early, allowing Florida VA homebuyers to pay off their VA mortgage at a faster pace if able.
Purchase a Florida home without a down payment is something the VA took very seriously. The VA mortgage understood that veterans returning from service would be faced with the difficulty of saving up enough money for a down payment. And, with the average VA borrower having just under $7,000 in total assets, these no-money-down Florida VA mortgage loans have become a lifeline for thousands of Florida VA mortgage applicants over the years.
For example, the minimum down payment amount on a Florida FHA mortgage is 3.5 percent; for conventional financing, it’s 5 percent. On a $200,000 purchase, a military borrower would need to come up with $7000 in cash for the FHA-backed Florida mortgage and $10,000 for the conventional loan.
What to Expect with a Florida VA Mortgage Qualification?
Like any other Florida mortgage program, homebuyers must meet basic qualifications to be eligible. However, with the Florida VA mortgage program, in addition to credit and income requirements, potential applicants must meet basic service requirements.
These service requirements include only one of the following:
The homebuyer served 90 consecutive days of service during wartime, OR
The homebuyer served 181 days of services during peacetime, OR
The homebuyer spent more than 6 years of service in the National Guard or Reserves OR
The homebuyer is the spouse of a service member who died in the line of duty or as a result of a service-related disability.
VA FLORIDA MORTGAGE INFORMATION
If you are a war veteran, surviving spouse, military personnel on active duty or a reservist (member of the National Guard), then you might be eligible for a Florida VA Mortgage. We will take a closer look at VA Mortgage.
What are VA Mortgage loans?
VA mortgage loans are a special type of home loan provided to people who once served or still serve in the United Stated military. These VA mortgage loans allow Florida veterans and/or their spouses a chance to own their very own a Florida home. However, these are not loans directly from the U.S. military (the Department of Veteran Affairs, known as the VA). They are simply Florida mortgage loans backed by the VA.
How much down payment do I need for a VA mortgage?
Possibly the best thing about Florida VA mortgage is that they require little to no down payment at all. However, you will still need to pay for appraisal and closing cost. But with a VA mortgage you can ask the Florida home seller for up to 4% back to cover your closing cost.
What’s the largest allowable VA mortgage?
Technically, according to the Department of Veteran Affairs, there really is no limit to the amount of a VA guaranteed loan. Unfortunately, county laws create a limit. In essence, most eligible veterans can acquire a VA loan of $417,000. Depending on the area, this can be increased to over $1,000,000.
The easiest way to attain a VA loan is to contact First Nationwide Lending. For a small fee (sometimes), we will even apply for a Certificate of Eligibility on your behalf, allowing you to acquire the VA loan.
The single biggest requirement for Florida VA mortgage loans is having been enlisted in the U.S. military during any time, for at least 90 days continuous. Of course, the specific period requirements are different but this forms a general guideline. As such, this will provide eligibility for a COE also known as Certificate of Eligibility; a certificate required to obtain the actual Florida VA mortgage.